Yunqi Capital's early investment in Minimax during the seed round valued the company at $200 million, with an investment of 31 million yuan at that time. Looking at today's market conditions, Minimax has soared to a valuation of $13.5 billion, achieving a 67.5x growth over 4 years, with an unrealized gain of approximately $2 billion.

What's even more interesting is that the equity corresponding to this investment is about to be unlocked in 6 months. A single deal from this investment fund has achieved such remarkable financial returns, which is indeed uncommon in the venture capital circle. From the perspective of early seed rounds to today's results, it clearly demonstrates the importance of choosing the right track and projects.