Rongbao | Biren Technology and Seyond list successfully in Hong Kong, Moonshot AI completes major funding round

As the year turns, a wave of innovative companies have hit new milestones — successfully listing or racing toward public markets, closing blockbuster funding rounds, or delivering year-end results that met or exceeded targets. In this issue of the Gaorong Bulletin, we round up how portfolio companies are charting growth through relentless innovation and efficiency.

Biren Technology Lists Successfully

Becomes "Hong Kong's First GPU Stock"

On January 2, 2026, Biren Technology (stock code: 06082.HK) officially debuted on the Main Board of the Hong Kong Stock Exchange. As the first IPO of 2026 in Hong Kong, Biren priced its shares at HK$19.60 each, raising HK$5.583 billion. With this listing, Biren Technology became not only "Hong Kong's first GPU stock" but also the largest new share issuance under the exchange's Chapter 18C regime for specialist technology companies. Gaorong Ventures participated in Biren's Pre-B round in 2020.

Founded in 2019, Biren Technology is a leading domestic provider of general-purpose intelligent computing solutions, anchored by self-developed GPU products that deliver powerful, secure, and efficient computing infrastructure across industries. The company adheres to original core architectures, pioneered the Chiplet-based high-compute chip, and built a hardware-software co-innovation technology system — all aimed at fostering a domestic intelligent computing ecosystem and becoming a core engine for China's AI industry.

Since commercializing its Bili™ chip products in 2023, Biren has demonstrated strong growth momentum. Revenue scaled rapidly from RMB 62.03 million that year to RMB 337 million in 2024. With the mass production and market launch of the Bili™ 166 chip, the company achieved another leap in 2025. As of December 15, 2025, Biren had RMB 1.241 billion in orders on hand. Read more

Seyond Lists on Hong Kong Stock Exchange

Gaorong Led the Angel Round

On December 10, 2025, Seyond (stock code: 02665.HK), a global provider of image-grade lidar solutions, officially listed on the Main Board of the Hong Kong Stock Exchange via a De-SPAC transaction. The company raised approximately HK$1.027 billion in total. Gaorong Ventures led Seyond's angel round in 2016 and participated in its subsequent Series A.

According to CIC Consulting data, Seyond is the world's first supplier to achieve mass production of automotive-grade high-performance lidar solutions, ranking second globally in cumulative ADAS lidar solution sales revenue from 2022 to 2024. Seyond is also the first company to achieve scaled mass production on the 1550nm high-performance route, while simultaneously possessing scaled mass production capability for the 905nm cost-effective route — building a complete product matrix spanning from premium to mainstream markets.

From 2022 to 2024, total revenue grew from $66.3 million to $159 million, representing a compound annual growth rate of 55.1%. In the first five months of 2025, the company achieved a 12.9% gross margin, marking Seyond's entry into positive profitability循环. Read more

Mingming Henmang Receives Filing for Hong Kong IPO

China's Largest Leisure Food and Beverage Chain Retailer

On December 11, 2025, Mingming Henmang received CSRC filing approval for its Hong Kong listing. Per the filing notice, Mingming Henmang plans to issue no more than 76,666,400 overseas-listed ordinary shares on the Hong Kong Stock Exchange. Gaorong Ventures was a co-lead investor in Mingming Henmang's first funding round and continued to participate in subsequent rounds.

As China's largest leisure food and beverage chain retailer, Mingming Henmang operates through the deep integration of its dual brands "Snack Busy" (零食很忙) and "Zhao Yiming Snacks" (赵一鸣零食), unifying operations and organizational structure to achieve seamless coordination and standardized operations — elevating supply chain and operational efficiency through group-level management.

In the first half of 2025, Mingming Henmang achieved RMB 41.1 billion in retail GMV, with revenue of RMB 28.12 billion and adjusted net profit of RMB 1.034 billion. The store count reached 16,783 locations across 28 provinces, 1,327 counties, and all city tiers, ranking first in the industry for leisure food and beverage retail sales in 2024. In September 2025, third-party authority Frost & Sullivan certified Mingming Henmang as the first enterprise in the sector to surpass 20,000 stores, further cementing its market leadership.

