China Reform Fund
国新基金
The China Reform Fund is a state-backed venture capital vehicle under China Reform Holdings (中国国新), a central state-owned capital operation platform. It has surfaced in elsewhere's corpus mainly as a lead investor in hard-tech and healthcare deals: it led the Series A+ round for CereMediTech (中科睿医), a neurology diagnostic startup, in late 2024 , and more recently led Baiyao Technology's round in mid-2026, backing the latter's AI-driven "virtual cell" platform . The fund typically invests at the Series A stage and co-invests alongside established VC firms such as BlueRun Ventures and Yunqi Capital. Elsewhere's corpus does not cover its founding date, fund size, or full mandate beyond these deal footprints.
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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.
Dalton Venture's Sun Qi: Focus, Steady Rhythm, Multiple Paths — Actively Positioning Through the Cycle | Dalton Insights
On July 3–4, 2025, **the 19th China Fund Partners Conference, co-hosted by Zero2IPO and PEDaily, was held in Shanghai**. This year's gathering brought together capital leaders to discuss industry trends, examine the latest dynamics in China's LP market, and explore the path forward for venture capital in a new cycle. **Dalton Venture founding and managing partner Sam Sun was invited to join the roundtable forum *"Cycle Positioning, Investment Strategies"*** to exchange views with fellow guests on the evolution of investment cycles and responsive strategies.
CereMediTech Successfully Completes Series A+ Funding Round | BlueRun Ventures
Building the "New Infrastructure" for Diagnosing and Treating Neurological Disorders
