# 徐新 · Xu Xin — 封面档案 ACF-01-00192

> 亚洲封面人物 Asia Cover Figure · 机器可读档案（LLM-ready）。本文件由官网结构化档案数据自动生成，供 AI 检索与引用。中文全文与英文全文对照编排。

## 档案元数据 Metadata

- 封面编码 ACF Code：**ACF-01-00192**
- 姓名 Name：徐新 / Xu Xin
- 职务 Title：创始人 @ 今日资本 / Founder @ Capital Today
- 公司 Company：今日资本 / Capital Today
- 篇别 Category：女性影响力（列传篇 / Biographies (Liezhuan)）
- 入档日期 Accessioned：2026-02-18
- 标签 Tags：风险投资, 女性影响力, 今日资本, 京东, 网易, AI投资, 消费品投资, 长期主义
- 永久档案链接 Archive URL：https://coverfigure.com/acf/ACF-01-00192/liezhuan
- English archive：https://coverfigure.com/acf/ACF-01-00192/liezhuan?lang=en
- 官网原文报道 Feature story：https://coverfigure.com/acf/figure/xu-xin

## 信息口径声明 Editorial Sourcing Policy

- 工商登记信息可通过国家企业信用信息公示系统核验；经营数据来自企业公开披露、官方发布与权威媒体报道，引用处标注来源。
- 收购、IPO、估值、融资等事项以官方公告为准；人物观点与言论为公开演讲、采访的事实记录，不代表编辑部立场。
- 本档案仅供行业研究参考，不构成投资建议。事实更正联系：editorial@coverfigure.com。

## 卷首 Editorial Intro

一百五十倍。这是徐新在京东一笔投资中获得的回报倍数。在中国风险投资三十年的历史上，这个数字至今仍是最令人屏息的记录之一。而另一个数字同样惊人：从一九九五年进入风投行业至今，她主导和参与的投资案例覆盖了中国互联网经济最重要的赛道——从零售、消费到科技、医疗——几乎每一个被重新定义的行业里，都能找到今日资本的痕迹。这些数字共同指向一个问题：一位从中国银行柜员起步的女性，如何在三十年间构建起中国最具辨识度的投资版图？

徐新的投资生涯本身就是一部浓缩的中国新经济史。她在霸菱亚洲时期主导了娃哈哈、农夫山泉等消费品牌的早期投资，奠定了"消费赛道猎手"的行业认知；创立今日资本后，她以三句话、一千万美元的决定押注京东，在所有人质疑电商模式时选择了最长情的陪伴；在网易最困难的时刻入局，最终收获了数十倍的丰厚回报。这些经典案例的背后，是一套高度一致的投资哲学：寻找具有"杀手级"企业家特质的创始人，在他们最需要信任的时刻下注，然后用极致的耐心陪伴企业穿越成长周期。

亚洲《封面人物》杂志独立编委会在评审过程中，将徐新定位为中国风险投资行业发展史中的关键人物之一。编委会认为，徐新的档案价值在于她完整呈现了一位女性投资人如何凭借直觉、勇气和判断力，在一个由男性主导的行业中建立起卓越声誉的全部过程。她的投资记录既是个人能力的体现，也是中国资本市场三十年演进的微观镜像。

终身档案编码已为其生成，独立编委会评审通过，永久存证于亚洲封面人物档案库。核心标签：中国风投先驱、消费赛道猎手、企业家背后的企业家、新经济编年史的核心见证者。

Venture capital is an industry deeply dominated by male narratives. Among top global VC partners, women have long remained in single digits. In the thirty-year chronicle of Chinese venture capital, nearly every page was written with male names—until Xu Xin rewrote the industry's gender grammar with an entirely different investment language.

She did not "win" within rules established by men; from the start, she built a methodology uniquely her own and repeatedly validated: invest in industries, invest in entrepreneurs, build No.1 brands, then hold long-term and let compound interest speak. This approach generated extraordinary returns across landmark investments including Wahaha, NetEase, JD.com, and Meituan, placing her atop the Forbes China Best Women in Venture Capital list for multiple consecutive years.

But what deserves even more attention than the numbers is her decision-making style: signing term sheets the same night as a first meeting, holding firm on NetEase when all other investors were selling, and increasing her commitment fivefold after Richard Liu was rejected by fifty investors. These decisions may appear "emotional," but they are underpinned by extraordinarily deep industry knowledge. In an industry increasingly reliant on data models, Xu Xin has proven that intuition, courage, and long-term conviction remain the most powerful investment weapons.

## 人物速览 Lead

从中国银行柜员到"风投女王"，徐新用三十年时间构建了中国最具辨识度的女性投资叙事。她以猎手般的直觉押注京东、网易，创造了150倍回报的传奇，又在AI浪潮中持续追踪下一个改变世界的变量。

From a Bank of China teller to the "Queen of Venture Capital," Xu Xin spent three decades building China's most recognizable female investment narrative. With hunter-like intuition, she backed JD.com and NetEase for 150x+ returns, and is now tracking the next world-changing variable in the AI revolution.

## 正文 Archive Chapters

### 1. 从重庆到香港：三次选择改写命运 / From Chongqing to Hong Kong: Three Choices That Rewrote Destiny

1967年，徐新出生于重庆大足县一个军用车厂的国企干部家庭。她的童年并不像后来人们想象中那样"赢在起跑线上"——事实上，在四川汽车制造厂的厂办学校里，她是一个经常逃课、成绩中游的"假小子"。每天高考升学率为零的学校里，没有人对她抱有太高期望。

人生第一次重大转折发生在初中毕业。在那个年代，厂办学校的学生通常有三个选择：读技校、考中专或考重点高中。身边一起长大的三个小姐妹都报名了技校，但徐新却像中了"邪"一样坚持要考重点高中。这个决定在当时看来几乎是异想天开——她的成绩排在班里第25名左右，按正常发挥根本没有希望。但在父亲的支持下请了家教、疯狂补课几个月后，她竟然考上了重庆市重点高中南开中学。

在南开中学的三年，徐新用从父亲那里学来的管理思维规划自己的学习和生活，最终考入南京大学外语系。1988年毕业后，她被分配到中国银行总行营业部做柜台营业员，工作内容是"登记、复印、盖章"三步曲。但即便在这样的岗位上，她也要做到最好：入职不到一年当选三八红旗手，很快被提拔为副科长。

然而三年后，徐新发现自己除了荣誉之外，在工作技能上并没有实质进步。她对自己说："在右安门立交桥修好之前，我的生活一定要有变化。"机会真的来了——中国政府和英国政府联合培养英国注册会计师，中国银行给了她一个入学考试名额。从接到通知到考试只有两周，徐新没日没夜地把整本教材背下来，最终以优异成绩通过考试，被送往香港普华会计师事务所培训三年。

