Yushu Technology's early investors have seen returns exceeding 6,100 times, with angel investors gaining 12.2 billion

Yushu Technology (688836) today debuted on the STAR Market, with an opening market value reaching 444.9 billion yuan, bringing astonishing returns to early investors. Angel investor Yin Fangming, who invested 2 million yuan in the seed round in 2016, holds 11.1749 million shares through Junwan Hongyi, with a holding value of approximately 12.292 billion yuan based on the opening market value, achieving a return multiple of 6134 times, netting about 12.29 billion yuan.

Sequoia China participated in the angel round with an investment of 15 million yuan in 2019, at which time the post-investment valuation was only 150 million yuan. By the time of the listing, it held a total of 25.8995 million shares, with a holding value of approximately 28.489 billion yuan, making it the largest market-oriented VC/PE institution holding shares in Yushu. Matrix Partners entered in the B round in 2022, holding 19.8491 million shares, with a holding value of approximately 21.834 billion yuan.

A fund under DJI had planned to participate in the capital increase in 2018 with about 10.12 million yuan, corresponding to a post-investment valuation of about 60 million yuan, but later withdrew, missing out on over 25 billion yuan in floating profits based on the opening market value.