Qiming Venture Partners Weekly | Portfolio Company Updates and Funding News Vol. 37, 2025
Staying with you through the milestone moments of Qiming Venture Partners' portfolio companies
Editor's Note: The "Qiming Weekly" column is published regularly every week, rounding up funding news and development updates from Qiming Venture Partners' portfolio companies.
In the wave of technology and innovation, every step entrepreneurs take is worth documenting. Qiming Venture Partners will continue to accelerate and empower entrepreneurs, and join you in marking the milestone moments of our portfolio companies.
IPO
Global Leader in Robotic Service Agents
Yunji Technology Successfully Lists on the Hong Kong Stock Exchange
On October 16, Beijing time, Qiming Venture Partners portfolio company and global leader in robotic service agents Yunji Technology successfully listed on the Hong Kong Stock Exchange. Yunji Technology (02670.HK) priced its IPO at HK$95.6 per share, opened at HK$142.8 per share, and reached a market capitalization of HK$9.813 billion.
In 2021, Qiming Venture Partners led Yunji Technology's Series C financing round and continued to support the company's development in subsequent funding rounds.
Founded in 2014, Yunji Technology primarily provides customers with adaptable and scalable robots and functional modules, supplemented by AI digital system services. The company's proprietary robotic service agent is an intelligent automation system deployed on robots, integrating AI technology to deliver human-centric, end-to-end services through direct user interaction. Through continuous learning and adaptive optimization, it comprehensively enhances experience quality and operational efficiency.
Alex Zhou, Managing Partner at Qiming Venture Partners, commented: "Qiming Venture Partners recognized the maturation of indoor unmanned technology in 2021 and decisively positioned ourselves in high-demand scenarios like hotels. Since our investment, we have witnessed Yunji Technology deeply integrate technology with real-world applications, redefining consumer experience through its leading robotic products. Looking ahead, this IPO will help Yunji Technology expand into global markets, and emerging technologies like Embodied Artificial Intelligence will enable companies like Yunji to deploy across even richer scenarios. Qiming Venture Partners will leverage our global perspective and industrial ecosystem resources to support outstanding companies in pushing technological boundaries and commercial applications, bringing Chinese innovation to the world stage."
Corporate ESG
Unisound Showcases at Green Industry and Sustainable Consumption Expo
Recently, the Sustainable Global Leaders Conference, co-hosted by the World Green Design Organization (WGDO) and SINA Corporation, was held in Shanghai. As an important component of the conference, the Green Industry and Sustainable Consumption Expo was held concurrently. Qiming Venture Partners portfolio company Unisound (09678.HK) brought its "Zero-Carbon Smart Campus Full Lifecycle Solution" to the exhibition, comprehensively demonstrating the company's practical approach to driving green transformation and sustainable development in campuses through full-stack AGI technology, guided by ESG principles.
In practical implementation, Unisound's Zero-Carbon Smart Campus Full Lifecycle Solution adheres to a governance philosophy of "addressing both symptoms and root causes + strategic planning," providing differentiated pathways and systematic deployment for both new and renovated campuses. To date, the solution has been successfully deployed across multiple types of campuses nationwide, covering technology parks, industrial parks, enterprise campuses, and creative parks. Taking Hangzhou's "Gate of Wisdom" project as an example, Unisound built a unified digital infrastructure that integrated 18 subsystems, breaking down data silos and significantly improving energy management efficiency and the campus entry experience. As of now, Unisound has served more than ten campuses and hundreds of enterprises, helping them achieve low-carbon operations and energy efficiency upgrades.
Major Partnerships
01/
UBTECH Wins RMB 126 Million Order
Walker Humanoid Robot Annual Orders Exceed RMB 630 Million
Recently, Qiming Venture Partners portfolio company UBTECH (09880.HK) won the bid for the "Guangxi Embodied Artificial Intelligence Data Collection and Testing Center Equipment Procurement and Installation" project, with an order value of RMB 126 million. According to the project plan, this procurement covers UBTECH's latest fully autonomous Embodied Artificial Intelligence humanoid robot Walker S2 with autonomous battery-swapping capability. The order is scheduled for delivery in 2025 following contract signing.