在香港的三年里，她听不懂粤语，看着同事们的时间表满满当当而自己的却一片空白，深感无助。但她主动找到日本区域的项目经理争取工作机会，利用业余时间拼命复习18门考试，最终拿到了英国注册会计师资格。

1995年，徐新进入香港最大的本土券商百富勤，正式开始直接投资生涯。她的第一笔投资是娃哈哈——当时全中国还没有人喝瓶装水，但她凭直觉判断这个行业前景广阔。此后转入荷兰霸菱投资集团，任中国区董事总经理，主导投资了网易、中华英才网等项目，在投资圈逐渐声名鹊起。

三次选择——考重点高中、考英国注会、离开银行进入投资——每一次都是在"所有人都觉得没必要"的情况下做出的逆势选择。这种"在所有人说不的时候自己说是"的特质，日后成为她作为投资人最核心的判断力来源。

**English:** In 1967, Xu Xin was born into a state-owned enterprise cadre family at a military vehicle factory in Dazu County, Chongqing. Her childhood was far from the "winning at the starting line" narrative—in fact, at the factory-run school of Sichuan Automobile Manufacturing Plant, she was a "tomboy" who frequently skipped classes and maintained middling grades. At a school where the annual college entrance exam pass rate was zero, no one held high expectations for her.

The first major turning point came at junior high graduation. Students at factory-run schools typically had three choices: vocational school, technical secondary school, or competitive key high school. Her three close friends all enrolled in vocational school, but Xu Xin insisted on taking the entrance exam for a key high school. This decision seemed quixotic—her grades ranked around 25th in the class, with no real hope. Yet with her father's support and a hired tutor, after months of intensive study, she was admitted to Nankai Middle School, Chongqing's key high school.

During her three years at Nankai, Xu Xin applied management thinking from her father to plan her studies, ultimately gaining admission to Nanjing University's Foreign Languages Department. After graduating in 1988, she was assigned to Bank of China's Head Office as a counter clerk. But even in this position she excelled: within a year she was named a "March 8th Red Banner Pacesetter" and promoted to deputy section chief.

Three years later, Xu Xin realized she had made no substantive progress in professional skills. She told herself: "Before the You'anmen Bridge is repaired, my life must change." The opportunity arrived—the Chinese and British governments jointly launched a CPA training program, and Bank of China gave her an exam slot. With only two weeks to prepare, she memorized the entire textbook and passed with excellent results, earning a three-year placement at PricewaterhouseCoopers in Hong Kong.

In Hong Kong, unable to understand Cantonese and watching colleagues' busy timesheets while her own remained blank, she felt deeply helpless. But she proactively sought out the Japanese regional project manager for work opportunities, and spent spare time passing all 18 CPA examinations, eventually earning her British CPA qualification.

In 1995, Xu Xin joined Peregrine Investments, Hong Kong's largest local brokerage, beginning her direct investment career. Her first investment was Wahaha—when no one in China drank bottled water, she trusted her intuition about the industry's vast potential. She then moved to Baring Private Equity Asia as Managing Director for China, leading investments in NetEase, ChinaZhaopin.com, and building her reputation in the investment community.

Three choices—key high school exam, British CPA, leaving banking for investment—each made against widespread skepticism. This quality of "saying yes when everyone else says no" became the foundation of her core judgment as an investor.

### 2. 创办今日资本：一天飞三个国家的募资之路 / Founding Capital Today: Fundraising Across Three Countries in a Single Day

2005年是中国风险投资行业的分水岭之年。红杉中国、经纬中国等一批日后深刻影响中国创业生态的机构相继成立，但其中大多数都与国外知名VC有着紧密的合作关系或品牌背书。从霸菱投资辞职后的徐新，原本也可以走同样轻松的路——以她的业绩和声望，与国际知名机构合作募资轻而易举。

但她选择了一条更难的路：从零开始创建自己的品牌——今日资本（Capital Today）。这个决定背后的逻辑很"徐新"：她不想做任何人的附属，要做一个完全独立的投资决策者。

创业的艰难远超预期。为了募资，徐新带着一个6人小团队整日穿梭于世界各地路演。最疯狂的时候，一天要飞三个国家。从伦敦到纽约到新加坡，面对的都是同一个问题：一个中国女性说要独立做一只美元基金，你信不信？

功夫不负有心人。2006年1月，今日资本完成了7000万美元的第一期募资；同年10月，成功募集首只基金——今日资本中国成长基金，规模达2.8亿美元。资金主要来源于英国政府基金、世界银行等著名投资机构。

有了弹药，徐新迅速展现了她的投资锋芒。2007年8月，今日资本以1000万美元独家投资了京东的A轮融资——这就是后来成为中国创投史上最经典案例之一的那笔交易。当时刘强东只想要200万美元救命，但徐新和他从晚上10点谈到凌晨2点，聊完后不仅决定投资，还主动把金额从200万提到了1000万美元。

她的投资理念可以概括为三条核心原则：第一投行业，第二投企业家，第三帮助企业打造第一品牌。今日资本成立之初就明确了专注领域：消费品、零售连锁和互联网，后来又增加了机器人赛道。这种专注不是保守，而是一种深刻的自知——"看不懂的可不投，就如巴菲特错过了沃尔玛，但这并不影响他成为世界级的投资家。"

从第一期基金开始，今日资本逐步发展为管理约30亿美元的国际投资基金。2014年设立的常青基金（Evergreen Fund）更是徐新长期主义投资哲学的制度性表达——不追求短期退出，而是让资本与企业共同成长。

**English:** 2005 was a watershed year for China's venture capital industry. A batch of firms that would later profoundly shape China's entrepreneurial ecosystem—including Sequoia China and Matrix Partners China—were established, but most maintained close partnerships with well-known international VCs. After resigning from Baring Private Equity, Xu Xin could have taken the same comfortable path—with her track record, partnering with an established institution to raise funds would have been effortless.

But she chose the harder road: building her own brand from scratch—Capital Today. The logic behind this decision was quintessentially "Xu Xin": she refused to be anyone's appendage, insisting on being a completely independent investment decision-maker.

The difficulties of entrepreneurship far exceeded expectations. To raise funds, Xu Xin led a small six-person team on constant world roadshows. At the most frenzied moments, she would fly across three countries in a single day. From London to New York to Singapore, she faced the same question everywhere: a Chinese woman saying she would independently manage a dollar fund—would you believe it?

Persistence paid off. In January 2006, Capital Today closed its first tranche at USD 70 million; by October, it had raised its debut fund—the Capital Today China Growth Fund—at USD 280 million. Capital came primarily from renowned institutions including the UK government fund and the World Bank.

Armed with capital, Xu Xin quickly demonstrated her investment edge. In August 2007, Capital Today invested USD 10 million exclusively in JD.com's Series A round—what would become one of the most classic cases in Chinese venture capital history. Richard Liu Qiangdong only wanted USD 2 million to survive, but after Xu Xin talked with him from 10 PM to 2 AM, she not only decided to invest but proactively increased the amount from USD 2 million to USD 10 million.

