Qiming News

Qiming EN Newsletter Jan 2024


What's New at Qiming

Qiming ESG

As part of our flagship China Rural Revitalization Entrepreneurs Support Plan, our Founding Managing Partner Duane Kuang joined a charity live-selling session on Douyin as one of the hosts, promoting high quality agricultural products from rural counties in China while seizing the Chinese New Year shopping peak.

Duane shared the story, goals, and various ways of supporting rural entrepreneurs. This event was co-organized by the China Rural Development Foundation, Qiming Venture Partners, and Gao Tu company. The goal is to help products reach a nationwide audience via live-streaming. 

Reflecting on the motivation for this livestream, Duane said, "As we think about how to bring these high quality agricultural products to the market, we believe that leveraging internet platforms and selling through live streaming is a good way. We hope to integrate the strength of investment institutions, entrepreneurs, and the public to bring these excellent products to thousands of households."

The China Rural Revitalization Entrepreneur Support Program, jointly launched by Qiming Venture Partners and the China Rural Development Foundation in 2021, has empowered 683 industry entrepreneurs (20 of whom have received seed funding) hailing from 8 provinces including Shaanxi, Gansu, Ningxia, and Qinghai, as of the end of 2023.

Qiming Awards

Qiming Venture Partners has been honored for its impact and influence in China at the prestigious 2023 China Venture Capital Industry Annual Awards - Gold Investment Lists, organized by the China Venture Capital Research Institute. Qiming has been honored as the VC Firm of the Year and the Most Favored VC Firm by LPs in China. Our managing partner Nisa Leung has been recognized as the Influential VC Investor of the Year in China. The awards span multiple categories, including Early Stage VC, PE, and LPs, and evaluate all-round performance in areas like fundraising, investment, exit strategy, and overall influence. 

Qiming team has won multiple titles in the 2023 Annual InvestorCN Investment Rankings. This annual list is composed of institutional lists, industry lists, and individual awards. Qiming secured Best Startup Investment Institution, Best Investment Institution in Healthcare and others, and our Founding Managing Partner Duane Kuang was acknowledged as Best Startup Investor and Investor of the Year; Managing Partner William Hu won Best Investor in Healthcare.

Market news platform IPO Zao Zhi Dao released the annual list of Best IPO Investment Institutions. Qiming has been honored as the Best IPO Investment Institution of the Year for four consecutive years since the list was created. Qiming also won Best Healthcare Investment Institution, Best ESG Investment Institution and other awards; and our Founding Managing Partner Duane Kuang was awarded the Value Catcher of the Year for investing in UBTech Robotics (SEHK:9880). 

In the annual Lieyun Venture Capital selection, Qiming has been awarded the title of 'Most Influential Investment Institution'. Recognition was also extended to Qiming's portfolio companies and entrepreneurs: Cornerstone Robotics chosen as the 'Startup Company with the Most Investment Value', New Horizon Health and Yuanxin Technology as 'Influential Innovative Companies in Healthcare", and Chen Min, Founder and CEO of Tuhu Car as Pioneering Startup Leaders.

Portfolio Highlights 


DST has officially launched the Start-up Support Plan for New Energy Vehicles across hundreds of cities in China, along with the first partner and authorized operator starting business in Wuhan. Through this program, DST aims to empower more industry players with a standardized operational system and management standards, promoting the development of the new energy logistics industry together and creating a green future.

Shulan Health has won the 2023 Social Responsibility Award held by Yinshi Finance. Since its establishment, Shulan has been actively involved in volunteer services such as free clinics, health screenings, lectures & training, etc. From 2022 to mid-2023, Shulan organized nearly 400 free clinic events and approximately 1000 educational live streamings. Meanwhile, the hospitals under its umbrella have introduced green energy-saving building technology to create intelligent, energy-saving hospitals, which save 15%-20% of energy each year compared to conventional buildings. 

