Rongbao | Geekplus, Saint Bella Go Public in Hong Kong; Deep Research, Design Agent Launched

On July 9, Geekplus successfully listed on the Hong Kong Stock Exchange, marking Gaorong Ventures' fourth HKEX IPO in 2025. Beyond that, we're seeing more sparks of innovation — from tech and healthcare companies continuing to invest in frontier R&D and global expansion, accelerating the domestic substitution process; to innovative brands and AI companies winning users through creative design, and Agents that actually deliver results.

Geekplus Successfully Lists on HKEX Main Board

Global Leader in Intelligent Robotics

On July 9, global intelligent robotics leader Geekplus (stock code: 02590.HK) successfully debuted on the Hong Kong Stock Exchange Main Board, becoming the world's first listed company in the AMR warehouse robotics market. As one of Geekplus's earliest institutional investors, Gaorong Ventures co-led the company's Series A round in 2016 and continued to participate in subsequent funding rounds.

According to CIC Consulting data, Geekplus has ranked as the world's largest warehouse fulfillment AMR robotics solution provider for six consecutive years, distinguished by its outstanding technology and commercialization capabilities. The company offers the industry's most comprehensive range of solutions, with the largest customer base and most extensive global operations.

As of 2024, Geekplus's business spans over 40 countries and regions, serving more than 800 major global clients with deep penetration in 3PL (third-party logistics), retail e-commerce, and other sectors. In 2024, 72.1% of Geekplus's AMR solution revenue came from markets outside mainland China.

SAINT BELLA Successfully Lists on HKEX Main Board

HKEX Welcomes "First Share of Quality Family Care"

On June 26, SAINT BELLA (stock code: 02508.HK) debuted on the HKEX Main Board, becoming the "first global quality family care stock" on the exchange. Gaorong Ventures participated in the company's first market-based funding round in early 2018 and continued to increase its investment in subsequent rounds.

By revenue generated in 2024, SAINT BELLA has become China's market share leader in postpartum care and recovery, as well as Asia's largest and most international postpartum care and recovery group. The company currently operates an extensive network of 96 postpartum care centers under the SAINT BELLA, Bella Isla, and Little Bella brands, comprising 62 self-operated centers and 34 managed centers.

Additionally, SAINT BELLA has expanded its business footprint and enriched its product matrix. Its services and products now cover postpartum care, postpartum recovery, family care, and health food, forming a comprehensive, multi-layered family health care ecosystem.

As the first domestic postpartum care center to expand overseas, SAINT BELLA has steadily advanced its internationalization. As of June 10, 2025, its business covers 30 cities globally, including Hong Kong, Singapore, and Los Angeles.

Flexiv Completes Nine-Figure USD Series C Round

Commercialization of General-Purpose Robots Accelerates

On June 23, Flexiv announced the completion of a nine-figure USD Series C funding round, co-led by Yonggui Fund and GF Xinde Investment Management, with continued participation from existing investor Gaorong Ventures. Gaorong Ventures led Flexiv's investment in 2017 and has continued to increase its stake in subsequent rounds.

Flexiv is a world-leading general-purpose intelligent robotics company founded by core members of Stanford University's Robotics and AI Lab. Flexiv pioneered the new category of "adaptive robots," with "human-like behavior" as its core philosophy. The company abstracts human "touch" into extreme force control capabilities and transforms "hand-eye coordination" behavioral patterns into hierarchical intelligent systems that give robots generalized manipulation abilities — significantly enhancing their versatility and adaptability in handling complex working conditions and processes.

Flexiv has served dozens of global top-tier clients, achieving smart manufacturing upgrades across hundreds of core process steps in industries including 3C electronics, automotive and home appliances, food and agriculture, biomedical, aerospace, and new energy. The company has accumulated highly valuable deployment case studies, achieving scaled application in complex tasks such as grinding and polishing, insertion and assembly, and food processing.

Hellobike Officially Enters Robotaxi Track

Developing L4 Autonomous Driving Technology

On June 23, Hellobike announced its official entry into the Robotaxi sector. Hellobike's Robotaxi business completed a funding round exceeding 3 billion RMB, with strategic investments from Ant Group and CATL.

Hellobike, Ant Group, and CATL signed a tripartite strategic cooperation agreement in April this year. Hellobike will collaborate with Ant Group and CATL, leveraging their respective technological and resource advantages, to jointly develop L4 autonomous driving technology, continuously improving technical safety and reliability, and advancing commercial application and ecosystem development.

