Qiming Weekly | Top 10 Updates from Qiming Venture Partners Portfolio Companies Vol.17, 2026.5.26

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.

Every step entrepreneurs take in the tide of technology and innovation 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.

Product Launch

Shengshu Technology's Vidu Launches AI Livestream Gift Effect Customization Service

Recently, Qiming Venture Partners portfolio company Shengshu Technology officially launched its AI livestream gift effect customization service, providing livestream platforms, content platforms, and related ecosystem clients with AI-powered effect generation capabilities accessible via API. Through AI generation and automated integration, Vidu can reduce the cost per effect to under 1 RMB and compress production cycles to seconds, helping clients complete livestream gift customization and mass production more efficiently.

Vidu's AI livestream gift effect customization service moves livestream gifts from "uniform templates" toward "thousands of faces for thousands of people." Leveraging foundational model capabilities including image generation API, video generation API, and motion mimicry API, the platform can rapidly generate personalized gift effects based on user avatars, streamer personas, fan badges, nicknames, or interactive scenarios. Through AI generation and API integration, Vidu lowers production costs and shortens time-to-market while enabling more creative formats to reach livestream rooms faster.

Major Partnerships

01/

DiDi and Zhipu AI Establish "DiDi–Zhipu AI Universe Lab"

Recently, DiDi and Qiming Venture Partners portfolio company Zhipu AI (02513.HK) jointly established the "DiDi–Zhipu AI Universe Lab," officially launched in Beijing. The two parties will conduct forward-looking collaborative exploration around artificial general intelligence (AGI) key technologies and their Agent applications in the mobility sector, jointly advancing Agent scenario deployment and large model talent development.

As a new practice in DiDi's industry-academia-research collaboration, the lab is driven by DiDi's real-world mobility scenarios and rich experience in Agent innovation applications, combined with Zhipu AI's large model capabilities. It focuses on a closed loop of "technology exploration — scenario validation — product deployment," continuously expanding the boundaries of smart mobility.

As AI evolves, users increasingly express complex needs through natural language, making AI Agents a critical interaction paradigm. DiDi has continued investing in large models and Agent directions, with its AI ride-hailing assistant achieving rapid growth since launch. Going forward, transportation systems will evolve toward "cloud brain + edge collaboration." Based on this trend, the lab will focus on key problems in the mobility sector, oriented toward business value, embedding general-purpose models deeply into real-world scenarios. It will prioritize exploring the deployment and optimization of reinforcement learning and multi-Agent collaboration in actual operations. Alongside research output, the lab will also continuously deepen the application of its technology in real products.

02/

Insilico Medicine and Saudi Aramco Unveil AI Screening and Validation "Pipeline" Sanity Pipeline

Qiming Venture Partners portfolio company Insilico Medicine (03696.HK) signed a strategic cooperation agreement (MoU) with Saudi Aramco during the 2023 LEAP tech conference, empowering AI-driven sustainable development and anti-aging research. Targeting Nobel Prize-winning metal-organic framework (MOF) materials design, Insilico Medicine and Saudi Aramco collaboratively developed a streamlined AI screening and validation system, Sanity Pipeline, aimed at improving the speed and accuracy of MOF R&D. Related results were recently published on ChemRxiv.

Sanity Pipeline combines efficient pre-screening with deep validation. Its core models were jointly developed by both parties, including LibCIF for efficient MOF decomposition and structural analysis, and OxiChecker, a detector for identifying abnormal oxidation states.

The Sanity Pipeline system has been publicly released on the technical community GitHub, with the potential to broadly support novel materials discovery and their translation into practical applications. As the latest concrete outcome of the Insilico Medicine–Saudi Aramco collaboration, Sanity Pipeline's release further strengthens the partnership between the two parties.

03/

StepFun and Kingdee Reach Strategic Partnership

Recently, Qiming Venture Partners portfolio company StepFun formally reached a strategic partnership with Kingdee. The two parties will conduct in-depth collaboration around model platforms, product R&D, and ecosystem development, jointly exploring next-generation Agent enterprise product forms. StepFun Chairman and Qianli Technology Chairman Qi Yin, alongside Kingdee Group Chairman and CEO Robert Xu, attended the signing ceremony.

StepFun believes enterprise management is entering its third paradigm upgrade: the ERP era achieved "enterprise process digitization," the SaaS era achieved "software as a service," and the next phase will enter the Agent era. Enterprises will no longer be satisfied with "usable tools" — they will need an enterprise AI operating system that enables AI to understand business and invoke data on demand; that enables AI to move seamlessly from decision to execution; that enables AI to drive not just technological upgrades but organizational restructuring.

