We at Source Code Capital insist on fundamental research and independent thinking to drive our investments. We are focused on our “Big 3” fundamental drivers, which are Internet+, AI+, and Global+ (China-angle companies in the international arena), and invest along sectors such as finance, media and entertainment, consumer services, enterprise, retail, transportation, housing, education, and healthcare. To date, our team has led investments in close to 100 companies in both early and growth stages.

Internet +

– Internet + Consumer –
Meituan-Dianping is China’s largest e-commerce platform for a broad variety of local services, and uses technology to connect consumers and merchants. With its “We Help People Eat Better, Live Better” mission, Meituan-Dianping offers a one-stop platform to enhance consumers’ daily lives. It currently has a leading market position in many areas including restaurant reviews, catering and takeaway services, hotel, travel, beauty, parent-child activities, leisure and entertainment.
The company also aims to transform China’s service industry by providing merchants with a wide range of solutions, including targeted online marketing tools, cost-effective on-demand delivery infrastructure, cloud-based ERP systems, integrated payment systems, and supply chain and financing solutions. By leveraging AI technologies and innovation, Meituan-Dianping is empowering local consumers and transforming the entire service industry into a digital ecosystem.
Lianjia was founded in 2001 and is one of China’s most forward-thinking, data-driven property platforms. Lianjia’s core business includes second-hand properties, new properties, rental services, holiday properties and overseas properties. Lianjia is an industry leader in providing insights into the property market, transaction and buyer data.
Ziroom is a tech company that provides high-quality household products and life services, and is China’s largest rental apartment manager. Founded in October 2011, Ziroom has an established presence in Beijing, Shanghai, Shenzhen, Hangzhou, Nanjing, Guangzhou, Chengdu, Tianjin, and Wuhan. Currently commissioning and managing more than 700,000 properties for more than 350,000 property owners, Ziroom has served 1.6 million tenants and has managed assets collectively valued at over RMB 800 billion. Ziroom owns products such as Youjia, Zhengzu, Ziroom Apartment, zrChoice, Haozhai, Meeta Social Networking, and Ziroom Stay, providing clients with cleaning, moving, and home maintenance services.
Meili Inc.
Meili Inc. (“Meili”) is a fashion and lifestyle destination in China. Through a variety of fashion content and a wide range of fashion products, it offers a superior shopping experience while serving as a means for users to share and discover fashion trends. In 2011, Meili’s flagship APP Mogujie was launched. In June 2016, Meili Inc. was formed through the strategic merger of Mogujie and Meilishuo. Meili provides products and services across the Mogujie, Meilishuo and uni platforms.
Pagoda is a large-scale fruit franchise with integrated businesses in fruit cultivation, marketing, branding, retailing, warehousing, scientific research, and workforce training. Since the company was founded in 2001, Pagoda has already covered more than 60 cities nationwide, over 3,000 retail stores, 21 distribution centers, and 230 fruit orchard bases. Pagoda provides over 30 million families in China with fresh and mouthwatering fruit products from around the globe.
Haifeng Education
Founded in 2010, Haifeng Education has carefully selected over 10,000 college teachers with the accredited 985/211 college background, and has always focused on creating tailor-made, aptitude learning programs for each student. Haifeng Education has originated its own Intelligent Teaching plus Real-life Teaching dual-engine teaching mode, and created its proprietary 5,000+ “knowledge slicing” teaching system. This AI-driven intelligent learning platform took 4 years and RMB 100 million in research spending to develop, which shows the founding team’s dedication to fulfill the various learning needs of the national primary and secondary school students. After years of rapid development, Haifeng Education has registered more than 5 million users, covering all provinces and cities including Hong Kong, Macao and Taiwan. It is the leader in online education in primary and secondary schools.
KnowBox specializes in K12 Internet education and is committed to becoming the “Google Classroom in China.” It is a leading platform of online homework and game-based content for the underserved K6 teachers and students segment in China. The company is dedicated to becoming a comprehensive platform for students to learn and integrate various educational and coaching resources. Multi-device adaptation, data synchronization, and teacher and student connection are combined to complete the cycle of teaching and learning.
With the mission of “Making healthcare services simpler,” Weimai is based on the localization of medical health services, connecting all medical and health resources on a city-by-city basis. It is building a big data platform of healthcare services on a city-level basis, and providing users with Internet-based appointment registration systems, full-process payments, doctor online consultation, report inquiries, medical record management, prescription distribution, maternal and child and chronic disease management, graded diagnosis and treatment, and remote diagnosis, etc., to build a local one-stop healthcare service platform. It has devoted itself to make “everyone to have a health record, and that each family has a family doctor, and each city to have online hospitals.”