This win follows a RMB 250 million order in September — the largest single humanoid robot order globally — and several consecutive orders worth tens of millions of RMB in recent weeks. To date, excluding the marathon champion-grade full-size humanoid robot Tiangong Xingzhe jointly developed by UBTECH and the Beijing National Humanoid Robot Innovation Center, UBTECH's Walker series humanoid robots alone have secured over RMB 630 million in orders this year, continuing to lead the global commercialization of humanoid robots.
02/
Hesai Technology LiDAR Powers
Refreshed ZEEKR 001 Official Launch
Recently, the refreshed ZEEKR 001 luxury shooting brake coupe, with Hesai Technology LiDAR as standard across all trim levels, was officially launched. Qiming Venture Partners portfolio company Hesai Technology (NASDAQ:HSAI, 02525.HK) supplied the LiDAR systems.
In terms of safety performance, the refreshed ZEEKR 001 has been comprehensively strengthened across passive safety, active safety, and battery safety. Its G-AES general obstacle continuous automatic evasion system can perform continuous second automatic evasion while braking at speeds of up to 130 km/h.
Going forward, Hesai Technology will continue to deepen its strategic partnership with ZEEKR Technology Group, empowering the full-scenario perception capabilities of ZEEKR's assisted driving systems to safeguard user safety.
03/
HyperStrong and Guozong Lvneng Reach Strategic Partnership
Recently, Qiming Venture Partners portfolio company HyperStrong formally signed a cooperation agreement with Guozong Lvneng. The two parties will carry out in-depth collaboration across benchmark project development, resource sharing, and market coordination, jointly promoting the efficient development and sustainable growth of new energy projects and injecting strong momentum into the green industry.
As a leading enterprise in the energy storage industry, HyperStrong possesses professional capabilities in energy storage system R&D and manufacturing, integrated energy solutions, intelligent power station operations and maintenance, and operational management. Guozong Lvneng has extensive experience and resource advantages in new energy project development. The complementary strengths of both parties have laid a solid foundation for this cooperation.
04/
Bioprober and Tecan Reach Strategic Partnership
Recently, Qiming Venture Partners portfolio company Bioprober reached a strategic partnership with Tecan. This collaboration brings together high-end automation equipment with innovative reagent kits. Tecan's automated workstations will be deeply integrated with Bioprober's SISPROT technology, providing critical support for the standardization, scaling, and domestic production of proteomics research.
Dr. Weina Gao, CTO of Bioprober, presented the company's integrated proteomics sample preparation solution. From the SISPROT reagent kit — backed by multiple exclusive patents and validated on tens of thousands of samples — to automation solutions compatible with Tecan equipment, to critical support for cutting-edge spatial proteomics workflows, she demonstrated Bioprober's full-spectrum technological innovation and application capabilities across the entire proteomics sample processing chain.
05/
AskGene Pharma and Visara Enter Licensing Agreement for Ophthalmology Drug ASKG712
Recently, Qiming Venture Partners portfolio company AskGene Pharma, Inc. announced a licensing agreement with Visara, Inc. Under the agreement, AskGene Pharma has granted Visara the rights to its independently developed Class 1 innovative drug ASKG712 (a VEGF/ANG-2-targeting antibody) in Greater China, Singapore, Thailand, Malaysia, Indonesia, Vietnam, South Korea, and India.
Per the agreement, Visara will pay AskGene Pharma a one-time, non-refundable, non-deductible upfront payment of $7 million. AskGene Pharma is also eligible to receive up to $89 million in milestone payments tied to R&D, regulatory approval, and commercialization, as well as tiered royalties based on annual net sales of the product in the licensed territories. Visara obtains exclusive rights to develop, manufacture, and commercialize the program in the licensed regions.
06/
BioTree Biotech and Qinghai University School of Eco-Environment Engineering Reach Strategic Partnership
Recently, Qiming Venture Partners portfolio company BioTree Biotech formally established a deep partnership with Qinghai University's School of Eco-Environment Engineering, signing a strategic cooperation agreement.
Guided by principles of resource sharing, mutual benefit, deepened collaboration, and joint development, with cooperative education, talent cultivation, employment, and development as its core themes, this partnership aims to achieve industry-academia-research collaborative education. Both parties will carry out comprehensive coordination around disciplines including ecology, biology, and environmental science, jointly advancing collaborative education, scientific innovation, and talent development.
