Qiming View | Alex Zhou and Chen Nan of Qiming Venture Partners: Witnessing Yunyinggu Technology Team's Exponential Growth, Staying 'Half a Step Ahead' Through Long-Termism

According to IPO Zaozhidao, Yunyinggu Technology Co., Ltd. (hereinafter referred to as "Yunyinggu Technology") officially listed on the Main Board of the Hong Kong Stock Exchange on May 27, 2026, under the stock code "3310," becoming the "first mainland China OLED display driver chip IPO."

Since its founding, Yunyinggu Technology has received investments from dozens of well-known institutions. Among them, Qiming Venture Partners led the company's Series C round in 2019 and continued to invest in its Series D round. Prior to the IPO, Qiming Venture Partners held a 7.39% stake in Yunyinggu Technology, making it the largest institutional shareholder.

Regarding Yunyinggu Technology's successful IPO today, Alex Zhou stated: "In 2019, China's semiconductor industry was entering a period of rapid growth, while China's mobile phone industry had ascended to global leadership. Tracing upstream from downstream end-demand, the display chip sector offered compelling industrial logic and growth potential. Yunyinggu's focus on display driver chips at the time aligned closely with our investment thesis, representing a high-quality niche segment we were quite bullish on. Over seven years of partnership, Qiming Venture Partners has accompanied the company with a long-term orientation, jointly supporting its journey to this IPO. Today, Qiming's investment strategy has become increasingly focused, staying committed to deepening our established circle of competence and conducting our investment layout with steady pragmatism. In technology investing, we steadfastly adhere to two core themes: first, that artificial intelligence as a General Purpose Technology will inevitably reshape all industries; and second, that China's top-tier capabilities in product design, engineering R&D, and advanced manufacturing possess world-class competitiveness. Anchored by these two pillars, we concentrate on AI technology and industrial applications, as well as hard tech."

Alex Zhou, Managing Partner of Qiming Venture Partners

Chen Nan, Executive Director of Qiming Venture Partners

01/

Yunyinggu Technology's Core Business Aligned Closely with Qiming's Investment Thesis

Strong Recognition of the Team's Comprehensive Capabilities and Growth Velocity

Alex Zhou explained that in 2019, the semiconductor chip sector was one of Qiming Venture Partners' core technology investment directions. At that time, China's domestic semiconductor industry was entering a period of rapid growth, while China's mobile phone industry had reached global leadership. Tracing upstream from downstream end-demand, the display chip sector offered compelling industrial logic and growth potential. Yunyinggu Technology's focus on display driver chips aligned closely with Qiming's investment thesis, representing a high-quality niche segment the firm was quite bullish on.

Chen Nan, Executive Director at Qiming Venture Partners, further noted that chip companies in the smartphone supply chain, despite appearing to serve large volumes and markets, are actually very difficult to invest in. "Smartphones are mass-market consumer electronics, and phone manufacturers impose extraordinarily high demands on their suppliers regarding technology, yield rates, and mass production capabilities — extremely challenging for startups."

"At the time, we identified several rare favorable conditions for OLED display driver chips. First, OLED screen penetration was still low with a clear trend of displacing LCD in the premium segment. More importantly, the OLED panel manufacturing that these driver chips support is a very capital-intensive industry, which — bolstered by national strategic investment — had already demonstrated strong growth momentum and was beginning to challenge the Korean OLED manufacturers' monopoly globally. This external condition carried weight that no other smartphone chip category possessed, providing excellent leverage for outstanding domestic OLED display driver chip startups," Chen Nan added. "Nevertheless, we decided to invest in Yunyinggu Technology only after the company had shipped millions of units in the non-OEM market as a proof of concept, and had already initiated partnerships with leading phone manufacturers like Xiaomi and Lenovo. Through these collaborations, the company had dramatically elevated its all-around capabilities. We were fully convinced that this team's comprehensive capabilities and growth velocity were exponentially ahead of peers, so we committed to the investment and have accompanied the company on this long marathon."

02/

A Long-Term Orientation Through the Journey

Firm Belief That Yunyinggu Technology Will Become a Global Champion in Its Niche

In Alex Zhou's view, Dr. Gu Jing (founder and chairman of Yunyinggu Technology) has never spent a single day in conventional employment since graduating, plunging directly into entrepreneurship from academia and building Yunyinggu Technology from scratch over more than a decade. Having navigated countless industry ups and downs and operational challenges along the way, he has proven himself a pragmatic entrepreneur naturally endowed with business vision and strategic breadth.

"He is composed and understated, possessing a quietly commanding leadership presence, coupled with exceptional self-directed learning and iterative growth capabilities. He commands deep respect within his team, with core members highly cohesive and fully committed. Facing various internal and external challenges, he exercises measured judgment — capable of meticulously orchestrating details while also decisively setting the tone and breaking through deadlocks. Time and again, he has made precise calls at critical industry inflection points, steadying the company's course and advancing it step by step," Alex Zhou said.

Alex Zhou also revealed that from initial due diligence to finalizing the investment intent, Qiming Venture Partners took less than six months — yet the actual investment closing was delayed by more than half a year. "The root cause was that certain early-stage historical matters had not been fully resolved. Dr. Gu was resolute, insisting on thoroughly cleaning up all issues and leaving no hidden risks before allowing us to invest with complete confidence and a clean slate. During that period we urged progress multiple times, yet he held firm to his principles and advanced methodically, ultimately delivering on his commitment as promised. This integrity and clean, decisive approach earned our deep respect."

