One Capital

Founding Partner Chen Yu leads the firm's investment decisions. Chen founded One Capital in 2019 after an earlier career in China's technology and venture ecosystem, though specific prior roles are not widely disclosed in English-language business records. The firm has not publicized a formal investment committee structure or the addition of other general partners.

One Capital focuses on seed and Series A rounds, writing first checks into startups at the earliest stages of commercialization. The firm occasionally participates in follow-on rounds for portfolio companies, but its core mandate centers on initial equity positions in pre-revenue and early-revenue technology businesses.

The firm concentrates on consumer electronics, industrial automation, enterprise software, and artificial intelligence applications. Its location in Shenzhen gives it particular proximity to hardware and robotics founders, making these sub-sectors natural concentrations in its portfolio. One Capital has not publicly identified sectors it explicitly avoids.

One Capital operates as an RMB-denominated fund manager, raising from domestic Chinese limited partners including government guidance funds, local family offices, and high-net-worth individuals. The firm has not registered a USD-denominated vehicle, which limits direct participation by offshore institutional allocators.

One Capital deploys only through direct equity investments into operating companies. The firm does not make commitments to other venture capital funds and does not operate a fund-of-funds program. Its activity is limited to primary, minority-stake positions in early-stage Chinese startups.

The firm's pipeline advantage derives from its embeddedness in Shenzhen's Nanshan district, the epicenter of China's hardware startup ecosystem. Proximity to component suppliers, prototyping facilities, and the engineering talent pools of Huawei, DJI, and Tencent provides deal access that generalist funds headquartered in Beijing or Shanghai cannot easily replicate.

One Capital is an independent firm with no disclosed affiliation to larger Shenzhen managers such as HongShan, Eastern Bell Capital, or Qiming Venture Partners. It operates as a standalone early-stage specialist and co-invests alongside these peers in rounds where multiple local funds participate, a common pattern in the city's collaborative venture culture.