Qiming Venture Partners' William Hu: China Is Seeing the Birth of a Wave of Global Pharmaceutical Companies

Editor's Note: At the end of 2025, William Hu, Managing Partner at Qiming Venture Partners, sat down with PEDaily for an in-depth interview. Reflecting on the year's industry dynamics, he offered a comprehensive retrospective on the evolution of healthcare innovation, detailed Qiming's investment philosophy in the sector, and analyzed how China's medical industry is moving from isolated breakthroughs toward comprehensive innovation with global reach. The accompanying video interview has also launched on PEDaily's new video program "PEDaily Talk." Hu believes the explosion of license-out deals is only the beginning. Globally competitive original innovations will continue to emerge, and building a healthy industrial ecosystem requires deep coordination among capital, enterprises, and international markets.

In 2006, he hung up his stethoscope and moved from clinical medicine at Shanghai Medical College into venture capital. Over two decades, he has led investments in more than 60 healthcare companies including Tigermed, MicroPort EP MedTech, Sanyou Medical, and Amoy Diagnostics — many of which have grown into publicly listed companies or multi-billion-dollar enterprises. A defining moment came in 2024, when Hu played an integral role in Mindray's acquisition of MicroPort EP MedTech, marking the first "A-share controlling A-share" case on the STAR Market.

In this way, he has witnessed the full sweep of China's healthcare investment landscape.

Looking back to 2021, China's pharmaceutical industry took a sharp turn after a period of exuberance, entering a long winter. At the industry's lowest point, Qiming's healthcare innovation team didn't slow down. Instead, they maintained close engagement across the sector, covering virtually 95% or more of China's innovative companies, making Qiming one of the most active VC investors in healthcare during that period.

"The light boat has passed through ten thousand mountains." Now the industry is showing clear signs of recovery. "Many companies have developed to a level where they can compete on the global stage with the very best," Hu said when asked about the future of Chinese pharma. "Ten years ago, I wouldn't have dared say many Chinese companies could go global. Now I can." Looking ahead, China's healthcare globalization journey has already begun.

William Hu, Managing Partner at Qiming Venture Partners

Below is the transcript of the video interview, conducted at the end of 2025 and republished with permission from Qiming Venture Partners' WeChat account.

As 2025 draws to a close, any retrospective on this year's venture capital landscape would be incomplete without the standout surge in innovative pharmaceuticals.

Recall the previous two years: the healthcare sector underwent valuation corrections, and healthcare investment grew quiet. Amid pessimistic market sentiment, William Hu and his team at Qiming made a critical decision — to continue prioritizing investments in innovative drugs and medical devices, particularly in areas with significant potential for clinical breakthroughs.

In hindsight, that decision appears to have been the right one. This year, the innovative drug sector became the star performer, with Hong Kong markets delivering a spectacle for the ages — IPO bells ringing constantly, ten-baggers emerging, and indices surging over 100% at one point. Some investors have even dubbed 2025 "the year pharma turned around."

"This is just the beginning." As the year winds down, Hu discussed the ups and downs of China's healthcare innovation with PEDaily. He believes China's innovation has reached a critical inflection point, moving from isolated, single-point breakthroughs toward large-scale, comprehensive advances. The breakout of DeepSeek earlier this year exemplified a phase China has traversed — from following to self-driven innovation — with engineering capabilities set to improve further. In innovative drugs, progress is shifting from breakthroughs in select technology platforms and product lines to systemic advances across the entire field. In medical devices, innovative companies are steadily beginning global expansion, leveraging breakthrough clinical designs and significant supply chain advantages. Over the next 5-10 years, more highly original R&D outcomes are expected to emerge from Chinese laboratories and contribute to global pharmaceutical innovation.

01/

The Most Active VC in Healthcare Innovation

Looking back at 2025, Qiming Venture Partners invested in over 30 healthcare innovation projects, committing more than 3 billion yuan — with some investments decided in the second half of 2024. Qiming's healthcare investments have long served as a barometer for the sector.

A standout example is Cornerstone Robotics. This innovative surgical robotics unicorn was born in Hong Kong, founded by Guowei Ou, who previously taught at The Chinese University of Hong Kong before establishing Cornerstone Robotics in 2019. The company focuses on developing next-generation domestic laparoscopic surgical robots that can match imported brands.

