Hong Kong, October 22, 2026: Zhipu, Jiangmen Ventures and QuantGroup have established a cognitive intelligence venture capital fund with a total subscribed capital of RMB 1 billion to support the development of a Physical AI ecosystem, according to corporate registration records. The fund, named Zhejiang Zhipu Jiangmen Cognitive Intelligence Venture Capital Partnership (Limited Partnership), was incorporated on September 24 in Shangcheng District, Hangzhou, and is limited to investments in unlisted companies.
The fund brings together local state-owned capital, industrial investors and specialist investment firms. Hangzhou Shangcheng Linghang Venture Capital Co., Ltd. and Hangzhou Urban Investment Industry Development Investment Partnership (Limited Partnership), both backed by local government, together hold a 60% interest. Other partners include Zhejiang Zhipu Xinpian Technology Co., Ltd., affiliated with Zhipu; Hainan QuantGroup Technology Co., Ltd., an affiliate of Hong Kong-listed QuantGroup (02685.HK); Hainan Hezun Investment Co., Ltd.; and Hangzhou Jizhi Enterprise Management Consulting Co., Ltd. The latter serves as the fund’s executive partner, represented by Du Feng, a founding partner of Jiangmen Ventures. The deadline for partners to pay in their subscribed capital is September 2031.
Physical AI ecosystem focus
QuantGroup, Hong Kong’s first listed “intelligent species” company, is among the limited partners and is positioning itself as a provider of world foundation models for Physical AI. The company pursues a two-pillar strategy combining AI-enabled e-commerce solutions with Physical AI, using cash flow from its consumer business to fund research and development. QuantGroup collaborates with partners such as ByteDance’s Volcengine, Beijing Ruihong Embodied Intelligence Robot Technology Co., Ltd., an affiliate of Tungkong Inc. (002117.SZ), and Chewujie to build an embodied AI ecosystem, extending its commercial reach to venues including restaurant kitchens and car showrooms.
Previous ecosystem-building efforts
Zhipu, a large-model developer listed on the Hong Kong Stock Exchange (02513.HK) since January 8, 2026, has previously formed alliances to accelerate AI ecosystem development. In 2025, it partnered with Unilumin Group (300232.SZ) and MetaView to establish Shenzhen Zhixian Robot Technology Co., Ltd. for AI-powered smart terminals. In the energy sector, iFlytek worked with PetroChina, China Mobile and Huawei to develop the Kunlun large model, aiding PetroChina in AI adoption.
In May 2026, Zhipu’s wholly owned subsidiary Beijing Zhipu Future Technology Co., Ltd. and Guotai Junan Innovation Investment Co., Ltd., a subsidiary of Guotai Haitong, jointly established an RMB 540 million AI industry fund in Zhangjiang, Shanghai. In 2024, Zhipu led the creation of the Z Fund (LinkX Capital), an AGI ecosystem fund with RMB 1.5 billion in assets at first close. Zhipu’s 2025 financial report stated that LinkX Capital had an aggregate value of RMB 1.3027 billion at the end of 2025, with investments in over 30 AI companies.
Jiangmen Ventures’ role and fund structure
Jiangmen Ventures, an early-stage venture capital firm and one of Zhipu’s Series A investors, is focused on foundational AI technologies and their industrial applications. The new fund’s “cognitive intelligence” theme aligns with Zhipu’s large-model technology roadmap and builds on its ties with Hangzhou, where Zhipu raised over RMB 1 billion in strategic financing in March 2025 from municipal state-owned investors including Hangzhou City Investment Industrial Fund and Shangcheng Capital.
Du Feng, founding partner of Jiangmen Ventures, represents the fund’s executive partner, Hangzhou Jizhi Enterprise Management Consulting Co., Ltd. The fund’s structure allows for a mix of state-owned, industrial and specialist capital, with a capital subscription deadline set for September 2031.
Industry trends and outlook
Industry observers note that collaboration among leading companies increases the likelihood of successful ecosystem-building, allowing early access to downstream use cases and early-stage projects. Venture capital professionals highlight that investing as a limited partner in industry funds led by large-model companies can provide both financial returns and strategic access to upstream model capabilities. As competition in large-model AI shifts from pure performance to ecosystem strength, more industrial companies are entering the primary market as investors.
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