Qiming Weekly | Top 10 Updates from Qiming Venture Partners Portfolio Companies Vol.14, 2026.4.21

Editor's Note: In 2026, the Qiming Weekly has been upgraded and refreshed, with regular weekly updates featuring only ten major developments from Qiming Venture Partners' portfolio companies, covering funding progress and breakthroughs.

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 join you in marking the milestone moments of our portfolio companies.

Funding News

Pulnovo Medical Closes $100 Million Series D

Recently, Qiming Venture Partners portfolio company Pulnovo Medical announced the successful completion of an oversubscribed $100 million financing round, with Qiming Venture Partners continuing to participate. This marks a significant milestone in Pulnovo Medical's global expansion and reflects strong recognition from leading strategic and institutional investors of the company's technical capabilities, clinical progress, and long-term vision.

Proceeds from this round will support ongoing clinical R&D, global regulatory filings, international commercialization, and continued investment in core technology platforms.

Cynthia Chen, Chairwoman and President of Pulnovo Medical, stated: "By integrating industrial resources with long-term capital, Pulnovo Medical is building a sustainable growth model centered on independent innovation, global clinical development, and strategic ecosystem partnerships. This financing marks the company's critical transition from a product-driven phase to a globally integrated platform. We will continue to strengthen our dual-wheel drive of clinical and technological capabilities, dedicated to bringing valuable innovative therapies to patients worldwide."

Major Partnerships

01/ Insilico Medicine and Tigermed Sign Strategic Partnership

Recently, Qiming Venture Partners portfolio company Insilico Medicine (03696.HK) and Qiming Venture Partners portfolio company Tigermed (300347.SZ, 03347.HK) signed a strategic cooperation agreement. The two parties will conduct long-term strategic cooperation around clinical research for innovative drug products, using AI to accelerate and enhance drug R&D efficiency, helping innovative drugs reach patients faster and benefit patients globally.

This strategic partnership marks a powerful combination of both parties' AI technology and clinical development innovation capabilities, jointly exploring more efficient and intelligent R&D workflows across drug candidate development and clinical research stages. Going forward, the two sides will use this cooperation as a bond to deepen collaboration on existing projects while actively exploring broader areas of cooperation. Through deep integration of artificial intelligence and clinical research services, they aim to jointly create an innovative paradigm for AI-driven drug clinical development, bringing more cutting-edge results to patients sooner.

02/ Noitom Robotics Announces Strategic Partnership with Hidream.ai

Recently, Qiming Venture Partners portfolio company Noitom Robotics announced a formal strategic partnership with Hidream.ai. The two parties will conduct in-depth cooperation around the core bottleneck of embodied intelligence training data, building a scalable, highly generalizable embodied intelligence data production pathway through "real-world collection and generative model collaboration."

This powerful alliance combines "human-centered multimodal data production infrastructure" with "millimeter-controllable video generation capabilities of multimodal large models," exploring model augmentation, expansion, and generalization of real-world collected data. Both parties will jointly explore using algorithms and models to narrow the Vision Gap, predict more execution paths, and conduct in-depth research around world models with true spatial precision significance. Extensive collaborative experiments have shown that Hidream.ai's excellent generative models perform exceptionally well in generative removal of the Vision Gap, meeting the precision and rationality requirements for model training. Going forward, both parties will further deepen cooperation around high-quality data construction, large-scale evolution of VLA models, and video modeling with action prediction co-driven world models. Together they will build a data closed loop from generation to physical validation, accelerating the advancement of embodied intelligence toward real-world applications.

03/ Huhong Zhongke and Baijun Biopharma Sign Strategic Integration Agreement

Recently, Qiming Venture Partners portfolio company Huhong Zhongke, a specialist in GLP laboratory services, and Baijun Biopharma held a strategic integration signing ceremony in Shanghai. Baijun Biopharma Chairman Hua Fengmao, President Dr. Zhang Yingjia, Huhong Zhongke founder and Honorary Director of the Drug Safety Evaluation Research Center at the Chinese Academy of Sciences Shanghai Institute of Materia Medica Dr. Ren Jin, and Huhong Zhongke management representative Dr. Xing Guozhen attended the meeting and signing. This event marks the deep integration of resources between both parties to build a full-chain service system covering drug discovery, preclinical research, and IND filing, providing more efficient and professional innovative drug R&D solutions for global pharmaceutical companies.

Huhong Zhongke has long been deeply rooted in the domestic market, with internationally certified GLP experimental centers in Suzhou and Shenzhen, providing one-stop GLP services covering pharmacokinetics, toxicology, and safety evaluation.

Dr. Ren Jin, founder of Huhong Zhongke, stated: "The Huhong Zhongke team originated from the Chinese Academy of Sciences Shanghai Institute of Materia Medica, with deep accumulation in preclinical safety evaluation, and was among the first to establish GLP platforms meeting international standards. Since founding the company in 2019, we have gradually improved our preclinical service system. This integration with Baijun Biopharma will achieve resource complementarity and capability synergy, building a more complete integrated platform. Going forward, the team will continue to enhance professional capabilities and advance toward industry leadership with support from all parties."