Driven by the ambition to build China's surgical robotics industry, Ou's team at Cornerstone began commercialization in 2024, achieving full mastery of core technologies including mechanical architecture, electrical architecture, software architecture, complex algorithms, and visual imaging — independently building a foundational surgical robotics technology platform. Along the way, it has assembled an impressive roster of VC/PE backers, raising over 3 billion yuan in funding. Qiming was among the earliest investors to back Cornerstone.

It was 2020. A remote call from a hotel lobby sealed Hu's conviction to invest. Ou's deep understanding of the surgical robotics field and his vision to "change the global surgical robotics landscape" aligned with Qiming's market assessment — both the unsaturated domestic demand and the potential of international emerging markets pointed to vast opportunities. Qiming made its decisive move in 2020 and has remained a steadfast partner ever since.

This November, Cornerstone completed an oversubscribed funding round of approximately $200 million, attracting participation from Hong Kong Investment Management Corporation Limited, global strategic investors, and sovereign funds, with existing shareholders including Qiming continuing to add to their positions. This marks Qiming's fifth consecutive round of investment in Cornerstone.

Recently, Qiming also celebrated a significant IPO — Insilico Medicine, an AI-driven drug discovery company headquartered in Hong Kong with its R&D center in Shanghai. Qiming was an early investor in Insilico and continued to increase its stake through subsequent funding rounds. Early in Insilico's development, Qiming's investment team began assisting the company in building its drug discovery leadership team, enabling the genuine organic integration of AIDD's AI capabilities with pharmaceutical R&D expertise.

Holding Rentosertib (ISM001-055), the world's most advanced AI-discovered drug, Insilico Medicine listed on the Hong Kong Stock Exchange on December 30, becoming the largest Biotech IPO in Hong Kong this year. At the issue price of HK$24.05 per share, Insilico raised up to approximately HK$2.3 billion through the IPO, achieving a market capitalization exceeding HK$13 billion.

This means Qiming's healthcare portfolio has added another multi-billion-dollar IPO.

02/

The More Pessimistic the Market, the More Resolute the Conviction

For the first time in a while, the healthcare sector is buzzing with activity.

Recall 2021, when China's pharmaceutical industry took a sharp downturn after a period of exuberance, followed by a long winter. During this period, most primary market investment firms shifted their focus to other sectors, becoming extremely cautious about healthcare investments — or avoiding them altogether. Within some investment firms, healthcare investors found themselves in relatively marginal positions.

"At that time, we kept telling ourselves to stay on the front lines, actively communicating with entrepreneurs and startups, validating the actual value of the innovations we were tracking." At the industry's lowest point, Qiming's healthcare innovation team didn't slow down. Instead, they maintained close engagement across the sector, covering virtually 95% or more of China's innovative companies.

By the first half of 2024, Hu's assessment had crystallized: Qiming's commitment to driving Chinese innovation to serve global markets was viable and worth pursuing. Despite the continued chill in healthcare investment, Qiming saw a historic opportunity in China's undervalued innovation. Hu repeatedly emphasized internally that they must seize the time window and decisively invest in companies with compelling products and teams.

Through these "non-consensus" decisions, Qiming became one of the most active VC investors in healthcare during that period, deploying substantial capital in innovative drugs and medical devices — nearly 4 billion yuan over the 12 months from May 2024 to May 2025, likely making it the China-focused VC fund with the largest investment amount among global healthcare funds at the time.

This year, as global capital has reevaluated Chinese innovative assets, and as companies themselves have sent positive signals through product achievements, licensing partnerships, and global expansion, the sector has shown clear recovery. "We've been somewhat fortunate — our persistent investment philosophy and direction have received preliminary validation at an opportune moment," Hu reflected.

Looking at this year, the number of innovative pharmaceutical companies with market capitalizations reaching 100 billion yuan on A-share and Hong Kong markets has grown to nearly 10. Among these, Hong Kong's innovative drug sector has been particularly outstanding, becoming the most concentrated area of gains, with related indices rising over 100% cumulatively at one point and ten-baggers clustering together. This wealth effect has transmitted to a queue of innovative drug companies waiting to list in Hong Kong, with nearly 10 companies filing listing applications in November alone. To date, the number of biotech companies successfully IPOing in Hong Kong in 2025 has doubled compared to last year.

Among these developments, the shift in international investors' attitudes has been particularly crucial. Institutions whose main battlefield had been Nasdaq began reallocating to Chinese innovative drug assets in 2025. The underlying reason: products from Chinese innovative drug companies are beginning to be genuinely recognized by the industry, particularly the global pharmaceutical innovation system.

