Qiming Venture Partners Weekly | Portfolio Company Updates and Funding News Vol. 41, 2025
Staying with you through milestone moments for Qiming Venture Partners portfolio companies
Editor's Note: The "Qiming Weekly" column publishes 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 founders, and we invite you to join us in marking the milestone moments of our portfolio companies.
Funding News
01/
Ronghe Medical Closes Nearly RMB 100 Million Series B Round
Ushering in a New Era of Respiratory Interventional Therapy
Recently, Ronghe Medical Technology (Zhejiang) Co., Ltd. announced the completion of its Series B financing round. Led by Qiming Venture Partners, the proceeds will accelerate clinical adoption, regulatory approvals, and commercialization of its globally first-of-its-kind "real-time electromagnetic navigation-guided bronchial rheoplasty" technology, further advancing innovation in chronic obstructive pulmonary disease (COPD) interventional therapy and cracking open the "black box" of COPD treatment.
According to WHO data, COPD ranks as the third leading cause of death worldwide. In 2024, China included it in its national public health program management. Yet existing drug therapies offer limited efficacy, leaving substantial unmet clinical demand. Ronghe Medical's self-developed Yakexia® (Breeze One®) "real-time electromagnetic navigation pulsed field ablation system" received FDA Breakthrough Device Designation in April 2025, marking a significant milestone for China's respiratory interventional therapy sector on the global stage.
Ye Ping, founder of Ronghe Medical, stated: "Qiming Venture Partners and HETANG Venture Capital, both widely respected top-tier investment institutions, have recognized and supported Ronghe Medical. This fully reflects the strength of our original innovative technology and its significant clinical value. Ronghe Medical will remain committed to exploring the mysteries of life, expanding, extending, and deepening our core original innovations, translating these advantages into brand influence and momentum for a healthier ecosystem, democratizing advanced science and technology, and creating valuable outcomes for clinicians and patients."
Auston Zhang, Partner at Qiming Venture Partners, commented: "Ronghe Medical has achieved genuine original innovation in COPD interventional therapy. Its technology offers not only clear clinical mechanisms and significant efficacy advantages but also demonstrates 'Intelligent Made in China' technological competitiveness on a global scale. We are optimistic about the company's platform value and global market potential in respiratory disease interventional therapy, and believe Ronghe Medical will create exceptional value for industry development and social welfare."
02/
Pushi Lihua Closes Nearly RMB 100 Million Series B Round
Accelerating Global Expansion of Near-POC Molecular Diagnostics
Recently, Pushi Lihua announced the completion of its Series B financing, with continued investment from Qiming Venture Partners and others. With this round's support, the company will strengthen overseas market expansion and scaled supply capabilities, enhance platformization and industrialization, and bolster stability and resilience across applications.
As an innovative in vitro diagnostics company focused on "enabling high-performance, low-cost, rapid and portable health testing anytime, anywhere," Pushi Lihua is dedicated to driving the democratization and global accessibility of near-POC molecular diagnostics through technological innovation.
The company's self-developed RHAM (RNase Hybridization-Assisted Amplification) isothermal amplification technology enables rapid, sensitive, and specific molecular diagnosis in a single-tube reaction, combining PCR-grade sensitivity with the convenience of antigen testing — providing the technical foundation for molecular diagnostics to move from central laboratories to grassroots and community settings.
Building on this technology, Pushi Lihua has developed the MiniDock molecular diagnostics platform and multiple series of配套试剂卡, covering tuberculosis (TB), sexually transmitted infections (STIs), human papillomavirus (HPV), respiratory infections, and pet health, among other areas. With its performance and portable design, MiniDock has already been deployed in multiple countries and integrated into relevant public health partnership programs.
Major Partnerships
01/
2025 Shangyue Annual User Conference Successfully Held in Hangzhou
New Clients, Existing Clients, and Ecosystem Partners Sign Deals in Concentrated Round
Recently, Qiming portfolio company Shangyue held its 2025 Annual User Conference in Hangzhou. With the theme "AI Reconstructing Procurement Value," the conference gathered hundreds of procurement executives, CIOs, top procurement specialists, and technology leaders from leading enterprises across industries. Attendees engaged in in-depth discussions on core topics including "AI-Driven Procurement Transformation," "Intelligent Procurement Platform Implementation," and "Enterprise Cost Reduction and Globalization Challenges," helping enterprises seize opportunities and reshape procurement value under AI-driven paradigms.