Her investment philosophy can be summarized in three core principles: first, invest in the industry; second, invest in the entrepreneur; third, help the entrepreneur build a No.1 brand. From the start, Capital Today defined its focus: consumer goods, retail chains, and the internet, later adding robotics. This focus was not conservatism but profound self-awareness: "If you don't understand something, don't invest—as Buffett missed Walmart, but that didn't prevent him from becoming a world-class investor."

Starting from its first fund, Capital Today gradually developed into an international investment fund managing approximately USD 3 billion. The Evergreen Fund, established in 2014, was an institutional expression of Xu Xin's long-term investment philosophy—pursuing no short-term exits but letting capital grow alongside enterprises.

### 3. 经典战役：京东——见面四小时，回报150倍 / Classic Case: JD.com - Four-Hour Meeting, 150x Return

2006年的某个夜晚，一个名叫刘强东的年轻人坐到了徐新面前。他想为自己的电商公司融资200万美元，已经碰壁多次。徐新和他从晚上10点一直聊到凌晨2点，四个多小时后，她做了一个令团队惊讶的决定：不只给200万，直接投1000万美元。

这个决定的背后是徐新一套精密的判断逻辑。首先，她看到了中国互联网零售的结构性机会——电子商务即将迎来爆发期，而京东的自营B2C模式有可能成为品质保证的代名词。其次，她在刘强东身上看到了"杀手特质"：这个年轻人已经被50位投资人拒绝，但没有放弃。他的眼中有一种不服输的倔强，这正是徐新定义的"成功企业家"的核心要素。

但最精彩的还在后面。2008年金融危机爆发，京东的第二轮融资遭遇致命打击。公司估值从1.5亿美元暴跌至6000万美元，合作基金因雷曼兄弟破产临时变卦，只愿出3000万美元，京东再次濒临绝境。刘强东不敢面对员工追问，独自在咖啡馆借酒浇愁。

关键时刻，徐新挺身而出。她利用今日资本的年会，为刘强东引荐了梁伯韬、李旭富等资本大佬。刘强东凭借清晰的商业模式与未来愿景打动了投资方，最终艰难完成2100万美元的二轮融资。在全球资本紧缩的寒冬里，这笔融资堪称奇迹。

更重要的是，徐新坚定地支持了刘强东两个最具争议的战略决策：一是从3C扩展到全品类（包括卖书），二是自建物流体系。当时几乎所有投资人和分析师都认为自建物流是"烧钱黑洞"，但徐新看到了自建物流的长期护城河价值。她甚至在公司管理层产生分歧时表示："企业家的判断应该被尊重。"

2014年5月22日，京东在纳斯达克上市。这笔潜伏了8年的投资，为今日资本带来了超过150倍的账面回报，成为中国创投史上最经典的退出案例之一。凭借这笔交易，徐新一举获得"2014年中国最佳创业投资家"和"2014年中国最佳退出创业投资机构"两大殊荣。

但徐新自己最在意的可能不是回报倍数，而是这样一个认知："真正伟大的投资，是在所有人都说不的时候，你敢说对。"

**English:** One evening in 2006, a young man named Richard Liu Qiangdong sat across from Xu Xin. He wanted to raise USD 2 million for his e-commerce company after being rejected many times. Xu Xin talked with him from 10 PM until 2 AM—after more than four hours, she made a decision that surprised her team: not USD 2 million, but USD 10 million directly.

Behind this decision was a precise judgment framework. First, she saw a structural opportunity in China's internet retail—e-commerce was about to enter explosive growth, and JD.com's self-operated B2C model could become synonymous with quality assurance. Second, she saw "killer instinct" in Liu Qiangdong: rejected by 50 investors but never giving up, his eyes held a stubborn refusal to lose—the core quality Xu Xin defined as essential in successful entrepreneurs.

But the most remarkable chapter came later. When the 2008 financial crisis hit, JD.com's Series B faced a fatal blow. Company valuation plummeted from USD 150 million to USD 60 million. Partner funds reneged due to Lehman Brothers' collapse, willing to provide only USD 30 million. JD.com was again on the brink. Liu Qiangdong couldn't face his employees' questions, drinking alone in a café.

At this critical moment, Xu Xin stepped forward. She used Capital Today's annual meeting to introduce Liu to major investors like Liang Botai and Li Xufu. Liu impressed them with his clear business model and vision, ultimately completing a difficult USD 21 million Series B round. In the depths of a global capital winter, this financing was nothing short of miraculous.

Even more importantly, Xu Xin firmly supported Liu's two most controversial strategic decisions: expanding from 3C to full category (including books), and building self-operated logistics. Nearly all investors considered self-built logistics a "money pit," but Xu Xin saw the long-term moat value. She stated when management disagreed: "The entrepreneur's judgment should be respected."

On May 22, 2014, JD.com listed on NASDAQ. This investment, held for eight years, generated over 150x paper returns for Capital Today, becoming one of the most classic exit cases in Chinese VC history. With this transaction, Xu Xin won both "2014 China's Best Venture Capitalist" and "2014 China's Best Exit VC Firm."

But what Xu Xin valued most was probably not the return multiple, but this conviction: "Truly great investing is having the courage to say yes when everyone else says no."

### 4. 网易保卫战：互联网泡沫破裂时的逆行者 / The NetEase Battle: Contrarian During the Dot-Com Bubble

如果说京东是徐新投资生涯中最辉煌的"进攻"，那么网易则是最坚韧的"防守"。这笔投资不仅定义了她的投资哲学，更成为整个中国创投史上"长期主义"的教科书案例。

1999年，徐新在霸菱投资时期主导了对网易的500万美元投资。当时的丁磊还是一个充满理想主义的年轻程序员，网易的核心业务是门户网站。徐新看中丁磊身上的特质——她后来总结为"好的创始人就像好的女婿"，可靠、值得信赖。

但真正的考验在2001年来临。互联网泡沫破裂，网易股价从高点暴跌超过90%，一度跌至每股0.6美元，面临退市风险。所有股东都要求抛售，压力像山一样压在徐新身上。但她做了一个所有人都认为疯狂的决定：死扛不卖。

她在后来的回忆中描述了当时的心态："我们已经跌到底了，从现在开始，每走一步都会更好。"这句简单到近乎"蛮横"的逻辑，背后是她对丁磊个人能力和中国互联网长期前景的深层判断。她在5个小时的董事会辩论中，硬是顶住了所有股东的抛售压力，保住了网易的仓位。

之后的故事成为中国互联网史上最经典的反转之一：丁磊带领网易转型网络游戏，开发出《大话西游》等爆款产品，公司业绩一飞冲天。2003年，丁磊成为中国最年轻的首富。徐新这笔投资的最终回报超过8倍——而如果不是她坚持长期持有，这个数字可能永远不会出现。

