MaKe | Four MaHui Member Company Executives Named to Forbes China's "2023 Businesswomen to Watch" List

On March 9, Forbes China released its "20 Businesswomen to Watch" list, with four female executives from MaHui member companies making the cut — Lin Rongzhen, co-founder of Shanghai Xinyi Linhe Technology (Ruigu); Ji Jing, co-founder and VP of Car300; Li Tingting, co-founder and CTO of Qingflow; and Liu Chang, co-founder and VP of GalaxySpace.

Forbes China publishes annual women-focused rankings spotlighting rising business talent on the verge of breaking through. This year's honorees lead companies that have rapidly gained prominence over the past three years, commanding attention through strong operational quality, growth potential, and industry and public influence.

In its announcement of the 2023 list, Forbes China noted that business, technology, and women are playing pivotal roles in reshaping economic logic, and that outdated stereotypes about women being "professionally disadvantaged" or "technologically disconnected" are shifting. More female leaders will push through stubbornly in business environments. Compared with other Asian countries, China offers more fertile ground for gender equality and boasts a larger population of educated women. What new miracles will women bring to China's economy? The answer is incalculable — and worth waiting for.

Forbes China 2023: 20 Businesswomen to Watch

• Listed alphabetically by name; no ranking implied -

Xiao Chen, CEO, ClinChoice

ClinChoice focuses on clinical R&D in life sciences, building what it aims to be a next-generation global SaaS platform for clinical research. Powered by cloud computing, big data, and AI, the platform supports trial design, data management, and operations in life sciences R&D — ensuring clinical data consistency, improving protocol design and trial execution efficiency, controlling costs, and accelerating commercialization of innovative drugs and novel medical devices. The company raised over RMB 100 million in Series A funding in 2021 and tens of millions of dollars in Series A+ in 2022.

Before joining ClinChoice, Chen spent 15 years at Google, serving as a software engineer at headquarters, head of Google Shanghai R&D Center, and general manager of China at Verily (a life sciences startup under Google's parent company). She holds a bachelor's degree in automatic control from Shanghai Jiao Tong University and a master's in computer science from Texas A&M University.

Senping Cheng, Founder and CEO, Triastek

Founded in 2015, Triastek positions itself as a platform company for 3D-printed pharmaceutical technology. Leveraging its MED (Melt Extrusion Deposition) 3D printing advantage, it became the first Chinese pharma company selected for the U.S. FDA's Emerging Technology Program, with the world's most extensive pipeline of 3D-printed drug products. In 2022, Triastek's self-developed products T20 and T21 received FDA clinical trial approval (IND); T19 became China's first 3D-printed drug product to secure IND approval. The company also partnered with Merck Group, Eli Lilly and Company, and other global and domestic pharmaceutical firms. Over the past year, the world's first continuous 3D-printing pharmaceutical production line completed key technology iterations and process debugging, with system integration, scaled production testing, and product print validation now underway. Founder Senping Cheng holds a Ph.D. in toxicology from the University of Kentucky.

Ning Dong, Chairman and CEO, Bamboo Cloud Technology

Dong previously served as general manager of technology planning and board director at Skyworth Group. In 2013, she founded Bamboo Cloud, leading her technical team to develop core technologies in IAM (identity and access management) and break the longstanding foreign vendor monopoly in this space. Bamboo Cloud focuses on IAM and cloud application security, and was among the earliest Chinese companies to implement IAM concepts and technology products. It maintains full control over its technology stack through proprietary, domestically developed code. Its self-developed products have been deployed across finance, energy, manufacturing, healthcare, and government sectors, with core clients including the National Development and Reform Commission, SASAC, Sinopec, China Telecom Group, and China Southern Power Grid. The company has completed multiple funding rounds totaling hundreds of millions of RMB from investors including HSG and Fortune Venture Capital.

Nan Fang, Chairman, Co-founder, and CEO, Singleron

Singleron Biotechnologies specializes in independently developing high-throughput single-cell multi-omics platform products and their clinical translation, dedicated to applying breakthrough single-cell technology to clinical testing, health management, and drug development. The company now possesses an internationally leading one-stop high-throughput single-cell sequencing platform, providing users with comprehensive single-cell sequencing solutions. Over the past two years, Singleron has completed nearly $100 million in Series B funding.

Dr. Nan Fang is a seasoned expert in genetic testing and molecular diagnostics, with extensive experience in team management, corporate strategy, M&A, and integration. She has led teams in developing and launching nearly 30 research and clinical testing products, and holds over 20 patents and patent applications.