At the conference, Feng Miao, founder and CEO of Shangyue, delivered a keynote speech titled "AI Reconstructing Procurement Value." Drawing on practices from 11 benchmark clients including China Mengniu Dairy, Li-Ning, Hisense, and China Resources MixC, Miao demonstrated the full-chain upgrade of enterprise procurement digital intelligence. He stated that Shangyue is driving procurement system innovation and enterprise competitiveness enhancement with cost reduction as the foundation, AI as the engine, and globalization as the horizon.
During the conference, Shangyue signed concentrated agreements with new clients, existing clients, and ecosystem partners: Checun Coal Industry Materials Company partnered with Shangyue to launch a materials information-based procurement platform project, aiming to drive breakthroughs in procurement efficiency and cost control through digital intelligence technology; Tsingtao Brewery, building on years of deep collaboration, reached an agreement to deepen cooperation; Rukang Group expanded its cooperation scope with Shangyue to launch a new phase of its "Procurement Digital Intelligence Project," jointly exploring new technologies and models; Zhuochuang Information reached an ecosystem service partnership with Shangyue, aiming to achieve the perfect fusion of "data + technology" to help enterprises achieve cost control and risk early warning in bulk commodity procurement; Taobao Enterprise Purchase reached an ecosystem partnership with Shangyue, integrating Taobao Enterprise Purchase's quality supply capabilities with Shangyue's procurement platform's full-process intelligent optimization capabilities to deliver "1+1>2" synergistic value for enterprises. This concentrated round of signings reflects the industry's recognition of and expectations for the "AI Reconstructing Procurement Value" concept, and represents a vote of confidence in Shangyue's AI solutions and their implementation capabilities across various complex procurement scenarios.
02/
Hesai Technology LiDAR Powers "Highway Maglev" Deepal L06 Official Launch
Recently, the "long-range magnetorheological laser intelligent coupe" Deepal L06 officially launched. The new model comes in four trim levels, with a starting price of RMB 132,900. Within just one hour of the pricing announcement, cumulative orders for the Deepal L06 had already surpassed 20,000 units.
The new model comes standard with Qiming portfolio company Hesai Technology (NASDAQ: HSAI, 02525.HK) LiDAR and two Horizon Robotics J6M chips, and makes its debut with the Deepal AD Max intelligent driving assistance system. Using a one-stage end-to-end intelligent driving assistance algorithm similar to Tesla's, it achieves seamless integration from perception to control. With a dataset of 30,000+ Chinese road scenarios, it builds a "beginner-friendly intelligent assisted driving system" covering highway, urban, and parking scenarios, easily delivering a driving experience of "drive on any road, park in any spot." Combined with 30+ standard active safety features, whether navigating unprotected intersections in complex urban environments or executing one-touch parking in tight spaces, the Deepal L06 delivers precise judgment and smooth vehicle control, allowing novice drivers to handle situations with the composure of a "veteran driver" — truly saying goodbye to the anxieties of getting on the road and the difficulties of parking.
Going forward, Hesai Technology will continue to work closely with Deepal to bring the convenience and safety of intelligent mobility to more users.
03/
Hesai Technology LiDAR Powers Great Wall Motor's Ora Brand First All-Electric SUV, Ora 5, Opens for Pre-Order
Recently, Great Wall Motor's Ora brand announced that its new A-class all-electric SUV, the Ora 5, has officially opened for pre-order. The lineup includes five variants with a pre-order price range of RMB 109,800 to RMB 142,800. Among them, the 480km LiDAR Edition and 580km LiDAR Edition are both equipped with LiDAR from Qiming Venture Partners portfolio company Hesai Technology (NASDAQ:HSAI, 02525.HK).
On the intelligence front — a key priority for young consumers — the Ora 5 features Great Wall Motor's full-stack self-developed Coffee Pilot Ultra advanced driver-assistance system. Leveraging 27 perception sensors including LiDAR, it achieves full-scenario NOA without relying on high-definition maps, while supporting cross-floor memory parking and over 200 parking scenarios, delivering a best-in-class driving experience.
As Great Wall Motor's first all-electric SUV, the Ora 5's pre-order launch marks not only a pivotal step in the Ora brand's revitalization, but also signals clear ambition for its global product strategy. Going forward, Hesai Technology will continue its close collaboration with Great Wall Motor's Ora brand to jointly advance the democratization of LiDAR technology, bringing consumers smarter, safer, and more efficient mobility choices.
