Qiming Weekly | Qiming Venture Partners Portfolio News and Updates Vol. 46, 2025
Celebrating milestone moments with 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 deserves to be recorded. Qiming Venture Partners will continue to accelerate and empower entrepreneurs, and we invite you to join us in marking the milestone moments of our portfolio companies.
IPO
Global AI Drug Discovery Leader Insilico Medicine Successfully Lists on Hong Kong Exchanges and Clearing Limited
On December 30, 2025, Beijing time, Qiming Venture Partners portfolio company and global leading AI drug discovery firm Insilico Medicine successfully listed on the Hong Kong Stock Exchange, becoming the largest biotech IPO in Hong Kong's 2025 market. Insilico Medicine (03696.HK) priced its shares at HK$24.05, opened at HK$35.00, and reached a market capitalization of HK$19.51 billion.
In 2019, Qiming Venture Partners led Insilico Medicine's Series B round and continued to support the company through its Series C and D rounds. Prior to the IPO, Qiming held approximately 7% of Insilico Medicine's shares, making it one of the company's most significant institutional investors.
Dr. Alex Zhavoronkov, founder, CEO, and Chief Business Officer of Insilico Medicine, said: "Insilico Medicine is dedicated to extending healthy human lifespan, and this listing will provide more resources to advance that mission. Over the past few years, we have validated our end-to-end AI-enabled capabilities from target discovery to molecular generation, and through to preclinical and clinical stages. Going forward, we will continue to increase investment in our AI platform and innovative pipeline, accelerating more globally differentiated projects into the clinic to bring truly accessible, affordable, and breakthrough treatments to patients worldwide."
Dr. Kan Chen, Partner at Qiming Venture Partners and Co-Head of Healthcare Innovation, said: "Our investment in Insilico Medicine was based on a simple conviction — that AI would profoundly transform the path and efficiency of drug R&D. When we decided to invest in 2019, we were drawn to the team's frontier exploration at a time when generative AI was not yet widespread. Today, through preclinical validation and pipeline licensing, Insilico Medicine's value in AI-driven drug discovery is gradually materializing. Looking ahead, we expect AI to not only empower early-stage R&D but also meaningfully accelerate clinical-stage processes, bringing new medicines to patients sooner."
Funding News
01/ DeepWise Completes Series C Round Exceeding RMB 800 Million
Recently, Qiming Venture Partners portfolio company DeepWise completed a Series C round exceeding RMB 800 million. The proceeds will primarily be used to continue attracting and cultivating top industry talent, further evolving DeepWise's "Intelligent Engine for Scientific Discovery," solidifying its full-stack capabilities from foundational technology innovation to intelligent research tools, products, and industry solutions, and accelerating the market expansion and scaled application of intelligent products and services for scientific discovery across basic research, life sciences, materials science, and other fields. The completion of this financing marks a solid step forward for DeepWise in building a new-generation intelligent engine for scientific discovery.
Linfeng Zhang, founder and Chief Scientist of DeepWise, said: From DeepWise's perspective, AI for Science is not merely an emerging track, but an infrastructure project for scientific discovery spanning the coming decades. From the DeepPotential Universe® large model system to research platforms and solutions for different domain scenarios, and onward to domain-specific AI scientists like PharmMaster and MatMaster, DeepWise has consistently focused on long-term investment around "real scientific problems" and "real industrial needs." What DeepWise aims to build is a self-consistent, operable intelligent engine for scientific discovery — one where AI serves not merely as an accelerator for individual steps. Through this round of financing, DeepWise will further concentrate on enhancing this engine's usability and evolutionary capacity in real research scenarios, on one hand driving the continuous emergence of cutting-edge scientific capabilities, and on the other accelerating its deployment in critical fields such as life sciences and materials science, fostering the continuous emergence of "AI scientists" across various domains.
