Rongbao | Multiple Products Debut at Shanghai Auto Show, AI Drug Lands Major Licensing Deal, Mingming Henmang and Geekplus Race Toward Hong Kong IPOs

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From the Shanghai Auto Show to the Guangzhou Futures Exchange, multiple portfolio companies unveiled new products and earned customer recognition; AI-driven drug discovery bore new fruit with a blockbuster bispecific antibody licensing deal; Chinese original medical devices stepped onto the global stage with solid capabilities... This month's Gaorong Ventures newsletter rounds up new products, milestones, and breakthroughs from several portfolio companies — and returns to the simple, pure初心 of creation.

ESWIN Computing Unveils

Camera-to-Display Smart Cockpit Solution

From April 23 to May 2, the 21st Shanghai International Automobile Industry Exhibition was held in Shanghai, with multiple Gaorong Ventures portfolio companies presenting new products.

Intelligent solution provider ESWIN Computing launched its "Camera-to-Display Smart Cockpit Solution," which uses a RISC-V technology matrix to connect the full chain from image capture to screen display, providing automakers with a one-stop visual solution from camera to display.

The in-vehicle intelligent control solution uses self-developed RISC-V CPU IP, offering lightweight AI applications, rich peripheral interfaces, compact size, and low system cost — suitable for in-vehicle infotainment systems, body control, display assemblies, wireless charging, and other scenarios.

The in-vehicle visual perception solution uses self-developed RISC-V CPU IP, an end-to-end image processing engine, and video subsystem, with advantages including ultra-low latency, fast boot, high cost-performance, and easy deployment and scaling. It breaks through the limitations of traditional physical mirrors, delivering high-quality real-time images even in extreme conditions such as darkness, rain and snow, and glare.

The in-vehicle human-machine interaction solution uses self-developed RISC-V CPU IP, with flexible resolution, high report rate, high reliability, and low power consumption, providing 4K visual experience and precise touch interaction for applications including digital instrument clusters, smart center consoles, head-up displays, and rear-seat entertainment.

The in-vehicle intelligent connectivity solution applies the MIPI A-PHY protocol, with strong stability, ultra-long-distance transmission, and high compatibility, providing high-speed, stable long-distance video transmission for vehicle cockpits.

Seyond Launches Three New Products, Providing

Full-Scenario Solutions for L2/L3 Assisted Driving

At this year's Shanghai Auto Show, global lidar and combined assisted driving solution provider Seyond unveiled three breakthrough lidar products — the Falcon K3, Robin E2, and Hummingbird D1 — providing full-scenario solutions for L2/L3 assisted driving. Together, they build a comprehensive perception matrix from long-range to near-field, from main view to blind-spot coverage.

Ultra-long-range lidar Falcon K3: Through third-generation laser transmission and reception technology, it achieves comprehensive performance upgrades — standard detection range increased to 350 meters, maximum range extended to 600 meters, and maximum vertical angular resolution improved by 100% to 0.03°.

Pure solid-state ultra-wide-angle lidar Hummingbird D1: Using pure solid-state electronic scanning technology, it sets a new benchmark for blind-spot coverage lidar with ultra-wide field of view, minimal blind zones, and reliable durability.

High-resolution digital main-view lidar Robin E2: Innovatively adopts a digital architecture, equipped with SPAD-SoC chip, achieving high-fidelity point cloud data output to provide reliable basis for vehicle decision planning.

Jingneng SiC Modules and Hybrid SiC Modules Power

Global Debuts of Zeekr 9X and Geely Galaxy Starship

At this year's Shanghai Auto Show, Jingneng's SiC modules and hybrid SiC modules powered the debuts of new models from Geely Auto's Zeekr and Geely Galaxy brands.

Jingneng is Geely's power semiconductor platform, focused on developing high-reliability power chip modules. The company operates three intelligent production bases in Hangzhou, Taizhou, and Jiaxing, with products widely used in automotive, new energy, robotics, and other applications.