04/
CIX Technology Partners with Ecosystem Players to Demo On-Device Deployment of Baidu's Ernie Foundation Model
Recently, an offline workshop titled "High-Efficiency Heterogeneous Computing Power: Practical Deployment of Ernie and PaddlePaddle Models on CIX P1" — jointly hosted by Baidu's Ernie Foundation Model, PaddlePaddle Galaxy Community, Arm China, and Qiming Venture Partners portfolio company CIX Technology — successfully concluded in Shanghai. CIX Technology joined forces with industry partners to showcase powerful edge AI solutions based on its CIX P1 processor on-site, offering developers building next-generation intelligent hardware deep insights into performance, energy efficiency, and commercialization practices.
To lower development barriers and accelerate AI application innovation, CIX Technology has assembled a rich repository of model resources in ModelHub, comprehensively covering domains from CV to LLM. Developers can flexibly invoke these pre-adapted models to rapidly build and implement diverse edge and on-device scenario applications, significantly reducing the barrier to entry.
At the event, CIX Technology AI technical expert Tian Yang delivered a hands-on sharing session on on-device large model deployment. He provided an in-depth analysis of the challenges in deploying AI models at the edge, with a focused interpretation of efficient LLM on-device deployment solutions based on the CIX P1 processor. Using the "Radxa Orion O6" development kit equipped with an Armv9 CPU, Arm Immortalis GPU, and Arm China's self-developed "Zhouyi" NPU IP, he demonstrated live how to deploy the Ernie Foundation Model and PaddleOCR model locally, and shared practical experience in AI development, exploring the "chip" ecosystem of on-device AI applications together with developers.
05/
Tigermed Enables Approval of GLP-1RA Weekly Formulation Peidekang®
Recently, an announcement on the National Medical Products Administration (NMPA) website revealed that vipeglenatide injection (Peidekang®), a Class 1 innovative drug independently developed by PegBio, has been officially approved for marketing for the treatment of type 2 diabetes (T2DM). This represents not only a significant innovative achievement for China in the metabolic disease treatment field, but also a key step forward in diabetes prevention research and pharmaceutical成果转化 under the implementation of the Healthy China Initiative.
Throughout the entire journey of vipeglenatide from Phase I exploratory studies to Phase III pivotal trials, Qiming Venture Partners portfolio company Tigermed Group and its subsidiary观合医药 team, drawing on their deep expertise in biomedical R&D, global multi-center clinical operations capabilities, and profound insights into the GLP-1 field, provided end-to-end support encompassing clinical operations, central laboratory services, project management, and third-party auditing.
During clinical development, Tigermed Group and its subsidiary观合医药 fully leveraged their professional strengths. Supported by a comprehensive multi-center clinical operations network, they efficiently completed site activation, patient recruitment, and study execution, ensuring the timeliness and completeness of clinical data. Drawing on extensive experience in both large and small molecule drug development, they provided customized solutions tailored to the drug molecule's characteristics and mechanism of action. Through their central laboratory's internationally recognized testing technologies, standard operating procedures, and rigorous quality control systems, they delivered integrated services including biological sample testing and biomarker analysis. Meanwhile, through verification of protocol compliance, data record completeness, and project regulatory adherence, they ensured full-process compliance with regulatory requirements.
06/
HyperStrong and LEAG Clean Energy Sign 1.6 GWh German Energy Storage Project
Recently, Qiming Venture Partners portfolio company HyperStrong (688411.SH)'s German subsidiary, HyperStrong International (Germany) GmbH, formally signed an agreement with LEAG Clean Energy GmbH. The two parties will jointly build a large-scale energy storage project with a capacity of 1.6 GWh in Germany, which upon completion will rank among Europe's largest battery energy storage facilities.
The project, named "GigaBattery Boxberg 400," is a key component of LEAG's "Gigafactory" strategic plan. As a comprehensive renewable energy hub integrating photovoltaic and wind power generation, energy storage, and hydrogen-compatible power plants, the "Gigafactory" strategy carries LEAG's core mission of building a reliable, sustainable, and secure energy supply system for Germany — and this energy storage project's implementation represents an important practice of that mission.