Corenovation Pursues STAR Market Listing

Bringing China's Full Maglev Artificial Heart to the World

On December 26, 2025, Suzhou Corenovation formally submitted its prospectus for a STAR Market listing. Gaorong Ventures co-led Corenovation's over-USD-100-million strategic financing round in 2025.

Founded in 2018, Corenovation is a global innovative medical device company advancing late-stage heart failure treatment through breakthrough technologies and solutions. Addressing the urgent unmet need among late-stage heart failure patients in mainstream global markets, the company aims to become a technological and commercial leader in the artificial heart field.

In the China market, Corenovation's first implantable full maglev left ventricular assist system, CH-VAD, has received NMPA approval for market launch — becoming China's first approved full maglev implantable artificial heart. Its upgraded version, CH-VAD Plus, is currently in registration and expected to receive Chinese approval in early 2026. In the US market, the company's next-generation implantable full maglev left ventricular assist system, BrioVAD, has received FDA approval to enter clinical trials — making it the first active implantable medical device from China to reach this stage; the study has also gained CMS approval, with required medical devices and related routine examinations and services to be covered by US Medicare.

Moonshot AI Closes $500 Million New Funding Round

Zhilin Yang's Internal Letter Discloses 2026 Strategic Goals

On December 31, 2025, Moonshot AI founder and CEO Zhilin Yang issued an internal letter announcing the company's recent completion of a $500 million Series C funding round. The round was led by IDG, with existing shareholders Alibaba and Tencent oversubscribing; Gaorong Ventures, also an existing shareholder, oversubscribed as well.

Over the past year, Kimi achieved numerous breakthroughs and "SOTA results," with the releases of K2 and K2 Thinking marking important steps on the company's AGI journey.

In his internal letter, Yang disclosed the company's foremost goal going forward: to surpass frontier companies like Anthropic and become a world-leading AGI company. The 2026 strategy will proceed along the following dimensions:

1. Through technical improvements and further scaling, the K3 model will increase effective FLOPs by at least one order of magnitude, matching world frontier models in pre-training performance.

2. Vertically integrating model training with agent product taste, making K3 a more "distinctive" model that delivers entirely new capabilities no other model has defined.

3. Focusing products and commercialization on agents, not chasing absolute user numbers, continuously pursuing the upper limits of intelligence, creating greater productivity value, and achieving order-of-magnitude revenue growth. Read more

Allink Biotech Closes Nearly $50 Million in New Funding

Accelerating Global Clinical Development of ADC Programs

On December 16, 2025, Allink Biotech, dedicated to developing next-generation ADC and multi-specific antibody drugs in oncology and immunology, announced the completion of a nearly $50 million Series A extension round. The extension was led by existing shareholder Legend Capital and new investor Meituan Longzhu, with participation from multiple prominent new and existing shareholders. Gaorong Ventures co-led Allink Biotech's angel round in 2023 and continued to participate in the subsequent Series A round.

This Series A extension will help accelerate global clinical development of the company's two core pipelines with significant differentiation advantages. ALK20, a potentially first-in-class and best-in-class FGFR2b-targeting ADC, has shown encouraging efficacy signals and good safety across multiple tumor types, laying a solid foundation for it to become a cornerstone therapy for FGFR2b-overexpressing solid tumors. The concurrently advancing ALK202 program has also seen early clinical data that preliminarily validates this EGFR/cMET bispecific ADC's potential to set a new treatment benchmark in non-small cell lung cancer.