Ji Jing, Co-founder and VP, Car300

Founded in 2014, Car300 is an AI-powered digital solutions provider helping clients build autonomous, controllable risk security systems and accelerate intelligent digital transformation. Its self-developed "Car300" app focuses on online intelligent used-car valuation, benchmarking against Kelley Blue Book, the century-old U.S. enterprise. The app has accumulated over 60 million installs and more than 1.4 million daily active users. In 2022, Car300 held a 69.4% market share, ranking first. VP Ji Jing holds a master's degree from Nanjing University of Aeronautics and Astronautics and previously worked at multiple leading real estate information platforms. She joined Car300 in 2017, responsible for business development strategy and marketing management.

Tingting Li, Co-founder and CTO, Qingflow

Qingflow began as a campus startup by Li and her partners, its name evoking lightweight workflow collaboration software that democratizes specialized software engineering for general use. Through Qingflow, users can build enterprise management systems by dragging and dropping components like building blocks — no coding required — bridging external information collection with internal electronic data flow to realize the vision of "everyone is a developer." As one of China's first no-code benchmark companies, Qingflow has served over 500,000 domestic and international enterprises in their digital transformation over its eight years, with marquee clients including CCTV, State Grid, CGN, Ping An Bank, Foxconn, and Honeywell International Inc. In July 2021, Qingflow completed a Series B round of hundreds of millions of RMB led by Qiming Venture Partners. Li holds bachelor's and master's degrees in software engineering from Shanghai Jiao Tong University, and previously worked at Teambition, Daocloud, and Cisco.

Lin Li, Founder and CEO, Haosi Biotech

As an early explorer and practitioner of multi-omics applications and clinical mass spectrometry in China's precision medicine field, Haosi Biotech provides comprehensive clinical mass spectrometry solutions covering instruments, reagents and consumables, third-party medical testing labs, and research collaboration. The company has established deep partnerships with nearly 100 top-tier tertiary hospitals, addressing both high-end and grassroots clinical mass spectrometry scenarios. Since its founding in 2016, Haosi has achieved multiple breakthroughs in China's clinical mass spectrometry field. Its products have filled domestic and international technological gaps in cardiovascular disease assessment, and in early screening and evaluation of Alzheimer's disease and major urinary system diseases. In 2022, Haosi obtained 12 Class II medical device registration certificates, bringing its total to 36 and covering mainstream mass spectrometry testing items — the highest in the industry. That same year, Haosi was named a national-level "Little Giant" specialized and refined enterprise, the only one in the clinical mass spectrometry field to date.

Founder and CEO Lin Li is a "Young Scholar" at the Tsinghua-Peking Center for Life Sciences and a committee member of the Alzheimer's Association. She holds a bachelor's degree from Peking University and a Ph.D. in chemistry through a joint program between the University of Cambridge and the University of Vienna.

Rongzhen Lin, Co-founder, Shanghai Xinyi Linhe Technology (Ruigu)

In 2015, Lin co-founded Ruigu with Gao Yang, an MRO industrial internet platform, and took full responsibility for daily operations. Under her leadership, Ruigu transformed from a five-person foreign trade company into China's largest MRO industrial distributor, attracting investments from prominent firms including Source Code Capital, Zhongding, CDH Investments, and Chunhua. Ruigu serves Chinese MRO industrial goods manufacturers and SMEs in MRO distribution. By integrating upstream brand manufacturers and factories, and equipping proprietary warehousing and logistics, self-developed SaaS and POS systems, and standardized after-sales processes, it serves downstream industrial retail terminals. Through data-driven warehousing, intelligent logistics, information-based management, and standardized services, Ruigu drives greater efficiency, transparency, standardization, and intelligence across the industrial goods supply chain from factory to delivery, effectively addressing the fragmentation, inefficiency, and information asymmetry of traditional MRO channels. Currently, 40% of China's industrial retail stores transact on its platform. Over the past two years, Ruigu completed a $250 million Series D round and a $150 million Series E round, with a valuation exceeding RMB 10 billion.

Chang Liu, Co-founder and VP, GalaxySpace

Founded in 2018, GalaxySpace is China's first unicorn in commercial aerospace and satellite internet, with low-orbit constellation deployment as its core business. The company has independently developed seven low-orbit broadband communication satellites, initially forming a low-orbit broadband communication test constellation. In 2022, GalaxySpace completed its Series B2 round at a post-money valuation of approximately RMB 11 billion. Its next-generation stackable flat-panel satellite has entered full prototype development — China's first flat-panel satellite — with a planned launch in 2023.

