In this article, Bochen LIU (Queen’s Smith School of Business, BCom 2023–2027; ESSEC BBA Exchange Program, Fall 2025) shares his professional experience as an Investment Intern at Kylin Hall Capital.
About the company
Kylin Hall Capital is a Beijing-based venture capital firm investing in early- to growth-stage technology companies in China. The firm focuses on sectors such as advanced manufacturing, clean technology, and deep-tech innovation, targeting startups with strong technological differentiation and scalable business models.
Founded to support innovation-driven companies in China’s rapidly evolving technology ecosystem, the firm operates in a venture capital market characterized by intense competition and high selectivity. Venture investors typically review a large number of potential opportunities each year while only investing in a small fraction of them. Investment decisions, therefore, rely on rigorous screening, structured due diligence, and detailed market analysis.
Kylin Hall Capital evaluates companies based on factors such as market size, technological feasibility, competitive positioning, and long-term growth potential. Its investment process involves industry research, expert interviews, competitor benchmarking, and preparation of analytical reports used by partners to assess opportunities and risks before allocating capital.
Logo of Kylin Hall Capital.
Source: the company.
I worked within the investment research and analysis function, supporting the firm’s deal evaluation process. The team conducted market research, synthesized expert insights, benchmarked competitors, and prepared structured investment reports for partners. This role ensured that investment decisions were supported by reliable information, clear documentation, and consistent analytical reasoning.
My internship
As a third-year student at Queen’s Smith School of Business and an exchange student at ESSEC Business School, I joined Kylin Hall Capital as an Investment Intern in Beijing during 2024–2025. This experience gave me hands-on exposure to investment analysis, market research, and strategic decision-making within a venture capital environment.
Through this internship, I gained firsthand insight into how early-stage investment decisions are grounded in research, critical thinking, and strategic judgment. Investment analysis is not only about numerical evaluation but also about synthesizing diverse information into concise, actionable guidance for decision-makers.
My missions
My missions included summarizing expert interviews, authoring initiation reports, producing investment recommendation reports, and conducting sector research to support the firm’s investment pipeline.
I conducted and summarized expert interviews across multiple technology sectors, identifying market trends, adoption challenges, and competitive dynamics. These summaries created structured knowledge resources supporting ongoing investment analysis.
I authored an initiation report on NL-Tech, in which I analyzed the company’s target market size, customer segments, and revenue model using industry reports, public financial information, and competitor benchmarking tables. I compared NL-Tech’s product positioning, pricing logic, and technological features with key competitors and summarized the findings in a structured memo including market maps, competitor matrices, and a synthesis of expert interview insights. This report provided partners with a clear overview of the company’s market environment, differentiation, and potential strategic risks before moving forward in the evaluation process.
I also prepared an investment recommendation analysis for SAI GAN Technology, examining its business model, technological capabilities, and commercial scalability. I reviewed available company materials, analyzed its competitive advantages and operational challenges, and structured the results into a recommendation note outlining strengths, risks, and potential growth scenarios. The document translated research findings into a concise decision-support format used internally to facilitate discussion among partners regarding the firm’s investment positioning and next steps.
In addition, I researched the nuclear fusion sector, analyzing technological progress, regulatory developments, and competitive landscapes. This work helped identify long-term strategic opportunities and informed the firm’s understanding of emerging investment themes.
Required skills and knowledge
This internship required strong technical and analytical capabilities. I used Excel, data visualization tools, market research methodologies, and professional report-writing techniques to analyze complex information. I also learned how to structure investment memos, synthesize findings clearly, and present insights in formats suitable for senior partners.
Soft skills were equally important. Critical thinking was necessary to interpret incomplete or evolving information. Time management ensured deadlines were met, while effective communication allowed me to translate complex analysis into concise recommendations and collaborate efficiently with team members.
What I learned
This experience provided a realistic understanding of how venture capital investment analysis operates in practice.
I learned the importance of structured research and synthesis. Investment decisions rely on combining quantitative metrics with qualitative insights and presenting them in a concise and actionable manner.
I also understood how investment recommendations function as decision-making tools. Reports guide capital allocation, risk assessment, and strategic prioritization, bridging analytical work and actual investment actions.
Additionally, I gained confidence in professional reporting and data presentation. I developed workflows for summarizing interviews, benchmarking competitors, and organizing projections, enabling the team to focus on strategic discussions rather than raw data processing.
Overall, this internship strengthened my interest in venture capital and investment strategy and provided a foundation for future roles in investment analysis, corporate strategy, or portfolio management.
Financial concepts related to my internship
I present below three financial concepts related to my internship: market and competitor analysis, investment recommendation frameworks, and strategic opportunity identification.
Market and competitor analysis
Market and competitor analysis is fundamental to venture capital investment evaluation. When preparing initiation and recommendation reports, I benchmarked companies within sectors such as NL-Tech, identifying differentiating product features, strategic positioning, and competitive advantages. These analyses informed the firm’s prioritization of investment opportunities.
Investment recommendations
Investment recommendations follow structured evaluation frameworks combining market potential, financial projections, scalability, and risk assessment. I learned to evaluate indicators such as projected revenue growth, technological scalability, and exit potential, integrating these elements into cohesive recommendations supporting partner-level decisions.
Strategic opportunity identification
Strategic opportunity identification involves analyzing emerging industries to anticipate future growth areas. While researching nuclear fusion technologies, I examined technological breakthroughs, regulatory trends, and industry gaps. This process illustrates how venture capital firms align investment strategies with long-term innovation and market evolution.
Why should I be interested in this post?
This post provides insight into how venture capital firms evaluate investment opportunities and transform research into actionable decisions. Students interested in investment management, venture capital, or corporate strategy can understand how structured research, analytical reasoning, and professional reporting support real-world investment processes.
The experience also highlights foundational skills such as structured thinking, communication, and strategic analysis, which are essential for careers in finance, consulting, and investment-related fields.
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Useful resources
Anthony, R. N., & Govindarajan, V. (2007). Management Control Systems (12th ed.). McGraw-Hill.
Horngren, C. T., Datar, S. M., & Rajan, M. (2015). Cost Accounting: A Managerial Emphasis (15th ed.). Pearson.
Drury, C. (2018). Management and Cost Accounting (10th ed.).
About the author
The article was written in February 2026 by Bochen LIU (Queen’s Smith School of Business, BCom 2023–2027; ESSEC BBA Exchange Program, Fall 2025).
▶ Discover all posts by Bochen LIU