Chinese entrepreneurs’ circle gets more and more attention in recent years. Exploratory case study method is adopted to explore the formation mechanism of entrepreneurs’ circle from the perspective of context, aiming at proposing an explanatory framework of entrepreneurs’ circle to acquire heterogeneous resource. The research indicates that entrepreneurs’ circle consists three behavior stages, including the gather, the “Guanxi” contract and the join. The process shows the characteristic of Chinese context that “Guanxi contract” promotes the join. Furthermore, Chinese entrepreneurs’ circle generates strong-ties mixed with profits and affections, which may successfully acquire heterogeneous resource. Accordingly, this paper proposes the framework of formation mechanism.