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🇭🇰 The Scaling Summit HK 2026 | Session Recap
Host: @499_DAO × City University of Hong Kong
Co-host: @0G_labs × OpenSchool x IDM of CityU
Special Partner: @BAI_AGI x @hetu_protocol
📌 Topic: Pricing the Real Utility of AI x Crypto
Separating signal from noise in decentralized AI. 📊
Leading VCs gathered to discuss how they price the real utility of AI x Crypto projects, sharing insights on value capture, sustainable tokenomics, and navigating the hype cycle.
🎙️ Speakers & Mod:
▪️ @Cyph3rVae, General Partner, @PlutosCap (Mod)
▪️ @0xfishylosopher, Junior Partner at @PanteraCapital
▪️ @abcdave, Investment Director at @animocabrands
▪️ @Lepus_xbt, Investment Manager at @HashKey_Capital
▪️ Jiahao Xu, Co-Founder, Grace Investment Machine
#TheScalingSummit# #VentureCapital# #Web3AI#
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It’s worth briefly revisiting the rather legendary story behind UTStarcom and SoftBank China Venture Capital.
Hong Lu, born on November 3, 1954, is a Chinese American entrepreneur. His family traces its roots to Ningbo City, Zhejiang Province，China.. He was born in Taiwan, Province of China and moved to Japan at the age of six.
After graduating from Tokyo Metropolitan Jonan High School, Lu went on to study civil engineering at the University of California, Berkeley, where he was two years senior to Masa Son @masason
After graduating, Hong Lu joined Masa Son’s startup, Mspeech System Inc, whose core business was selling portable voice translation devices.
In March 1982, Son returned to Japan to recover from an illness. Before leaving, he sold his U.S. company Unison World to Lu.
For a time, Unison maintained a close partnership with Kyocera, the company founded by Inamori Kazuo.
In 1986, the two companies formed a joint venture called Kyocera Unison and attempted to take it public. The plan ultimately fell through, and Lu exited the venture.
In 1990, Lu made his first exploratory trip to mainland China.
A year later, in 1991, Lu teamed up with his Berkeley classmate and Masa Son’s former Chinese tutor, Charles Xue @xuemanzi8848， along with Son himself. Together they acquired Zhejiang Yutong, a company originally founded by Peter Wang(Zuguang) , reorganizing it and renaming it Unitech Telecom (UT).
That same year, Wu Ying , then working at AT&T Bell Labs, partnered with Chauncey Shey to launch Starcom in New Jersey.
The company initially operated as a technology consulting firm, essentially providing engineering talent as outsourced services. Among the temporary engineers they hired was Bill Huang(Xiaoqing ), who at the time was doing R&D at Racal Telecom in the UK.
In 1994, Bill Huang(Xiaoqing ) joined Unitech Telecom.
On October 6, 1995, Unitech Telecom and Starcom merged in a 50–50 deal to form UTStarcom. Just two weeks later, on October 19, the company secured $30 million in funding from SoftBank.
On March 5, 1996, UTStarcom China was established.
By 1999, after several rounds of major investment totaling roughly $160 million, Masa Son became chairman of UTStarcom, increasing his stake to 51%.
On March 3, 2000, UTStarcom successfully went public on the NASDAQ.
In 2001, Charles Xue exited the company, cashing out roughly $150 million.
Later that same year following the IPO, Masa Son committed $90 million, while Hong Lu，Chauncey Shey, and others contributed $10 million, forming the first fund for SoftBank China Venture Capital (SBCVC).
Brilliance of Berkeley，and with that , the wheels of fate have begun to turn.
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Toney originally planned to pursue investment banking, but while studying at the University of California, Berkeley, he discovered a passion for venture capital.
See the full ForbesBLK 50: Money Masters list:
#ForbesBLK50# (Photo: Kimberly White/Getty Images)
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More than seven years since Forbes launched its first AI 50 list, the artificial intelligence industry has exploded, growing more expansive and increasingly too crowded for a single list to capture. As venture capital firms continue to pour money into AI, a new tier of startups has emerged: younger, earlier-stage companies building fast and raising faster as they try to rival their more established peers.
That’s why this year, for the first time, Forbes is introducing the AI 50 Brink List, spotlighting 20 of the most promising Seed and Series A-stage startups building in artificial intelligence.
Read more: #ForbesAI50# Photos: Nectar Social, Resolve AI, Periodic Labs, Ashley Maxwell, Giga, Jim Vetter, Studio B Portraits, Axiom
Sponsoring Partner @MayfieldFund
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Mind Robotics, the startup founded by Rivian CEO RJ Scaringe, has now raised over $1 billion for its AI-powered industrial robot project, valuing the company at $3.4 billion.