The new SUV flagship launched by Zeekr — the Zeekr 9X — uses the Haohan super hybrid system and is equipped with Jingneng Microelectronics' high-performance SiC modules. Additionally, Jingneng's IGBT & SiC hybrid parallel module was showcased at Geely Auto's "Galaxy Tech Park" and equipped on the Geely Galaxy Starship, the brand's first off-road SUV making its global debut.

Jingneng's chip modules demonstrate high current-carrying capacity, extreme efficiency, high reliability, and high module junction temperature characteristics, contributing technological strength to Geely's "safety advancement."

Helixon Licenses Two Bispecific Antibodies to Sanofi

AI-Driven Drug Discovery Bears New Fruit

On April 17, Earendil Labs (Helixon's overseas entity), a global leader in AI-driven next-generation antibody therapeutics, and Sanofi announced a global exclusive licensing agreement for two potentially first-in-class bispecific antibodies for the treatment of autoimmune diseases and inflammatory bowel disease.

Under the agreement, Sanofi will obtain global proprietary rights to the two bispecific antibodies HXN-1002 and HXN-1003, both leveraging Earendil Labs' proprietary AI and high-throughput R&D platform.

As part of the agreement, Earendil Labs will receive $125 million in upfront payments; is eligible for up to $1.72 billion in development and commercial milestone payments, including $50 million in near-term payments; and is eligible for tiered royalties on product sales ranging from high single-digit to low double-digit percentages.

Earendil Labs and Helixon are committed to streamlining drug discovery and development through advanced machine learning, protein generative engineering, and high-throughput experimental technologies, thereby significantly accelerating drug development. The company's proprietary integrated architecture enables precise optimization of protein-based biologics for function, manufacturability, and developability, giving them first-in-class or best-in-class potential.

China Successfully Launches Satellite Internet

Technology Test Satellite, GalaxySpace Leads Development

On April 1, China used a Long March 2D carrier rocket at the Jiuquan Satellite Launch Center to successfully launch a satellite internet technology test satellite, which entered its predetermined orbit, marking a successful mission. The satellite internet technology test satellite is mainly used to carry out technical test verification for mobile phone broadband direct-to-satellite and space-ground network integration. GalaxySpace, a commercial aerospace company, was responsible for developing the two satellite internet technology test satellites for this mission.

As a representative of the new generation of satellite makers, GalaxySpace has successfully launched over 20 self-developed, technologically advanced satellites, including China's first batch-produced low-orbit broadband communication satellites, China's first flat-stackable satellite using flexible solar wings, and the world's first distributed multi-satellite formation SAR satellites. It is becoming an important force in supporting the construction of China's space power.

The two satellite internet technology test satellites for this mission rolled off the production line at GalaxySpace's Nantong Smart Satellite Factory — China's first satellite intelligent manufacturing facility in the Yangtze River Delta region with full R&D qualifications. The production line makes extensive use of intelligent equipment such as robotic assembly systems and automated measurement systems, alongside advanced software platforms including digital manufacturing systems and integrated automated test systems. With the capacity to manufacture satellites weighing up to 2,000 kg, the factory can produce 100 medium-sized satellites annually.

Mingming Henmang, Geekplus, Saint Bella,

Quantgroup, and Mirxes Race for Hong Kong IPOs

On April 28, Hunan-based Mingming Henmang Commercial Chain Co., Ltd. (hereinafter "Mingming Henmang") officially filed its listing application with the Hong Kong Stock Exchange.

According to its prospectus, Mingming Henmang recorded RMB 55.5 billion in gross merchandise value (GMV) across its stores in 2024, with over 1.6 billion transactions for the full year, continuing to lead the "bulk retail model." As of December 31, 2024, the company operated 14,394 stores across 28 provinces and all city tiers, with approximately 58% located in county towns and townships. Its "Snack Busy" and "Zhao Yiming Snacks" brands have become go-to names for affordable snacks among Chinese consumers. The bulk retail model pioneered by Mingming Henmang has achieved rapid growth through supply chain restructuring, innovative product development, and a fun, comfortable in-store shopping experience.