Julive is the largest B2C new house trading platform in China. Since its official launch in 2015, Julive has been providing services to customers in 11 major cities, including Beijing, Shanghai, and others. With its large online database, experienced agents and highly standardized service processes, Julive provides better services and operates more efficiently than its competitors.
Huizhaofang was developed and operated by the Huizhaofang (Beijing) Network Technology Co., Ltd. It is a service platform launched by Huifenqi, a leading company in the rental market, providing renters with housing information and housing security services. Established in August 2017, Huizhaofang seeks to create a better rental experience for renters. The platform is connected with the branded apartment to ensure the authenticity of the property. As the apartment is directly rented, the agency fee is exempted, and the rental cost is reduced for the tenant. The Huifenqi brand enables monthly payment installment services. For tenants paying rent, the service provides a monthly payment product that greatly reduces financial pressures. The model forms a unique advantage of “real estate, agency fee free, and monthly rent payment.” 
Founded in 2014, Huishoubao is currently China’s leading consumer electronics recycling company. Huishoubao has attracted numerous leading Venture Capital investments, including Source Code Capital, Chengwei Capital, CITIC Capital, SMC, Strait Capital, Alibaba. Huishoubao takes a corporate vision of “Restoring Value to Those Set Idle,” and hopes to recreate value for its users through the art of recycling.​
RELX Technology
RELX Technology is a consumer electronic cigarette company founded in China. Its main business is the development, design, and sales of RELX electronic cigarettes. With its advanced technology and product, its mission is to accelerate the transformation of the world’s one billion smokers, and bring to them healthier and happier lifestyles. RELX’s motto is, “Smoking can be delightful and carefree.”​
​RELX was founded in 2017, and has attracted numerous leading Venture Capital investments from Source Code Capital and IDG Capital. Currently, RELX has offices in Beijing, Shanghai, and Shenzhen, and has plans to expand internationally to better serve its global customer base. RELX’s founding team members come from renowned consumer electronics, FMCG, internet, consulting and investment companies, such as P&G, L'Oreal, Unilever, Huawei, Oppo, Mercedes-Benz, and Bain & Consulting.​
Linji Convenience Store
Linji, which means “your next door neighbors” in Chinese, was established in June 2017. Headquartered in Hangzhou in the Zhejiang Province, the company is founded by an experienced team who ran well-known domestic convenience stores. Today, the senior team consists of 40+ professionals, each with nearly 20 years of experience in the convenience store industry. The company values entrepreneurial passion and an innovative spirit, and has a unique understanding of customers’ convenience needs, fresh food, and online operations. It has received investment and support from a number of institutions including Source Code Capital.
The company believes in “making life more convenient” as a business purpose, and adopts a “collaborate, win-win, respect, and share” business philosophy. It aims to serve both urban white-collar customers and younger customers by providing healthy, fresh goods with convenience, and with a great customer experience. This is in part enabled by the frontline employees, who are often directly recruited from universities and colleges, and possess strong customer user experience themselves on how to better serve in convenience stores, and also have good learning and innovation capabilities.
The company initially began operations in China’s famous lake city, Hefei. Since October 2017, it has rolled out 120 high-standard modern convenience stores across Hefei and Wuhu (both in the Anhui province). It has 800+ employees and has become the dominant convenience store chain in Anhui. In May 2018, it received the 2018 China Convenience Store New Brand Award issued by the China Chain Store and Franchise Association.
NIU Technologies
Founded in 2014, NIU is a leading provider of smart urban mobility solutions. Its innovative smart electric two-wheeled vehicles are redefining user mobility experiences in urban cities around the world. The company’s core team is made up of executives from BMW, Microsoft, Intel, Huawei, McKinsey, KKR, and Bain Capital, all of whom are committed to improving urban commuting globally.
NIU currently designs, manufactures and sells high-performance smart e-scooters. It has a streamlined product portfolio consisting of three series, N, M and U, with multiple models and specifications for direct to consumer, delivery, and sharing markets. NIU has won seven major international design awards for its M-Series scooter, including the German Red Dot, German iF, American IDEA, Japan G-Mark, China Red Star, Hong Kong DFA and Taiwan Golden Pin in 2017. The M-Series is the only urban mobility product that has won all seven of these design awards in 20 years. In 2017, NIU launched the ultra-lightweight U-Series scooter, which has also been well-received by customers and design awards, including the German Red Dot.
