Gaoxin Capital Scores 60x Return on $2.8M Angel Investment in Zhang Xue Motorcycles

Gaoxin Capital invested RMB 20 million in Zhang Xue Motorcycles during its angel round, which—based on the company’s latest valuation—translates to a return of approximately 60x. In 2024, Zhang Xue Motorcycles was valued at RMB 1 billion, with Gaoxin Capital’s RMB 20 million investment securing a 20% stake. Subsequently, Zhang Xue repurchased half of this stake for executive equity incentives, reducing Gaoxin Capital’s ownership to 10%. Recently, Zhang Xue Motorcycles completed a new funding round, raising RMB 1.5 billion from Sequoia Capital, valuing the company at RMB 6 billion. Zhang Xue Motorcycles reported revenue of RMB 670 million in 2023 and is projecting revenue between RMB 2.5 billion and RMB 3 billion for 2024, with monthly deliveries already exceeding 10,000 units. The company has recently expanded production capacity in Chongqing, acquiring 200 mu (approximately 33 acres) of land for a new manufacturing facility. Once operational, this expansion is expected to increase production capacity by 3x to 5x. Gaoxin Capital stated it currently has no plans to exit and may consider additional investments in the future.