ArkStream Capital Partner Ye Su Says Firm Passed on Li Bojie Project After Due Diligence

ArkStream Capital founding partner Ye Su said the firm decided to pass on a project associated with Li Bojie after issues emerged during due diligence. According to Odaily, Ye wrote on X that Li had previously approached ArkStream Capital during fundraising discussions, and the firm initially expressed interest based on what it viewed as a solid project background. Ye said that during the due diligence stage, ArkStream Capital found that Li appeared to intentionally blur the distinction between funds that were interested and funds that had already invested. Ye also said the contract materials sent to the firm were unprofessional. Ye added that the team did not have a clear plan for token unlocking, giving inconsistent responses such as deciding later and then suggesting setting terms in advance. In additional remarks, Ye said that after eight years in early-stage investing, he believes a founder’s character is unrelated to talent. Ye said founders may appear humble during difficult periods and fundraising, but their behavior after achieving success is what tests character. Ye criticized Li and said that Li’s public response indicated he felt justified.