Fang Liu, Co-founder and CTO, Cix Technology

Cix Technology is a chip company focused on developing intelligent CPUs and high-efficiency computing solutions. It is the fourth company globally and the first in China to join Linaro's Windows on Arm working group. Within a year of founding, the company attracted multiple well-known investment institutions and completed five funding rounds including angel, Pre-A, and Pre-A+, with its largest financing exceeding RMB 100 million. With foresight in early positioning on the Arm CPU track, Cix works alongside ARM, Microsoft, and Qualcomm to advance the global Windows on Arm ecosystem.

Liu holds degrees from Zhejiang University and the University of Cincinnati, with 22 years of semiconductor industry experience. She has participated in and led architecture R&D and design for multiple chip products at Apple, Meta (formerly Facebook), and AMD.

Ying Liu, Co-founder and COO, StartDT

Founded in 2016, StartDT is an independent third-party data technology company focused on empowering business through big data and AI. It provides data cloud, analytics cloud, and other data products and services to help enterprises succeed in digital transformation. Current clients include SAIC, LVMH, Taikang, and Hangzhou Future Sci-Tech City. Since 2019, the company has achieved nearly 100% annual revenue growth, completed over RMB 200 million in Series C1 funding, and acquired GrowingIO, a domestic analytics cloud leader, positioning it as a potential next-generation unicorn in big data.

Co-founder and COO Ying Liu graduated from Fudan University with a degree in computer science and technology. She previously worked at IBM and Alibaba Cloud, bringing nearly two decades of B2B industry marketing experience, and has led StartDT's evolution toward enterprise-grade service.

Yujing Qiu, Co-founder and CEO, SemiDrive

Qiu has over a decade of work experience in Silicon Valley, participating in the founding of multiple startups with products spanning graphics processors and fiber-optic network communications. After returning to China, she served as general manager and R&D director at Freescale Xingxian (later acquired by NXP) and Pixelworks, responsible for R&D of automotive-grade chips and projector SoC chips. In 2018, Qiu co-founded SemiDrive and became CEO. Under her leadership, SemiDrive focuses on developing high-performance, high-reliability automotive-grade chips covering four domains: smart cockpit, intelligent driving, gateway, and high-performance MCU — encompassing the most critical chip categories in future automotive E/E architectures. The company has become one of the few fully structured teams in China with capabilities in automotive-grade core chip product definition, technology R&D, and large-scale mass production, contributing to domestic chip industry autonomy. In November 2022, SemiDrive completed a nearly RMB 1 billion Series B+ round at a post-money valuation of nearly RMB 14 billion.

Yaqian Tou, Founder and Chairman, Piyue Technology (ubras)

Tou is the founder of ubras. In 2016, she established the women's comfortable intimate apparel brand, creating a new category in the underwear industry — size-free bras — transforming the industry from non-standardized to standardized products, improving industrial efficiency, and redefining underwear for a new era. ubras has become China's top women's intimate apparel brand, with GMV approaching RMB 3 billion in 2022. The brand has completed funding rounds from HSG, Capital Today, and IDG.

Min Wang, Co-founder and CEO, Ruishi Biotech

Ruishi Biotech is a new drug R&D company focused on autoimmune and inflammatory diseases, co-founded in early 2018 with a $100 million incubation investment from Hengrui Medicine, a leading Chinese innovative pharmaceutical company. The company currently has 12 clinical trials underway across China, the U.S., Europe, and Australia, including four Phase III trials. Its core product is Ivarmacitinib tablets, whose Phase III study for atopic dermatitis has reached its endpoint, with an NDA submission planned for the first half of 2023. Among self-developed products, two small molecules have submitted INDs. In May 2022, Ruishi completed a nearly $100 million Series A round co-led by Huagai Capital's healthcare fund and its managed Capital Health Grand Fund, further advancing autoimmune disease drug research and global clinical development.

Dr. Min Wang is co-founder and CEO of Ruishi Biotech. She holds bachelor's and master's degrees from the Third Military Medical University in Chongqing and a Ph.D. in clinical biochemistry from the University of Toronto. With over 20 years of experience working and serving in executive roles at large multinational pharmaceutical companies, she has built multiple complete drug clinical development teams. Under her leadership, her teams have secured rapid approvals for approximately 20 new drugs and new indications in China and Canada. She previously served as investment partner at Qiming Venture Partners.