Antengene (SEHK:6996) with years of active practice in ESG and outstanding achievements in drug development, won the "2023 Annual Responsibility Brand Award" and "Corporate Social Responsibility Industry Model Award". For two consecutive years, the company has been working to promote the International Myeloma Care Month with a series of activities, including a total of 12 online educational lives with leading experts. The company is also rapidly advancing the clinical application of innovative drugs and actively responding to national medical insurance negotiations, and benefiting more patients.

Data from China's Research Center on Aging underscores one overlooked challenge for the elderly group - bathing. Nanning city in Guangxi introduced the "Elderly Bathing Assistance" project aimed at improving their quality of life and experience, and our portfolio company Fushoukang, a leading elderly care service provider, is actively participating in this endeavor. 


Qiming has led the Series A financing round of SUPERMAG, a pioneer in the field of maglev technology and key components. The funds will be used towards marketing promotions, new product development, and team expansion, among others.

Maglev technology, with its contactless operations and wide-ranging applications across various industries, paves the way for the revolution of next-generation equipment technology. SUPERMAG is accelerating the industry application of maglev technology which can be seen in diversified applications such as LVAD, bioprocessing, and more. 

Nan Chen, Principal of Qiming Venture Partners, said, "The team at SUPERMAG has rich experience in magnetic levitation technology. Over the past two years, the company has seen progress in their ability to strategically plan products and commercialize them. We believe that SUPERMAG has a unique capability to democratize and bring magnetic levitation technology within reach." 

Indonesia-based SWAP secured millions of dollars in Series A funding, led by Qiming Venture Partners. The funds will be used to increase SWAP's market share, expand the battery swapping network, and promote the market standardization of batteries. Established in 2021, SWAP provides smart travel products such as smart electric scooters, smart batteries, and smart battery swapping stations for consumers in the Southeast Asia region. 

Shiyu Wang, Partner of Qiming Venture Partners, commented on the investment, "SWAP is a frontrunner in the country as it accounts for a leading share of sales with an extensive network of charging stations. We hold great confidence in the SWAP team as they continually demonstrate a unique blend of innovation, tenacity, and dedication to enhancing the user experience and refining their product offerings. As the paradigm shifts from fossil fuel gains momentum in Southeast Asia, we anticipate SWAP championing this trend and actively contributing to energy conservation and emissions reduction within the region."

Qiming exclusively invested in a Pre-A+ funding round of PRCXI, an innovative company in life science automation. The funding will be used for production scale expansion, team development and new markets entry. 

PRCXI's products and services have covered a wide range of fields such as life sciences, molecular breeding, biopharmaceuticals, medical diagnostics, food safety, and environmental sciences, fully supporting customers' research and industrial needs.

Kan Chen, Partner at Qiming Venture Partners, said, "Due to high prices and relatively low market awareness, many labs are yet to have the opportunity to use liquid handling equipment. PRCXI has the industry-leading capacities for customer needs discovery, product development, iteration, production, and service. They are capable of providing comprehensive high-throughput solutions centered around liquid handling stations for researchers in various fields. The company's products are cost-effective and have the advantage of flexible configuration, receiving wide recognition from customers. We also believe PRCXI holds the potential to quickly grow into an industry leader in the field of liquid handling stations and lab automation."

Qiming co-led ChemLex's Series A financing round of USD 26 million USD. The funds raised will be used to improve product R&D, expand markets and support the company's international strategy. 

ChemLex was established in January 2022, dedicated to providing customers with a new generation of chemical synthesis CRO services through automated and intelligent platforms, significantly shortening the delivery cycle of chemical synthesis in new drug development, reducing costs, and breaking free from the status quo of chemical synthesis being highly dependent on manual operations. Additionally, utilizing green chemical technology, ChemLex provides low-carbon, environmentally friendly solutions.

"We are very impressed with the 'AI-Automation-Chemistry' closed-loop capability established by ChemLex. We believe it will become a technology that carries a 'paradigm shift' for future chemical synthesis, speeding up drug development and bringing faster therapeutic benefits to patients." said Kan Chen, Partner of Qiming Venture Partners.