The Boxberg project will adopt HyperStrong's 4-hour energy storage system solution, built upon the company's proven HyperBlock III product. As a benchmark product validated by projects worldwide, HyperBlock III features outstanding environmental adaptability for stable operation under various climate conditions. Its integrated liquid cooling technology, intelligent energy management system, and comprehensive safety design perfectly meet the stringent requirements of European grid-scale energy storage. Once operational, the project will effectively support regional renewable energy grid integration and absorption, provide critical grid services including peak shaving and frequency regulation, and lay a solid foundation for enhancing Germany's energy supply security.
07/
Yao Medical Accompanies Shanghai Port Through Season Finale
As the 2025 Chinese Super League season enters its final stretch, Qiming Venture Partners portfolio company Yao Medical, as the official medical partner of Shanghai Port Football Club, joins the club in welcoming this season's closing stretch filled with grit and passion with professional medical services.
Yao Medical has built an event-grade, full-cycle sports medicine service system covering "prevention — emergency care — rehabilitation," providing comprehensive health protection for athletes and sports enthusiasts pursuing peak performance.
Its orthopedics, sports medicine, and rehabilitation medicine center fields a multidisciplinary team comprising orthopedic surgeons, sports medicine physicians, physical therapists, chiropractors, and other related professionals. For the broad population requiring sports rehabilitation due to daily activity injuries, sports injuries, or functional impairment, it provides targeted surgical and non-surgical treatments, alongside professional assessment, diagnosis, functional recovery, and rehabilitation therapy based on multidisciplinary collaboration.
This system serves not only professional athletes but also sports enthusiasts with high-quality medical services. Beyond sports injury prevention and treatment, and athletic performance assessment and guidance, Yao Medical also offers professional health screening programs including physical examinations and sports cardiovascular risk screening, helping identify potential risks and ensuring exercise safety.
R&D Progress
01/
Belief BioMed's Xinjiuning® Featured Again in International Journal
Recently, Qiming Venture Partners portfolio company Belief BioMed, an innovative enterprise focused on cutting-edge gene therapy, announced that clinical results from its Phase I/II and Phase III (CTR20212816) studies of Xinjiuning® (BBM-H901 injection, generic name: bovaparvovec injection) for treating adult hemophilia B, along with long-term follow-up data from an investigator-initiated trial (IIT), have been published in the international journal Nature Medicine (IF=50). The paper, titled "Factor IX Padua gene therapy in hemophilia B: phase 1/2 and 3 trials," was led by the team of Professors Lei Zhang and Renchi Yang at the Institute of Hematology & Blood Diseases Hospital, Chinese Academy of Medical Sciences.
The Xinjiuning® registration study, with its larger sample size, systematically confirmed the therapy's safety and efficacy in adult hemophilia B patients. The treatment demonstrated rapid onset and durable effects, maintaining stable expression over a five-year observation period — suggesting it could deliver swift benefits and long-term stable therapeutic outcomes for hemophilia B patients.
In April 2025, based on positive 52-week results from its pivotal Phase III trial, Xinjiuning® received formal approval from China's National Medical Products Administration (NMPA). At the 2025 APSTH conference held in Wuhan in October 2025, two-year FIX:C level data from the Xinjiuning® registration study was presented. The data showed that at 104 weeks post-treatment, the average FIX:C level among 32 subjects reached 61.3% (measured by one-stage assay using the internationally standard SynthASil reagent), remaining essentially stable at the high level seen at 52 weeks. This further supports that Xinjiuning® may provide patients with long-term, stable, high-level protective benefits.
The publication of these Phase I/II and Phase III results, combined with long-term IIT follow-up data, in Nature Medicine once again showcases Belief BioMed's innovation capabilities and R&D strength on the international academic stage. Going forward, Belief BioMed will continue to invest in innovation, guided by clinical needs, to deliver more safe and effective treatment options for patients worldwide.
02/
Changsen Pharma Completes First Patient Enrollment for Global First-in-Class Dual-Function, Dual-Target Hepatitis B Functional Cure Drug LW231 in Phase Ib/II Trial
Recently, Qiming Venture Partners portfolio company Changsen Pharma completed first patient enrollment in the Phase Ib/II multi-center clinical trial of LW231, the world's first dual-function, dual-target first-in-class drug for complete functional cure of hepatitis B.
