Qiming Weekly | Top 10 Updates from Qiming Venture Partners Portfolio Companies Vol.12, 2026.4.7

Editor's Note: In 2026, the Qiming Weekly gets a refresh. Updated every week, it features ten curated highlights from Qiming Venture Partners' portfolio companies — covering funding milestones and breakthrough developments.

Every step entrepreneurs take in the tide of technology and innovation deserves to be recorded. Qiming Venture Partners will continue to accelerate and empower founders, and we invite you to follow along as we track these milestone moments together.

Funding News

01/

Tuopu Medical Closes Nearly RMB 400 Million Pre-IPO Round

Recently, Tuopu Medical, a leading Chinese high-end ophthalmic medical equipment company, completed its share restructuring and a Pre-IPO round of nearly RMB 400 million. The proceeds will strengthen the company's working capital reserves as it prepares for public listing, providing robust financial support for its upcoming IPO push, global expansion, and completion of its full product portfolio.

Including this round, Tuopu Medical has completed three consecutive funding rounds within a single year, with total equity financing exceeding RMB 1 billion. The company remains committed to high-level technological self-reliance and full supply chain independence. Beyond achieving parity and leadership in ophthalmic diagnostic and treatment equipment, it has invested heavily in medical optoelectronic innovation, key components, and landmark high-end equipment. These efforts have already yielded a number of scientific and technological breakthroughs.

Tuopu's ophthalmic surgical microscope was selected for the 2025 National High-End Medical Equipment Promotion and Application Catalog by three national ministries — the only ophthalmic equipment product to make the list. Its intraoperative swept-source OCT technology was also incorporated into the national medical insurance reimbursement catalog. With globally pioneering features like intraoperative swept-source OCT navigation, this microscope acts as a pair of "X-ray eyes" for surgeons during operations, playing a critical role in intraoperative decision-making and surgical guidance, and pushing ophthalmic surgery toward a new era of precision, intelligence, and digitization.

02/

Shize Biotech Completes RMB 500 Million Series C and C+ Rounds

Recently, Shize Biotech, a Qiming Venture Partners portfolio company specializing in clinical-grade, allogeneic, "off-the-shelf" iPSC-derived neural cell therapies for central nervous system (CNS) diseases, announced the completion of RMB 500 million in consecutive Series C and C+ market-based financing rounds — marking six consecutive years of market-based fundraising.

The proceeds will further support the advancement of multiple "China-first" and "world's-first" allogeneic iPSC-derived cell therapies into pivotal confirmatory clinical trials; enhance the company's scaled, standardized production capabilities and quality management systems for "off-the-shelf" neural cell therapies; and ensure the accessibility of Shize's universal cell therapies upon commercialization.

Founded by Dr. Li Xiang upon his full-time return to China, Shize Biotech has assembled an internationally competitive, fully dedicated, all-in team focused on iPSC-derived cell therapy R&D, covering all core aspects from research through commercialization. Core team members hail from renowned universities worldwide and leading cell therapy companies, bringing cutting-edge stem cell treatment technologies and translational expertise from both international and industry frontlines.

Major Partnerships

01/

WeRide and Grab Launch Ai.R Autonomous Ride-Hailing Service in Singapore

Recently, WeRide (NASDAQ: WRD, 0800.HK), a Qiming Venture Partners portfolio company and global leader in autonomous driving technology, and Grab, Southeast Asia's leading super app, announced the official public launch of the Ai.R (Autonomously Intelligent Ride) autonomous ride-hailing service in Singapore's Punggol district — enabling residents to experience the city-state's first autonomous public mobility service within their community.

The full public rollout of Ai.R builds upon extensive community engagement and testing. Since January 2026, over 1,000 passengers have participated in trial rides, including Punggol residents and community representatives, providing ongoing feedback to refine and optimize the autonomous service. To date, the Ai.R autonomous fleet has accumulated more than 30,000 kilometers of safe driving.