Nan Wang, Co-founder and Head of Business Development, XVERSE

Founded in 2021, XVERSE is an AI-driven next-generation 3D content production and consumption platform. Powered by its self-developed engine and cutting-edge AI algorithms, it creates vast, realistic, multi-user, and lightweight metaverse experiences, driving 3D transformation across industries. XVERSE serves clients including Tencent Music Entertainment Group TMELAND, FAW-Volkswagen, Adidas, Coca-Cola, and CCTV, and completed Series A and A+ rounds totaling $120 million in March 2022.

Co-founder and Head of Business Development Nan Wang graduated from MIT and previously served as strategy lead for Tencent's Technology Engineering Group (TEG), participating in and leading strategic planning for Tencent's frontier technology domains including AI, robotics, cloud computing, chips, and R&D efficiency.

Shanhu Wang, Founder and CEO, Baomi Technology

Baomi Technology is a home products e-commerce service provider operating on eBay, Amazon, Alibaba.com, and independent websites, offering global users fashionable, high-quality, and cost-effective home products. The company partners with over 100 premium home manufacturing factories worldwide and operates more than 60,000 square meters of warehousing across China, the U.S., the U.K., and France, with annual sales of $200 million and a compound annual growth rate exceeding 200% over the past three years. Founder and CEO Shanhu Wang graduated from Zhejiang University and is a serial entrepreneur.

Zhe Wang, Co-founder, VP, and Board Secretary, Xinhuazhang

Wang held senior positions at HP, IBM, and other multinational technology companies. In 2013, she became head of Synopsys' China education and government programs, entering the EDA industry. In March 2020, she co-founded Xinhuazhang with several domestic EDA veterans, serving as VP and board secretary responsible for financing and talent development.

EDA, short for Electronic Design Automation, comprises essential software tools for chip design covering the entire workflow, known as "the mother of chips." Xinhuazhang is dedicated to developing a new generation of intelligent EDA platforms, providing a complete digital front-end verification tool chain for chip design to fill domestic gaps in EDA verification and make chip design simpler and more accessible. Over the past two years, Xinhuazhang has invested over RMB 100 million in R&D and generated over RMB 100 million in revenue, serving dozens of top domestic chip companies and system firms. Since founding, the company has attracted nine funding rounds from well-known investors including Guokai Manufacturing Industry Transformation and Upgrading Fund, CICC, HSG, and Hillhouse.

Xiaomei Wu, Founder and CEO, Seesaw Coffee

Founded in 2012, Seesaw Coffee is among China's earliest specialty coffee chains. It operates both offline stores and online retail, cultivating "coffee as lifestyle," with monthly repurchase frequency reaching 4.2. From 2020 to 2022, Seesaw achieved 10x revenue growth with an average sales growth rate of 220%, successfully building its online business into a second growth curve. Seesaw was the first domestic specialty coffee brand to receive venture funding, and has completed a Series A++ round of hundreds of millions of RMB to accelerate expansion. Founder and CEO Xiaomei Wu graduated from Shanghai University of Finance and Economics.

Wei Xu, Founder and CEO, Plum (Hongbulin)

Founded in 2017, Plum is a circular fashion lifestyle e-commerce platform centered on second-hand luxury goods trading, covering over 2,000 fashion brands across bags, shoes and apparel, jewelry, and watches. It offers users a new living experience of both buying and selling. In 2022, Plum completed a $100 million Series C round, setting an industry record for single-round financing. Aurora Mobile data shows that by the end of last year, Plum's monthly active users had risen to the top tier of luxury e-commerce platforms.

Founder Wei Xu holds a bachelor's degree from Peking University and a master's from Oxford University. She previously served as investment director at Sinovation Ventures, with years of experience in market research and early-stage enterprise investment.

Hui Zhang, Founder and CEO, Suzhou Intechom Medical Technology

Founded in 2015, Intechom is a surgical instrument manufacturer. As the world's first company to launch a full series of electric intelligent stapler products, Intechom stands alongside Johnson & Johnson and Medtronic in the electric stapler segment through technical advantages, breaking import monopolies, and has completed a Series D round of hundreds of millions of RMB. The company's intelligent electric drive platform full series of electric staplers is currently the only domestic product to obtain both China's NMPA Class III certification and EU CE certification. Founder Hui Zhang has over 20 years of experience at multinationals including GE and Johnson & Johnson, primarily in R&D.