Acxel secured nearly one hundred RMB million of Series A financing with continued participation from Qiming. The company will accelerate commercialization and promotion of single-cell proteomics, and provide differentiated products and services to fill the gaps in the demand for laboratory sample pre-processing, function discovery and validation in China.

Founded in 2021, Acxel has the world's leading active digital microfluidic droplet manipulation platform. "Qiming Venture Partners has invested in Acxel for two consecutive rounds. Leveraging its strong R&D capabilities and excellent execution, the company rapidly introduced cutting-edge products in the field of single-cell technology. We are full of confidence in the company's future and will continue to assist in its global market commercialization. We anticipate Acxel to take advanced technologies to the global stage", said Kan Chen, Partner of Qiming Venture Partners.

Reunion Biotech has secured nearly 100 million RMB in its Series B funding round, with Qiming Venture Partners continuing from our Series A investment and oversubscribed in this round. The funds raised will be used for advancing product registration and market promotion, accelerating clinical trials for multiple product lines, and developing innovative products.

Reunion is a global leader in the medical hydrogel technology platform, offering systemic solutions like radiation protection for tumors, tumor embolization, and tissue filling that cater to urgent clinical needs. 

Shuo Mao, Principal at Qiming Venture Partners, said "Reunion has taken a unique approach to develop its proprietary, globally innovative PEG hydrogel platform. Utilizing this technology, the company has developed several innovative medical devices, extending its rich product pipeline. The team demonstrates strong execution capabilities and efficiently accomplishes various milestones. They are dedicated to promoting the application of innovative biomaterial technology in clinical and medical fields. We are extremely optimistic about the growth prospects of biomedical materials and are delighted to join hands with the team to drive the development of the industry."


WeRide has partnered with Guangzhou Bus Group to launch China's first commercial operation of autonomous driving buses, marking China's first commercial operation license for a mass-produced Robobus. Meanwhile, WeRide's Robosweeper officially started operating in Beijing Economic and Technological Development Zone, offering deep sanitation cleaning services. This project is Beijing's first to integrate the 'autonomous driving + new energy' mechanized operation model with traditional manual operation. It also marks the city's first 24-hour unmanned sanitation service.WeRide has officially signed agreements with the Zhengzhou Urban Management Bureau, the Management Committee of Zhengzhou Economic and Technological Development Zone, and Aolande Environmental Technology. Together, they are set to build the first autonomous driving environmental sanitation commercial project in Zhengzhou, Henan. 

At CES 2024, Hesai Technology (NASDAQ:HSAI) introduced two new ADAS Lidar Products: the world-class performance AT512 and the super thin, windshield compatible ET25, designed to greatly enhance systems by providing unsurpassed 3D environmental scans at ultra high resolution. In addition, they've announced the completion of their R&D Center "Maxwell" for high-volume manufacturing. In other partnerships, Lotus' all-new luxury electric car EMEYA will feature two Hesai's long-range ultra-high definition LIDAR sensors, the AT128, as the primary sensing radar at the front and rear. NETA Auto and Hesai also announced an upgrade to their collaboration, mounting AT128 in NETA's new car models and creating a high-level smart driving system - NETA PILOT.

Roborock(SESH:688169)'s innovative cleaner products have been certified for IoT Product Cybersecurity, Privacy, and Effective Cleaning of Edges & Corners by TÜV Rheinland at the CES 2024.

ZegoCloud announced the newest product launch - ZEGO Chat. Building on their extensive experience in RTC and AI avatars, this interactive solution brings a more frequent, personalized, real-time, and intelligent interactive experience. ZEGO Chat is the first real-time interactive solution capable of responding to voice content on an average of 1.5 seconds. 

In a strategic partnership, Yunji Technology has teamed up with Meituan (SEHK:3690)and H World Group to expand commercial robot applications. Integrating robot services in hotels with Meituan's delivery system, the program is being implemented in over 1,000 hotels under H World Group. Yunji also joined forces with another service robot leader Pudu Technology to integrate robot products, digital platforms, elevator control, after-sales, supply chains and other service systems. Both parties will jointly optimize service capabilities, offering more diversified robot service solutions. 