Thus, throughout their seven-year partnership, the most essential support Qiming Venture Partners provided Yunyinggu Technology was unwavering, steadfast companionship. "At each major strategic juncture, we primarily affirmed Dr. Gu's business thinking and decision-making judgment, coordinating at the shareholder level to align consensus and marshal collective force. Through industry fluctuations and cyclical volatility, we continuously provided confidence and reassurance, accompanying the company with a long-term orientation to jointly sustain its progress to this new IPO stage," Alex Zhou stated.

Regarding expectations for Yunyinggu Technology post-listing, Chen Nan expressed: "We have no doubt that Yunyinggu Technology will become the global champion in OLED display driver chips and micro-OLED display chips. What we look forward to is the company leveraging the capital markets platform to expand into broader domains, gradually growing into a top-20 or even higher-ranked global semiconductor design house. Market opportunities have never been scarce; outstanding entrepreneurs are always scarce, and teams with cohesion and fighting spirit are always scarce. We believe that giving Yunyinggu Technology ten years, this goal is very much worth anticipating."

03/

The "Half-Step Ahead" Investment Methodology Bearing Fruit

Steady, Pragmatic Investing Within Established Competence

Notably, with Yunyinggu Technology's listing on the Hong Kong Stock Exchange today, Qiming Venture Partners has welcomed its sixth IPO since the beginning of the year.

On this, Alex Zhou believes this track record represents the阶段性结果 of Qiming's long-adhered-to "half-step ahead" investment methodology, demonstrating forward-looking and systematic positioning across technology and healthcare innovation cycles — "'half-step ahead' means grounding oneself in a focused circle of competence and global perspective, anticipating trends and deploying ahead of market inflection points and the eve of explosive growth in industries such as AI, robotics, chips, innovative drugs, and innovative medical devices, rather than blindly following the herd when hype peaks. "Capital markets are cyclical — there are good times and bad — but the great waves of technology roll ever onward, and exceptional enterprises will shine sooner or later."

Among these, Qiming Venture Partners' technology investment team has seen four IPOs in 2026, with Qiming being among the most significant institutional shareholders in each.

Alex Zhou emphasized that Qiming's investment team is currently in an optimal state. "Our investment strategy is increasingly focused, steadily and pragmatically investing within our established circle of competence."

In technology investing, Qiming Venture Partners steadfastly adheres to two core themes: first, that artificial intelligence as a General Purpose Technology will inevitably reshape all industries; and second, that China's top-tier capabilities in product design, engineering R&D, and advanced manufacturing possess world-class competitiveness.

Anchored by these two pillars, Qiming concentrates on AI technology and industrial applications, as well as hard tech.

"Looking across the entire AI industry, large language models and embodied intelligence/robotics are currently experiencing unprecedented market enthusiasm, with consensus formed and leading companies' valuations rapidly ascending to levels somewhat decoupled from near-term operating fundamentals. Yet beyond these two sub-sectors, numerous other AI segments remain in early development stages, with industry value not yet fully excavated and certainly lacking market consensus — harboring substantial investment opportunities," Alex Zhou noted. "In the hard tech domain, we judge that the industry is entering a new paradigm upgrade. Over the past two decades, the rise of most domestic technology industries has been powered by 'engineering and manufacturing capabilities × scaled markets'; now, as China's foundational research capabilities continue to leap forward, a new pathway is emerging — what my colleague Chen Nan terms 'research strengthening, manufacturing amplification, and scale validation' — which will continue to drive high-velocity growth in Chinese hard tech."

Source | IPO Zaozhidao

Author | Stone Jin

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Founded in 2006, Qiming Venture Partners currently manages 11 USD funds and 7 RMB funds, with total assets under management reaching $9.5 billion. Since inception, the firm has focused on investing in outstanding early- and growth-stage companies in Technology and Healthcare.

To date, Qiming Venture Partners has invested in over 580 high-growth innovative enterprises, of which more than 210 have listed on the New York Stock Exchange, NASDAQ, Hong Kong Exchanges and Clearing Limited, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through M&A and other means. Over 80 portfolio companies have become recognized unicorns or super-unicorns.

Many Qiming Venture Partners portfolio companies have grown into the most influential players in their respective fields, including Xiaomi (01810.HK), Meituan (03690.HK), Bilibili (NASDAQ:BILI, 09626.HK), Zhihu (NYSE:ZH, 02390.HK), Roborock (688169.SH), Hesai Technology (NASDAQ:HSAI, 02525.HK), UBTECH (09880.HK), WeRide (NASDAQ:WRD, 0800.HK), HyperStrong (688411.SH), Insta360 (688775.SH), Unisound (09678.HK), Biren Technology (06082.HK), Zhipu (02513.HK), Gan & Lee Pharmaceuticals (603087.SH), Tigermed (300347.SZ, 03347.HK), Zai Lab (NASDAQ:ZLAB, 09688.HK), CanSino Biologics (688185.SH, 06185.HK), Schrödinger (NASDAQ:SDGR), MicroPort EP MedTech (688617.SH), Sanyou Medical (688085.SH), Amoy Diagnostics (300685.SZ), SinoCellTech (688520.SH), Insilico Medicine (03696.HK), Hope Medicine, Yuanxin Technology, MediLink Therapeutics, LaNova Medicines, StepFun, and others.