Weijie Sun, founder and CEO of DeepWise, said: This financing round comes at a critical juncture when the country is deeply implementing the "AI+" initiative and AI for Science has been elevated to the forefront of global technological competition. It represents both recognition of DeepWise's progress to date and an entrustment of our mission for the next phase. Going forward, DeepWise will continue to uphold its vision of "accelerating scientific discovery, unlocking scientific value," with the long-term goal of building "AI scientists" and "intelligent systems for scientific discovery," further accelerating value creation from AI for Science in basic research and industrial R&D. We will strive to grow into a technology company originating from China and leading the world, enabling the new generation of intelligent scientific infrastructure to exert greater international influence.
02/ Synovate Bio Completes Tens of Millions of RMB in Series A+ Round
Recently, Qiming Venture Partners portfolio company and life sciences automation leader Synovate Bio announced the completion of a Series A+ round of tens of millions of RMB. The proceeds will primarily be used to deepen core AI model and algorithm R&D, and to upgrade its leading automated workstation and instrument product lines, further driving the comprehensive implementation and continuous optimization of intelligent laboratories.
Distinguishing itself from traditional laboratory integrator models, Synovate Bio is firmly committed to a hard-tech development path of "AI + automation equipment + fully independent manufacturing." With proprietary AI models as its intelligent core, the company has achieved closed-loop production across the entire chain from core component R&D, precision machining, to complete machine assembly, deeply integrating intelligent algorithms into the full product R&D and manufacturing process — thereby ensuring technological leadership and system reliability.
Zhu Bin, founder of Synovate Bio, said: "True intelligence goes beyond simply replacing human labor. It is about deeply empowering through AI, reshaping R&D to make product quality higher and more stable, achieving high-quality scale-up. The core innovation of Synovate Bio's 'Intelligent Laboratory' system lies in constructing a deep closed loop of 'AI agent + automated experimental platform.' This system provides end-to-end intelligent support for scientific research from hypothesis generation, protocol design, to experimental optimization, building a closed-loop system of 'data-driven — autonomous decision-making — iterative evolution' that enables laboratories to continuously self-optimize."
Major Partnerships
01/ UBTECH to Acquire 43% Stake in Fenglong Co. for RMB 1.665 Billion
Recently, Qiming Venture Partners portfolio company and "first humanoid robot stock" UBTECH (09880.HK) announced a plan to acquire 93,957,518 shares of Shenzhen Stock Exchange-listed Fenglong Co. (002931.SZ), representing 43% of Fenglong's total shares, through a combined "agreement transfer + tender offer" approach. According to the announcement, the share transfer price and tender offer price in this control change transaction are both RMB 17.72 per share (a 10% discount to Fenglong's pre-suspension closing price of RMB 19.68 on December 17), bringing the total consideration to RMB 1.665 billion.
UBTECH focuses on intelligent robots, particularly the R&D, design, manufacturing, and commercialization of humanoid robots; while Fenglong Co., as a specialized and sophisticated "little giant" and high-tech enterprise, has long been deeply engaged in the R&D and manufacturing of lawn mowers and other garden machinery, engines, hydraulic control systems, and automotive parts, possessing solid precision manufacturing capabilities, mature supply chain systems, and extensive customer foundations. The synergistic complementarity between the two parties' businesses will lay a solid foundation for subsequent industrial integration and development.
This strategic acquisition represents an important measure for UBTECH to complete its industrial chain layout and strengthen core competitiveness. Going forward, UBTECH will leverage its technological advantages and commercialization experience in humanoid robots, combined with Fenglong Co.'s manufacturing and supply chain capabilities, to deepen industrial synergy and continuously drive the industrialization of humanoid robot technology.
02/ Yunji Technology Partners with Star River Hotel Management for AI-Powered Upgrades
Recently, Yunji Technology, a Qiming Venture Partners portfolio company and domestic leader in intelligent service robots, partnered with Star River Hotel Management for an AI-powered upgrade. Centered on its pioneering hotel intelligent agent HDOS, Yunji is helping Star River Hotel Management take a critical step in digital development and jointly exploring a new paradigm for intelligent operations at upscale hotels.