Building on Kingdee's more than three decades of industry accumulation in enterprise services, and StepFun's capabilities in Agentic foundation models, multimodal abilities, and edge-cloud collaborative systems, the two parties will jointly create more intelligent, efficient, and secure AI-native enterprise products and user experiences around core business scenarios.

04/

HyperStrong and Huawei Digital Energy Sign Strategic Cooperation Agreement

Recently, at the 2026 High-Quality Energy Storage Development Summit, Qiming Venture Partners portfolio company HyperStrong (688411.SH) formally signed a strategic cooperation agreement with Huawei Digital Energy.

HyperStrong and Huawei Digital Energy each possess strengths in digital technology, power electronics technology, and energy storage system integration, with solid cooperation foundations and broad prospects. Per the agreement, both parties will leverage their respective technical advantages to establish long-term, comprehensive cooperation in new energy storage, smart string-type grid-forming PCS, and compute-power synergy, strengthening technological innovation collaboration in new energy storage and compute-power synergy, accelerating industry application case deployment, and delivering high-quality energy storage system solutions to customers. Going forward, both parties will take technological innovation as a prerequisite and ecosystem co-construction as a bond, jointly empowering industry development, and continuing to explore cooperation in industry standards, business models, technological innovation, and operations and maintenance services.

05/

Hesai Technology Partners with Two Top European Automakers

Recently, Qiming Venture Partners portfolio company, global intelligent technology enterprise, and 3D sensing technology leader Hesai Technology (NASDAQ: HSAI, 02525.HK) announced that following its recent L3 cooperation with Mercedes-Benz, it has secured another new European top-tier OEM designation, with an order scale exceeding 1 million units, covering more than ten models under the automaker's Chinese joint venture brand. This cooperation marks comprehensive recognition by international top-tier automotive groups of Hesai Technology's full-stack self-developed chip-based technology, highly reliable product performance, and large-scale mass production capabilities, and also signifies that Chinese intelligent components have secured critical positioning in the supply chains of top international automotive groups.

Hesai Technology's compact high-performance long-range lidar ATX combines small form factor with extreme performance. Since launching large-scale mass production in 2025, it has rapidly become a standard safety component for mass-production hit models, currently the best-selling main lidar product in the ADAS domain, with cumulative deliveries exceeding 1 million units and orders in hand surpassing 6 million units. As a lidar designed for L2-level driver assistance system safety requirements, ATX leverages its exceptional long-range detection capabilities and exclusive photon isolation safety technology to identify potential hazards early, significantly enhancing vehicle active safety.

06/

Yunji Technology Signs Cooperation Agreement with Shenzhen Zhongyi Group

Recently, Qiming Venture Partners portfolio company and "first robot service intelligent agent stock" Yunji Technology (02670.HK) formally signed a cooperation agreement with Shenzhen Zhongyi Group, a leading domestic AIoT + robot integrated solution provider. The two parties reached a thousand-unit order for the UP composite polymorphic robot · Pony children's ride-on upper cabin.

This marks Yunji Technology's first large-scale order in the parent-child consumption scenario, signifying the company's "robot + AI intelligent agent" business model's substantive extension from B2B toward B2B+C integrated scenarios. More critically — Yunji Technology's modular mobility capabilities and swarm intelligent scheduling capabilities have once again been validated at scale in an entirely new scenario.

07/

Biren Technology and Wonders Information Reach Ecosystem Strategic Partnership

Recently, Qiming Venture Partners portfolio company Biren Technology (06082.HK) and Wonders Information (300168.SZ) formally signed an ecosystem strategic cooperation framework agreement. Both parties will leverage Biren Technology's high-performance, independently controllable general-purpose GPU products and large-scale intelligent computing cluster deployment capabilities, combined with Wonders Information's rich industry scenario resources and solution implementation experience, to jointly create localized and intelligent industry benchmark solutions, accelerate domestic AI industry ecosystem construction, and promote the high-quality development of China's intelligent economy.

Under this strategic cooperation, both parties will build a collaborative innovation system of "domestic computing power foundation + industry application scenarios," establishing deep ecosystem partnership relations across market expansion, joint solution development, and industry ecosystem construction.