网易保卫战让徐新总结出了一条此后贯穿整个投资生涯的铁律："凡是长期持有的案子都是赚大钱的案子，凡是短期卖掉的案子都是后悔的案子。"这条铁律后来在京东、美团、腾讯等投资中反复得到验证。她在2004年以个人名义买入腾讯股票，此后一股未卖、持续加仓，最终获得了500倍以上的回报。

这种逆周期的坚定，正是徐新作为投资人最独特的竞争力。在一个越来越短期化的行业里，她用行动证明了：真正的猎手，不是跑得快的人，而是能够在正确的位置上耐心等待猎物出现的人。

值得一提的是，网易的成功并非个例，而是徐新"逆势坚守"方法论的第一次完整验证。从那时起，她形成了一套独特的"底部投资"哲学：当所有人都恐慌时，恰恰是最好的买入时机。这种反共识的勇气，在后来投资京东时再次得到体现——当时所有人都认为电商是一个烧钱的无底洞，但徐新看到了京东自建物流的长期价值。

如果说京东展现了徐新"进攻性"的投资魄力，那么网易则展现了她"防御性"的投资韧性。两种能力的结合，才是她三十年投资生涯能够持续创造超额回报的真正秘诀。

**English:** If JD.com was the most brilliant "offense" of Xu Xin's investment career, then NetEase was the most tenacious "defense." This investment not only defined her investment philosophy but became a textbook case of "long-termism" in the entire history of Chinese venture capital.

In 1999, during her Baring years, Xu Xin led a USD 5 million investment in NetEase. Ding Lei was still an idealistic young programmer, and NetEase's core business was a portal website. Xu Xin saw qualities in Ding Lei—she later summarized it as "a good founder is like a good son-in-law": reliable and trustworthy.

But the real test came in 2001. The dot-com bubble burst, and NetEase's stock price plummeted over 90% from its high, once falling to USD 0.6 per share, facing delisting risk. All shareholders demanded to sell. But she made a decision everyone considered crazy: hold firm and refuse to sell.

In later recollections, she described her mindset: "We've already hit rock bottom. From now on, every step forward can only be better." This simple logic was underpinned by her deep judgment of Ding Lei's capabilities and China's internet prospects. In a five-hour board debate, she withstood all selling pressure and protected the NetEase position.

The rest became one of the most classic reversals in Chinese internet history: Ding Lei led NetEase's pivot to online gaming, developing hits like "Fantasy Westward Journey," and the company skyrocketed. In 2003, Ding Lei became China's youngest tycoon. Xu Xin's return exceeded 8x—and had she not insisted on long-term holding, this number might never have materialized.

The NetEase battle led Xu Xin to formulate an iron rule running through her entire career: "Cases held long-term are the ones that make big money; cases sold short-term are the ones you regret." This was repeatedly validated in JD.com, Meituan, and Tencent investments. She bought Tencent shares personally in 2004, never selling a single share while continuously adding, ultimately achieving returns exceeding 500x.

This contrarian conviction is Xu Xin's most distinctive competitive advantage. In an increasingly short-term industry, she proved that true hunters are not those who run fastest, but those who wait patiently at the right position for prey to appear.

### 5. 投资坐标系：消费品、互联网与AI的三个时代 / Investment Coordinates: Three Eras of Consumer, Internet, and AI

徐新的投资版图可以划分为三个清晰的时代层：消费品与零售、互联网平台、人工智能。每一个时代她都精准地踩中了节拍，并且在不同赛道之间实现了方法论的平滑迁移。

第一层是消费品与零售。今日资本创立之初就明确聚焦消费赛道，因为徐新坚信："无论经济好坏，最不受环境影响的是中产阶级的消费水平与嗜好。"在这个领域，她投出了娃哈哈、三只松鼠、良品铺子、都市丽人、德青源等一系列品牌。她的消费投资逻辑很简单：消费者先想到品类，再想到品牌——谁能占领品类心智，谁就拥有了定价权。

第二层是互联网平台。京东、美团、大众点评、携程、知乎、BOSS直聘、叮咚买菜、唯品会——今日资本几乎覆盖了中国互联网最重要的平台型公司。在投互联网公司时，徐新提出了"章鱼理论"："传统行业必须把所有注意力放在一件事上，但互联网行业你必须像章鱼一样到处寻找机会。"这也是她支持美团从团购扩展到外卖、酒旅、打车等多条业务线的逻辑基础。

她评价互联网创始人最看重"学习能力"。她形容美团的王兴"像一台深度学习机器"，虽然进入每个领域都偏晚，但能迅速学习、强力执行、制定前瞻性战略。

第三层是人工智能。2022年，徐新在南大校友会上公开表示："未来20年能改变世界的，一定是人工智能。"这不是一句场面话——此后三年，今日资本系统性地布局了AI赛道：2023年5月成为月之暗面（Kimi）首轮投资者，出资约2000万美元，此后两度加仓。2023年11月以约2.553亿元人民币重仓投资智谱AI，2026年1月智谱港交所上市后账面浮盈约50亿元，回报约18倍。2025年起连续加码具身智能公司星海图。2026年又领投AI语音公司Fish Audio。

从大模型到具身智能到AI语音，徐新正在跟着产业变化不断更新投资坐标。她的打法依然是那套经过验证的模式："先开一张小支票跳进去，输得起；一旦看到苗头，就加仓、加仓、再加仓。"

值得注意的是，徐新在三个时代层之间的切换并非简单地"追逐风口"，而是基于对底层消费逻辑和技术变革的深层理解。在消费品时代，她关注的是品类心智的占领；在互联网时代，她关注的是平台效应的放大；在AI时代，她关注的是基础设施级别的技术变革。三个时代的投资方法论看似不同，底层逻辑却一脉相承：找到能够改变产业格局的结构性变量，然后重仓押注、长期持有。

**English:** Xu Xin's investment portfolio divides into three clear era layers: consumer goods and retail, internet platforms, and artificial intelligence. In each era, she precisely hit the beat and achieved smooth methodology migration across tracks.

The first layer is consumer goods and retail. From its founding, Capital Today explicitly focused on the consumer track, because Xu Xin firmly believed: "Whether the economy is good or bad, what is least affected is the middle class's consumption level and preferences." She invested in Wahaha, Three Squirrels, Bestore, Cosmo Lady, Dipingyuan, and other brands. Her consumer investment logic is simple: consumers think of the category first, then the brand—whoever occupies the category mindset gains pricing power.

The second layer is internet platforms. JD.com, Meituan, Dianping, Ctrip, Zhihu, BOSS Zhipin, Dingdong Maicai, Vipshop—Capital Today covered virtually every important platform company in China's internet era. When investing in internet companies, Xu Xin proposed the "Octopus Theory": "In traditional business, you must focus all attention on one thing, but in the internet business, you must be like an octopus finding opportunities everywhere." This was also the logic behind her support for Meituan's expansion from group buying to food delivery, hotels, ride-hailing, and multiple business lines.