02/

Yunji Technology Announces Deep Strategic Partnerships with Four Major Hotel Groups

Recently, the 2026 Shanghai Hotel & Commercial Space Expo is underway at the Shanghai New International Expo Centre. Yunji Technology (02670.HK), a Qiming Venture Partners portfolio company, made a major appearance with its full-scenario hotel intelligent agent solution, redefining the paradigm of hotel intelligence as a "connector." During the expo, Yunji entered into strategic partnerships with Fengyue Hotels & Resorts, Jin Yi Hotel Group, Moshang Hotel Group, and Huiyou Hotel Group, and jointly launched the "Hotel Intelligent Agent Co-Construction Initiative" with Hotel GM — bringing together the collective strength of numerous hotel groups to build a new blueprint for digital and intelligent hotel transformation.

In 2026, all parties will leverage Yunji's hotel intelligent agent — an "evolvable, collaborative, revenue-generating" full-process smart ecosystem — to integrate mini-programs and achieve AI scheduling, AIoT, and robot coordination across the entire domain. This will provide guests with a fully linked intelligent experience spanning check-in, in-stay services, and seamless departure, helping hotels transform from "cost centers" to "revenue centers" while comprehensively improving operational efficiency, guest experience, and brand competitiveness.

Product Releases

01/

Zhipu AI Releases Multimodal Coding Foundation Model GLM-5V-Turbo

Recently, Zhipu AI (02513.HK), a Qiming Venture Partners portfolio company, released GLM-5V-Turbo, a multimodal coding foundation model designed for visual programming. GLM-5V-Turbo deeply fuses vision and text capabilities from the pre-training stage, freeing programming from pure-text input constraints. The model can comprehend design drafts, screenshots, and web interfaces to generate complete, runnable code — truly understanding what it sees and writing what works.

Key highlights: (1) Native multimodal coding foundation: Natively understands images, video, design drafts, and document layouts, supports multimodal tool calling including bounding boxes, screenshots, and web reading, and extends context windows to 200K — stretching the agent's perception-action chain from text-only to visual interaction. (2) Balanced vision and programming capabilities: Achieves leading performance on core benchmarks for multimodal coding, tool use, and GUI agents. Through multi-task collaborative RL and other techniques, ensures no degradation in pure-text programming, reasoning, and tool-calling capabilities. (3) Deep integration with Claude Code and OpenClaw scenarios: Seamlessly collaborates with Claude Code, OpenClaw/AutoClaw, and other agents to support the full closed loop of "understand environment → plan actions → execute tasks," with a complete set of official skills ready out of the box.

02/

StepFun Updates Step 3.5 Flash Series

Recently, StepFun, a Qiming Venture Partners portfolio company, released its latest model, Step 3.5 Flash 2603. This optimized version of Step 3.5 Flash maintains its advantages in high response speed and low cost while delivering these experience improvements: a new low think mode that further reduces token consumption and boosts output efficiency in relevant scenarios; and targeted optimization training for coding frameworks and agent frameworks, improving corresponding experience, stability, and token efficiency.

Testing shows that under Step 3.5 Flash 2603's default reasoning mode (high), reasoning scores remain essentially flat while token consumption drops 14%; switching to low think mode reduces token consumption by 56%. StepFun observed that OpenClaw users interact with AI differently — particularly in agent scenarios, where many tasks are frequent but not complex. Savvy users are already "right-sizing" their model choices: heavy models for complex steps, lightweight models for intermediate steps and high-frequency tasks. Not every request needs to "think deeply."

03/

Shengshu Technology Unveils General World Model Strategy

Recently, the "AI Future Forum: Leap · Invest · Coexist" — a featured session of the 2026 Zhongguancun Forum's "AI Theme Day" — was successfully held at the Zhongguancun International Innovation Center. During the "Frontier Tech Show" segment, Professor Zhu Jun, founder of Shengshu Technology and vice dean of Tsinghua University's Institute for Artificial Intelligence, delivered a keynote speech titled General World Model: The Bridge Connecting Digital and Physical Worlds, systematically outlining Shengshu Technology's strategic layout and technical path toward general world models.

Based on a unified architecture and video data pathway, Shengshu Technology and Tsinghua University jointly open-sourced the unified world model Motus, achieving systematic integration of multimodal capabilities. In terms of model architecture, Motus is built on the UniDiffuser unified modeling framework. Through Cross-modal Priors Fusion, it integrates visual-language knowledge (VLM), video dynamics knowledge (video generation model), and action skill knowledge (action expert) into a single model — enabling unified expression and generation of language, video, and action to build a true general world model.