Specifically, both parties will focus on AI-related key projects in smart government affairs, healthcare, smart cities, and intelligent computing centers, integrating advantageous resources to jointly develop markets. For mainstream industry scenarios including government affairs, healthcare, and education, both parties will jointly create integrated "Biren Technology computing power + Wonders Information applications" solutions to accelerate commercial deployment. Regarding the domestic AI industry ecosystem, Biren Technology's flagship general-purpose GPU Bili™ series products will complete deep adaptation and mutual qualification recognition with Wonders Information's industry applications, jointly attracting upstream and downstream industry partners to build a complete domestic AI industry chain ecosystem covering chips, algorithms, platforms, and applications.

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R&D Progress

01/

MediLink Therapeutics Announces B7-H3 ADC Nasopharyngeal Carcinoma Phase III Study Interim Analysis Meets Primary Endpoint

Recently, Qiming Venture Partners portfolio company MediLink Therapeutics announced that its independently developed B7-H3 ADC (tam-peli, development code: YL201), in a Phase III clinical trial for recurrent/metastatic nasopharyngeal carcinoma (study protocol number: TAISHAN-301), was assessed by the Independent Data Monitoring Committee (IDMC) as having met the co-primary endpoint of objective response rate (ORR) evaluated by Blinded Independent Central Review (BICR) at the pre-specified interim analysis; the other co-primary endpoint of overall survival (OS) is not yet mature. This represents the first positive Phase III clinical result achieved by any B7-H3 ADC globally.

TAISHAN-301 is a randomized, controlled, multi-center Phase III clinical study in patients with recurrent or metastatic nasopharyngeal carcinoma, designed to evaluate the efficacy and safety of ecantamab pelitecan (tambotatug pelitecan, tam-peli; development code: YL201) versus investigator's choice of chemotherapy (including docetaxel/capecitabine/gemcitabine) in patients with recurrent or metastatic nasopharyngeal carcinoma who have failed prior PD-(L)1 inhibitor and at least two lines of chemotherapy. The primary endpoints are BICR-evaluated ORR and OS; the key secondary endpoint is BICR-evaluated PFS. This study was led by Sun Yat-sen University Cancer Center, completed across more than 60 centers nationwide, with first patient enrollment completed in December 2024.

02/

Pulnovo Medical Releases Groundbreaking Global First PADN International Multi-Center Study Results in PH Group 2

Recently, at a featured academic session of EuroPCR 2026, the world's top academic conference in cardiovascular intervention, Qiming Venture Partners portfolio company Pulnovo Medical released groundbreaking results from the world's first international multi-center study of PADN in pulmonary hypertension Group 2. The PADN-Columbus Trial data presented at EuroPCR 2026 carries strategic significance for Pulnovo Medical that extends beyond any single study.

From an efficacy positioning standpoint, PADN in this study demonstrated synchronous improvement in PVR and PAWP, presenting efficacy characteristics distinct from existing drug therapy explorations. As a one-time interventional treatment, PADN in this study not only showed PVR reduction but also PAWP improvement, providing more clinically meaningful evidence support for the CpcPH patient population with limited treatment options; from a clinical applicability standpoint, as a one-time interventional treatment, PADN offers certain compliance advantages and long-term management value for heart failure patients already on complex multi-drug regimens. More notably, study data showed consistent directional benefit trends in both HFrEF and HFpEF patients. This suggests PADN may offer a potential treatment pathway distinct from long-term drug management for the CpcPH patient population, which currently has limited treatment options and prominent clinical needs.

From an industry and globalization perspective, the core value of this PADN-Columbus Trial data lies in further supporting the reproducibility of PADN efficacy across different populations and healthcare environments. The synchronous improvement in PVR and PAWP, together with NYHA functional class improvement and improved hospitalization-free survival, constitutes a relatively complete clinical evidence chain. These results suggest that PADN's potential benefits are not limited to specific regions, healthcare systems, or individual operator experience, but may provide a foundation for further international multi-center validation and global clinical promotion**.**

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Past Issues

Qiming Perspectives | Duane Kuang, Qiming Venture Partners: Embrace the Cycle, Cross the Cycle — AI Will Be an Ultra-Long Technology Cycle Qiming Weekly | Ten Major Developments from Qiming Venture Partners Portfolio Companies Vol. 16, 2026.5.12 Qiming Headlines | Qiming Venture Partners and Portfolio Companies Win Multiple Awards Including "ChinaVenture Rankings" 2025 China's Best Venture Capital Firm TOP4

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 early and growth-stage outstanding enterprises 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 mergers and acquisitions. More than 80 portfolio 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), AusperBio, Yuanxin Technology, MediLink Therapeutics, LaNova Medicines, StepFun, and others.