Founded in 2012, Changsen Pharma is an innovative drug R&D company led by globally renowned experts in medicinal chemistry. The company is dedicated to developing internationally leading, globally patented innovative drugs to address unmet clinical needs. It focuses on innovative drug development and commercialization in anti-immunology/antiviral, immuno-oncology, and autoimmune disease areas, with multiple self-developed small-molecule innovative drug programs (FIC, first in class), several of which have entered clinical trials. Core products have demonstrated internationally leading clinical evaluation metrics, with the potential to become major breakthroughs in their respective fields**.**
Product Launch
Zhipu AI Upgrades GLM Coding Plan: New Speed, New Capabilities, Same Generous Limits
Recently, Qiming Venture Partners portfolio company Zhipu AI upgraded the GLM Coding Plan benefits once again, further enhancing the ultimate smooth programming experience for every developer.
After the upgrade, speed has been further improved: based on speed tests conducted over the past week, the Zhipu AI coding plan averaged over 140 tokens/s across all tests, with over 90% of requests exceeding 95 tokens/s — placing it among the top domestic programming experiences. A new "web retrieval" MCP has been added: users can quickly access web information and conveniently scrape and translate content; Zhipu AI has also opened MCP call trial packages for Lite users, allowing all plan subscribers to experience the convenience of exclusive MCP tools.
Technology & Capabilities
01/
WeRide Robotaxi Secures Switzerland's First Driverless License
Recently, Qiming Venture Partners portfolio company WeRide (NASDAQ: WRD, 00800.HK), a global leader in autonomous driving technology, announced that its Robotaxi has officially received a driverless license from Switzerland's Federal Roads Office (FEDRO), permitting fully unmanned operations on public roads in the Furttal region of Zurich — the first such license issued in Switzerland.
This makes WeRide the only company globally whose products hold autonomous driving licenses in eight countries: Switzerland, China, the UAE, Saudi Arabia, Singapore, France, Belgium, and the United States — marking another milestone in the company's global strategic expansion.
Under the permit, WeRide's Robotaxi will conduct fully unmanned commercial operations as a key component of the iamo (Intelligent Automated Mobility) pilot project. The iamo pilot, led by Swiss Transit Lab (STL) in collaboration with the cantons of Zurich and Aargau and Swiss Federal Railways (SBB), aims to explore how autonomous vehicles can be integrated into public transit systems to improve local mobility, strengthen first/last-mile connectivity, and promote more efficient, sustainable transportation. The project will cover an operating area of approximately 110 kilometers with roughly 460 stops along the route, at speeds of up to 80 km/h.
After extensive on-the-ground preparation with its partners, WeRide has collaborated with a local driving school to begin autonomous driving tests with safety drivers on board. Testing covers multiple areas in Furttal, including Boppelsen, Otelfingen, Buchs, Dänikon, Würenlos, Killwangen, Hüttikon, Dällikon, and Regensdorf. During this phase, WeRide's Robotaxi will undergo multiple rounds of adaptive autonomous driving tests under varying traffic and weather conditions to ensure full compliance with Swiss road regulations.
Following successful completion of testing with FEDRO, WeRide's Robotaxi will launch driverless testing, with remote monitoring conducted by Eurobus, Switzerland's largest private bus operator, from a central support center.
Once mandatory requirements including accumulated mileage are met, WeRide plans to officially open its Robotaxi driverless service to the Swiss public in the first half of 2026, and will gradually integrate its Robobus autonomous minibuses into the operating fleet, creating Switzerland's first mixed autonomous fleet combining Robotaxi and Robobus to provide residents with more diverse mobility options.
02/
Yunji Technology's Retail AI Agent Debuts at CCFA
Recently, the CCFA New Consumption Forum — 2025 China International Retail Innovation Conference, widely regarded as a "retail industry gala," was held at the Shanghai International Convention Center. The event brought together numerous industry giants and over 2,000 professionals to explore new opportunities in a saturated market. Qiming Venture Partners portfolio company Yunji Technology (02670.HK) showcased its retail AI agent AISHOP, which became one of the most popular attractions on site through its high-frequency real-time interactions, demonstrating how robots can inject new vitality into retail.
Yunji Technology brought not a single robot, but an entire "robot service squad": 1) The UP delivery robot nimbly shuttled through the exhibition hall, handing out small items to visitors, showcasing its autonomous navigation and obstacle avoidance capabilities; 2) The cart robot, with its "big belly" full of beverages, circled the venue simulating online order fulfillment scenarios; 3) The inspection robot served as an "intelligent housekeeper," monitoring shelf status in real time. The robot team worked seamlessly together, vividly demonstrating how AISHOP completes delivery, transport, and inspection tasks in real supermarkets, drawing crowds to stop and interact.
