Richard Liu and Morningside Ventures invested in both the Series A and B fund raising rounds for Xiaomi, the Chinese smartphone maker that's now the world's most valuable venture-backed company at $45 billion. Liu also guided social networking service YY Inc. public (IPO 2012), his early investment translating to a 19.7% stake at the time. Morningside is still one of the largest investors in the company, and Liu remains on YY's board. Other investments include Phoenix New Media (IPO 2011) and UCWeb. Liu was a cofounder of the Morningside China TMT Fund in 2008 and is an engineer by training as a graduate of Beijing Science & Technology University.