R&D Progress
01/
Gan & Lee Pharmaceuticals Completes First Patient Dosing in Phase 3b Study of Weekly Insulin GZR4 for Type 2 Diabetes in China
Recently, Qiming Venture Partners portfolio company Gan & Lee Pharmaceuticals (603087.SH) announced that its self-developed basal insulin weekly formulation GZR4 injection has completed first patient dosing in the SUPER-8 study, a large-scale Phase 3b clinical trial in Chinese basal insulin-treated type 2 diabetes (T2DM) patients. This marks the fourth large-scale Phase 3 clinical study initiated for GZR4.
This Phase 3b study (ClinicalTrials.gov China: CTR20253485), led by Principal Investigator Ming Liu of Tianjin Medical University General Hospital, compares the efficacy, safety, and patient-reported outcomes of GZR4 versus icodec insulin (NovoRapid®), with or without non-insulin anti-diabetic medications, in basal insulin-treated T2DM patients. The study plans to enroll 300 subjects, who will be randomized to either the GZR4 or icodec insulin (NovoRapid®) group. The primary endpoint is change in glycated hemoglobin (HbA1c) from baseline after 26 weeks of treatment.
02/
Zai Lab Partner Announces Efgartigimod Data Selected for U.S. Scientific Conferences
Recently, Qiming Venture Partners portfolio company Zai Lab (NASDAQ: ZLAB, 09688.HK) partner argenx announced that multiple datasets for efgartigimod (including both intravenous and subcutaneous formulations) have been selected for presentation at the American Association of Neuromuscular & Electrodiagnostic Medicine (AANEM) Annual Meeting and the Myasthenia Gravis Foundation of America (MGFA) Scientific Conference.
Notably, results from the Phase 3 ADAPT-SERON study evaluating efgartigimod in AChR antibody-negative generalized myasthenia gravis adult patients showed clinically meaningful improvements in disease activity across all three subtypes: triple seronegative, MuSK antibody-positive, and LRP4 antibody-positive.
03/
Dingtail Pharma Group Supports CSPC's SYH2070 Injection in Securing Clinical Trial Approvals in China and the U.S.
Recently, SYH2070 injection, a self-developed chemical Class 1 new drug (double-stranded small interfering RNA) by CSPC Pharmaceutical Group, received clinical trial implied approvals from both the Center for Drug Evaluation, NMPA and the FDA for the treatment of hypertriglyceridemia or mixed dyslipidemia. Qiming Venture Partners portfolio company Dingtail Pharma Group provided compliant, high-quality, and efficient non-clinical research services.
Dingtail Pharma Group has been committed to non-clinical research for frontier-technology drugs including oligonucleotide therapeutics, and has supported multiple domestic and international pharmaceutical companies in accelerating oligonucleotide drug development across ophthalmology, metabolic diseases, CNS, and other therapeutic areas.
Corporate Development
Gan & Lee Pharmaceuticals Appoints Dr. Ting Jia as Corporate Vice President & Chief Medical Officer
Recently, Qiming Venture Partners portfolio company Gan & Lee Pharmaceuticals (603087.SH) officially announced the appointment of Dr. Ting Jia as Corporate Vice President & Chief Medical Officer. Dr. Jia will be fully responsible for clinical development of pipeline products in Europe and the Americas, regulatory strategy, and cross-functional team coordination, aiming to accelerate the global commercialization of Gan & Lee's innovative medicines and deliver breakthrough treatment options to patients worldwide.
Before joining Gan & Lee Pharmaceuticals, Dr. Jia held positions at Novo Nordisk, where she oversaw the full lifecycle management of multiple innovative drugs, led clinical strategy development and trial design and execution, and successfully drove the approval and indication expansion of several products in major markets including the United States, Europe, and China.
Product Launches
01/
Sage Medical's SA100 System Receives EU CE-MDR Certification
Qiming Venture Partners portfolio company Sage Medical recently announced that its self-developed SA100 system has successfully obtained EU CE-MDR certification, officially entering the European market. This certification marks not only a significant milestone in Sage Medical's internationalization strategy, but also represents the first time a domestically produced high-end energy platform has entered the global market with a product form combining both ultrasonic scalpel and advanced bipolar 7mm sealing capabilities — adding another internationally recognized certification to the high-quality development of China's medical device industry.
