Physix FrontierPhysix Frontier · News Briefing Card (TMTPost · Oct 26, 2026)
Li Zexiang's 1.8M Yuan Bet Turns Into 368M Yuan Paper Gain
KEY FACTS
- Benmo Technology listed on the Hong Kong Stock Exchange on September 29, 2026, at an issue price of HK$21.6.
- As of the October 23 close, the stock traded at HK$39.56, up 83% since listing.
- In April 2020, Li Zexiang invested 300,000 yuan in a seed round through the Songshan Lake Robotics Research Institute.
- In the same month, he invested another 1.5 million yuan in an angel round through Yunhe Investment.
- Over six years, the 1.8 million yuan early investment has generated roughly 368 million yuan in paper gains, a return of more than 200x on principal.
KEY DATA
HK$21.6Issue Price
HK$39.56October 23 Close
83%Gain Since Listing
About 368 million yuanPaper Gain
PHYSIX OBSERVATION
1.8 million yuan turning into 368 million yuan is a stunning return, but what truly deserves attention is Li Zexiang's model of mentoring students first and investing later: he participates deeply in the team's growth and replaces valuation adjustment clauses with patient capital. This is a reminder to the industry that hard-tech incubation is not a contest of capital scale but of long-term understanding of people and industries, something purely financial VCs can hardly replicate.
Source: TMTPost report