The latest fundraising round, which secured $400 million, was led by Kleiner Perkins and includes investments from Salesforce Ventures and Incharge Capital, a Volkswagen-affiliated venture-capital firm, The Wall Street Journal reports.
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JUST IN: RIVIAN SPINOFF MIND ROBOTICS JUST RAISED $400 MILLION, TWO MONTHS AFTER RAISING $500 MILLION
The new round brings the total raised to over $1 billion in under a year and values the company at $3 billion+.
The full picture, per WSJ:
The new round:
- $400M led by Kleiner Perkins
- Additional investors include the venture arms of Volkswagen and Salesforce
- Volkswagen is Rivian's partner on a software joint venture
Capital raised to date:
- $115M from Eclipse (2025 seed)
- $500M (two months ago)
- $400M (this round)
- Total: $1B+
The company:
- Originally known internally as "Project Synapse"
- Builds industrial robotics with "human-like skills" for factory automation
- Chairman: Rivian $RIVN CEO RJ Scaringe
Scaringe told TechCrunch in March he created Mind Robotics because he felt other startups were not fully equipped to automate industrial work.
He also spun out a separate micromobility company called Also, which has raised $300M+ to date.
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According to sources familiar with the matter:
Because Long @FanLong16 is an alumnus of Roger Chen, a founding partner of IMO Ventures, @ImoVentures became one of the most pivotal early backers driving the development of @Conflux_Network.
In 2016, Donnie Liu (Liu Hai), Thomas Yao @thyao , Roger Chen, Wang Chong, and others jointly launched a new venture capital fund, ImoVentures.
Donnie Liu
Year of Birth: 1984
July 2005: Bachelor’s degree in Electronic Engineering, Shanghai Jiao Tong University
June 2007: Master’s degree in Electronic Engineering, Seoul National University
June 2011: MBA, MIT Sloan School of Management
Liu is a founder partner at IMO Ventures.
He previously served as a partner at GSR Ventures and Bopu Asset Management, and earlier in his career worked in the wireless division at Samsung Electronics’ headquarters in South Korea.
Public records indicate the following:
In June 2015, Wu Shenjun, founding partner of GSR Ventures, entered HKEX–listed company 00109 Good Resources Holdings with capital backing, assuming the roles of Executive Director and Chairman of the Board.
Donnie Liu simultaneously became involved in the company as a Non-Executive Director.
September 23, 2020: The HKEX announced the suspension of trading in Good Resources Holdings (00109).
April 28, 2022: The HKEX announced that the company’s listing would be cancelled effective 9:00 a.m., May 4, 2022.
By around 2018, Liu’s BGOGO exchange had effectively become a magnet for some of the industry’s most aggressive capital players, including:
Jack Yi @Jackyi_ld @Liquid_Capital_
Xu Yingkai BlockVC
Sun Zeyu Genesis Capital
Du Jun @dujunx Node Capital
At the time, Du Jun, founder of Node Capital, famously stormed out of Huobi’s HADAX platform in a blaze of frustration, then pivoted hard to promote the projects he had heavily backed, most notably FCoin and BGOGO.
Right, Ciara (@Crypto_Ciara)?
Thomas Yao @thyao
Thomas Yao holds a bachelor’s degree in Applied Physics from Fudan University
Widely regarded as being closely aligned with $CFX , Thomas’s signature play in this cycle is , $0G .
In addition to serving as a founding partner at IMO Ventures, Thomas Yao has worn several notable hats over the years:
1. Founding member of @0G_labs
2. Former Investment Partner at Frees Fund
3. Former Senior Director at HTC Vive’s Silicon Valley Innovation Lab
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In August 2021, IVC (Infinity Ventures Crypto) @ivcryptofund was officially established.
Shortly thereafter, Daniel Wang, co-founder of Aethir, joined IVC.
In November 2021, IVC partnered with YGG to launch YGG SEA, which is now known as W3GG (@w3ggofficial).
Around the same time, the two parties also co-founded YGG Japan (@YGGJapan).
In February 2022, IVC closed a $70 million Web3 fund, backed by investors including @Circle, @DCGco , @AnimocaBrands, Hive Ventures, and Cherubic Ventures.
IVC later deployed the first investment from this fund by co-investing in @YGG alongside @a16z.
IVC’s partners include:
1. Akio Tanaka @tanakaakio
Founder of @HeadlineVC Headline Asia and co-founder of IVC.
