Shanghai Fenghao Investment

Ma Yun serves as Founding Partner and Chairman, leading the investment function. He previously managed funds at Peng Hua and Huitianfu, two Chinese asset managers focused on public equities. Vice General Manager Yang Xiaowei handles day-to-day operations under the Yun Ze Capital brand. The registered shareholder group — Xu Han, Zhao Zhe, and Sun Cheng — may hold investment committee authority, though the firm has not publicly disclosed its decision-making governance or voting structure.

Yun Ze Capital is the primary operating brand and management entity through which Shanghai Fenghao Investment conducts its business. Public records link the two as effectively the same platform, with Ma Yun listed as the founding partner of both structures. The registered entity Yun Ze Investment Management (Shanghai) Co., Ltd. appears to hold the operational infrastructure; shareholders include the named co-investors Xu Han, Zhao Zhe, and Sun Cheng.

The firm deploys across six growth strategies, which public filings characterize as growth-equity oriented — suggesting private investment activity. Simultaneously, the firm explicitly trades in precious metals and foreign exchange, placing it across both private and public markets. The relative weighting between these two streams is not publicly disclosed, and the firm has not released performance data or portfolio-level detail for either allocation bucket.

The firm is registered as an asset manager and operates under a generalist mandate, not as a single-family office. No single-family wealth origin has been disclosed, and the partnership structure — with multiple named shareholders — points toward an institutional or quasi-proprietary capital model. The absence of disclosed limited partners makes it unclear whether the firm manages third-party capital or deploys exclusively partner assets.

The firm's disclosed sectors include precious metals and foreign exchange — a commodity-finance tilt that is atypical for a Shanghai growth manager. Its six growth strategies imply exposure to domestic private companies, but no named portfolio holdings or explicit sector exclusions have been made public. Any real estate, infrastructure, or fixed-income allocation beyond the FX book would be speculative based on current sourcing.

The firm has not publicly disclosed its fund-structure preferences. Its participation in the China Venture Capital and Private Equity Association suggests engagement with institutional peers, but whether that takes the form of LP commitments, co-investments, or direct sponsor-backed deals is not documented. No fund-of-funds activity or external GP relationships have been publicly named.

Shanghai Fenghao Investment is a member unit of the Quanzhou Fund Industry Association, which ties the firm to Fujian province's financial community beyond its Shanghai headquarters. The firm also participates actively in the China Venture Capital and Private Equity Association, a primary domestic network for private capital allocators. No international club memberships — such as Tiger 21, YPO, or R360 — have been publicly identified.