The investment firm where Kong Lingguo works, which focuses on the semiconductor value chain, put about 250 mln yuan into Muxi starting at the angel round. Muxi listed on 17 Dec 2025; the 50 mln yuan angel stake has generated over 7.4 bln yuan of unrealised gains in five years and overall paper gains are substantial. An industry forecast projects domestic purchases of compute cards will reach 14.4 tln yuan by 2029, underpinning investor expectations that China could produce multiple listed compa

The investment firm where Kong Lingguo works, which focuses on the semiconductor value chain, put about 250 mln yuan into Muxi starting at the angel round. Muxi listed on 17 Dec 2025; the 50 mln yuan angel stake has generated over 7.4 bln yuan of unrealised gains in five years and overall paper gains are substantial. An industry forecast projects domestic purchases of compute cards will reach 14.4 tln yuan by 2029, underpinning investor expectations that China could produce multiple listed companies with market capitalisations in the trillion- to ten-trillion-yuan range.