Li Yuhui's path into venture capital is unusual: he spent three years developing CAD technology at a large state-owned enterprise, then worked for more than a decade at investment banks including Junan Securities and Guotai Junan, and he is credited by name as the person behind what's known in the industry as the loudspeaker-mouth theory. He's sometimes called an investment sniper in the media for his focused bets—like backing a chip company that was acquired by Meituan less than eight months later—and in healthcare he's known for looking for scientists who can grow into real entrepreneurs, a track record that has kept him individually listed on Forbes China's venture investor rankings for several years running.