Going forward, Allink Biotech will accelerate ALK20 and ALK20 into pivotal registrational clinical trials while establishing differentiated competitive advantages in their respective target indications. Read more

CasCade Pharma Closes Nearly 300 Million Yuan Series B Round

Accelerating Innovation in Nuclear Receptor and GPCR Drug R&D

On November 28, 2025, CasCade Pharma announced the completion of a nearly 300 million yuan Series B round. The round was led by SDIC Pioneering Capital, with participation from multiple new and existing shareholders. Gaorong Ventures led CasCade Pharma's Pre-A round in 2020 and participated in several subsequent rounds.

Founded in 2017, CasCade Pharma specializes in original innovative drug R&D targeting nuclear receptors and G protein-coupled receptors (GPCRs), with a focus on metabolic diseases including metabolic dysfunction-associated steatohepatitis (MASH) and primary biliary cholangitis (PBC).

In 2025, the company's core pipeline candidate CS0159 received FDA Breakthrough Therapy designation and Orphan Drug qualification, achieving multiple breakthrough advances. Oral tablets have successfully completed Phase II trials for MASH in the United States; domestically, the core Phase II study for the PBC indication has concluded, showing significant therapeutic potential, with Phase III trials now underway. Meanwhile, the research team has actively explored CS0159 combination regimens, conducting studies combining CS0159 with GLP-1 receptor agonists, which could manage body weight from different angles to achieve enhanced weight reduction effects.

The company's two other pipeline candidates are also progressing steadily through clinical trials, demonstrating exceptional potential. CS060380, a potentially best-in-class THRβ small molecule agonist, has successfully initiated Phase II trials; candidate drug CS060304 has enrolled multiple cohorts for SAD and MAD studies, showcasing the company's deep strength in nuclear receptor drug development.

Yuaiweiwu Releases First AI Learning Report Card

User Base Breaks One Million for First Time in Industry

Recently, AI-native application company Yuaiweiwu released the first "report card" for its AI one-on-one tutor, which has been deployed for nearly a year. The first cohort of AI learning "natives" taught by human-level AI tutors has reached one million in scale, with students continuing to learn for up to 316 days, the longest individual learning record reaching 9,000 minutes, and the highest single-session interaction count hitting 274.

Founded in May 2023, Yuaiweiwu launched its education brand "Aixue" in February 2025, a large-scale deployed human-level AI one-on-one tutor product providing sustainable companion learning services for all age groups.

Yuaiweiwu proposed China's first AI-native education framework — a full-stack technical system integrating "digital human + voice + large model + engineering." The company's self-developed Aixue Education Large Model is China's first teaching-focused large model, developed around the question of "how to teach better." On one hand, the team has accumulated extensive online teaching data from top industry instructors, which serves as core training material for the large model, laying the foundation for human-level AI tutors. On the other hand, as one of the earliest human-level AI tutor products deployed at scale domestically, Aixue has accumulated approximately one million hours of audio-video interaction data, enabling fully personalized curriculum customization for each student based on this data, truly achieving individualized instruction. (Source: Huanqiu.com)

Genki Forest Achieves Double-Digit Growth for Third Consecutive Year

Moving from "Single Hit Product" to "Full Product Matrix"

Genki Forest recently disclosed its 2025 results — overall performance grew 26% year-over-year, maintaining double-digit growth for three consecutive years. According to Nielsen's report Deconstructing New Growth Momentum in China's Beverage Industry, the overall FMCG industry growth rate in 2025 was 4.8%, with Genki Forest growing at four times the industry average.

At the recently concluded 2025 distributor conference, Genki Forest founder Binsen Tang continued his "slow is fast" product philosophy, emphasizing that "making beverages is slow work, requiring patience and confidence to create good products that convey love for Chinese people." This philosophy is not only the underlying logic behind the brand's three consecutive years of growth, but also demonstrates its unwavering commitment to product quality.

Currently, Genki Forest is transitioning from a "single hit product" to a "full product matrix," with sparkling water, electrolyte water, vitamin water, Chinese wellness water, and reduced-sugar tea all becoming breakout categories, precisely meeting current consumer demand for "comprehensive water alternatives and replenishment" amid rising health consciousness.