AISHOP's popularity stems from its insight into "real needs" and solving "real problems": employees no longer need to run themselves ragged with inventory checks, as the cart robot automatically transports entire orders; out-of-stock and misplaced items become a thing of the past, with inspection robots detecting and alerting in real time; customers enjoy a smoother experience, while staff can focus on higher-value services. Currently, Yunji Technology's retail AI agent has been deployed in multiple regional and national supermarket chains including RT-Mart, Rainbow, Chaoshifa, Jingkelong, Chengde Kuanguang, and Zhengzhou Huayu Baijia, becoming the "new smart colleague" for more and more supermarkets and helping them improve efficiency and quality.
Corporate Honors
01/
HyperStrong Named to "China Electrical Industry Top 100," Leading High-Quality Energy Storage Development
Recently, the 21st China Electrical Industry Development Forum and the release ceremony for the "25th China Electrical Industry Top 100 Research" were held in Beijing. Qiming Venture Partners portfolio company HyperStrong (688411.SH) was once again selected for the "China Electrical Industry Top 100" based on its outstanding comprehensive strength, robust performance growth, and deep technical accumulation, continuing to set the benchmark for high-quality development in the electrical sector.
As a representative enterprise of China's electrical industry, HyperStrong has focused on the energy storage field for fourteen years, experiencing the industry's entire journey from demonstration applications to scaled development. The company has achieved deep integration of industrialization and commercialization across diverse application scenarios including independent energy storage power stations, source-grid-load-storage integration, solar-storage fusion, charging-storage, mining, and oil fields, exploring an innovative "Energy Storage + X" business model.
02/
DeepWise Wins 10th Smart University CIO "Lingyun Award"
Recently, the 10th Smart University CIO Changsha Forum opened successfully. Hosted by the Smart University CIO Organizing Committee, Hunan Higher Education Association Computer Education Professional Committee, Jiangxi Provincial University Educational Informatization Society, Jiangxi Provincial Key Laboratory of Cybersecurity Intelligent Perception, Cloud University, and others, the forum gathered university informatization leaders, educational technology experts, and industry-leading enterprises from across the country to discuss new pathways for digital transformation in education and AI integration. Qiming Venture Partners portfolio company DeepWise was invited to attend, joining guests in discussing cutting-edge achievements and experiences in AI-empowered education, data governance, future teaching spaces, and cybersecurity.
At the forum, the 10th Smart University CIO "Lingyun Award" ceremony was held as one of the major highlights. The Lingyun Award brings together professionals from industry education associations, smart university expert committees, media institutions, and other fields, aiming to recognize institutions and individuals who have made outstanding contributions to smart university construction and establish industry benchmarks. DeepWise won the Smart University AI Teaching and Research Application Excellence Award for the exemplary leadership its Bohr platform has demonstrated in the university informatization field.
03/
Four Qiming Venture Partners Portfolio Companies Selected for 2025 NetEase Future Awards Annual AI List
Recently, the 2025 NetEase Future Conference opened in Hangzhou, with the annual NetEase Future Awards officially announced. This year's awards selected the Top 10 Most Influential AI Enterprises, Top 10 Embodied AI Pioneer Enterprises, Top 10 AI Agent Innovative Enterprises, and Top 10 Most Influential AI Figures. Qiming Venture Partners portfolio companies Zhipu AI, Galaxy Universal, UBTECH (09880.HK), and StepFun were all selected.
The NetEase Future Awards noted that these enterprises and individuals are not only focal points for venture capital and industry attention, but have also largely shaped the trajectory of China's AI development. This list is both a record of the past year's industrial landscape and a reflection of the directions most likely to see sustained investment and breakthroughs in the coming years.
Previous Issues
Qiming Weekly | Qiming Venture Partners Portfolio Company Financing and Updates Vol. 40, 2025
Founded in 2006, Qiming Venture Partners currently manages 11 USD funds and 7 RMB funds, with total assets under management of $9.5 billion. Since its 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 companies, of which more than 210 have gone public on the New York Stock Exchange, NASDAQ, Hong Kong Exchanges and Clearing Limited, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through mergers and acquisitions. 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), Hesai Technology (NASDAQ: HSAI, 02525.HK), UBTECH (09880.HK), WeRide (NASDAQ: WRD, 00800.HK), 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), Sinocelltech (688520.SH), Arbutus Biopharma, Yuanxin Technology, Insilico Medicine, MediLink Therapeutics, LaNova Medicines, Zhipu AI, StepFun, Biren Technology, and others.