Vertex Ventures China

Vertex Ventures China was launched in 2009 as part of the Temasek-backed Vertex global venture network headquartered in Singapore. It operates as an independent partnership with authority over its own fundraising, investment decisions, and portfolio management from Beijing, Shanghai, Shenzhen, and Singapore. The parent Vertex network provides co-investor introductions and cross-border commercial connections, but the China team runs its own dual-currency strategy with separate governance.

The firm manages multiple parallel vehicles across both USD and RMB fund families. Its combined dry powder and committed capital total roughly RMB 20 billion. This dual-currency structure allows it to invest in domestic chip-design and robotics companies where RMB-denominated capital is preferred, while maintaining USD vehicles for life-science and certain technology deals that require offshore holding structures.

Vertex China explicitly targets early-stage deals, including seed and start-up rounds. The firm led the angel round for SES AI in 2013, followed by investments from General Motors, SAIC Motor, Temasek, and SK Group before SES listed on the NYSE in 2022. That trajectory — angel entry through late-stage holding — illustrates the firm's willingness to write first checks and hold through IPO.

The firm does not publicly list negative sector screens. Its stated focuses are advanced technology — including robotics, AI, semiconductors, and advanced manufacturing — and biomedical, covering biopharma and medical devices. Consumer-tech deals appear in the historical portfolio under the legacy 'consumer technology' segment, but current website messaging emphasizes deep-tech and life sciences.

The investment committee is led by founder and managing partner 郑俊聪, supported by managing partner 夏志进, executive partner 刘天然, and partner 袁建伟. The founding members have worked together for more than 15 years, suggesting a consensus-oriented IC process rather than a single decision-maker model.

Vertex China has led multiple early-stage rounds, including the SES AI angel round in 2013 and the Mobike Series D, according to the firm's disclosures. Taking board seats is common practice, though the firm does not publish a blanket policy. Its active involvement in listed portfolio companies like Horizon Robotics and Geekplus indicates board-level engagement.

The firm has executed exits on both the NYSE — SES AI in 2022 — and the Hong Kong Stock Exchange, including Horizon Robotics, Geekplus, Jingfeng Medical, and PharmAbcine. The dual-currency structure gives it the flexibility to pursue either offshore listings via Cayman SPVs or domestic exits through the STAR Board and Hong Kong, depending on the portfolio company's structure and regulatory profile.