// THE TEAM

The people behind Alpha

03 / MEMBERS
许四清 Richard Xu

Richard Xu

许四清
Founding Partner · CEO

Richard Xu is founding partner and CEO of Alpha Startup Fund, a serial entrepreneur who has founded three companies. In 2010, as COO, he successfully led a startup to an IPO on the NASDAQ. He previously served as an investment partner at Sinovation Ventures, CMO at Qihoo 360, and later joined WI Harper Group as Managing Director, overseeing investments and management in China. In 2015, he founded the angel investment firm Alpha Startup Fund.

With over 20 years of experience in the IT, internet, and telecommunications industries, Richard Xu pioneered Microsoft's business operations in Southern China and served as its first General Manager. He also held roles as General Manager of Data Services at China Netcom, and CMO at eLong.

Richard Xu has been recognized multiple times, including being named one of the "Forbes China Top 100 Venture Capitalists" for four consecutive years from 2022 to 2025, as well as "Top 10 Investors in China's Enterprise Services" by 36Kr in 2018, and "Most Popular Investor Among Entrepreneurs" in 2023. He graduated from the University of Science and Technology of China and the Chinese Academy of Sciences, earning his Bachelor's and Master's degrees in Modern Mechanics and Materials Physics.

ENTERPRISE SEMIS AI
刘罡 Gang Liu

Gang Liu

刘罡
Partner

Gang Liu is a Partner at Alpha Startup Fund, where he oversees the firm's early-stage investment strategy. He focuses on where AI meets the physical world, with a particular emphasis on AI-native software and hardware, Embodied AI, and DeepTech opportunities. Over the past decade, he has built his career in early-stage investing around discovering and supporting Alpha Founders with a global outlook.

A three-time LinkedIn Top Voice, Gang writes on the theme of "decoding the growth paths of super individuals" and reaches more than 700,000 followers worldwide on LinkedIn. He is also the creator and curator of Pangfu Mantou, an influential WeChat Official Account in the venture capital and startup ecosystem. His honors include Forbes China 30 Under 30 in Venture Capital, 36Kr's 36 Under 36 Investors, and WAIC α³⁵.

APPLIED AI GLOBAL 2.0 TALENT NETWORK
孙畅 Sun Chang

Sun Chang

孙畅
Partner

Sun Chang is a Partner at Alpha Startup Fund. She is one of the earliest pioneers and practitioners of online education in China — the company she founded in 2005, New Oriental Online (HK.1797, now renamed East Buy), listed on the Hong Kong Stock Exchange in 2019. Drawn by a deep conviction in discovering visionary, extraordinary founders, she joined Alpha Startup Fund as a partner in 2021.

Sun Chang focuses on the theme of technology empowering traditional industries, and has successfully incubated a number of outstanding technology companies, including the global integrated teaching-and-learning platform EEO (ClassIn) and the AI company Xizhi Intelligence — drawing on industry resources to deeply support founders and help them grow rapidly into unicorns in their respective fields.

As a mentor to founders, Sun Chang brings her own insight to extraordinary entrepreneurs, helping them stay on the right course through early-stage organization building, business exploration, and culture building.

Sun Chang graduated from Beijing Normal University and Renmin University of China, holding a Bachelor's degree in Education and a Master's degree in Management.

TECH-ENABLED EDTECH ORG BUILDING

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