Recently, several Gaorong Ventures portfolio companies have moved toward Hong Kong listings, including Beijing Geekplus Technology Co., Ltd. ("Geekplus"), SAINT BELLA Inc. ("Saint Bella"), Quantgroup Technology Co., Ltd. ("Quantgroup"), and Mirxes Holding Company Limited ("Mirxes").

Geekplus filed its prospectus with the Hong Kong Stock Exchange at the end of 2024. The company provides a range of autonomous mobile robot (AMR) solutions designed to empower warehouse fulfillment and industrial material handling scenarios, significantly improving supply chain efficiency while reducing reliance on manual labor.

Saint Bella updated its prospectus at the end of 2024 to advance its main board listing on the Hong Kong Stock Exchange. The company is a leading family care brand group in China focused on postpartum care and recovery services. According to Frost & Sullivan, Saint Bella operated China's largest network of high-end confinement centers in 2023.

Quantgroup received CSRC IPO filing approval in March 2025. The company is a digital solutions provider that leverages technology and applications to offer digital marketing and merchandise transaction enablement services.

Mirxes received CSRC IPO filing approval in early 2025. Founded in 2014, the company has developed and commercialized precise, non-invasive, and affordable blood-based microRNA (miRNA) diagnostic assays for early detection of cancer and other diseases.

Genki Forest Hosts "Creation Camp 2044"

Binsen Tang: A Tribute to Simplicity and Purity

At the end of March, Genki Forest held its "Creation Camp 2044" at its Dujiangyan factory in Sichuan, bringing together hundreds of young people and industry experts for an unconventional "drink tasting experience." More than a dozen highly creative beverages made their debut, presented through a runway-style showcase combined with taste testing to explore product innovation logic and user experience.

Over ten Genki Forest product and brand team members shared their stories of innovation and their passion for products — including:

Genki Forest Sparkling Water: After more than 500 iterations and continuous technical innovation, the R&D team redefined sparkling water, discovering the formula for "just the right amount of explosive fizz."

Alienergy: The Alienergy electrolyte drink underwent a comprehensive upgrade, evolving from a single-nutrient formula to a multi-compound triple-effect hydration formula that scientifically replenishes the electrolyte golden triangle.

Vitamin B Water: The Alienergy vitamin universe continues to expand. Following the Vitamin C water, the team created China's first Vitamin B beverage, achieving multiple breakthroughs in the vitamin market.

At the close of Creation Camp, Genki Forest founder Binsen Tang concluded: "Genki Forest wasn't born from a great business model, marketing playbook, methodology, or expertise. We were born from simplicity, purity, a passion to create, and sincerity. Whatever happens, don't lose that original intention."

LiblibAI Partners with Tencent Cloud

Building Creative Infrastructure for the AI Era

On April 16, Beijing Qidian Xingyu Technology Co., Ltd. announced a partnership with Tencent Cloud. The two parties will carry out in-depth cooperation on technology and cloud infrastructure based on Qidian Xingyu's AI image generation platform LiblibAI, helping LiblibAI further enhance its technical capabilities and user experience while accelerating the construction of creative infrastructure for the AI era.

LiblibAI is China's largest AI image creation platform, dedicated to AI-powered content creation and sharing in professional scenarios, providing creative professionals with reliable, efficient tools for the AI era. The platform has surpassed 20 million model/image creators, maintains millions of daily creative interactions, hosts over 500,000 user-trained original AI models and workflows, and has generated more than 500 million images in total.

To support its growing user base, Tencent Cloud will provide robust underlying computing power and cloud computing support, offering LiblibAI a high-performance, highly stable platform foundation to fuel the rapid growth of both LiblibAI and its new business Xingliu. Additionally, Tencent Cloud's mobile quality monitoring services will integrate with LiblibAI's full-link observability data to help improve business stability and user experience.