04/ Tigermed and 3SBio Reach Comprehensive Strategic Partnership

Recently, Qiming Venture Partners portfolio company Tigermed (300347.SZ, 03347.HK) and 3SBio formally signed a strategic cooperation agreement in Shanghai. The two parties will establish a long-term, deep, and all-around strategic partnership in innovative drug R&D, clinical services, and industrial investment. Through this powerful alliance, they will accelerate the efficient implementation of the full chain from innovative drug R&D to industrialization, helping patients worldwide benefit from cutting-edge pharmaceutical achievements sooner.

Dr. Ye Xiaoping, Chairman of Tigermed, stated: "3SBio, as a leading enterprise in China's biopharmaceutical sector, has consistently adhered to a patient-centered approach over the years, achieving remarkable accomplishments in multiple therapeutic areas including hematology, oncology, nephrology, immunology, and dermatology. This strategic partnership between Tigermed and 3SBio is built upon our previous solid cooperation foundation, highly aligned values, and complementary strengths. We look forward to jointly accelerating the development of more high-quality innovative therapies and contributing to the health and well-being of patients in China and worldwide." Going forward, both parties will continue to deepen strategic synergy, upgrading their cooperation model from "point-to-point collaboration" to "full-chain coordination,"打通 the full process of innovative drug R&D, clinical development, investment, and industrialization. Through resource sharing and mechanism innovation, they will jointly build an open and win-win pharmaceutical innovation ecosystem.

05/ Zai Lab and Boehringer Ingelheim Announce Collaboration

Recently, Qiming Venture Partners portfolio company Zai Lab (NASDAQ:ZLAB, 09688.HK) and Boehringer Ingelheim announced a clinical collaboration focused on developing an innovative bispecific DLL3-targeted drug combination therapy. The Phase Ib/II study will evaluate the safety, tolerability, and preliminary clinical activity of Zai Lab's DLL3-targeted ADC zocilurtatug pelitecan (zoci, formerly ZL-1310) in combination with Boehringer Ingelheim's DLL3/CD3 T-cell engager obrixtamig. The study will enroll patients with poorly differentiated NEC and extensive-stage small cell lung cancer (ES-SCLC), who urgently need more effective treatment options.

Under the agreement terms, Zai Lab will supply the DLL3-targeted ADC clinical trial drug, while Boehringer Ingelheim will act as the sponsor and oversee day-to-day clinical operations. Both parties retain rights to their respective assets. Dr. Rafael G. Amado, President and Global Head of R&D at Zai Lab, stated: "Zoci has shown encouraging activity and good tolerability in small cell lung cancer. We have rapidly advanced zoci into pivotal clinical studies and are exploring its potential in multiple combination therapies in small cell lung cancer and other NECs. The collaboration with Boehringer Ingelheim provides an attractive DLL3-targeted treatment strategy with the potential to benefit patients who urgently need better treatment options."

Product Launches

WeRide and GAC Unveil First Collaboration Vehicle

Recently, GAC Aion officially opened pre-orders for its all-new intelligent urban SUV, the Aion N60, which features WeRide Driving (WeRide WRD* 3.0), the one-stage end-to-end advanced driver-assistance solution from Qiming Venture Partners portfolio company and global leading autonomous driving technology company WeRide (NASDAQ:WRD, 0800.HK). With a starting pre-order price of RMB 115,800, the vehicle comes standard with intelligent driving across all trims. Powered by WeRide WRD 3.0, the Aion N60 achieves full-scenario, full-function advanced driver assistance covering urban, highway, parking, and active/passive safety — truly delivering "one-stage end-to-end, one-click commuting."

Notably, this is not only the first mass-produced passenger vehicle jointly developed by WeRide and GAC Aion, but also WeRide's first mass production of one-stage end-to-end technology on the Qualcomm Snapdragon® platform. With this, WeRide becomes the industry's first and, to date, only intelligent driving solution provider to achieve mass production of one-stage end-to-end solutions on both the Nvidia Drive® and Qualcomm Snapdragon® mainstream automotive compute platforms.

WeRide GENESIS comprises four modules — AI Scenario, AI Agent, AI Metrics, and AI Diagnosis — forming a complete closed loop from scenario generation and algorithm training to quantitative evaluation and diagnostic attribution. This enables the Aion N60 to be rigorously honed in simulation environments thousands of times more challenging than real-world roads — whether dealing with adjacent vehicle intrusions, unprotected left turns, emergency avoidance, pedestrian and rider incursions, road blockages, extreme weather, or complex negotiations in natural disaster scenarios, all have been thoroughly validated. Going forward, WeRide will collaborate with Aion and additional brands under GAC Group to launch more new intelligent driving models across different price segments, bringing safe, comfortable, and intelligent assisted driving experiences to more users.