She valued "learning ability" above all when evaluating internet founders. She described Meituan's Wang Xing as "like a deep learning machine"—although late entering each field, he could rapidly learn, execute powerfully, and formulate forward-looking strategies.

The third layer is artificial intelligence. In 2022, Xu Xin publicly stated: "If you ask what will change the world in the next 20 years, my answer is artificial intelligence." This was not empty rhetoric—Capital Today systematically deployed across the AI track: becoming Moonshot AI's first-round investor in May 2023 with approximately USD 20 million, adding positions twice thereafter. In November 2023, investing approximately RMB 255.3 million in Zhipu AI, with paper profits reaching approximately RMB 5 billion after its January 2026 Hong Kong IPO, representing approximately 18x returns. Starting 2025, continuously increasing positions in embodied intelligence company Xinghaitu. In 2026, leading the investment in AI voice company Fish Audio.

From large language models to embodied intelligence to AI voice, Xu Xin is continuously updating her investment coordinates. Her approach remains the proven model: "Start with a small check to get in; once you see the signal, add, add, and add again."

### 6. 猎手哲学：见一面就签约的判断逻辑 / Hunter Philosophy: The Logic of Signing After a Single Meeting

在中国创投圈，徐新有一个广为人知的标签："猎手型投资人"。这个标签意味着快速决策、果断出手、重注押下。她的许多经典投资都是在极短时间内完成的：与刘强东聊了四个小时就决定加码五倍，与星海图创始人高继扬见了一面当天就签了term sheet。

这种速度背后的判断框架是什么？徐新自己做过系统性的总结。她认为成功的创业者应该具备五个特质：杀手本能、快速学习能力、强大执行力、高远志向和坚强意志。其中"杀手本能"排在第一位——这不是贬义词，而是指一种在资源有限、竞争激烈的环境下做出正确判断并快速行动的能力。

她的第二个判断维度是对行业的理解深度。她曾这样描述自己评估一家公司的方法："看三个关键点：市场规模、解决的关键问题、以及突破的时间节点。"她不是那种依赖复杂财务模型的投资人，而是更关注生意的本质——消费者为什么需要它？它的护城河在哪里？创始人能不能在困难时期坚持下去？

第三个维度是"时机感"。徐新非常擅长感知产业拐点。在所有人都认为瓶装水没有市场的时候投娃哈哈，在所有人抛售网易的时候死扛，在所有人质疑京东自建物流的时候支持刘强东——每一次，她都在"时机"的判断上比同行领先一步。

但"猎手"不只是"快"。徐新的"快"建立在极其勤奋的基础上。她曾说："我只不过花了3万个小时。"3万个小时意味着她在投资领域投入了远超常人的时间来研究行业、观察创始人、跟踪市场。她的勤奋不仅体现在研究上，更体现在投后管理上。今日资本有一个独特的"三大法宝"体系：建立绩效考核体系、建立企业核心文化、打造行业第一品牌。她会在投后深度参与企业的品牌建设和团队打造，而不是简单地"投完等结果"。

这种"猎手型"投资风格的底层逻辑是：伟大的公司本来就极少，你必须在看准的时候敢于重仓、长期持有。"如果运气够好，又非常努力，正好撞到几个伟大的公司，那么你真的要长期持有。复利的力量，能让你在它们身上赚到很多的钱。"

**English:** In China's venture capital community, Xu Xin carries a widely known label: "hunter-type investor." This implies rapid decision-making, decisive action, and bold bets. Many of her classic investments were completed in extremely short timeframes: deciding to increase the commitment fivefold after four hours with Liu Qiangdong, signing the term sheet the same day as her first meeting with Xinghaitu founder Gao Jiyang.

What is the judgment framework behind this speed? Xu Xin believes successful entrepreneurs should possess five qualities: killer instinct, rapid learning ability, strong execution, lofty ambition, and iron will. "Killer instinct" ranks first—referring to the ability to make correct judgments and act quickly in resource-constrained, fiercely competitive environments.

Her second judgment dimension is depth of industry understanding. She described her evaluation method: "Look at three key points: market size, the key problem being solved, and the timing of the breakthrough." She is not an investor relying on complex financial models but focuses on the business essence—why do consumers need it? Where is the moat? Can the founder persevere through difficult times?

The third dimension is "timing sense." Xu Xin excels at sensing industrial inflection points. Investing in Wahaha when everyone thought bottled water had no market, holding firm on NetEase when everyone was selling, supporting Liu Qiangdong's self-built logistics when everyone questioned JD—every time, she was one step ahead of peers in judging "timing."

But being a "hunter" isn't just about being "fast." Xu Xin's speed is built on extraordinary diligence. She once said: "I've simply spent 30,000 hours." This means she invested far more time than peers researching industries, observing founders, and tracking markets. Her diligence extends into post-investment management. Capital Today has a unique "Three Weapons" system: establishing performance evaluation systems, building core corporate culture, and creating No.1 industry brands. She deeply participates in portfolio companies' brand building rather than simply "investing and waiting."

The underlying logic of this "hunter-type" style is: truly great companies are exceedingly rare, and when you identify one, you must dare to concentrate your position and hold long-term. "If you're lucky enough and work hard enough to stumble upon great companies, you must hold long-term. The power of compounding will let you earn tremendous returns."

### 7. 女性力量：投资界性别的破壁者 / Female Power: Breaking Gender Barriers in Venture Capital

在讨论徐新时，"女性"是一个无法回避的维度。中国风险投资行业三十年，能做到顶级机构创始合伙人级别的女性屈指可数。而徐新不只是"在场"——她连续多年位居福布斯中国最佳女性创投人榜首，被《商业周刊》评为"亚洲25位最具影响力的人物"之一，连续入选福布斯全球最佳创投人榜（Midas List）。

但徐新本人对"女性投资人"这个标签的态度是复杂的。一方面，她并不回避自己的性别身份，也愿意在公开场合讨论女性创业者面临的独特挑战。另一方面，她从不把自己的成功归因于"女性优势"或"性别红利"——她的成功逻辑是普适的：判断力、勤奋、果断。

她确实观察到了女性在投资领域的一些差异化特质。她在采访中提到，女性创业者往往更注重细节、更善于建立信任关系，这些特质在消费品和互联网领域的投资中尤其有价值。她也坦率地谈到了女性投资人面临的结构性困难：如何在高强度的工作中平衡家庭、如何在以男性为主的社交网络中获得信任、如何在"狼性"文化中保持自己的风格。

