The Yu Prize, which recognises up-and-coming Chinese design talent, was awarded to Chen Peng at a Shanghai Fashion Week event yesterday.The prize, which was presented by the award’s founder, Wendy Yu, includes 1 million yuan ($153,000) cash and a 12 month mentorship from the OTB Group. In addition, his collection will be presented at Paris Fashion Week’s Sphere showroom, on the runway at Shanghai Fashion Week, and sold at Harrods. The London College of Fashion graduate founded his Chenpeng brand in 2015. It’s best known for its oversized down jackets and currently has more than 100 stockists globally. Famous fans include Rihanna, Lady Gaga and Bella Hadid.Other award winners on the night included Susan Fang, Donsee10 and At-One-Ment by Wanbing Huang.