"Especially starting from the second half of last year, a number of Chinese innovative drug companies produced stunning clinical data. The industry discovered that Chinese companies could actually perform at this level, and major overseas pharmaceutical companies began partnering with Chinese innovative drug firms," Hu noted in his analysis of this recovery.

He believes that if more large international investment institutions and professional investors allocate capital to Chinese innovative drug companies — first entering Hong Kong markets, and potentially extending to A-shares in the future — this will help build a healthier, more sustainable biopharmaceutical industrial ecosystem.

03/

Transcending Cycles: China's Healthcare Innovation Never Ends

What is the next chapter in healthcare investment's narrative?

According to the latest data, among new drug projects that major global pharmaceutical companies licensed in (license-in) during 2025, approximately 40% likely originated from outstanding Chinese biopharmaceutical startups. In 2019, that figure was zero.

Some context is needed here: the world's largest multinational pharmaceutical companies obtain some new drugs through internal R&D, but a substantial portion comes from external collaboration, including purchasing patents from smaller biotech R&D institutions and enterprises. In the past, China was a license-in destination — a primary recipient of advanced overseas pharmaceuticals. But the situation has changed. China has now become the main source of license-out (outbound licensing).

At this point, China's healthcare innovation is gaining global influence, with密集发生的超级BD交易是最好的印证.** In Hu's view, BD deals not only bring cash flow but also demonstrate that Chinese innovative companies have the capability to collaborate with global top-tier pharmaceutical firms, and further prove the value of Chinese innovative drugs to the market. BD transactions are building a globalized innovation ecosystem — China provides quality assets, international pharmaceutical companies provide commercialization channels, creating a win-win pattern.**

In this process, China is forming a distinctive innovation dual circulation: on one hand, using engineering innovation to rapidly lower the accessibility threshold for new drugs; on the other, using source innovation to build long-term technological moats.

Therefore, continuing to position for Chinese pharmaceutical companies' global expansion has long been one of Qiming's core investment themes. The team began consciously helping portfolio companies build global capabilities several years ago, including maintaining regular communication with major overseas companies and organizing Qiming Venture Partners' Healthcare Innovation Partnering Day for four consecutive years — creating a platform for exchange and collaboration between Qiming's portfolio companies and global top pharmaceutical firms, facilitating hundreds of one-on-one meetings between over a hundred (instances of) global leading pharmaceutical companies and invested enterprises.

Beyond this, Qiming has established dedicated internal teams to help portfolio companies understand global medical registration systems and overseas expansion rules, supporting their path to global markets. PEDaily obtained a set of figures — as of October 2025, Qiming's portfolio companies have signed 30 BD deals with multinational pharmaceutical companies and overseas biotech firms, with disclosed transaction totals reaching $19.7 billion.

"Many companies have developed to a level where they can compete on the global stage with the very best," Hu said when discussing the future of Chinese pharma. "Ten years ago, I wouldn't have dared say many Chinese companies could go global. Now I can, though the bar is higher."

He also noted that many Chinese companies remain relatively small in scale, and entering overseas markets will present numerous challenges — including cultural adaptation, understanding of local regulations, organizational infrastructure support, and financial strength. "Not all companies will make it that far. The road ahead will inevitably be filled with challenges."

Through ups and downs, China's healthcare investment market has emerged from the winter of the past cycle, and this year has finally brought warmth, as the industry broadly senses an inflection point. Having emerged from the trough, how long will this wave last?

Hu's stance is cautiously optimistic: "The road ahead remains long, and we currently maintain a diligent, meticulous approach, conducting deep due diligence on every company. For every healthcare company Qiming invests in, we hope it will have global impact — whether in new drugs or devices, none should be limited to the China market alone, but should be able to create value overseas. Of course, this is by no means easy."

Healthcare innovation has long been likened to an enormously costly, marathon-length endeavor. For healthcare investors, this is undoubtedly a lengthy cultivation as well. Perhaps, as Hu puts it, everything is just beginning.

Source | PEDaily

Author | Zhou Jiali

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Qiming Venture Partners was founded in 2006. The firm currently manages 11 USD funds and 7 RMB funds, with total committed capital reaching $9.5 billion. Since its inception, Qiming 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 of Qiming's portfolio companies have grown into the most influential companies 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), Hepbristol, Yuanxin Technology, MediLink Therapeutics, LaNova Medicines, StepFun, and others.