在个人生活层面，徐新的处理方式很务实。她给自己定了硬性指标：每年度假一到两次，每周花一天时间与家人在一起，与家人在一起时不想也不做与工作相关的事情。她的丈夫李松是珍爱网创始人，两人事业上完全独立——今日资本从未投资过珍爱网，因为徐新认为"利益关系太明显"。这种清醒的边界感，或许正是她能在职业和个人生活之间找到平衡的关键。

徐新对母校南京大学的回馈也体现了她作为女性领袖的社会责任感。2010年以来，她向南京大学捐资约600万美元，其中"徐新国际交流奖学金"为每位获奖本科生提供最高6万美元的资助，是南京大学资助额度最高的奖学金。2018年，她还设立了"徐新人工智能发展基金"，用于推进AI领域的人才培养。

在某种意义上，徐新不是"女性投资人的代表"，而是"让性别不再成为限制"的代表。她用三十年的成就证明：在风投这个最崇尚速度与力量的行业里，女性不仅可以生存，还可以做到最好。

**English:** When discussing Xu Xin, "gender" is an inescapable dimension. In thirty years of Chinese venture capital, the number of women reaching founding partner level at top institutions can be counted on one hand. And Xu Xin isn't merely "present"—she has topped the Forbes China Best Women in Venture Capital list for multiple years, been named one of BusinessWeek's "25 Most Influential People in Asia," and been repeatedly selected for the Forbes Global Midas List.

But Xu Xin's attitude toward the "female investor" label is nuanced. She doesn't shy away from her gender identity and is willing to discuss unique challenges facing female entrepreneurs. Yet she never attributes her success to "female advantages" or "gender dividends"—her success logic is universal: judgment, diligence, decisiveness.

She has observed differentiated qualities women bring to investment. In interviews, she mentioned female entrepreneurs tend to pay more attention to details and excel at building trust relationships, qualities particularly valuable in consumer goods and internet investment. She also candidly discussed structural difficulties: balancing family amid high-intensity work, gaining trust within male-dominated social networks, maintaining one's style in a "wolf culture."

In her personal life, Xu Xin's approach is pragmatic. She set binding rules: one to two vacations per year, one day per week with family, and when with family, neither think about nor do anything work-related. Her husband Li Song founded Zhenai.com, and the two are completely independent in their careers—Capital Today has never invested in Zhenai because Xu Xin considered the "conflict of interest too obvious." This clear sense of boundaries may be the key to her work-life balance.

Xu Xin's giving back to Nanjing University reflects her social responsibility as a female leader. Since 2010, she has donated approximately USD 6 million, including the "Xu Xin International Exchange Scholarship" providing up to USD 60,000 per recipient—the highest-value scholarship at Nanjing University. In 2018, she established the "Xu Xin AI Development Fund" for AI talent cultivation.

In a sense, Xu Xin is not a "representative of female investors" but a "representative of making gender no longer a limitation." Through thirty years of achievement, she has proven that in venture capital—which most glorifies speed and power—women can not only survive but excel to the highest degree.

### 8. 字节跳动：迟到八年的"船票" / ByteDance: A "Ticket" Eight Years Late

2025年11月，一条消息震动了整个创投圈：徐新掌舵的今日资本，在一场多达7家机构的激烈竞拍中，以近3亿美元的价格购得了字节跳动的部分老股。对应字节跳动估值约4800亿美元，超越了SpaceX，成为全球估值第二高的初创企业。

这笔交易的特殊之处在于——它是徐新"最大的遗憾"的弥补。早在多年前，她就与字节跳动创始人张一鸣有过接触，当时张一鸣直接要价70亿美元。徐新后来坦言："我们投早期的，没有见过这么贵的。"最终她放弃了那次机会。

错过张一鸣成为她投资生涯中最大的遗憾之一。她在南京大学校友总会的对话中罕见地反思："其实是我没有看懂。有句话说，你赚不到你认知之外的钱。"她后来在研究Winner Pattern时才真正看懂了内容与广告模式的未来——尤其是Facebook创始人扎克伯格的一句话让她豁然开朗："以后的内容不再是Search，而是以Feed信息流的形式分发给大家。"

但等她看懂时，字节的估值已经翻了五倍。"我明白得太晚了，错过这个机会了。"

然而，徐新没有让遗憾永远停留在遗憾。2025年的这笔二级市场交易，虽然价格远高于当年的70亿美元要价，但考虑到字节跳动2025年第二季度收入同比增长25%至480亿美元、已成为"全球营收最高的社交公司"，按2024年1600亿美元营收计算，4800亿美元估值对应的市销率仅约3倍——与动辄几十倍市销率的AI独角兽相比，并不算贵。

这笔交易的深层意义在于：即使是一个有着30年投资经验、投出过无数经典案例的顶级投资人，也会犯错、也会错过。但真正伟大的投资人不是不犯错的人，而是能够从错误中学习、并在机会再次出现时果断行动的人。

"我明白得太晚了"——这句话本身就是徐新式坦诚的体现。在一个充斥着"永远正确"叙事的投资圈里，能够公开承认自己的认知盲点，并最终以行动弥补，这或许才是真正成熟的投资心态。

从更宏观的角度来看，这笔交易也标志着中国科技资产在全球资本市场的一次重要重估。字节跳动作为全球营收最高的社交公司，其估值逻辑已经从单纯的中国互联网公司转变为全球性的科技平台。徐新在这一节点果断入场，既是对过去错失机会的弥补，也是对未来增长空间的重新定价。

正如徐新在接受采访时所说的那样："你赚不到你认知之外的钱，但你可以不断扩展自己的认知边界。"这笔迟到八年的投资，本身就是这句话最好的注脚。

**English:** In November 2025, news shook the venture capital community: Capital Today, led by Xu Xin, won a fierce auction involving seven institutions to acquire ByteDance secondary shares for nearly USD 3 billion, valuing ByteDance at approximately USD 480 billion—surpassing SpaceX as the world's second-highest valued startup.

The transaction's special significance lies in redeeming Xu Xin's "greatest regret." Years earlier, she met ByteDance founder Zhang Yiming, who asked for USD 7 billion directly. Xu Xin later candidly admitted: "We invest early-stage—we had never seen anything so expensive." She passed on that opportunity.

Missing Zhang Yiming became one of her biggest regrets. In a Nanjing University alumni conversation, she offered a rare reflection: "Actually, I just didn't understand it. As the saying goes, you can't earn money beyond your cognition." It was only later, studying Winner Patterns, that she truly understood the future of content and advertising—especially Zuckerberg's insight: "Content in the future won't be Search but will be distributed in Feed format."

By then, ByteDance's valuation had increased fivefold. "I understood too late and missed this opportunity."

However, Xu Xin did not let regret remain permanent. The 2025 secondary market transaction, while priced far above the original USD 7 billion ask, made sense given ByteDance's Q2 2025 revenue growth of 25% to USD 48 billion. Based on 2024 revenue of USD 160 billion, the USD 480 billion valuation corresponded to a price-to-sales ratio of only about 3x—not expensive compared to AI unicorns at dozens of times sales.