The SA100 system is a high-end energy platform independently developed by Sage Medical, which received Class III medical device registration approval from the National Medical Products Administration in March this year. The system employs advanced technology with features including high efficiency, safety, and reliability, and can be widely applied across general surgery, obstetrics and gynecology, urology, and other fields. This follows the SA10 product's EU CE registration approval last year and FDA registration approval this year, marking another international recognition for Sage Medical.
02/
JST Medical's PEEK Suture Anchor Fixation System
Approved for Sale in China
Qiming Venture Partners portfolio company JST Medical recently announced that its polyetheretherketone (PEEK) suture anchor fixation system has officially received approval from the National Medical Products Administration for market launch. The successful approval of this product represents a key breakthrough in JST Medical's strategic expansion into sports medicine, aiming to provide superior fixation solutions for clinical practice and meet diverse patient needs.
The system's PEEK material offers excellent biocompatibility, is radiolucent, and features high strength with an elastic modulus close to that of bone, ensuring safety and reliability. Its modular design allows the interference screw to be used either independently or in combination with an outer sheath, providing surgeons with flexible intraoperative options. The combination of interference screw and outer sheath avoids graft cutting damage from the screw, maximizes 360-degree graft-to-tunnel contact, and delivers more reliable fixation. The guiding threads at the tail of the outer sheath facilitate easier screw insertion and more secure fixation.
Technology & R&D Strength
01/
DeepWay Powers Launch of Sichuan-Chongqing Highly Automated Driving and Electrified Highway Innovation Demonstration Project
Qiming Venture Partners portfolio company DeepWay has partnered with Western China Automotive Network, Sichuan Port and Investment Group, and Sichuan Hehua Logistics to officially launch the "Sichuan-Chongqing Highly Automated Driving and Electrified Highway Innovation Demonstration Project," marking a new phase in smart logistics development across the complex terrain of Southwest China.
The project focuses on the region's distinctive road conditions — dense bridge and tunnel networks, multiple steep grades, and frequent rain and fog — integrating advantages from all parties. DeepWay provides the core equipment: the E2507-IPTS intelligent new-energy heavy-duty truck. In its initial phase, the project completed 200,000 kilometers of real-road testing on the Chengdu-Yibin Expressway, achieving 98% automated driving rate and a 10% reduction in energy consumption.
02/
Shenzhen Hongji Medical Presents at American Urological Association Annual Meeting
Qiming Venture Partners portfolio company Shenzhen Hongji Medical showcased its full urology product line at the American Urological Association annual meeting.
Shenzhen Hongji Medical organized a symposium titled "RIRS Today and Tomorrow — Innovation, Challenges, and Opportunities." Three experts delivered systematic presentations on core topics, using real data and typical cases to connect the complete diagnostic and treatment chain of "see clearly, access smoothly, fragment quickly, and evacuate completely" — covering case selection, energy control, and the balance between irrigation and aspiration.
03/
Arrail Group Orthodontics Team Authors Expert Analysis of Extraction Cases in Clear Aligner Treatment
Six senior orthodontists from Qiming Venture Partners portfolio company Arrail Group (06639.HK), with years of clinical experience, have compiled their expertise into a book — Expert Analysis of Extraction Cases in Clear Aligner Treatment — providing colleagues with a professional reference that is applicable, replicable, and advancement-oriented.
The book includes more than 10 typical extraction orthodontic cases, covering adult dental protrusion, bimaxillary protrusion, skeletal Class II deep overbite, and asymmetric extraction retreatment cases. From initial diagnosis and treatment assessment to treatment planning, from attachment design to overcorrection considerations, each critical decision point presents the attending physician's complete thought process.
04/
CanSino Biologics Holds 2025 Scientific Advisory Board Meeting
Qiming Venture Partners portfolio company CanSino Biologics (688185.SH, 06185.HK) held its 2025 Scientific Advisory Board academic meeting in Tianjin. The meeting focused on the latest progress of CanSino Biologics' key R&D pipelines, with in-depth exchanges on vaccine design, clinical strategy, and regulatory requirements across different countries — further strengthening the strategic direction of advancing global public health through scientific innovation.
