Home > News > Gobi

Gobi's Chibo Tang Selected for "Top 25 Rising Stars" List by US GCVI

Gobi's Chibo Tang, a Partner at the firm, was recently selected for US GCVI's "Top 25 Rising Stars" list. The list was announced at the Global Corporate Venture and Innovation Summit 2019, which was held in California. Chibo joined Gobi in 2009, and is now managing the firm's Hong Kong office. he focuses on investments into the media, finance, and consumer tech sectors, and has successfully led and/or participated in Gobi's investments in WeLab, GoGoVan, DayDayCook, Sandbox VR, Prenetics, Qupital, Aqumon, and Shopline. 

"Chibo is definitely a rising star," said Thomas G. Tsao, when asked about his colleague. The "Rising Stars" list, which ranks up to 100 professionals in the industry, selects candidates from over 2,000 venture capital firms; only .5% of those nominated are ultimately chosen for the final list. 

The "Top 100 Rising Stars" List, curated by US GCVI. 

In Hong Kong, Gobi is the sole fund manager for Chinese e-commerce giant Alibaba's Alibaba Hong Kong Entrepreneur Fund (AHKEF). The Fund is a non-profit organization that was established with a fund size of HK$1 B. Its aim is to support Hong Kong entrepreneurs with financial and corporate strategy guidance and to help them expand their business, as well as to enter the global market via Alibaba's strong ecosystem. The profits generated by the Fund's investments are subsequently re-invested into the Fund; thereby making it a circular structure. 

Chibo Tang 

Chibo was appointed a Partner in the management of the Fund in early 2019, and currently oversees and manages more than 20 portfolio companies. Although Gobi is an independent fund manager, it has a long history of collaborating closely with corporate investors. "We have not just partnered with Alibaba," Chibo said. "We have also partnered with other well-known companies in the past, including UK-based consumer goods manufacturer Unilever, Japanese electronics manufacturer Sony, German industrial tech and home appliance manufacturer Bosch, US computech provider IBM, and American network equipment manufacturer Cisco. These companies are all Limited Partners (LPs) of funds that Gobi has managed in the past, or is currently managing." 

"In Hong Kong, however, the AHKEF has a very different structure. It's more akin to an internal Corporate Venture Capital (CVC). The Fund's branding is Alibaba, and investees can therefore take advantage of the company's strong ecosystem, and their resources. As the fund manager, Gobi too can take advantage of certain benefits, such as their branding and strategy: we can synergize our investment strategy with theirs. As investors seeking the best deals, Gobi is very happy to be participating in this initiative." 

One of Chibo's most remarkable achievements at Gobi is his participation in the firm's investment in Airwallex, an Australian-based cross-border payments platform. After gaining unicorn status at the end of 2018, Airwallex's US$80 M Series B saw leading investors such as Tencent, Sequoia, and Gaochun Capital come on board. Gobi invested in the startup when they were raising their Pre-Series A round in 2016, and the firm's current IRR from the deal stands at nearly 60x. 

Additionally, Chibo was involved in Gobi's single largest investment in fast-fashion retailer Urban Revivo China (UR), which was subsequently sold to fashion brand Heilan Home in 2017, bringing the firm a 4x return. Chibo added that, "Investments made by Gobi via the AHKEF have also been receiving a lot of attention. These companies include WeLab, a Hong Kong-based online lending platform that has also achieved unicorn status, GoGoVan, a courier service provider, DayDayCook, a gourmet online service platform, Prenetics, a gene-testing service provider, and Sandbox VR, a virtual reality entertainment company." 

After completing an undergraduate degree in Applied Mathematics and Economics at Harvard College, Chibo worked as a management consultant at the Monitor Group. Like Founding Partner and Chairman Thomas Tsao, Chibo is a Harvard alumnus: the pair have known each other for more than 10 years. In 2009, when Chibo was first hired by Gobi, he worked at the firm's Shanghai office, and was in charge of seeking out the latest tech and business models in the China market. In 2017, he became Managing Director of the AHKEF, and in early 2019 was promoted to Partner.