04/

HyperStrong Unveils GWh-Scale HyperStation Intelligent Storage Solution

Recently, the 14th Energy Storage International Conference and Exhibition (ESIE 2026) opened in Beijing. HyperStrong (688411.SH), a Qiming Venture Partners portfolio company, participated under the theme "Intelligent Storage Integration, Empowering the Future" and unveiled its "GWh-Scale HyperStation Intelligent Storage Solution" on-site — marking a critical new step in the company's push to advance the energy storage industry from an era of scale to one of value.

HyperStation encompasses not just products but a full-lifecycle "hardware + software + services" solution. Through equipment standardization, HyperStrong has cut project delivery and grid-connection time by 30%; through AI agent empowerment, station revenue shifts from "passive acceptance" to "active control."

At this exhibition, HyperStrong systematically showcased its multi-scenario application achievements and launched a comprehensive "Storage + X" upgrade covering standalone storage, solar-storage integration, compute-power coordination, source-grid-storage-load integration, end-of-grid substitution, intelligent charging and storage, oil fields, and mining — among other key scenarios.

R&D Progress

01/

Abbisko Pharma's FGFR4 Inhibitor Irpagratinib Granted EMA Orphan Drug Designation

Recently, Abbisko Pharma (02256.HK), a Qiming Venture Partners portfolio company, announced that its self-developed highly selective small-molecule FGFR4 inhibitor irpagratinib (ABSK-011) has been granted Orphan Drug Designation (ODD) by the European Medicines Agency (EMA) for the treatment of hepatocellular carcinoma (HCC). Irpagratinib is currently undergoing clinical studies in multiple regions worldwide; this EMA ODD grant will provide strong support for the product's clinical development, regulatory filing, and commercialization in Europe.

Orphan drug designation is a core incentive program established by the EMA to promote the development and approval of drugs for rare diseases. This ODD recognition for irpagratinib not only represents regulatory validation of its clinical value and unmet need, but also unlocks multiple substantive benefits: eligibility for Protocol Assistance (PA), regulatory fee reductions, and up to 10 years of market exclusivity upon approval — laying a solid foundation for the product's launch and commercialization.

Irpagratinib is a highly selective, oral small-molecule FGFR4 inhibitor developed independently by Abbisko Pharma. In prior clinical studies, whether as monotherapy or in combination, it has demonstrated favorable safety, tolerability, and significant anti-tumor activity in advanced HCC patients with FGF19 overexpression. Currently, irpagratinib is being evaluated in multiple global clinical trials for FGF19-overexpressing advanced HCC, including combination regimens with different standard targeted immunotherapies for first-line treatment, and monotherapy for second-line and later-line treatment. Its single-agent pivotal registration study completed first-patient dosing in June 2025, covering over 50 research centers across China (clinical recruitment information attached at the end), and is progressing smoothly.

02/

Yangli Pharma Clinical Research Selected for 2026 ASCO Annual Meeting

Recently, Yangli Pharma, a Qiming Venture Partners portfolio company, announced that clinical data for its self-developed next-generation oral selective estrogen receptor degrader (SERD) TFX06 in ER+/HER2- advanced breast cancer patients previously treated with fulvestrant has been accepted for the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting and will be presented as a poster.

Among publicly disclosed oral SERDs in global development, patients with prior fulvestrant exposure have been excluded from clinical studies, as fulvestrant shares the same mechanism. In TFX06's Phase I/II study, over 60% of enrolled patients had prior fulvestrant treatment — reflecting real-world Chinese clinical practice — making it the first reported oral SERD with robust data in this previously fulvestrant-treated population. This marks international recognition by a top-tier oncology conference of TFX06's solid clinical performance.

P R E V I O U S I S S U E S

Qiming Perspectives | Duane Kuang, Qiming Venture Partners: Over the Next 20 Years, Investing in AI Is the Greatest Certainty in Chinese Investing 7 AI IPOs in 7 Months, Qiming Venture Partners: Investing in AI Is the Greatest Certainty in Chinese Investing Over the Next Two Decades

Qiming Weekly | Top 10 News from Qiming Venture Partners Portfolio Companies Vol. 11, 2026.3.31

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 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 companies, of which more than 210 have listed on the New York Stock Exchange, NASDAQ, Hong Kong Exchanges and Clearing, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through M&A and other means. Over 80 portfolio companies have become recognized unicorns or super-unicorns.

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