– Internet + Product –
Beijing Yijiupi E-commerce Co., Ltd. was established in 2014 and operates its B2B e-commerce platform to serve a wide range of resellers and retailers (F&B stores, convenience stores, supermarkets, and other channels). Yijiupi gained a firm lead in the consumer goods B2B e-commerce industry after years of rapid development and intensive development. In 2016, the company expanded its business horizontally in the areas of FMCG such as beverages, food, and other consumer goods, covering all first and second-tier cities in China. Yijiupi has now become China’s leading FMCG B2B e-commerce platform.
Established in 2015, Yimidida is the fastest-growing LTL company in China. With goals to become a customer preferred, logistics-based integrated service platform, it has pioneered a “network-crowdfunding + capacity-crowdsourcing” model, and has set up a national service network with 179 hubs, more than 3,800 routes and 10,000 depots. Yimidida has attracted numerous leading Venture Capital and Private Equity investments, such as GLP, Source Code Capital, Cathay Capital, CDH, CDB International, K2VC, SINO-OCEAN, HOPU and others.
XiaoYaoYao was founded in August 2015, and operates its main product, “Yao Help,” China’s leading B2B platform of pharmaceuticals wholesale and distribution. It is a major technology solutions provider for hundreds of thousands of Chinese pharmacies, clinics and other medical institutions. By combining the most advanced technologies with data-driven business models, XiaoYaoYao has focused on building an efficient and effective pharmaceutical distribution system in China. Its slogan sums up the company’s business: “Convenient and inexpensive purchasing, let Yao Help!”
Edianzu is the largest enterprise IT leasing service and management platform in China, creating a closed loop for the IT office industry chain, from equipment leasing, to IT services, asset management, to PC manufacturing, equipment recycling, and one-stop solutions to corporate IT problems. It also provides corporate customers with free deposits, monthly payments, 4 hours expedited on-site repair services, product life cycle warranty and other expedited services.
Baibu is the leading fabric B2B e-commerce platform in China. It solves four major pain points of the apparel business in the process of sourcing and purchasing fabric: low efficiency in search, high costs in sourcing, variability in quality, and no guarantee of after-sales service. So far, its scope covers seven cities with over 3 million SKUs. It has partnered with nearly 3,000 upstream fabric factories and thousands of downstream garment enterprises. Its monthly sales revenue has exceeded RMB 100 million.
With a focus on Tier 2-4 cities in China, by leveraging its self-built warehouse, market team, and information platform, ZSKX has built an efficient channel to directly serve small stores. Since launching in July 2016, it has grown rapidly to become China’s leading, and South China’s first FCCG B2B platform, and has won the favor of leading organizations such as Source Code Capital,, GLP Group, and other leading firms.
Founded in April 2014, Che300 is an independent third-party vehicle pricing and condition query service platform. The company provides one-stop services for key data in the automobile trading and financial industry chain, such as vehicle pricing and vehicle condition information, vehicle loan asset scanning analysis, pre-lending and post-loan big data risk control, financing transactions and managing vehicle disposals.
Che300 uses a powerful technical team, from data mining, data cleaning, modeling and output, which, when coupled with the AI ​​intelligent learning system, continually improves the accuracy of vehicle evaluation. Every day, 1 million vehicles pass the Che300 system evaluation, and the accuracy rate has exceeded 90%. Up to now, the cumulative number of calls for the evaluation system of the Che300 is about to exceed 3.5 billion, and the number of partners has exceeded 1,500.
The MRO industrial product trading market has significant space for innovation and efficiency improvements. Ruigushop was formally established in 2015 and officially began its sales in 2016. Ruigushop is committed to reforming the supply chain of the traditional industrial internet market, bringing an efficient purchasing experience to each user. It has been deployed in more than 100 cities across China.
CHUXIN, a leader of smart commercial kitchens, is committed to improving the level of intelligence and automation in commercial kitchens, and in improving the infrastructure of seven million restaurants in China. Liu Changyi, the founder of CHUXIN, is a graduate of Tsinghua University and had held various senior positions at Tencent and Meituan. Liu has a deep understanding of the high-tech industry, as well as the F&B and catering business.