To advance digital-intelligent hotel construction, Star River Hotel Management has gradually introduced Yunji Technology's "Hotel Intelligent Agent HDOS Solution" across multiple properties nationwide. The solution integrates AI-powered intelligent voice interaction, robotic delivery services, and smart vending cabinets, building an intelligent infrastructure that covers full scenarios of guest services, internal management, and daily operations. This initiative improves service efficiency and guest experience while pushing the hotel's intelligent applications from single-point pilots toward multi-scenario coordination.
Zhang Baoxing, General Manager of Star River Hotel Management, stated that digitalization is the core engine for high-star hotels to build differentiated competitiveness, and the prospects for this partnership are boundless. Going forward, both parties will deepen strategic synergy, using operational data accumulated through HDOS as a core driver to empower precise management decisions — optimizing scheduling efficiency, achieving zero-waste material reserves, and unlocking entirely new revenue growth curves.
03/
Zhipu AI's GLM-4.7 Launches on Infinigence-AI Cloud Platform
Recently, Zhipu AI, a Qiming Venture Partners portfolio company, released its latest flagship GLM series model, GLM-4.7, which has completed listing on Infinigence-AI, another Qiming Venture Partners portfolio company's AI cloud platform. Compared to its predecessor GLM-4.6, GLM-4.7 achieves systematic upgrades across coding capability, interactive experience, and complex reasoning, with particularly stunning performance in code generation:
Core programming capabilities have achieved a qualitative leap, with multiple metrics reaching SOTA (State-of-the-Art) levels among open-source models, significantly improving the model's effectiveness in multi-language coding and terminal intelligent agents. It can also implement a "think first, act later" mechanism in programming frameworks including Claude Code, TRAE, Kilo Code, Cline, and Roo Code, delivering more stable performance on complex tasks. It advances further in complex reasoning tasks, with stronger and more stable mathematical and reasoning capabilities. It achieved 42.8% on the HLE ("Humanity's Last Exam") benchmark, a 41% improvement over GLM-4.6, surpassing GPT-5.1. GLM-4.7 achieved major breakthroughs in tool calling and multi-step task execution, with more efficient tool calling, scoring 67.5 on the BrowseComp web task evaluation; it achieved an open-source SOTA of 87.4 on the τ²-Bench interactive tool calling evaluation, surpassing Claude Sonnet 4.5. Aesthetic capabilities improved substantially, with clear progress in front-end generation quality, enabling the creation of more visually appealing webpages, PPTs, and posters. General capabilities were enhanced in parallel — GLM-4.7's dialogue is more concise, intelligent, and personable, with writing and role-playing becoming more literary and immersive.
04/
Hesai Technology's Solid-State LiDAR Secures Meituan Drone Design Win
Recently, Hesai Technology (NASDAQ: HSAI; 02525.HK), a global LiDAR leader and Qiming Venture Partners portfolio company, announced a strategic partnership with Meituan (03690.HK) Drones. Hesai Technology's second-generation pure solid-state perception and positioning LiDAR, FTX, has officially secured a mass production design win from Meituan Drones. This collaboration not only achieves deep integration of LiDAR technology with low-altitude logistics scenarios, but also marks an important breakthrough as two industry-leading companies join forces to advance the industrialization of the low-altitude economy.