Tanaka, who is Japanese, is widely regarded as an OG within Japan’s traditional venture capital circle, having built Headline Asia into one of the region’s established VC platforms.
2. Brian Lu @LuBall13
Former co-founder and GP of IVC.
Brian Lu also comes from a notable entrepreneurial family.
His father, Hong Liang Lu, is the founder of UTStarcom and a founding figure behind SoftBank China Venture Capital (SBCVC).
3. JT Law @JorLaw8
Co-founder of VerifyInvestor.
4. Gabby Dizon @gabusch
Co-founder of YGG (Yield Guild Games).
5. Alex Yeh @alex_yehya
Co-founder of AuraBlock Ventures, and also a co-founder of $GAIB @gaib_ai
Richie Chaval Jiaravanon @RichieLychee
Former CEO of Snapask Thailand.
He also holds another role as a board member at Velo Labs @veloprotocol
Behind the Jiaravanon family stands the Charoen Pokphand Group, Thailand’s largest private conglomerate, widely known as the CP Group.
Returning to Daniel Wang, who was seconded by IVC to Aethir as a representative and co-founder of the project.
According to publicly available information, between August 2021 and August 2023, Daniel Wang held roles across IVC, W3GG, and Aethir simultaneously.
We’ve also just received information from sources familiar with the matter claiming that, during his time at IVC, Daniel Wang allegedly accepted various kickbacks tied to deals, which reportedly caused dissatisfaction among several of IVC’s core partners.
A quick side note here:
IVC is widely regarded as the most active investor among Japan-based crypto funds in terms of the number of crypto projects backed.
@FSA_Japan @cyberpolice_jp @JVCEA_Official @jcba_official
@CoinDesk @coin_post
@circle @DCGco @animocabrands
@TheSpartanGroup @Morningstar_VC
@shimacapital @BigBrainVC @Sfermion_ @Ventures_HTX
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Part 4 Close Associates of Chen Zhi
1. Li Tian (also known as Thet Li,Figure1)
Date of Birth: July 6, 1987
Place of Birth: Beijing, China
Citizenship: Cambodia and Vanuatu
Passport: RV091789 (Vanuatu)
Li Tian obtained a Bachelor’s degree in E-commerce from Beijing Information Science and Technology University in 2009.
As Chief Financial Officer (CFO) of the Prince Group, Li Tian was responsible for managing illicit financial flows within the organization, including the handling of laundered funds and the coordination of large-scale cash smuggling operations.
In April 2020, Li Tian became the ultimate controlling shareholder of Hong Kong-listed company FSM Holdings Limited (Stock Code: 1721), holding approximately 60.23% of its issued shares.
According to records from the Hong Kong Companies Registry, Li Tian also serves as a director of four additional companies registered in Hong Kong:
Concept Planet (HK) Limited
Silver Prosper International Limited
Sky Talent Investment Limited
STAR MAX DEVELOPMENT LIMITED
2. Zhou Yun (also known as Sandy Zhou,Figure2)
Date of Birth: October 17, 1982
Place of Birth: Hubei Province, China
Identification: Hong Kong Identity Card and Hong Kong SAR Passport
Passport: G30024177 (China)
Sandy Zhou serves as Chen Zhi’s financial assistant and wealth manager.
She has been designated under United States sanctions programs.
Multiple insurance brokerage and securities firms of Mighty Divine Group in Hong Kong, which were beneficially owned or controlled by Chen Zhi through Sandy Zhou , have been subject to enforcement actions and regulatory intervention.
3. Wei Qianjiang （Figure3)
Date of Birth: April 28, 1983
Wei Qianjiang graduated in January 2015 from the Open University of China (formerly the Central Radio and Television University), obtaining an Associate Degree in Business Administration.
Through a Bitcoin mining enterprise in Laos operated by the Prince Group, namely Warp Data Technology Lao Sole Co., Ltd., large volumes of Bitcoin (BTC) were allegedly transferred to cryptocurrency wallets controlled by Chen Zhi.
Wei Qianjiang served as the person in charge of this operation.
