Huako Fund's Zhang Yang: Improve Cognition to Achieve Sustained, Stable High Returns

Speaking at the 2026 Annual Fund of Funds Forum and the 7th Lujiang Venture Capital Forum, Huako Fund founder Zhang Yang said super returns come from investing in "cognitive value" before technological value reaches consensus. He breaks returns into roughly 10x in the 0-to-1 stage, 5x to 10x in the 1-to-100 stage, and 2x to 3x after the 100 stage; multiplied together, these yield 100x. Huako invested in Zhipu in 2021 and added to its position across five consecutive rounds; Zhipu's valuation rose from several billion yuan to more than 20 billion yuan within a year. In the next stage, Huako will focus on quantum computing, controllable nuclear fusion, and robotics.