While steadily developing its domestic market, Genki Forest has actively pushed to take good products global since 2019, with products now available in over 40 countries and regions worldwide.

Neolix Partners with European Luxmea

Deployed in 15 Countries and Regions Globally

Recently, global autonomous delivery leader Neolix and European electric freight and mobility solutions provider Luxmea formally reached a strategic partnership. The two parties will focus on urban delivery and last-mile delivery scenarios in the European market, with AI technology as the core driving force, jointly building an efficient, intelligent, and sustainable new last-mile logistics ecosystem. This cooperation not only marks the deepening of Neolix's global expansion, but will also inject Chinese innovation momentum into the upgrade of Europe's smart logistics industry.

As a benchmark enterprise in autonomous vehicle R&D, manufacturing, and services, Neolix possesses full-stack technical capabilities spanning proprietary hardware and software development, complete vehicle production, and intelligent fleet dispatching. Its core products have obtained certification from the internationally authoritative TÜV Rheinland, meeting the requirements of more than 20 ECE/EU regulations, and can flexibly adapt to multi-scenario last-mile delivery demands. To date, Neolix has deployed applications in 15 countries and regions globally, with cumulative deliveries exceeding 16,000 units.

Luxmea is a well-known brand in European urban sustainable transportation, with more than 550,000 of its developed electric bicycles currently in use across Europe.

GravityXR Releases China's First Full-Function Spatial Computing MR Chip, Jizhi G-X100

On November 27, 2025, GravityXR Electronic Technology (hereinafter referred to as "GravityXR") held the 2025 Spatial Computing Conference, officially releasing China's first full-function spatial computing MR chip Jizhi G-X100, along with the world's first full-stack spatial computing solution "Jiyue," marking a significant technological breakthrough for China in the spatial computing domain. Concurrently, GravityXR completed strategic partnerships with SeeYA Technology, Sizhu Robotics, Goertek Dynaudio, Alpha Labs, RayNeo Innovation, and Li Weike Technology, among others.

The Jizhi G-X100 breaks through advanced 5nm process technology, adopting for the first time a Chiplet heterogeneous packaging architecture, achieving photon-to-photon latency of 9ms — a world record. The Jizhi G-X100 supports full-link foveated rendering and binocular 8K/120Hz output, maintaining spatial computing device power consumption as low as 3W while offering broad compatibility across chip and operating system platforms. The Jizhi G-X100 reference design is pushing MR products into the hundred-gram era.

At the same time, the company also introduced the Jimo G-VX100, an AI/AR hardware-dedicated chip packaged as thin as 4.2mm, supporting diverse product forms including ultra-light AI/AR glasses, AI headphones, and AI assistants; and the self-developed low-power spatial rendering and display chip Jiyan-EB100, addressing professional needs in the XR and robotics fields. These three chips collectively build a spatial computing chip matrix covering full scenarios.

Building upon this foundation, GravityXR further released the full-stack spatial computing solution "Jiyu," achieving full-link coverage from chips, device platforms, spatial engines, SDK toolchains to ecosystem integration, broadly supporting multiple terminal scenarios including XR, robotics, intelligent vehicles, and industrial IoT.

Jingneng's 2025 IGBT and SiC Module Deliveries Both Surpass 100,000 Units

"Dual 100,000, zero failures" — at the end of 2025, Jingneng released its annual report card, with full-year IGBT and SiC module deliveries both exceeding 100,000 units, achieving "zero failures" at client sites. This marks the company's comprehensive breakthrough and technological leadership in high-reliability, high-performance power semiconductors.

Jingneng is the power and AI semiconductor industry platform of Geely Technology Group. Leveraging the group's global industrial resources, the company has built an industry-leading R&D and manufacturing system, serving critical scenarios including electric vehicles, sustainable energy, and AI infrastructure.

