Venture Capital Monthly Report | Shunwei Capital: March Investment Hits a New Monthly High, Heavy Investment in Galaxy Aerospace to Sprint for IPO

Produced by: Sina Finance Venture Capital Plus

Author: Yi She

Based on incomplete statistics from publicly available data, in March 2026, there were 3 newly added private equity and venture capital fund managers, representing a significant decrease of 84.2% year over year and 40.0% month over month; 165 newly filed private equity investment funds and 517 newly filed venture capital funds were added, totaling 682 newly added funds. Compared with the same period in 2025, this represents a substantial increase of 94.3%, and compared with February, an increase of 29.2%.

Both investment-side activity and the scale of deal amounts hit new highs in recent times. In March, there were 798 investment events domestically, up 45.1% month over month and up 69.4% year over year; the disclosed total investment amount totaled RMB 69.45B, up 30.6% month over month and, year over year, achieved a doubling growth of 134.8%.

Sina Finance Venture Capital Plus this month focuses on three institutions with relatively high market activity, providing an analysis around their investment pace, stage, industry preferences, and invested projects, among other aspects.

Fund expansion to nearly RMB 2.8 billion; 60% invested in early-stage

According to information publicly disclosed by the Asset Management Association of China for Securities Investment Funds, Tianyancha, and the companies’ official websites, Shunwei Capital was founded in 2011 by Lei Jun (founder of Xiaomi Group) and Xu Dailai. With assets under management across both USD- and RMB-denominated funds, the total scale is nearly USD 6 billion, focusing on areas such as intelligent manufacturing, Internet+, smart hardware, consumer, enterprise services, and the electric vehicle ecosystem.

Shunwei Capital’s latest domestic fund is the Hangzhou Shunhui Equity Investment Partnership (Limited Partnership) (formerly Hangzhou Shunzong Venture Investment Partnership (Limited Partnership)). The fund was established at the end of 2023. In May 2024, the registered capital contribution grew from RMB 30 million to RMB 1.6B, and in December 2025 it rose again to RMB 2.76B. According to Tianyancha disclosures, the Hangzhou Jinshan Software and Xiaomi Group subsidiaries Hanyuanchuang Venture Capital contributed registered capital of RMB 500 million and RMB 490 million respectively, with shareholding of 31.3% and 30.7%. Hangzhou Jintou contributed RMB 399 million, accounting for about 25.0%.

Within the statistical period, there were 10 equity investment events by Shunwei Capital disclosed publicly, up 900.0% year over year, up 66.7% from February, and setting a new record for the highest number of investments in a single month. Combined with analysis of prior data, in 2025 its monthly investment counts largely fluctuated between 1 and 7. Overall, it showed a steady rebound trend. After entering 2026, the institutions’ investment activity accelerated significantly.

In terms of investment stage, Shunwei Capital tends to “invest early and invest small.” The total participation in this month’s seed round, angel round, and Pre-A round reaches 60%; among them, the number of angel-round investment events accounts for about 30%, indicating that the institution’s core strategy is to identify and cultivate the most promising early startup teams and cutting-edge technologies, laying the groundwork for the future from the source, while also supporting companies that have already passed the startup period and whose business models have been preliminarily validated. Series A investments also occupy a considerable proportion, demonstrating Shunwei Capital’s tiered layout.

In terms of the industry sectors it focuses on, Shunwei Capital’s investment portfolio this month shows a clear “dual-engine” structure. Advanced manufacturing and artificial intelligence account for 30% and 20% respectively, forming the cornerstone of its investment map. In addition, Shunwei Capital has made investments across smart hardware, quantum technology, healthcare, consumer upgrades, and enterprise services sectors. Its strategy of “casting a wide net and catching with precision” helps it diversify risk while also positioning it to capture potential new growth points that may emerge in the future.

In terms of regional distribution, Shenzhen, as a hub for technological innovation, has received nearly 30% of Shunwei Capital’s investment share. The combined Beijing-Tianjin-Hebei region and the central region accounted for 40% of investments. The investment proportions in Shaanxi, Anhui, and Zhejiang are relatively balanced. This reflects its regional strategy of “core + radiation,” aiming to diversify risk through regional coordination.

Five rounds of participation in business satellite unicorn; valuation of RMB 32 billion—IPO tutoring has been initiated

Low-orbit broadband communications satellite R&D company 「Galaxy Aerospace」 has reportedly completed a new round of financing recently, with investments jointly made by market-oriented institutions including Bo Hua Capital, Jianyin International, 经纬创投, Shunwei Capital, and Junlian Capital, as well as state-owned-platform entities with state-owned background including GuoJingRui Investment, Liangxi Kechuang Mother Fund, Yizhuang State Investment, and others. According to public reports, the pre-money valuation in this round is close to RMB 17 billion, and the post-money valuation has risen to RMB 32 billion. Compared with the RMB 3 billion valuation in 2018, it has increased more than 10 times, and Shunwei Capital participated in five of the eight rounds of financing.

Galaxy Aerospace was founded in 2018 and focuses on independent R&D and low-cost mass production of communication payloads, core single units, and satellite platforms. The company has previously taken on the development task for satellites in the State Grid constellation (GW constellation) satellite internet 07 satellite group. This is the first batch development of this type of satellite by a private commercial space company. The satellite group was successfully launched in August 2025. As of January 2026, Galaxy Aerospace has successfully launched more than 40 technically advanced satellites developed independently, including China’s first high-frequency low-orbit millimeter-wave satellite, China’s first batch-developed low-orbit broadband communications satellite, the first stackable flat satellite using flexible solar wings, batch-developed SAR (synthetic aperture radar) satellites, and mid-to-high altitude atmospheric limb-sounding remote sensing satellites, among others. The company has recently officially initiated the filing process for IPO tutoring, with the tutoring institution being Huatai United Securities.

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责任编辑：杨舒