Tsing Capital

Don Ye, the firm's founder, serves as Managing Partner and leads the investment committee. His background combines venture capital experience at Intel Capital with policy advisory roles within China's government, giving him a dual lens on technology commercialization and regulatory tailwinds.

Tsing Capital was an early-stage institutional investor in CATL, the lithium-ion battery manufacturer that produced batteries for Tesla, BMW, and Volkswagen and held roughly 37% of the global EV battery market by 2023. The firm invested when battery-electric vehicle adoption was still speculative, making CATL the defining holding of its portfolio (per the firm's official communications).

Tsing Capital's primary deal flow originates in mainland China, but it maintains a Hong Kong office that facilitates cross-border capital structures. The firm's focus remains on Chinese companies, though its portfolio companies like CATL now operate globally, creating de facto international exposure.

Tsing Capital operates as an institutional private equity and venture capital fund manager, raising capital from limited partners rather than managing a single family's wealth. It is not a family office, nor does it function as a multi-family office.

The firm deploys across early-stage venture, growth equity, and expansion capital within the clean technology ecosystem. This multi-stage approach allows it to support companies from prototype through pre-IPO, though its most notable success, CATL, was a growth-stage position.

Tsing Capital's mandate explicitly excludes fossil-fuel extraction, conventional coal-fired power, and other industries incompatible with its clean-technology thesis. The firm has not historically invested in software-only or consumer-internet companies, concentrating instead on industrial and hard-tech environmental sectors.

Don Ye's policy connections and early entry into the sector create a sourcing advantage through relationships with research institutes, state-backed incubators, and industrial supply chains that later-formed cleantech funds have found difficult to replicate. The firm's CATL track record has also generated inbound founder referrals.