Jingneng's self-developed high-reliability SiC modules employ the industry's first "copper clip bonding + epoxy potting" advanced packaging process, achieving or exceeding international first-tier levels in key metrics including electrical performance, mechanical strength, reliability, and high-temperature operation capability. They have provided "power core" enablement for the full Zeekr vehicle lineup, safeguarding more than 100,000 Zeekr owners.

The company makes intelligent manufacturing its core, investing over 100 million yuan to build full-process digital production lines, and applying automotive-grade reliability standards throughout every stage from R&D design, process development, product manufacturing to testing and validation.

Zenitar's Flonoltinib Receives FDA Orphan Drug Designation for Myelofibrosis Treatment

On December 22, 2025, the U.S. Food and Drug Administration (FDA) granted Zenitar's self-developed core product, flonoltinib maleate (FM), Orphan Drug Designation for the treatment of myelofibrosis. This designation further solidifies FM's differentiated positioning in the myelofibrosis treatment field, offering a potentially more clinically valuable new therapeutic option for patient populations with limited response or insufficient tolerance to existing treatments, and laying groundwork for future expansion into broader myeloproliferative neoplasms and related hematologic malignancies.

FM is a next-generation highly selective JAK2 inhibitor simultaneously targeting the JAK2 pseudokinase domain JH2 and kinase domain JH1, developed independently by Zenitar. Through synergistic inhibition of FLT3 and CDK6, it improves bone marrow tissue fibrosis while maintaining spleen volume reduction and symptom improvement, representing a novel-mechanism JAK2/CDK6/FLT3 triple-target inhibitor. Currently, Phase III clinical trials of FM head-to-head against ruxolitinib as first-line treatment for intermediate/high-risk myelofibrosis, Phase II clinical trials for second-line treatment of intermediate/high-risk myelofibrosis, and Phase II clinical trials for the treatment of polycythemia vera (PV) have been initiated.

Zenitar focuses on major unmet clinical medical needs, specializing in key therapeutic areas including oncology, autoimmune diseases, inflammation, and neurological disorders, and has independently developed seven differentiated, globally competitive products with worldwide rights.

Momenta and Mercedes-Benz Join Forces Again

Luxury Autonomous Taxi Lands in Abu Dhabi

Youware Mobile

Making Coding No Longer Confined to Your Desktop

At the year-end turn, Gaorong Ventures harvested multiple heavyweight industry awards and recognitions.

Zero2IPO 2025 China Top 10 Venture Capital Institutions

Zero2IPO 2025 China Top 20 Digital Economy Investment Institutions

IPO Zaozhidao 2025 Best IPO Investment Institutions TOP15

IPO Zaozhidao 2025 Best AI/Consumer/Healthcare Investment Institutions

Jiemian News 2025 China Top Venture Capital Institutions TOP15

NetEase News 2025 Top 10 Most Influential AI Investment Institutions

Zero2IPO 2025 China Top 10 Venture Capitalists (Rui Han, Partner, Gaorong Ventures)

Forbes 2025 Forbes China Top 100 Venture Capitalists (Rui Han)

Biomedical Innovation Project Demo Day

On December 4, 2025, the Biomedical Innovation Project Demo Day, co-hosted by Gaorong Ventures and PwC, was successfully held at the PwC Innovation Center in Shanghai. This event gathered over 100 experts and enterprise representatives from industry, investment, and technology sectors, engaging in in-depth dialogue and forward-looking exchanges on topics including technology trends in biomedicine, industry insights, and internationalization strategies.

At the conference, multiple biomedical innovation enterprises including Anlink Biotech, DotBio, Onto Bio, Jinghe Bio, Cascadia, Westlake Yungu Intelligent Pharma, and Westlake Omics delivered outstanding roadshows, engaging in deep exchanges with attending guests and sparking collaboration opportunities. The presenting enterprises fully demonstrated the cutting-edge technologies of China's biomedical innovation, covering innovations across tumor immunology, radiopharmaceuticals, RNA therapeutics, metabolic diseases, gene therapy, and AI-driven precision medicine.