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VC terms explained: what is a valuation ratchet?

A plain-language explainer of valuation-adjustment mechanisms — how they work, when they trigger, and why they matter to founders and investors.

A data-driven review of deal counts, sector rotation, and funding-stage shifts across China’s primary market this quarter.

Capital is rotating away from finished vehicles and into components, power electronics, and charging infrastructure. Here is the map.

Tracking new RMB fund launches, closes, and GP moves — and what the mix of LPs tells us about where domestic capital is heading.

A digest of recent primary-market activity across China and cross-border deals, with the structures and syndicates behind them.