UTStarcom
Co-founder· Internet · telecom
The maker of "Little Smart"; backed by SoftBank's Masayoshi Son — his first fortune.
NASDAQ IPO, 2000
MANZI CAPITAL · EST. 2026
Manzi Capital
Back the founder, back them early, hold through the cycle.
Manzi Capital is founded by Xue Manzi, "China's first angel investor." From co-founding UTStarcom and its NASDAQ listing, to investing in Alibaba in the earliest round, chairing 8848, and backing Li Xiang across Autohome and Li Auto — three decades and nearly 100 early-stage investments have distilled a venture judgement that has been proven in practice.
30+ yrs
Investing
across multiple tech cycles
~100
Early-stage deals
angel & institutional
Dozens
Public companies
NASDAQ / NYSE / HKEX
The first
China angel investor
UTStarcom co-founder
Investment Thesis
How We Invest
Four principles, unchanged for thirty years — distilled from lived wins and lessons, and the core of how Manzi Capital does venture.
01
Bet on the founder
Investing is, at heart, backing people — find exceptional founders and stay with them across ventures.
Case
Li Xiang: from PCPOP to Autohome to Li Auto — backing the same founder, repeatedly.
02
Enter where incumbents won't
Structural opportunity hides where the mainstream looks away; enter early for the richest return.
Case
UTStarcom bought the "Little Smart" tech the giants abandoned — and led the NASDAQ.
03
Hold for the long run
Holding is harder than picking. The great returns belong to those who hold through the noise.
Case
Alibaba: cashing out early was the lesson — long-term holders reaped the billions.
04
Global capital, local edge
Use international capital and Silicon Valley experience to amplify local, early opportunity.
Case
UTStarcom rose fast on SoftBank capital and was first to list on NASDAQ.
Selected Portfolio
Selected Portfolio
From co-founding and leading a NASDAQ IPO to the earliest bets on China's landmark internet companies.
Alibaba
Earliest-round investor· Internet · e-commerce
Among the earliest to invest in Alibaba alongside Masayoshi Son.
NYSE-listed (BABA)
8848
Investor · chairman· Internet · e-commerce
China's first e-commerce site; co-invested with SoftBank, IDG and Jerry Yang.
China e-commerce pioneer
Autohome · Li Auto
Angel · backed Li Xiang· Mobile · mobility
Backed founder Li Xiang across ventures: PCPOP → Autohome → Li Auto.
Autohome NYSE: ATHM
Founder
Xue Manzi
Founder · China's first angel investor
“I've been an investor all my life. This time, I want the judgement my generation earned across cycles to be executed by the next — discipline over emotion, speed over hesitation.”
"China's first angel investor" and co-founder of UTStarcom. Nearly 100 early-stage investments over three decades — from UTStarcom, Alibaba and 8848 to Autohome and Li Auto, the landmarks of China's internet and mobile eras.
Read the full bio →Build with Manzi Capital
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