The meeting focused on R&D progress and next-phase plans for multiple key projects including tuberculosis vaccine, pneumococcal vaccine, pediatric DTcP combination vaccine, adolescent and adult Tdcp combination vaccine, and the mRNA technology platform. Participants engaged in thorough exchanges of views on key topics such as immunization schedule optimization and clinical study design.
05/
Rainbow Medical Respacio® Radiotherapy Absorbable Hydrogel Spacer Featured at American Society for Radiation Oncology Annual Meeting
At the 67th American Society for Radiation Oncology Annual Meeting (ASTRO 2025), a research team led by Professor Fuquan Zhang and Professor Junfang Yan from Peking Union Medical College Hospital, Chinese Academy of Medical Sciences, presented a study. The study used Respacio®, an absorbable hydrogel spacer developed by Rainbow Medical, a Qiming Venture Partners portfolio company, and provided robust Phase 3 clinical data confirming its efficacy and safety in cervical cancer radiotherapy.
As one of the most cutting-edge international advances in cervical cancer radiotherapy, this research attracted significant attention from overseas clinical experts, who gave high praise to the product's innovation and substantial clinical value. The study has been published in the International Journal of Radiation Oncology, Biology, Physics, a leading international journal in radiation oncology and the official journal of the American Society for Radiation Oncology (ASTRO).
Corporate Honors
Qiming Venture Partners Portfolio Companies and CEOs Named to 2025 China AI Industry Innovation Pioneer List
Recently, Diyixinsheng released its 3rd AI Innovation Pioneers — 2025 China AI Industry Innovation Pioneer List. The list aims to provide comprehensive insights into the current state of AI industry development, sector landscape, application trends, and emerging opportunities, identifying exceptional companies with cross-cycle, high-growth potential that have garnered investor attention and customer recognition.
The list comprises three categories: comprehensive ranking, industry ranking, and case study ranking. Qiming Venture Partners portfolio companies Zhipu AI, Galaxy Universal, and StepFun were named to the China AI Pioneer Enterprises TOP30; Zhipu AI, Zhihu (NYSE: ZH, 02390.HK), and Meitu (01357.HK) were named to the China Most Popular AI Innovative Products TOP30; Biren Technology and Infinigence AI were named to the China AI Infrastructure Innovation Enterprises TOP20; Zhipu AI, StepFun, and Shengshu Technology were named to the China AI Large Model Innovation Enterprises TOP20; Zhipu AI was named to the China General AI Agent Innovation Enterprises TOP10; StepFun was named to the China Vertical AI Agent Innovation Enterprises TOP30; UBTECH (09880.HK), Galaxy Universal, and Tashi Zhihang were named to the China Embodied Artificial Intelligence Innovation Enterprises TOP20; Transwarp Technology (688031.SH) was named to the China Data+AI Innovation Enterprises TOP15; and Zhipu AI CEO Peng Zhang, Tashi Zhihang Founder and CEO Yilun Chen, StepFun Founder and CEO Daxin Jiang, UBTECH Founder, Chairman and CEO Zhou Jian, Infinigence AI Co-founder and CEO Lixue Xia, and WeRide (NASDAQ: WRD) Founder and CEO Tony Han were named to the China AI Industry Pioneer CEOs TOP30.
Past Coverage
Qiming Weekly | Qiming Venture Partners Portfolio Companies: Funding and Updates Vol. 36, 2025
Qiming Venture Partners was founded in 2006. The firm currently manages 11 USD funds and 7 RMB funds, with total assets under management reaching $9.5 billion. Since its inception, Qiming Venture Partners 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 companies, 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 companies have become recognized unicorns or super-unicorns.
Many Qiming Venture Partners 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), UBTECH (09880.HK), WeRide (NASDAQ: WRD), HyperStrong (688411.SH), Insta360 (688775.SH), Unisound (09678.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), Berry Genomics (000710.SZ), SinoCellTech (688520.SH), Yuanxin Technology, Insilico Medicine, MediLink Therapeutics, LaNova Medicines, Zhipu AI, StepFun, Biren Technology, and others.