The deeper significance: even a top investor with 30 years of experience and countless classic cases can make mistakes. But truly great investors are those who learn from errors and act decisively when opportunities arise again.

"I understood too late"—this statement embodies Xu Xin-style candor. In an investment community filled with narratives of "being always right," the ability to publicly acknowledge cognitive blind spots and ultimately take action may represent truly mature investment thinking.

### 9. 投资坐标的持续进化：从"拼命"到"进化" / Continuous Evolution: From "Going All In" to "Evolving"

截至2026年，62岁的徐新依然活跃在投资一线。过去三年，从月之暗面到智谱、从星海图到Fish Audio，今日资本在AI赛道上的布局密度和出手速度令人瞩目。一个已经投出过京东、美团等超级案例的投资人，为什么还能在新赛道上保持如此高的敏锐度？

答案可能藏在她一直强调的"3万小时"里。这不仅仅是勤奋的体现，更是一种持续进化的能力。从银行柜员到注会、从注会到投资人、从霸菱的"打工者"到今日资本的创始人、从消费品和互联网到AI——徐新的每一次转型都伴随着对全新领域的深度学习。

她在2022年就预判AI将改变世界，这比大多数投资机构的入场时间早了至少一年。而她的AI投资方法论依然沿用了那套经过验证的框架：先看创始人，再看技术壁垒，最后看商业化路径。投月之暗面时，公司几乎没有产品，她押的是杨植麟的团队和方向；投星海图时，她与高继扬只见了一面就签了term sheet——看的不是商业计划书，而是这个人本身。

在基金结构上，今日资本的常青基金模式也为长期投资提供了制度保障。三期常青基金总规模约28.49亿美元，分别成立于2014年、2018年和2022年，不需要在固定期限内退出，可以真正做到"陪伴企业成长"。

徐新的投资生涯也见证了中国风险投资行业从"学徒"到"引领者"的演变。早期，中国VC行业几乎是美国模式的翻版；但到了今天，中国已经在AI、电商、本地生活等领域产生了大量原创性的商业模式，而今日资本正是这些模式最早的发现者和培育者之一。

在被问及如何看待中国市场的未来时，徐新的回答始终如一："最好的资产依旧在中国。"这句话既是一种信念，也是一种投资判断——它来自于一个在中国市场深耕了30年、亲眼见证了无数从无到有的奇迹的女性投资人。

浪潮不会按照投资人熟悉的方向反复涌来。但浪潮换了方向，你要么离场，要么调整姿势。62岁的徐新选择了后者——她依然在浪里。

回顾徐新三十年的投资生涯，最令人印象深刻的不是某一个具体的回报率数字，而是她始终如一的进化能力。从银行柜员到注册会计师，从投资人到基金创始人，从消费品到互联网再到AI——每一次转型都伴随着对全新领域的深度学习和认知重构。这种能力本身，或许才是她作为投资人最宝贵的资产。

正如她常说的："我们的人生是由一系列重大选择组成的，我们的选择决定了我们的人生。"而徐新的每一次选择，都指向同一个方向——迎难而上，永不满足，永远在路上。

**English:** As of 2026, 62-year-old Xu Xin remains actively on the investment front line. Over the past three years, from Moonshot AI to Zhipu, from Xinghaitu to Fish Audio, Capital Today's deployment density and speed in the AI track have been remarkable. Why can an investor who produced super-cases like JD.com and Meituan maintain such sharpness in new tracks?

The answer may lie in what she has always emphasized: "30,000 hours." This represents not just diligence but a continuous capacity for evolution. From bank teller to CPA, from CPA to investor, from Baring "employee" to Capital Today founder, from consumer goods and internet to AI—each transition has been accompanied by deep learning in entirely new domains.

She predicted in 2022 that AI would change the world, at least a year ahead of most institutions. Her AI investment methodology still follows the proven framework: first look at the founder, then the technology moat, finally the commercialization path. When investing in Moonshot AI, the company barely had a product—she bet on Yang Zhilin's team and direction. When investing in Xinghaitu, she signed the term sheet after a single meeting—evaluating not the business plan but the person.

Structurally, Capital Today's Evergreen Fund model provides institutional support for long-term investing. Three tranches totaling approximately USD 2.849 billion, established in 2014, 2018, and 2022, free from fixed exit timelines, enabling genuine "growth alongside enterprises."

Xu Xin's career has also witnessed the evolution of China's VC industry from "apprentice" to "leader." In early days, China's VC industry was almost a copy of the American model; but today, China has generated numerous original business models in AI, e-commerce, and local services—and Capital Today has been among the earliest discoverers and cultivators.

When asked about the Chinese market's future, Xu Xin's answer remains consistent: "The best assets remain in China." This is both conviction and investment judgment—coming from a female investor who has worked the Chinese market for 30 years, witnessing countless miracles of creation.

Waves do not repeatedly surge in the direction investors are familiar with. But when the wave changes direction, you either exit or adjust your stance. At 62, Xu Xin chose the latter—she's still in the waves.

## 卷尾 Editorial Conclusion

"凡入封面，悉归典藏"——亚洲封面人物档案库的这句承诺，在徐新这份档案中获得了最为充分的诠释。风险投资行业有一个独特的属性：它既创造历史，又常常被遗忘。那些改变了十亿人消费方式的商业决策，那些在企业最困难时伸出的关键之手，那些在泡沫破裂后依然坚守的漫长等待——这些构成了中国新经济崛起最真实的底层叙事，却极少被完整记录。

徐新的档案之所以值得永久存证，在于它填补了这一叙事空白。从银行柜员到风投女王，这个跨度本身就浓缩了中国改革开放后人才流动的宏大主题。她的每一次投资决策，都折射出特定历史阶段的中国市场特征：消费品牌的崛起、互联网经济的爆发、移动互联网的普及、人工智能的兴起。将这些决策串联起来，便构成了一部以投资人为视角的中国新经济编年史。

独立编委会在评审中特别强调了档案存证的长期价值。徐新的投资案例库——包括成功案例与未竟之局——是研究中国风险投资行业演进规律的珍贵原始材料。每一个决策的时间节点、判断逻辑、投后管理方式，都为后来的创业者和投资人提供了不可替代的参照坐标。终身档案编码已将其固化于亚洲封面人物档案库中。

亚洲《封面人物》杂志以记录者的身份，将这份跨越三十年的投资记忆完整封存。永久存证，跨越代际。在资本与创业交织的中国商业文明长卷中，这份档案将作为最重要的篇章之一，持续释放其历史价值。

If the history of Chinese venture capital were a river, Xu Xin would be among the rare few who shaped the channel from its very source. Her Wahaha and NetEase investments during the Baring era witnessed the dawn of Chinese consumerism and the internet; her JD.com and Meituan bets defined the landscape of Chinese e-commerce and local services; and her consecutive investments in Moonshot AI, Zhipu AI, and Xinghaitu after 2023 signal that this hunter-type investor continues seeking the next structural opportunity in the new AI wave.