On content production efficiency, LiblibAI will leverage Tencent Cloud's massive, full-range GPU resources to achieve more efficient platform scheduling and cost optimization. Tailored to LiblibAI's business scenarios, Tencent Cloud is also providing an integrated inference acceleration solution that achieves 30% faster inference speeds.

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Qihe Shengke Unveils Novel Base Editing Tool

Promising New Technology for Precision Applications

On April 21, the international journal Nature Biotechnology published online a research paper by Qihe Shengke titled "QBEmax is a sequence-permuted and internally-protected base editor." In this study, the Qihe Shengke R&D team reported a novel base editing system called QBEmax, representing a comprehensive upgrade and optimization of base editing technology.

The QBEmax editing tool achieves all-around optimization of base editing technology — maintaining highly efficient multiplex gene editing activity while significantly improving editing product purity and substantially reducing indel byproducts as well as DNA and RNA off-target effects. The study also demonstrates how AI protein modeling can be used to analyze and design enzymes with superior editing characteristics. The development of QBEmax further advances the precision and safety of base editing technology, promising to provide powerful new tools for precision gene editing applications.

Qihe Shengke is currently leveraging the QBEmax system to carry out diverse trait improvements in multiple important crops, including high-yield and dwarf corn, herbicide-tolerant rice, and high-yield soybeans. Additionally, QBEmax's efficient, clean, precise, and safe editing characteristics hold promise for supporting biotechnology applications such as animal model creation, cell and gene therapy, synthetic biology, and biomanufacturing.

Allink Biotech's EGFR/cMET Bispecific ADC

Completes First International Patient Enrollment

Recently, Allink Biotech announced that its self-developed EGFR/c-MET bispecific antibody-drug conjugate (ADC), ALK202, has received clinical trial application (IND) approval from the Center for Drug Evaluation (CDE) of China's National Medical Products Administration, and has successfully enrolled its first patient in Australia.

Previously, ALK202's IND was approved by the U.S. Food and Drug Administration (FDA) in December 2024. The company will now advance the program through Phase I clinical trials in Australia, the United States, and China to comprehensively evaluate its safety and efficacy.

ALK202 is an innovatively designed EGFR/c-MET bispecific ADC aimed at overcoming resistance challenges associated with single-target therapies while significantly enhancing anti-tumor efficacy. It also reduces target-related toxicity through optimized binding affinity on both ends.

Founded in 2023, Allink Biotech has built a pipeline of first-in-class (FIC) and best-in-class (BIC) product candidates based on its proprietary bispecific antibody and ADC technology platforms. The company is committed to developing breakthrough therapies in oncology and immunology, bringing innovative treatment options to patients worldwide.

Weiling MedTech Collaborates with West China Hospital

Accelerating Clinical Translation of Brain-Computer Interfaces

Recently, a joint team from the Department of Neurosurgery at Sichuan University West China Hospital (led by Qing Mao and Yuan Yang), the hospital's Intelligent Wearable Devices Laboratory (led by Jiayuan He), and Weiling MedTech successfully completed the first intraoperative brain-computer interface (BCI) procedure using cortical surface flexible thin-film electrodes for awake craniotomy and neural signal decoding. A 47-year-old patient with a functional-area brain tumor was implanted with a 128-channel flexible thin-film electrode array. A portable high-throughput neural electrophysiology acquisition system captured high-fidelity neural signals in real time, while the patient, kept awake during surgery, cooperated with motor tasks.

Weiling MedTech's high-density thin-film electrode array is manufactured using advanced MEMS processes. At just 10 microns thick — one-tenth the diameter of a human hair — it is ultra-thin and ultra-compliant, enabling close conformal contact with the cerebral cortex to minimize implantation trauma while offering high biocompatibility and long-term stability. The company's thousand-channel neural signal acquisition system supports high sampling rates with low noise and low power consumption, providing technical support for clinical applications of BCI technology.

Going forward, Weiling MedTech will continue strengthening partnerships with domestic research institutions, hospitals, and enterprises to accelerate technology translation and commercialization, laying a solid foundation for broader application of BCI technology.

