On Aug. 12 former Qianwen head of technology Lin Junyang announced he has founded Shanghai-based AI company Yuyong Technology to develop next-generation agents spanning the digital and physical worlds. He said Gaorong Capital and HSG (Sequoia China) co-led the angel round, with Tencent and the Shanghai Future Industry Fund participating; sources put the angel valuation at about $2.0 billion.

2026-08-12

On Aug. 12 former Qianwen head of technology Lin Junyang announced he has founded Shanghai-based AI company Yuyong Technology to develop next-generation agents spanning the digital and physical worlds. He said Gaorong Capital and HSG (Sequoia China) co-led the angel round, with Tencent and the Shanghai Future Industry Fund participating; sources put the angel valuation at about $2.0 billion.