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Xiaoyang Ma
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Xiaoyang Ma

Managing Partner

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At a glance

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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