In recent years, Hellobike has continuously deepened its mobility business, expanded overseas markets, and promoted deep AI application in the mobility sector — accumulating rich experience for entering the Robotaxi field. Hellobike's Robotaxi business and R&D team have recruited a group of technical talents in AI large models and autonomous driving, completing the core talent matrix setup, and will continue to attract top global talent.

Vertilite's FabX Successfully Goes Online

Annual Capacity of 50 Million Chips

On June 11, Vertilite announced that FabX has successfully gone online. Vertilite focuses on the design, R&D, and production of optical chips, with products widely used in 5G/data center optical communications, sensing, silicon photonics integration, and other applications.

The FabX project represents an investment of 550 million RMB, establishing a 3-inch semiconductor high-speed communication optical chip production line with an annual capacity of 50 million chips, equipped with advanced R&D and testing centers.

Over the course of one year, Vertilite completed plant design, construction, and equipment selection and commissioning, overcoming multiple technical challenges including product epitaxial structure design and Fab process development to successfully bring the project online. The commissioning of this project marks another major breakthrough for Vertilite in the high-end optoelectronic chip field, and also represents a key step forward for China in the autonomous development of core chips for high-speed optical communications.

Moonshot AI Releases First Agent

Kimi-Researcher (Deep Research)

On June 20, Kimi's first Agent — Kimi-Researcher (Deep Research) — entered closed beta. "Model is Agent": Kimi-Researcher is a new-generation Agent model trained with end-to-end agentic reinforcement learning (end-to-end agentic RL) technology, and also an Agent product purpose-built for deep research tasks.

For every question, Kimi-Researcher autonomously plans task execution workflows and ultimately delivers complete results.

Kimi-Researcher achieved 26.9% Pass@1 accuracy on the challenging Humanity's Last Exam (HLE) AI benchmark, surpassing Claude 4 Opus (10.7%) and Gemini 2.5 Pro (21.6%), slightly exceeding OpenAI Deep Research (26.6%), and tying Gemini-Pro's Deep Research Agent (26.9%) — ranking among the highest known levels to date.

Visit kimi.com to apply for closed beta access

LiblibAI Releases Xingliu Agent

Chinese One-Stop Creative Design Agent

Recently, LiblibAI announced the launch of Lovart's official Chinese version, "Xingliu Agent." Building on the complete inheritance of Lovart's full-chain capabilities from "generation — editing — layout — delivery," this product has been deeply optimized for Chinese semantics, national aesthetic styles, and local usage scenarios, aiming to provide Chinese creators with an industry-leading one-stop AI design experience.

From creative conception to design delivery, Xingliu Agent executes the entire process automatically. Based on a single sentence or set of inputs from the user, the system automatically completes task decomposition, image generation, local modification, layout composition, video construction, and ultimately exports high-quality visual works.

Xingliu Agent excels not only in graphic visual design but also fully integrates various advanced video generation models (such as Kling, Hailuo) and 3D model generation modules (Tripo, Hunyuan), greatly expanding the boundaries of AI design.

Visit https://www.xingliu.art/ to experience it now

Nothing Launches Flagship Phone in China for First Time

Cumulative Sales Surpass 7 Million Units

On July 9, tech brand Nothing officially launched its smartphone flagship, Phone (3), in China for the first time; Nothing's first over-ear headphones, Headphone (1), were released simultaneously.

Phone (3) is Nothing's third flagship phone, featuring a pixel-art secondary screen called the Glyph Matrix in its design. This screen integrates multiple AI interactive experiences in widget form, including filtered important notifications (Essential Notifications), flashlight, battery display, and more. Additionally, users can create their own custom widgets.

At the same time, Nothing has expanded into the over-ear headphone category for the first time. Headphone (1) continues Nothing's signature transparent design, with acoustic units and spatial audio experiences developed in collaboration with British audio brand KEF.

Nothing's global user base has an average age of just 26 — ten years younger than comparable products — with over 60% of users citing design as their primary purchase factor. To date, Nothing's cumulative sales have surpassed 7 million units.

Vitaeon Grants Novartis Option to Acquire Its Brain Delivery Platform

Receives $175 Million Upfront and Near-Term Payments

On July 9, Vitaeon announced a strategic agreement with Novartis, granting Novartis an exclusive option to acquire its proprietary Brain Delivery Module (BDM) platform. This platform is a differentiated blood-brain barrier penetration technology designed to enhance brain delivery efficiency for multiple drug modalities. At the same time, Vitaeon retains rights to continue developing selected programs using this platform.

