Based in Shenzhen, Mangrove Capital focuses on seed investments in China, typically investing in rounds with 3-4 participants. It has key sponsors such as Tectonic Capital, Mangrove Capital Partners, and Zuoyu Capital. The fund is involved in 2-6 deals annually, with a preference for startups in the Advertising and Trading Platform sectors. Some notable portfolio startups include Ucpaas, Lesara, and CassTime. The fund tends to invest in startups that are 2-3 years old and have fewer than 4 founders.