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Vertex Ventures China
Founded in 2009, the firm was seeded within the Vertex global network and operates as an independent China partnership led by founder and managing partner...
Vertex Ventures China
Founded in 2009, the firm was seeded within the Vertex global network and operates as an independent China partnership led by founder and managing partner 郑俊聪. Its dual-currency structure — running parallel USD and RMB funds — was formed to back mainland innovation without the currency constraints that limit pure offshore vehicles. Vertex China targets early-stage through growth investments across two verticals: advanced technology and biomedical. The technology practice spans robotics, artificial intelligence, semiconductor design, and advanced manufacturing. The biomedical side focuses on biopharma and medical devices. Deployment has yielded a portfolio of 115 positions and 16 exits, including listed robotics systems provider Geekplus, surgical robotics firm Jingfeng Medical, and solid-state battery developer SES AI. Outlier exits also include bike-sharing platform Mobike, acquired by Meituan. Total committed capital across the USD and RMB funds stands at approximately RMB 20 billion, managed from offices in Beijing, Shanghai, Shenzhen, and Singapore. The investment team includes managing partner 夏志进, executive partner 刘天然, and partner 袁建伟 — a group whose founding members have worked together for over 15 years. The parent Vertex network provides portfolio companies with access to co-investors and commercial partners across Southeast Asia, Japan, Israel, and the United States. The firm's architectural edge rests on its Temasek lineage combined with local-fund autonomy. Vertex China raises and deploys onshore RMB funds under domestic regulatory constraints, while the Vertex global umbrella supplies multinational LP relationships and cross-border exit optionality — a split governance model unusual among China-based venture firms that mostly operate as single-jurisdiction GPs.
General information
Firm type
Venture Capital
Year founded
2009
AUM
Undisclosed
Location
Region
Asia
Country
China
City
Beijing
Corporate office
Beijing, China
Additional offices
Shanghai · Shenzhen · Singapore
Principals
郑俊聪
Founder, Managing Partner
夏志进
Managing Partner
刘天然
Executive Partner
袁建伟
Partner
Sector focus
Frequently asked questions
How is Vertex Ventures China related to Temasek and the global Vertex network?
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.
Does Vertex Ventures China invest from a single commingled fund or multiple vehicles?
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.
What is Vertex China's earliest check size and stage?
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.
Which sectors does Vertex China explicitly avoid?
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.
Who makes the final investment decision at Vertex Ventures China?
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.
Does the firm take board seats, and does it lead rounds?
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.
What is Vertex China's known posture on cross-border exits versus domestic listings?
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.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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