R&D Progress

01/

Gan & Lee Pharmaceuticals' GLR1062 Injection Receives Clinical Trial Approval from National Medical Products Administration

Recently, Qiming Venture Partners portfolio company Gan & Lee Pharmaceuticals (603087.SH) announced that it has received the Drug Clinical Trial Approval Notice issued by the National Medical Products Administration, approving clinical trials for its investigational gene therapy drug GLR1062 injection. The drug is intended for the treatment of adult neovascular (wet) age-related macular degeneration (nAMD), potentially bringing an innovative therapeutic option for this disease that severely impacts adult vision. GLR1062 injection is a Class 1 innovative biologic independently developed by Gan & Lee Pharmaceuticals with independent intellectual property rights, employing gene therapy technology with recombinant adeno-associated virus (AAV) as the delivery vector. Through a single intravitreal injection, the product enables long-term expression of vascular endothelial growth factor (VEGF) antagonists in vivo, potentially providing long-term disease control and significantly improving patient treatment compliance and outcomes.

The characteristics and advantages of GLR1062 injection are reflected in its strategy of using gene therapy to deliver VEGF antagonists for in situ retinal expression. During R&D, GLR1062 injection underwent structural optimization, substantially increasing expression levels. The project has conducted cutting-edge experiments. Moreover, due to its high expression levels and low clinical dosage, GLR1062 is expected to address the high cost issues of gene therapy products, bringing broad accessibility to patients.

Gan & Lee Pharmaceuticals will initiate clinical trials for GLR1062 injection as soon as possible in accordance with national drug registration regulations, striving to provide an innovative treatment solution for nAMD patients in China and worldwide.

02/

Yangli Pharma's Next-Generation Oral SERD (TFX06 Tablets) Approved for Pivotal Phase 3 Clinical Trial in Breast Cancer in China

Qiming Venture Partners portfolio company Yangli Pharma recently announced that its independently developed next-generation oral selective estrogen receptor degrader (SERD) TFX06 tablets have officially received written feedback from the Center for Drug Evaluation (CDE) regarding its Phase III pivotal clinical study, with approval to proceed. TFX06 becomes the first domestic SERD approved for a pivotal registration clinical trial in hormone receptor-positive/human epidermal growth factor receptor 2-negative (ER+/HER2-) advanced breast cancer with estrogen receptor 1 gene mutations (ESR1 mutations), entering the decisive phase of accelerated clinical value realization.

Beyond its outstanding performance in the ESR1-mutant population, the breakthrough intracranial anti-tumor activity demonstrated in Phase I/II studies, along with comprehensive reduction in adverse reaction rates, represent TFX06's key differentiated clinical advantages over other SERD candidates in development. The successful R&D and rapid advancement of TFX06 aims to fill this clinical gap, providing patients with a "dual-optimal" new treatment option that requires no injection and can effectively control brain metastases.

Technology Strength

Insta360 Unveils Four Core Panoramic Technology Achievements

Qiming Venture Partners portfolio company Insta360 (688775.SH) recently unveiled four core achievements spanning from underlying simulation engines to high-fidelity generation, from panoramic depth foundation models to sparse-view 3D reconstruction — AirSim360, DiT360, DAP, and D²GS.

AirSim360 is the "data arsenal" for panoramic vision. It is a drone-view panoramic simulation platform developed based on Unreal Engine 5 (UE5), with its core highlight being the rendering-aligned data and annotation paradigm. In experimental performance, AirSim360 has demonstrated remarkable strength in both data production efficiency and algorithm performance improvement. DiT360 is the "magic brush" of the panoramic world. It is the world's first panoramic text-to-image world model, with its core secret lying in a hybrid training strategy — training with a small amount of panoramic data alongside massive high-quality perspective images, enabling the model to "understand both geometry and texture." In experimental performance, DiT360 has shown dominant performance across multiple panoramic generation tasks, and can be directly used for image inpainting and outpainting without any fine-tuning. DAP is the "universal ruler" for panoramic depth. It is the world's first panoramic metric depth foundation model trained on large-scale diverse datasets, with a massive data engine. In experimental performance, DAP has set new industry records across multiple dimensions. D²GS is the "3D mason" under sparse views. It solves the dilemma of "noise pile-up nearby, blur everywhere far away." In experimental performance, beyond excellent reconstruction results, the team also proposed for the first time a new metric IMR (Inter-Model Robustness) based on optimal transport theory, specifically designed to evaluate 3DGS model stability.

From underlying simulation engines (AirSim360) to high-fidelity content generation (DiT360), from spatial depth understanding foundation models (DAP) to view-constrained 3D reconstruction (D²GS), the company has used these "world's first" technologies to complete the full puzzle of panoramic intelligence, from data to perception, from generation to reconstruction.

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Founded in 2006, Qiming Venture Partners currently manages 11 USD funds and 7 RMB funds, with total assets under management reaching $9.5 billion. Since its inception, the firm has focused on investing in outstanding early and growth-stage companies in Technology and Healthcare innovation.

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 mergers and acquisitions. Over 80 companies have become recognized unicorns or super-unicorns in their respective industries.

Many Qiming Venture Partners portfolio companies have grown into the most influential companies in their 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.