Dragonstone Capital

Dragonstone Capital (龙磐投资) is a Chinese healthcare-focused venture capital firm that has spent 13 years building a roughly 10 billion RMB fund with a DPI exceeding 3, an unusually strong return profile for the sector . Its founders, Yu Zhihua and Xu Guangyu, both studied finance and economics at Renmin University and previously worked in government and at Hina Group before pivoting to healthcare investing—a move that initially drew skepticism from limited partners given their non-medical, TMT-heavy backgrounds . The firm has carved out a position as a sector specialist, with 暗涌Waves noting it as one of the healthcare funds that has successfully built a "portfolio cluster" to root itself deeply in its industry . Among its recent lead investments, it headed a $30 million Series A in July 2024 for ReviR Therapeutics, an AI drug discovery company .