51 Zan
51 Zan is affiliated with Shanghai Huzan Information Technology Co., Ltd., also known as Huzan Technology. 51 Zan focuses on one-stop smart retail marketing solutions for merchants in the new retail era that is driven by consumption upgrades and technological innovations. It is building a “private domain traffic” to capture the dividends of new retail in China.
– Internet + Financial –
Qudian Group
Qudian Group (NYSE: QD), founded in March 2014, is a leading fin-tech company in China. The Company uses big data-enabled technologies, algorithmic simulations and technology services to create value for financial institutions, and help young consumers approach a better life. After its market debut on the New York Stock Exchange (NYSE) on October 18, 2017, Qudian launched its retail auto finance service, Dabai. Aimed at providing the “first car for young people,” Dabai enjoys great popularity in the market as it has completely transformed the auto retail and finance experience by its user-centric service, low down-payment requirements, and transparent and affordable fees.
Geshang Wealth
Beijing Geshang Wealth Advisory Co., Ltd. was established in 2007 and was registered as a fund manager of private funds under the Asset Management Association of China in 2014, becoming a special member of the Asset Management Association of China. With professional advantages and good reputation in the industry, Geshang Wealth has won numerous professional awards such as “China’s Best Independent Wealth Management Company,” “China’s Independent Wealth Best Brand” and “Wealth Management Company with Best Research Capabilities” many times.
Smart Finance Group
Smart Finance Group was founded in 2013. Its mission is to leverage technology to enable China’s underbanked population to access credit online quickly and conveniently. The company was the first large scale player in China to integrate AI into the entire credit lending process. 
From the user or customer perspective, the company provides three products, including the “Yongqianbao” mobile APP, the “I.C.E.” risk management engine, and the “Huichengbangbang” credit process management system. The company also provides tailored-made technical and product solutions of the credit loan process to business partners, such as Super APP and financial institutions. With its smart business model, professional technical team and well-organized operations, Smart Finance Group has attracted and raised more than RMB 670 million in financing.
Suishou Group
Suishou Group, a leading financial technology corporation in China, owns flagship brands such as Suishouji, CardNiu Credit Butler, and Suishou Butler, and has accumulated download users of over 300 million in total. Since its founding in 2010, its products have become the natural entrance and converging site of the flow of online financial transactions, which breeds subsequent expansion of business areas, including online investment, credit card information service, and loan information services. Suishou now has over 100 partners ranging from major banks, licensed consumer financial organizations, and renowned fin-tech companies.

Over the past eight years, the company received multiple rounds of investment from Xu Shaochun (Kingdee Group Chairman), Sequoia Capital, FOSUN RZ Capital, Source Code Capital, and KKR which led a C round of $200 million in October 2017. Moreover, March 2018 witnessed Suishou Group’s honorable listing in the Chinese Unicorn Companies Chart published by the Torch High Technology Industry Development Center, Ministry of Science & Technology. Adhering to the philosophies of the enterprise: professional, focused, reliable, and innovative, Suishou endeavors to act as the personal CFO of the Chinese populace, promising enjoyment from financial self-discipline and joy from financial freedom.
Asset 360
Asset 360( was founded in December 2014, and affiliated with Beijing Trust Link Science & Technology Ltd. It is the first online and big data-powered financial non-performing loan disposal service platform in China. Asset 360 defines itself as an Internet asset management company, utilizing big data technologies, including the Internet, artificial intelligence, machine learning, semantic analysis, and other tools for asset pricing, disposal decision, and financial product matching management. It provides comprehensive post-lending asset management services by working with asset disposal institutions throughout the country.
Magnet Finance
Magnet Finance, a pioneer of supply chain finance, focuses on small and micro enterprise credit in B2B, verticals, SaaS, ERP suppliers, and other fields. Yan Qiang, the founder of Magnet Finance, is a pioneer in combining small and micro finance theories with implementation and actual practice. Yan was named one of the “2014 Shanghai Financial Industry Leaders.”
Since 2014, Ethercap has formed multiple business focuses within the fund trading service system, including financial advisor services, equity funds, and other aspects. “Deal Ease,” its big data financing service platform, provides one-stop-shop, full-process services to its investors. It also runs the industry leading entrepreneurial community “A+” and other entrepreneurial services. Through different business systems, Ethercap has so far become the leading equity financing platform in the country. It provides customers with value-added services, including funds, information, resources, and communication links.
Insnail Hospital
Insnail Hospital is the first third-party insurance consulting platform in China. Insnail Hospital provides consulting services such as insurance purchasing and compensation claims to its users in a scientific and professional manner. Other services include risk analysis in product selection and comparison, pre-review of insurances, assistance in claim settlements and disputes resolution, as well as safeguarding rights of misguided sales, covering the entire insurance process.