Under the agreement terms, Novartis will evaluate the BDM platform during the option period. If the option is exercised, Novartis will obtain global exclusive rights to the platform. Vitaeon is eligible to receive up to $175 million in upfront and near-term payments.

Vitaeon is a clinical-stage biotechnology company dedicated to developing breakthrough therapies that fundamentally treat aging-related diseases. The company focuses on key pathogenic mechanisms of aging-related diseases, including programmed cell death, inflammation, and energy homeostasis imbalance. Its pipeline includes multiple drug candidates with global first-in-class or best-in-class potential currently in clinical development.

Pulnovo Medical Completes First Three Commercial Surgeries in UAE

Kicking Off International Commercialization

In 2025, Pulnovo Medical continues to accelerate its global commercialization footprint. Following its European CE-MDR certification, the PADN series products recently completed their first three overseas commercial surgeries at Al Qassimi Hospital in Sharjah, UAE — firing the "first shot" of international commercialization.

Under the technical guidance of Professor Hang Zhang from Nanjing Medical University Affiliated Nanjing Hospital, UAE authority in cardiology Professor Arif Al Nooryani led his team in completing PADN procedures on three pulmonary hypertension patients. The surgeries proceeded smoothly, demonstrating the PADN system's excellence in operational simplicity, precision and safety, and clinical efficacy. Postoperative patient symptoms were significantly relieved, with hemodynamic parameters markedly improved — laying a solid foundation for the technology's global application.

This commercial launch in the UAE marks PADN technology's successful crossing of national boundaries, achieving the critical leap from proof-of-concept to clinical closure within high-standard, rigorously regulated overseas healthcare systems.

Style3D Launches AI Design Feature

3 Steps from Fashion Design to Marketing

Raysolve Unveils 0.18cc World's Smallest Full-Color

Micro-LED Light Engine

Recently, 36Kr released its 2025 "China Equity Investment Industry Investment Institutions" series rankings. Gaorong Ventures was named among the Top 20 VC Firms in China's equity investment industry, and Gaorong Ventures founding partner Michael Mao was listed among the Most Entrepreneurur-Friendly Investors in China 2025. Additionally, Michael Mao was also named to PEDaily's Top 100 Investors 2025.

Healthcare CEO Closed-Door Meeting

& Healthcare Track Demo Day

On July 3, Gaorong Ventures hosted its 2025 Healthcare CEO Closed-Door Meeting and Healthcare Track Demo Day in Beijing. Yanyan Jiao, Executive Director of CITIC Securities Investment Banking Healthcare Division, shared insights on new policies for the STAR Market and ChiNext healthcare sectors; Siming Sun, Managing Director of Morgan Stanley Asia Pacific Investment Banking Division, discussed the latest trends in HKEX Rule 18A and overseas business development, along with advice for healthcare companies.

At the Demo Day, eight high-quality companies from cell therapy, brain-computer interfaces, AI healthcare, new drug R&D, and medical device sectors conducted closed-door roadshows. The Demo Day attracted over 60 industry investors on-site; CITIC Bank Beijing Branch was the co-organizer of this closed-door meeting.

Gaorong X BOSS Zhipin

Joint Livestream Recruitment for AI Application Companies

What possibilities exist for AI applications in the large model era? How does the AI magic wand illuminate entirely new user experiences? What talent are the hottest AI startups craving?

On June 13, Gaorong Ventures partnered with BOSS Zhipin and multiple AI application portfolio companies to launch a joint AI talent recruitment livestream. CEOs and co-founders from Yuaiweiwu, Style3D, Sixiangliu, XVERSE, Muyan Zhiyu, and Shilv Technology joined live to share their definitions and thinking on AI products firsthand. The BOSS Zhipin platform attracted over 22,000 viewers, with more than 2,500 interactions.

Preview: Inside Volcano Engine

From Multimodal to Agent: Technology-Driven Innovative Applications

On Thursday, July 17, Ronghui goes inside Volcano Engine Beijing to track ByteDance's layout in foundation models, AI cloud-native infrastructure, and Agent, exploring growth opportunities in the Agentic AI ecosystem.

Scroll through the long image to view the full agenda and scan the QR code to register; you can also click "Read Original" at the end of this article to enter the registration channel (subject to review).

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