Pulnovo Medical's PADN Catheter Passes MDR Certification

Receives European Market Authorization

Recently, Pulnovo Medical's self-developed PADN catheter successfully passed EU MDR (Medical Device Regulation) certification, becoming the first Class III cardiovascular interventional product to be approved based on complete, authentic Chinese clinical data without requiring additional European trials.

The EU Medical Device Regulation is one of the world's most stringent medical device regulatory frameworks. Under this system, Pulnovo Medical's PADN catheter passed comprehensive review of over 1,200 pages of technical documentation based on high-quality clinical trials and a complete, verifiable data chain completed in China — with no need to repeat clinical studies in Europe.

This not only demonstrates Pulnovo Medical's comprehensive leadership in product safety, efficacy, and regulatory compliance, but also marks the arrival of China's high-end original medical devices on the global stage backed by solid technical capabilities and high-standard data systems.

Concurrent with its MDR certification, Pulnovo Medical's self-developed PADN catheter has officially received CE marking.

ZhenHealth Unveils Three Products

Diversified Product Portfolio Targets Full Market Spectrum

Recently, ZhenHealth (Guangdong Hengqin) Medical Technology Co. unveiled three major products at CMEF 2025 — the TH-P and TH-S percutaneous puncture surgical navigation and positioning systems, and the TH-X MW navigation-guided microwave ablation system.

TH-P Percutaneous Puncture Surgical Navigation and Positioning System: As China's first lightweight percutaneous puncture surgical robot for thoracoabdominal solid tumor biopsy and ablation, the TH-P offers municipal and county-level hospitals precise, efficient surgical solutions through its lightweight design and high-precision positioning technology.

TH-S Percutaneous Puncture Surgical Navigation and Positioning System: The first Class III innovative medical device approved by China's National Medical Products Administration in the percutaneous puncture surgical robot field, and a domestic first. Already deployed in dozens of hospitals for clinical use, it has been applied to numerous diagnostic and therapeutic procedures including biopsy, surgical localization, precision ablation, and seed implantation across thoracic and abdominal organs — completing over 3,500 surgeries with a 100% success rate, earning high recognition from clinicians.

TH-X Navigation-Guided Microwave Ablation System: Integrates navigation positioning, respiratory motion sensing, and microwave ablation technologies with a next-generation AI platform, truly enabling an integrated "diagnosis + treatment" pathway. It is the only robotic product capable of performing both precise puncture and ablation in one procedure, offering a new minimally invasive treatment option for numerous cancer patients.

Blokees Global Partners Conference Concludes

Continuing to "Spread the Joy of Building" in 2025

XTransfer at the 137th Canton Fair

Local Collection Accounts Debut

XTransfer's local collection accounts now cover over 80% of countries and regions globally, including Africa, Southeast Asia, Latin America, and the Middle East.

In April, the 2024 ChinaVenture rankings were released. Gaorong Ventures was named to the Top 50 Best VC Firms in China, Top 20 Best Foreign VC Firms in China, and Top 30 Best Investment Firms in Carbon Neutrality / AI and Big Data. The firm also received the China Venture Capital and Private Equity Ten-Year Achievement Award.

Gaorong Ventures partner Shuo Hu was named to the 2024 ChinaVenture NOVA Rising Stars Top 50.

Gaorong Capital Acceleration Series

Unpacking M&A Logic and Practice

On April 10, the 21st closed-door salon of Global Entrepreneurs Gathering was held, hosted by Tsinghua PBCSF's Global Entrepreneur Program with Gaorong Ventures as supporting partner. Noted M&A expert Lao Zhiming, Managing Director and Head of M&A at Huatai United Securities, drew on frontline experience to share systematic insights with over 50 entrepreneurs and investors on the current M&A market, underlying M&A logic, and practical execution points.

Lao noted that if an IPO is like filmmaking — with repeated shooting and editing before a successful theatrical release — then M&A is theater with no chance for dress rehearsal. Thus, M&A demands "strategic boldness and tactical patience" to ultimately realize strategic value through integration. Read more