Xu Xin's historical significance lies not merely in the billionaires she backed, but in what she proved: that in an industry glorifying speed and efficiency, a woman can build an investment empire rivaling or surpassing male peers through judgment, patience, and relentless dedication. She is not an exception—she is a pioneer of new venture logic.

## 金句 Pull Quote

> 我们VC有个特点就是，不管投多少，最后赚大钱就是前3到前5个项目。伟大的公司本来就不多，你要特别勤奋又运气好，才可能投到。

> In venture capital, no matter how many companies you invest in, the real big money comes from just the top three to five. Great companies are inherently rare—you need to be exceptionally hardworking and lucky to find them.

## 履历时间线 Career Timeline

- **1967** 出生于重庆大足县一个国企干部家庭 / Born in Dazu County, Chongqing, into a state-owned enterprise cadre family
- **1985** 考入重庆市重点高中南开中学 / Admitted to Nankai Middle School, Chongqing's key high school
- **1988** 毕业于南京大学外语系，进入中国银行总行营业部 / Graduated from Nanjing University; joined Bank of China Head Office
- **1991** 获中英联合培养名额，赴港攻读英国注册会计师 / Selected for Sino-British CPA training program in Hong Kong
- **1995** 加入百富勤直投部门，参与投资娃哈哈 / Joined Peregrine Investments; participated in Wahaha investment
- **1998** 加入霸菱投资集团，任中国区董事总经理 / Joined Baring Private Equity Asia as Managing Director for China
- **1999** 主导投资网易，开始传奇投资历程 / Led investment in NetEase, beginning legendary investment journey
- **2004** 获《商业周刊》"亚洲25位最具影响力人物"奖 / Named one of BusinessWeek's "25 Most Influential People in Asia"
- **2005** 离开霸菱投资，创办今日资本（Capital Today） / Left Baring; founded Capital Today
- **2006-01** 今日资本完成首期7000万美元募资 / Capital Today closed first USD 70 million fund
- **2007-08** 以1000万美元投资京东A轮，成就创投史经典案例 / Invested USD 10 million in JD.com Series A - a classic VC case
- **2008** 金融危机期间继续支持京东，协助完成二轮融资 / Continued supporting JD.com during financial crisis
- **2014-05** 京东纳斯达克上市，今日资本获超150倍回报 / JD.com IPOs on NASDAQ; Capital Today achieves over 150x return
- **2015-02** 入选福布斯亚洲"最具影响力女性商界领袖50人" / Named to Forbes Asia's "50 Most Influential Women in Business"
- **2019-2022** 连续入选福布斯全球最佳创投人榜（Midas List） / Continuously selected for Forbes Global Midas List
- **2023-05** 作为首轮投资者投资月之暗面（Kimi），进军AI赛道 / Became first-round investor in Moonshot AI (Kimi)
- **2023-11** 以约2.55亿元人民币投资智谱AI / Invested approximately RMB 255 million in Zhipu AI
- **2025-11** 以近3亿美元购得字节跳动老股，弥补错过张一鸣的遗憾 / Acquired ByteDance shares for nearly USD 3 billion
- **2026-01** 智谱港交所上市，该笔投资浮盈约50亿元，回报约18倍 / Zhipu AI IPOs in Hong Kong; investment yields ~18x return

## 常问问答 FAQ

**Q1: 徐新为什么被称为"风投女王"？**

A: 徐新连续多年位居福布斯中国最佳女性创投人榜首，投出了京东、网易、美团、娃哈哈等标杆项目。她的京东投资获超150倍回报，成为创投史上最经典案例之一。

**Q1 (EN): Why is Xu Xin called the "Queen of Venture Capital"?**

A: Xu Xin topped the Forbes China Best Women in VC list for multiple years, investing in JD.com, NetEase, Meituan, Wahaha and other landmark projects. Her JD.com investment achieved over 150x returns.

**Q2: 今日资本的核心理念是什么？**

A: "投行业、投企业家、打造第一品牌"，强调长期持有和复利效应。采用常青基金模式，不追求短期退出。

**Q2 (EN): What is Capital Today's core philosophy?**

A: "Invest in industries, invest in entrepreneurs, build No.1 brands," emphasizing long-term holding and compound returns through an Evergreen Fund model.

**Q3: 徐新是如何错过字节跳动又追回投资的？**

A: 早年因张一鸣70亿美元要价超出认知而放弃。2025年11月以近3亿美元在7家机构竞拍中胜出，对应估值约4800亿美元。

**Q3 (EN): How did Xu Xin miss ByteDance then recover?**

A: She passed on Zhang Yiming's USD 7B ask years ago. In November 2025, she won a 7-institution auction at nearly USD 3B for shares implying ~USD 480B valuation.

**Q4: 徐新在AI领域有哪些重要投资？**

A: 2023年首轮投资月之暗面，重仓投资智谱AI（回报约18倍），连续加码星海图，2026年领投Fish Audio。

**Q4 (EN): What are Xu Xin's key AI investments?**

A: First-round investor in Moonshot AI (2023), major investment in Zhipu AI (~18x return), consecutive positions in Xinghaitu, and leading Fish Audio investment (2026).

**Q5: 徐新为什么不投资丈夫的珍爱网？**

A: 丈夫李松是珍爱网创始人。因夫妻利益关系明显，投资会产生利益输送嫌疑，触碰行业红线。两人事业完全独立。

**Q5 (EN): Why doesn't Xu Xin invest in her husband's Zhenai.com?**

A: Her husband Li Song founded Zhenai.com. Due to obvious conflict of interest, investing would cross industry red lines. Their careers remain completely independent.

**Q6: 今日资本管理的基金规模有多大？**

A: 独立管理约30亿美元（含常青基金三期合计约28.49亿美元），资金来源于英国政府基金、世界银行等。

**Q6 (EN): How large is Capital Today's fund?**

A: Approximately USD 3 billion (including ~USD 2.849B across three Evergreen Fund tranches), sourced from UK government fund, World Bank, and others.

**Q7: 徐新对女性创业者有什么建议？**

A: 成功创业者需具备杀手本能、快速学习能力、执行力、志向和意志。她强调"做自己喜欢的事"是持续战斗的根本动力。

**Q7 (EN): What advice does Xu Xin have for female entrepreneurs?**

A: Successful entrepreneurs need killer instinct, learning ability, execution, ambition, and willpower. She emphasizes "doing what you love" as the fundamental driver.

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本档案机器版由亚洲封面人物官网自动生成：https://coverfigure.com ｜ 永久档案：https://coverfigure.com/acf/ACF-01-00192/liezhuan ｜ 生成时间 Generated：2026-09-11 00:42