Who is Zhang Xue? In 2006, at the age of 19, Zhang Xue was a teenager working in a car repair shop, his hands often covered in grease. In an effort to be noticed by a professional racing team, he rode a second-hand motorcycle, chasing a media vehicle for over a hundred kilometers in the pouring rain. He told the reporter, "Being on TV isn't important; what matters is that a team sees me and lets me join."

Zhang Xue's near-obsessive passion for motorcycles opened the door to the world of professional racing. Transitioning from racer to manufacturer, he joined a team, competed in races, learned technical skills, worked in factories, and accumulated experience. He sold modified motorcycles after posting about them on forums, earning his first pot of gold. In 2017, he co-founded Kove Moto to begin formal motorcycle manufacturing. After resigning in 2024 to pursue his dream, he established "Zhang Xue Motorcycles."

In 2026, "Zhang Xue Motorcycles" achieved a historic victory for a Chinese manufacturer by winning the Portuguese round of the World Superbike Championship (WSBK).

Who is the "Bole," or talent spotter? This refers to "patient capital" that focuses on long-term value returns and is willing to accompany companies through their most challenging startup and growth phases.

How can "Bole" discover more individuals like Zhang Xue? During the "14th Five-Year Plan" period, China added over 100,000 new specialized, refined, distinctive, and innovative SMEs. These numerous small but mighty players hold the key to breakthroughs in Chinese manufacturing.

An underestimated young man who chased his dream for 20 years saw his self-developed motorcycle achieve a dominant, legendary victory in a world-class championship... This person is indeed Zhang Xue, living a real-life version of a "fast and furious" story, showcasing "Made in China" and "Chinese speed" to the world. As Zhang Xue's popularity soared, it unexpectedly brought attention to the Zhejiang Venture Capital Group, as it led a Series A investment of 90 million yuan in "Zhang Xue Motorcycles."

Many investors lamented missing such a promising "star" project. How can one invest in more ventures like Zhang Xue's in the future? The answer, in fact, lies within the guidelines of the "15th Five-Year Plan."

Over 100,000 New "Small but Mighty" Players in the Past Five Years Before answering that question, we might ask: will more "Zhang Xue"s emerge in the future? The answer is yes.

The rise of manufacturing enterprises relies on the strong support of a complete industrial chain; no single company can handle R&D and production across the entire spectrum. China is uniquely positioned as the only country in the world with all industrial categories defined by the United Nations. After more than a decade of transformation and upgrading, China has steadily entered the ranks of global manufacturing powers.

A simple example: in the past, people traveling abroad would often bring back large quantities of foreign goods. Now, the situation has reversed, with foreigners coming to China for shopping sprees becoming a trend. In the eyes of many international consumers, "Made in China" is synonymous with high cost-performance.

Returning to the initial question: where exactly is the answer in the "15th Five-Year Plan" guidelines? Let's look at the document: it calls for "resolving structural contradictions in key industries and accelerating their upgrade to the medium-high end."

"Zhang Xue Motorcycles" broke into the high-end motorcycle market by developing its own 819cc inline three-cylinder water-cooled engine, challenging the long-standing dominance of foreign brands. As traditional strong industries like home appliances, chemicals, building materials, food, and equipment manufacturing collectively upgrade to the medium-high end, a large number of focused, innovative entrepreneurs with core technologies and unique skills are bound to seize their moment. Furthermore, China's strategic emerging industries—such as new-generation information technology, new energy, intelligent connected new energy vehicles, robotics, and biopharmaceuticals—are expected to nurture a batch of high-growth enterprises.

This trend is clearly visible. During the "14th Five-Year Plan" period, China added over 100,000 specialized, refined, distinctive, and innovative SMEs. Although small in scale, these enterprises, through their specialized, refined, distinctive, and innovative development paths, have become crucial "patches" for stabilizing and strengthening supply chains, forming a formidable force in China's manufacturing breakthrough.

"Patient Capital" Included in the "15th Five-Year Plan" Guidelines So, how can one successfully invest in these enterprises? Consider this: if you were an investor at the time, would you have dared to invest in "Zhang Xue Motorcycles"?

Almost all startup tech companies face a "leap of faith" from R&D成果 to mass production. The uncertainty of outcomes makes early-stage financing extremely difficult. Traditional bank credit and capital seeking short-term, high returns are often unwilling or unable to support such long-cycle, high-risk technological development.

The "15th Five-Year Plan" guideline's proposal to "improve policies supporting long-term capital to invest early, invest small, invest long-term, and invest in hard tech" hits the mark. The concept of "patient capital," repeatedly emphasized by the central leadership, has also been written into the guidelines. "Patience" here means focusing on long-term value returns, being willing to accompany companies through their most difficult startup and growth phases, avoiding a mentality of quick entry and exit for short-term arbitrage, and certainly not pressuring entrepreneurs dedicated to technology to abandon R&D for quick profits. Credit is due here to the Zhejiang Venture Capital Group for leading state-owned capital in early and small investments.

Action is already being taken at the national level. Late last year, the National Venture Capital Guiding Fund, established with 100 billion yuan in fiscal capital, was officially launched. It focuses on seed-stage, startup, and early-to-mid-stage companies, with a 20-year duration (10-year investment period, 10-year exit period), breaking the traditional 7 to 10-year lifecycle constraints of venture capital funds. This truly uses "patient capital" to accompany companies on a "long-distance run." Currently, the national fund has established three regional funds covering the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area. It will also attract participation from central enterprises, financial institutions, and private capital, aiming to form a fund scale reaching trillions of yuan.

The significance of the term "Guiding" in the Guiding Fund lies not only in leveraging a multiplier effect but also in setting an example for improving incentive and fault-tolerance mechanisms for early-stage investment, avoiding simplistic, short-sighted assessments that blame based solely on investment outcomes. Only in this way will more "Bole" with professional insight, a commitment to long-termism, and the courage to empower fledgling tech innovators emerge.

We look forward to seeing more "Zhang Xue"s and "Bole"s frequently appear.