China’s Morningside Venture Capital rebrands as 5Y Capital

Shanghai, China. Source: Ralf Leineweber/Unsplash

China’s Morningside Venture Capital, an early-stage venture capital firm, announced it is rebranding as 5Y Capital to reflect what it says is an evolution of its investment strategies.

The new name “5Y” is a combination of the number 5 in the Chinese name of “Wuyuan Road” (wu means 5 in Chinese) and the first letter of yuan. Wuyuan Road is a one-way street in Shanghai, where the Morningside team has been headquartered from the very beginning.

Morningside was started during the financial crisis of 2008 by Richard Liu, Ken Shi, and Gerald Chan under the auspices of Morningside Group. Before its founding, Liu and Shi worked as investment professionals at Morningside Group, a private investment group founded by the Chan family of Hong Kong.

Morningside Group, which was founded in 1986, makes private equity and venture capital investments. The Chan family controls Hang Lung Properties, one of the biggest and oldest property developers in Hong Kong. The firm was also an early backer of Chinese smartphone Xiaomi.

When Liu, Shi, and Chan spun off the venture capital operation from the family office and set up the Morningside TMT funds, Morningside Group became the anchor investor. Even with the rebranding, Morningside Group remains one of 5Y Capital’s most important investors, the firm added.

“I hope that with our constantly evolving team and investment methodology, we will be able to partner with more and more great entrepreneurs, help them tap into their unique advantages and achieve greatness,” said co-founder Richard Liu.

5Y Capital currently manages $3 billion in dual-currency funds (USD and RMB) and has provided multi-stage investments to a wide range of businesses, including Joyy (Nasdaq-listed), Xiaomi Corporation, Kuaishou, Kingsoft Office, Agora, Xpeng Motors, and Pony.ai.

Last month, the firm led the $318.8-million Series C funding in XtalPi, a biotech firm that uses artificial intelligence and computing to accelerate the development of new pharmaceutical drugs.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.