Chinese Leading Venture Capital Firm Morningside Venture Capital Becomes 5Y Capital

SHANGHAI,Oct. 28,2020 -- The leading investment firm Morningside Venture Capital is pleased to announce that it has changed its name to 5Y Capital.

Morningside Venture Capital ("MSVC") was started in 2008 during the financial crisis by Richard Liu,Ken Shiand Gerald Chan under the auspices of Morningside Group. Prior to its founding,Richard and Ken worked as investment professionals at Morningside Group,a private investment group founded by the Chan family of Hong Kong. When they spun off the MSVC operation from the family office and set up the Morningside TMT funds,Morningside Group became the anchor investor. As a gesture of support,Morningside Group authorized them to use the "Morningside" brand in its operations. Over the past 12 years,MSVC has grown into an organization with over 35 members of staff. In October 2020,the MSVC operation was renamed as 5Y Capital reflecting the firm's growth and the vast array of opportunities it can provide. Morningside Group remains one of 5Y Capital's most important investors. "The Chan family has led us all the way into the industry. Dr. Gerald Chan,co-founder of Morningside Group,taught us great values such as integrity,independent thinking,etc.,which had a profound impact on us," remarked Richard and Ken.

The new name "5Y" is a combination of the number 5 in the Chinese name of "Wuyuan Road" (wu means 5 in Chinese) and the first letter of yuan. Wuyuan Road is a beautiful one-way street in Shanghai. This is where the team has been headquartered from the very beginning. The new name reflects the firm's commitment that wherever it is heading,it has and will always stay true to itself,its friends,and its business partners.

It is not just a name change but more an evolution of its investment strategies. "5Y Capital was co-founded by our team. I hope that with our constantly evolving team and investment methodology,we will be able to partner with more and more great entrepreneurs,help them tap into their unique advantages and achieve greatness," said Richard.

Along with the name change,5Y Capital has updated its corporate identity including changes to its website found atwww.5ycap.com/en/. Effective immediately,all business activities will be undertaken using the new name.

About 5Y Capital

5Y Capital (formerly known as Morningside Venture Capital),founded in 2008,is a leading investment firm that currently manages approximately USD 3bn in dual-currency funds in USD and RMB. 5Y has provided multi-stage investments to a wide range of successful business founders,including Joyy (NASDAQ: YY),Xiaomi Corporation (HK: 01810),Kuaishou,Kingsoft Office (SH: 688111),Agora (NASDAQ: API),Xpeng Motors (NYSE: XPEV) and Pony.ai.

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