Meituan Drones has deployed an integrated low-altitude air network in Shanghai combining autonomous-flight drones, intelligent transfer airports, and intelligent dispatch systems, advancing drone delivery from "point-to-point" route exploration to a "city-scale air network" phase. Meituan Drones' low-altitude routes and takeoff/landing points are being transformed into the city's "new streets" and "new intersections," redefining urban efficiency standards through fully automated ground-air meal pickup and delivery. In high-density low-altitude traffic environments, LiDAR's 3D perception capability has become one of the core technical supports for ensuring safe passage. Hesai Technology's pure solid-state perception and positioning LiDAR FTX offers resolution improved by over 2× compared to the previous generation, while significantly optimizing form factor — weight is reduced by 66% from the previous generation, substantially lowering drone integration difficulty and manufacturing costs. Additionally, FTX's ultra-wide field of view can precisely detect small obstacles in space, with particular enhancement of drone environmental perception capabilities at night and in adverse weather conditions such as haze. Hesai FTX is planned to begin large-scale mass production and delivery in 2026.
05/
UBTECH's 1,000th Industrial Humanoid Robot Walker S2 Rolls Off Line in Liuzhou
Recently, the roll-off ceremony for UBTECH's (09880.HK) 1,000th industrial humanoid robot Walker S2, together with the strategic cooperation agreement signing ceremony between the Guangxi Zhuang Autonomous Region People's Government and UBTECH, was grandly held at UBTECH's Liuzhou Robot Super Intelligent Factory.
According to the agreement, both parties will jointly build a hub for robot manufacturing and industrial upgrading, promote AI education popularization, accelerate development of intelligent cultural tourism, and carry out in-depth cooperation across multiple fields. This includes expanding manufacturing scale of humanoid robots and related intelligent equipment in Liuzhou, building a secure and controllable local supply chain system, promoting cross-border industrial chain collaboration and intelligent transformation of traditional industries, and jointly building an AI education hub serving ASEAN.
Continuous breakthroughs in industrial manufacturing have become the core support for UBTECH's deep roots in Liuzhou and Guangxi. Currently, the Walker S series has become the industrial humanoid robot with the most automotive factory training deployments globally. In 2025, UBTECH's industrial humanoid robot production capacity has surpassed 1,000 units, with deliveries exceeding 500 units, and plans to expand annual production capacity to the ten-thousand-unit scale in 2026.
06/
UBTECH Wins Bids Totaling Over RMB 130 Million in Two Locations
Recently, UBTECH (09880.HK), a Qiming Venture Partners portfolio company, newly won bids for the Huizhou Huiyang District Humanoid Robot Greater Bay Area Data Collection Center Project and the Hohhot Embodied Artificial Intelligence Technology Center Equipment Procurement Project, with bid amounts of RMB 59.62 million and RMB 77.80 million respectively, totaling over RMB 130 million.
In 2025, UBTECH's total humanoid robot order value has approached RMB 1.4 billion, continuing to lead the global humanoid robot industry. On December 26, UBTECH's 1,000th Walker S2 rolled off the line at the Liuzhou Robot Super Intelligent Factory, achieving thousand-unit production capacity for the full year. Annual production capacity is expected to reach the ten-thousand-unit scale in 2026.
R&D Progress
01/
Gan & Lee Pharmaceuticals' Weekly Insulin GZR4 Phase Ib Study Published in Diabetes Research and Clinical Practice
Recently, a Phase Ib clinical study of GZR4 injection, a Class 1 innovative weekly insulin formulation independently developed by Gan & Lee Pharmaceuticals, a Qiming Venture Partners portfolio company, completed in China, was officially published in the internationally renowned endocrinology journal Diabetes Research and Clinical Practice. This journal is an authoritative academic publication in global endocrinology and metabolism, with a latest 2025 impact factor of 7.4, enjoying extensive influence in the industry. The article indicates that GZR4, administered once weekly in Type 2 diabetes subjects for 6 weeks, demonstrated good safety and tolerability. Its pharmacokinetic and pharmacodynamic characteristics support its use as a once-weekly basal insulin, and GZR4 at all dose groups showed superior improvements in fasting plasma glucose (FPG), glycated hemoglobin (HbA1c), glycated albumin (GA), and time in range (TIR) compared to the insulin degludec group.