Key business activities include:
2014: Established Chongqing Venture Capital and Longxun Technology in Chongqing, China
2017: Registered a Hong Kong entity under the same name, Loncent Technology, with plans to pursue an IPO on the HKEX
August 2018: Appointed as a Non-Independent Executive Director of HKEX-listed company Geotech Holdings Ltd. (Stock Code: 1707), a company controlled by Chen Zhi
July 2020: Loncent Technology was investigated by police for promoting gambling services and facilitating cyber-enabled criminal activities; multiple senior executives were detained or defected to authorities, while Wei Qianjiang, as the company’s legal representative and owner, was handled in a separate case
2020: Registered Merak Technology (Hong Kong) Limited in Hong Kong
@BBCWorld @BBCBreaking @WSJ @business @nytimes @cnni @Reuters @Forbes @TIME @TheEconomist @UN @AP @washingtonpost @MarketWatch @WSJecon @FAANews @NTSB_Newsroom @FoxNews @FT @YahooFinance @SkyNews @NBCNews
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Part 3
Hu Xiaowei, the First Person Associated with the Prince Group
Real Name: Hu Xiaowei
Born: 1982
Hometown: Suqian, Jiangsu Province
Education: Graduated from Chongqing University in 2005 with a Master's degree in Computer Science
Former Names: Chen Xiaoer/Hu Yanming/HU Shi
In 2011, Chen Zhi and another mastermind in a "private server" online gambling case in mainland China, Hu Xiaowei, fled.
In October 2025, in the case of the US sanctions against the Prince Group's transnational criminal network, the name "Chen Xiaoer" (CHEN Xiaoer) was listed first among 146 criminals. Corresponding passport number: RE00660066 (St. Kitts and Nevis) (Individual)
Chen Xiaoer is one of Hu Xiaowei's many aliases.
Hu Xiaowei changed his name multiple times to "Chen Xiaoer," "Hu Yanming," "Wu Anming," and "HU Shi," etc. He established a company in Hong Kong as early as 2011, and once controlled a Hong Kong-listed company before its sale.
In 2011, Hu Xiaowei registered "Hailiao Engineering Investment Co., Ltd." under the name Chen Xiaoer.
In the latter half of 2015, Hu Xiaowei founded Jinlan Capital in Shanghai, focusing on angel and VC investments in the internet and high-tech industries.
In 2016, Hu Xiaowei established a biotechnology company in Beijing, and in 2018, he established a charitable foundation in Hong Kong. Later, his information on the foundation was changed to "Hu Shi," and he adopted a Cypriot passport, an identity consistent with the initial shareholder information of Chen Zhi's investment company "Alphaconnect" in Singapore.
In the same year, Hu Xiaowei, an alumnus of the 2000 class of Suqian Middle School in Jiangsu Province, donated 5 million yuan through the school to establish a fund for teaching awards, scholarships, and student aid.
In September 2019, Hu Xiaowei, under the alias Chen Xiaoer, acquired approximately 75% of the shares of HKE Holdings Limited (stock code: 1726), a Hong Kong-listed company, through Eagle Fortitude Limited, a company he controlled and registered in the British Virgin Islands. He then assumed the roles of Chairman of the Board and CEO.
In 2020, Chen Xiaoer changed his name to Hu Yanming; and in April 2021, he sold all his shares.
In August 2021, a fund registered in the Cayman Islands by Hu Xiaowei purchased a 1.194% stake in Evergrande Property, which was not yet listed at the time, for HK$1 billion.
In mainland China, Hu Xiaowei and Chen Zhi both served as directors and individual shareholders of Zhongjing Technology Investment Co., Ltd.
Previously, CP mentioned the case involving Xiao Xian and Hu Xiaowei in Chongqing, mainland China, in 2016. In 2020, Hu Xiaowei was again involved in a big case in mainland China—the major May 27th case of 2020.
Keywords: 2016-2021, Hu Xiaowei & Wang Yihan, born August 26, 1976 in Shanxi Province
Related Entities: Jiangxi Legend Supreme / Beijing Puman / Hainan Anzhengbao
According to key case materials from the 2020 May 27th case:
On August 20, 2020, Jiangxi Legend Supreme, Chongqing Xiaoxian, and related individuals such as Zhu Yongcheng, Qin Zike, Chen Lixin, Cai Wen, Gong Zhaowei, as well as Hu Xiaowei's mistress Wang Yihan and his wife, were arrested by the Ministry of Public Security on multiple charges, including operating an online casino.
Wang Yihan, born August 26, 1976 in Shanxi Province, was Hu Xiaowei's mistress, and the two had two children.
As a spokesperson for the criminal gang, Wang Yihan provided traffic redirection services to overseas online gambling groups through multiple entities such as Jiangxi Legend Supreme, Beijing Puman, and Hainan Anzhengbao. This gambling group is the second largest cross-border gambling group in Asia.
During this process, Wang Yihan also relied on her personal network to interfere with the Chinese mainland judiciary and maliciously target related individuals and their families.
The actual controller behind all of this is Hu Xiaowei.
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