HANGZHOU WEIEASE TECH CO.,LTD is an insurance and technology company, dedicated to serving the insurance sector through Internet+ and digitization. The company aspires to “serve society, serve the industry, and serve service agents.” Its innovative insurance APP aims to connect and empower industry-wide agents through better connectivity and more efficient operations. It also serves society by raising awareness on the protection and benefits that can be derived from being insured. After 3+ years of operation, the company is currently one of the largest Internet+ and insurance support platforms nationwide in China.

AI +

Bytedance is a technology company operating a range of content platforms that encourage and inspire creation and communication.
Dedicated to building global platforms of creation and communication, Bytedance’s platforms enable people to discover and create a world of content powered by technology. It informs, educates, entertains and inspires people across languages, cultures and geographies. Available in over 150 markets and 75 languages, Bytedance’s platforms aim to help people discover the world and empower everyone to be a creator.
In 2016, Bytedance established an AI Lab which builds on the company’s vast and complex datasets to develop state-of-the-art innovations in artificial intelligence. 
CHJ Automotive
As a smart auto startup, CHJ Automotive is committed to create high-quality mobility. By applying advanced technologies such as electric vehicles, smart connection and autonomous driving, the brand aims to accelerate the transformation of gas-powered vehicles for China. focuses on autonomous driving technologies, providing automakers with high reliability, high quality and cost-effective solutions. It is the first autonomous tech startup in China to receive mass production orders from OEMs. It is also a world industry leader. It is a tier-1 collaborator of sensory chip supplier Mobileye. The team is proficient in artificial intelligence and in core algorithms, such as machine sensing, decision-making, control, and fault diagnosis. It brings together experts in the automotive industry and artificial intelligence. The team consists of domestic and foreign OEMs, Tier 1 suppliers, and top research institutions at home and abroad, including those educated from UC Berkeley, Cambridge and other reputable schools.
Founded in May 2016, is an artificial intelligence company with core cognitive computing and natural language understanding technologies. provides a one-stop “conversation robot” solution of “signal processing + speech recognition + semantic understanding + service automatic docking,” carrying out various services by voice dialogue through deep-docking cloud services and content. The “conversation robot” can enable various devices to interact with people naturally, and build a seamless intelligent machine collaboration network to complete tasks efficiently. In all, the technologies allow the machine to know the world, interact with people, and cohabitate.
ABC FinTech
Founded in July 2016, ABC FinTech is a technology-driven financial science and technology company, headquartered in Beijing, China. The company’s main business is around artificial intelligence and blockchain technologies.

Global +

Zenjoy is a mobile internet company focused on the international market. Based in Beijing with subsidiaries in the U.S., Germany, Japan and Hong Kong, it develops casual games, utility apps, trivia live video streaming app, and mobility vehicle sharing products. Its apps have been downloaded over 1 billion times to date, including the Word Connect game which is ranked #1 in the U.S. and many European countries, and Cash Show, which is the first trivia-type life video show in Europe, as well as the top-rated mobility vehicle sharing platform, Wind.
BluePay is dedicated to creating the AliPay of Southeast Asia, with its vision of enriching people’s lives through mobile payment. BluePay has set up businesses in Thailand, Indonesia, Vietnam and Malaysia, providing cashless mobile payment services through offline smart vending networks, and a variety of other online and offline use cases. With millions of users, thousands of vending machines, along with its rapid online platform and deeply localized offline operation team, BluePay is scaling rapidly in the market. The BluePay app is available on Google Play and iOS.
RiverPay is an integrated payment and marketing platform that connects Chinese consumers with global merchants. RiverPay is authorized for Alipay and WeChat Pay transactions, reaching over hundreds of mainstream social marketing and advertising platforms. RiverPay currently serves merchants across the world with clients including Saks Fifth Avenue, Prada, Tiffany and Co, Dolce & Gabbana, Fairmont Hotels, and many others.
MYBO is a top causal game developer based in Shanghai, with its offices in China and Europe. MYBO has been working on targeting global markets since its founding in 2009. The company has a dynamic and talented team and has developed seven games featured by Apple and Google. Having been awarded a top developer prize from Google, MYBO’s games boasts more than 10 million players worldwide. Its latest game, “Angry Birds Blast,” has been ranked one of the top five games around the world for several months.