Gan & Lee Pharmaceuticals' independently developed GZR4 injection is an ultra-long-acting basal insulin weekly formulation, requiring only one injection per week to effectively and steadily control blood glucose throughout the week. GZR4 injection is expected to help diabetes patients overcome injection barriers, initiate insulin therapy earlier, optimize long-term diabetes management, and improve patient quality of life. Clinical study results show that once-weekly GZR4 injection reduced HbA1c levels in Type 2 diabetes patients comparably or superiorly to once-daily insulin degludec injection. Currently, global development of GZR4 injection has entered Phase III clinical stage.
02/
Zai Lab Announces Approval in China for KarXT (Cobenfy®), a First-in-Class Drug for Treatment of Schizophrenia
Recently, Qiming Venture Partners portfolio company Zai Lab (NASDAQ: ZLAB, 09688.HK) announced that China's National Medical Products Administration (NMPA) has approved the new drug application for xanomeline-trospium chloride capsules (Cobenfy®) for the treatment of schizophrenia in adults. Xanomeline-trospium chloride capsules represent the first schizophrenia therapy with a novel mechanism of action approved in more than 70 years, marking a fundamental breakthrough in schizophrenia treatment. Unlike conventional antipsychotics that target dopamine, xanomeline-trospium chloride capsules selectively act on muscarinic acetylcholine M1 and M4 receptors in the brain to affect core disease pathways.
Schizophrenia is a chronic, often disabling mental illness that affects how patients think, feel, and behave. Core symptoms include positive symptoms (such as hallucinations and delusions), negative symptoms (such as loss of motivation and pleasure, and social withdrawal), and cognitive symptoms (such as deficits in memory, attention, and decision-making). In China, despite available antipsychotic treatments, many patients still face insufficient symptom improvement and intolerable side effects. Dr. Rafael G. Amado, President and Global Head of R&D at Zai Lab, stated: "We are pleased that xanomeline-trospium chloride capsules have received NMPA approval, marking a breakthrough in schizophrenia treatment in China. With approximately 8 million adults living with schizophrenia in China, many continue to struggle with symptoms or side effects from existing therapies. With its broad symptom improvement and unique safety profile, xanomeline-trospium chloride capsules have the potential to redefine the treatment paradigm for schizophrenia, and we look forward to bringing this transformative therapy to patients as soon as possible."
Technology Strength
01/
Yao Medical Deeply Engages in 2025 Medical Conference
The 2025 Shanghai Medical Conference (9th National Medical Conference), guided by the Medical Engineering Translation and Health Industry Integration Committee of the Chinese Research Hospital Association, the Shanghai Social Medical Institutions Association, and other organizations, and hosted by Kan Medical Media, was successfully held in Shanghai. Qiming Venture Partners portfolio company Yao Medical, as a council member unit, was invited to participate, engaging deeply throughout multiple segments and demonstrating its comprehensive strengths as a high-quality medical institution in innovation development, specialty construction, and brand operations. At this conference, Yao Medical won two major awards: "Brand Physician Team of the Year" and "Innovative Case Study for Specialized Disease Centers."
On the stage of the 2025 Medical Conference, Yao Medical fully demonstrated its forward-looking vision and comprehensive strength as a "physician-led" high-quality medical institution through its thorough and extensive participation. Through presentations by experts including Professor Zhu Qi, Co-Chief Medical Officer and Director of the Gastroenterology Center at Yao Medical, and Dr. Yan Yiwen, Head of Yao Medical Women's Center, the institution systematically showcased its in-depth exploration in specialty capability building, service model innovation, and brand responsibility fulfillment.
02/
Fushoukang Group Attends 2025 National Long-Term Care Insurance High-Quality Development Conference
Recently, the "2025 National Long-Term Care Insurance High-Quality Development Conference," co-hosted by the China Health Insurance Research Association and Zhejiang Province Medical Security Research Association, was grandly held in Ningbo, Zhejiang. Qiming Venture Partners portfolio company Fushoukang Group, as a representative home care service provider for long-term care insurance, was invited to attend.
