China Reform Fund
国新基金
China Reform Fund (国新基金) is the venture capital arm of China Reform Holdings (中国国新), a state-owned capital operation platform at the national level . It has been active as a lead investor in early-stage technology companies: in December 2024 it led a Series A+ round in CereMediTech (中科睿医), a neurological diagnostics company , and in mid-2025 it led a round in Baiyao Technology, an AI virtual cell startup . The fund sits within China's evolving state-backed investment ecosystem, where provincial and municipal platforms are consolidating into larger, more centralized vehicles aimed at functioning as patient capital for high-tech manufacturing and services .
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Coverage
Yunqi Capital Invests in Baiyao Technology: AI Virtual Cells Bring Life System Changes into the Computable Era | Yunqi Partners
State Investment Funds Enter the Arena, Opening a New Dimension in Life Science Computing
3D Cell Manufacturing Platform Huaxin Biotech Closes Series B+ Round to Accelerate Cell Therapy Commercialization for Global Clients
Ushering in the 2.0 era of cell-based industrialization.
CereMediTech Successfully Completes Series A+ Funding Round | BlueRun Ventures
Building the "New Infrastructure" for Diagnosing and Treating Neurological Disorders
