
Xiaoyang Ma
Managing Partner
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- Full Name
- Xiaoyang Ma (马晓阳)
- Title
- Managing Partner
- Firm
- Amphora Capital (雅富投资 / Amphora Asset Management)
- Firm Type
- Early- and growth-stage venture capital / private equity firm (also does startup-stage / angel-type investing)
- Investment Stage
- Startup (seed/angel) through growth stage
- Sector Focus
- Healthcare & biopharma, commercial aerospace, industrial Internet, high-end equipment manufacturing, new materials, intelligent manufacturing
- Geographic Focus
- China (Greater China)
- Location
- Beijing, China (firm also operates in Jinan / Qingdao, Shandong Province)
Background
Xiaoyang Ma is a Managing Partner at Amphora Capital, a Chinese private equity and venture capital firm founded in 2006 as the private-investment arm of the Amphora group. The firm is headquartered in Beijing (with roots and offices in Shandong Province, including Jinan and Qingdao) and manages a fund scale reported at roughly RMB 10–20 billion, having backed more than 300 enterprises over 15+ years, dozens of which have gone public.
Within the partnership, Ma's mandate is centered on the firm's human-resources and administrative organization rather than deal origination. According to Amphora's own team page, he holds a bachelor's degree in Law with a specialization in Economic Law from Southwestern University of Finance and Economics, and brings more than eight years of experience in human resources and administration at high-tech listed group companies. He is credited as a "national first-level (senior) enterprise human resource manager" and is described as skilled in the formation, management, and operation of HR and administrative teams.
He sits among Amphora's core leadership alongside Founder/Chairman Julia Zhou, founding partners Sindi Wu and Li Qinlian, and partner Yi Zou, in a team of roughly two dozen professionals spanning fund management, investment, risk control, and post-investment functions. Note that public investor databases (e.g., EasyVC) surface his contact as that of an "Angel Investor / Seed" contact at the firm; in practice Amphora is a multi-stage VC/PE house, and Ma's role is an operational/managing-partner one rather than that of a lead deal partner.
Investment Thesis & Focus
- Firm strategy targets startup and growth-stage companies in "high-precision technology" fields: healthcare/biopharma, commercial aerospace, industrial Internet, and high-end equipment manufacturing (plus new materials and intelligent manufacturing).
- Stated firm philosophy emphasizes "trend analysis, value investment, win-win cooperation," with core values of honesty toward investors, portfolio companies, and society.
- Biopharma is a notable theme: the firm has backed new-drug companies including Anke Biotechnology and TCR/other biologics projects, plus medical-informatization and medical-device deals.
- Track record leans toward companies that can reach public markets in China (ChiNext/A-share) and abroad — the firm highlights multiple IPO exits as evidence of its growth-stage focus.
- Ma personally adds value on the organizational/operational side (HR, administration, team-building) rather than as a thesis-driven sector investor.
Notable Investments
- TGOOD / Qingdao Teruide (特锐德, SZ:300001) — Electric-power equipment and EV-charging network operator; the very first company listed on China's ChiNext board. Cited as an Amphora portfolio/representative IPO.
- Neusoft Carrier / Eastsoft (东软载波, SZ:300183) — Power-line communication and IoT chip company; listed IPO exit.
- Xiongdi Technology / advanced systems integration (SZ:300546) — Representative listed portfolio company.
- MinoSpace (微纳星空) — Commercial-aerospace / small-satellite manufacturer; Amphora participated in its growth financing (Series C, 2024).
- Anke Biotechnology, TCR and other biologics — New biological-drug developers within the healthcare portfolio.
- Forvision — Later-stage technology deal (Series A-II, 2025) among the firm's recent activity.
- Wyre — Blockchain-based cross-border payments startup; Amphora led a ~$5.8M Series A in December 2016.
- (Aggregators such as CB Insights count ~66 disclosed investments and two IPO exits for the firm.)
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