As a leading enterprise deeply engaged in home care services for long-term care insurance, Fushoukang Group presented its innovative "1+N+X" integrated care model at the event. Additionally, Fushoukang Group CTO Yuan Xiang and Senior Technical Director Zhou Huanqing attended the "National Long-Term Care Insurance High-Quality Development Conference — Nursing Service Supply Seminar," where they delivered keynote speeches and participated in roundtable discussions. At the "National Long-Term Care Insurance High-Quality Development Conference — Long-Term Care Insurance Fund Supervision Seminar," Fushoukang Group joined multiple industry partners in signing the "Long-Term Care Service Provider Industry Self-Discipline Initiative."
03/
Yunji Technology Selected as Beijing Key Laboratory
Recently, the "Embodied Interactive Intelligence Beijing Key Laboratory," jointly established by Beijing University of Technology, iFlytek (Beijing) Co., Ltd., and Qiming Venture Partners portfolio company Yunji Technology, was officially recognized by the Beijing Municipal Science and Technology Commission and successfully selected for the 2025 Beijing Key Laboratory list.
The establishment of the laboratory represents both an anchoring of cutting-edge directions and a vivid practice of deep "industry-academia-research-application" integration. Universities conduct forward-looking exploration, while enterprises provide scenario-based deep engagement and technology commercialization, jointly building a complete innovation chain from basic research to industrial application, from theoretical breakthroughs to market validation. Yunji Technology plays the key role of "scenario entry point and product commercialization." To date, Yunji Technology robots have provided services in nearly 40,000 scenarios globally, including hotels, commercial spaces, hospitals, and factories, with service visits exceeding 500 million in 2024.
Corporate Honors
Multiple Qiming Venture Partners Portfolio Companies Named to Deloitte China Technology Fast 50 and Rising Star Lists
Recently, the award ceremony for the Deloitte China Technology Fast 50 and Rising Star program — dedicated to identifying high-growth, continuously innovative outstanding enterprises and hailed as the "Oscars for China's high-growth enterprises" — was held. The ceremony unveiled five major lists for 2025: "China Technology Fast 50," "Resilient Growth Excellence Enterprise," "China Rising Star," "China Healthcare Rising Star," and "Healthcare Seed Award." Qiming Venture Partners portfolio companies Hongji Medical and Diluo Medical were named to the China Technology Fast 50 list; Bailingke, Jieti Medical, and Pulnovo Medical received the China Healthcare Rising Star award; Simaxu Bio received the Healthcare Seed Award.
The Deloitte Technology Fast 50 program has always been dedicated to identifying high-growth enterprises that represent the future, and is recognized as "the global benchmark for high-growth enterprises." Deloitte noted that over two decades, as global dynamics, industrial logic, and growth models have continuously evolved, technological innovation determines the future of enterprises and national competitiveness. In frontier fields such as artificial intelligence, biomedicine, and new energy, the innovative vitality of Chinese enterprises is fully flourishing.
PAST REVIEWS
Qiming Weekly | Qiming Venture Partners Portfolio Company Financing and Updates Vol. 45, 2025
Qiming Venture Partners was founded in 2006. Today, the firm manages 11 USD funds and 7 RMB funds, with total assets under management 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 has invested in more than 580 high-growth innovative enterprises. Over 210 of these have gone public on exchanges including the NYSE, NASDAQ, Hong Kong Exchanges and Clearing Limited, the Shanghai Stock Exchange, and the Shenzhen Stock Exchange, or have exited through M&A and other means. More than 80 portfolio companies have become recognized unicorns or super-unicorns.
Many of Qiming's 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, 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), Insilico Medicine (03696.HK), Argo Biopharma, Yuanxin Technology, MediLink Therapeutics, LaNova Medicines, Zhipu, StepFun, and Biren Technology.