On August 12, FORTUNE magazine released its 2025 “40 Under 40 Business Leaders in China” list, recognizing Xiang Yuqiu, founder and CEO of Hexun Capital, as one of the honorees. Notably, Xiang was the only founder of an international investment institution featured on this year’s list.
The FORTUNE “40 Under 40 Business Leaders in China” ranking is one of the most authoritative annual selections of influential young leaders. Established in 2011, it aims to identify outstanding young innovators, value creators, and change-makers, often regarded as a “cradle for business stars.” Prominent entrepreneurs like Pony Ma, Richard Liu, Zhang Yiming, William Ding, and Wang Xing have previously been included in this benchmark list for China’s business landscape.
As FORTUNE described, this year’s list sought to highlight boundary-pushing innovators operating at the intersection of “digital-native” and “AI-native” domains—young leaders shaping China’s future. Their mission extends beyond technological innovation to bridging divides, understanding differences, and guiding progress. Other honorees included Liang Wenfeng of Deepseek, Wang Xingxing of Unitree Robotics, and Wang Ning of Pop Mart.
FORTUNE’s profile of Xiang Yuqiu stated: “With years of investment banking experience at Macquarie Group and J.P. Morgan, where he handled deals worth tens of billions, Xiang built the financial expertise that underpins Hexun Capital. Founded in 2017 with a focus on frontier technologies and long-term value investing, Hexun strategically invested in AI, fintech, semiconductors, and other hard-tech fields. Today, he has grown the firm into a global leader managing over $1.5 billion.”
Xiang previously worked at J.P. Morgan’s Hong Kong office, where he played a key role in landmark transactions like Agricultural Bank of China’s $22.1 billion IPO, accumulating experience in equity and debt financing exceeding $40 billion.
Hexun Capital has adhered to its “Reasonably Concentrate” strategy since inception—identifying high-potential tech sectors globally, then rigorously selecting top growth companies (with a final approval rate below 2%). The firm makes multi-round investments in exceptional targets meeting criteria such as: transformative products for clients, sustainable high margins, global revenue streams, strong cash flow, capable management, and decisive corporate culture.
Over nine years, this specialized dollar-based tech investor has strategically scouted disruptive innovators across North America and Asia. Hexun has invested in 33 high-growth tech firms, with individual investments ranging from tens of millions to hundreds of millions of dollars. Nearly 10 portfolio companies have gone public, including Tencent Music, Horizon Robotics, XtalPi, and 360 DigiTech. In AI, Hexun backed Silicon Valley pioneers building world-changing technologies; in fintech, it invested in disruptors like Airwallex and Stripe; while also deepening bets on semiconductors and new energy through companies like MetaX and Weilan New Energy—forging a “global vision with local execution” approach. Multiple portfolio firms now exceed $10 billion valuations, with three surpassing $100 billion.
Xiang Yuqiu remarked: “Hexun Capital moves in sync with China’s technological innovation pulse, precisely focusing on core future-shaping sectors like AI, semiconductors, and solid-state batteries—strategic emerging industries outlined in the national 14th Five-Year Plan and 2035 Vision. These fields represent key battlegrounds for global tech leadership.”