After a rigorous five-month testing period, Deepway's flagship truck has completed the second round of vehicle structure reinforcement durability testing. The successful completion not only validates the reliability and safety of the vehicle but also signals an acceleration in mass production and delivery in truck manufacturing.

According to the latest report by International Data Corporation (IDC), XSKY has remained the market leader in Software-Defined Storage (SDS) market in China, topping the first three quarters of 2023. The SDS industry in China saw a robust growth (+5.6%), showcasing its strength and resilience.

Superhexa has entered into a strategic partnership with Xiaomi (SEHK:1810) primarily focusing on the smart audio glasses category. The partnership spans across product definition, technological innovation, marketing, and after-sales, offering a freer, more comfortable, and more convenient experience.

UBTECH Robotics(SEHK:9880), a global front-runner in AI and Robotics, participated in the British Educational Training and Technology Show (BETT) in London from January 24-26. It showcased its latest breakthroughs in AI education, highlighting how AI has revolutionized traditional STEAM learning in recent years and provided comprehensive solutions to train innovative talents for the approaching AI era. 

Baohang Technology, a subsidiary of Chuhang Tech that specializes in vehicle-borne radar, has secured a high-volume production agreement with VinFast, Vietnam's first domestic car manufacturer. VinFast's VF series will feature Baohang's latest generation of corner radar products across five models. The spot project is set to go into mass production in 2024, with a predicted total sale of approximately ¥170 million. 


Allorion Therapeutics has secured an exclusive option and global license agreement with AstraZeneca. Under the terms, AstraZeneca will be granted an exclusive option to license a novel EGFR L858R allosteric inhibitor to develop and commercialize globally. Allorion is eligible to receive upfront and near-term payments of up to $40 million, and additional development and commercial milestone payments of over $500 million, as well as tiered royalties on net sales worldwide. In addition, US-based Avenzo Therapeutics announced the global license of AVZO-021 (ARTS-021), a potentially best-in-class clinical stage CDK2 Inhibitor from Allorion Therapeutics. Allorion will receive an upfront payment of $40 million and be eligible to receive additional payments based on achievement of certain development, regulatory and commercial milestones and tiered royalties on net sales by Avenzo. 

MediLink Therapeutics reached a global agreement with Roche for the development of its ADC candidate YL211, a drug targeting c-Met against solid tumors. This is also the fourth major partnership for the company since 2023. According to the agreement, Roche will have exclusive global rights for the development, manufacturing, and commercialization of YL211. As part of their collaboration, Roche will be investing in the drug's future potential on a global scale, with the hopes of offering more effective treatment options to patients worldwide.

Stemline Therapeutics, a Menarini Group company, has paid $12 million upfront for licensing rights to Insilico Medicine's preclinical cancer candidate, a small molecule KAT6A inhibitor that was designed using Insilico’s AI platform for hormone sensitive cancers and other oncology indications. The deal is potentially worth over $500 million. Insilico Medicine team has published a paper in the respected Journal of Medicinal Chemistry. The article explores the discovery process of a novel PHD inhibitor for the treatment of renal anemia. Insilico's proprietary generative chemistry platform, Chemistry42, has contributed significantly to the findings of this study. 

Abbisko (SEHK:2256) announced that ABSK051, a novel small molecule CD73 inhibitor, has completed the first patient dose. In November 2023, Abbisko Therapeutics obtained clinical trial approval from the National Medical Products Administration (NMPA) in China. ABSK051 is about to enter the first-in-human (FIH) phase I clinical trial for the treatment of advanced solid tumors in China.

Belief Biomed's self-developed and produced BBM-H803 injection has completed the dosing of the first patient in China. BBM-H803 Injection is Belief's first gene therapy drug indicated for the treatment of hemophilia A. In December 2022, the drug was granted Orphan Drug Designation (ODD) by the US FDA. So far, there are no marketed adeno-associated virus (AAV) gene therapy drugs applicable to the treatment of adult patients with hemophilia A in China.

The New England Journal of Medicine (NEJM) published data from the registrational Phase 1/2 TRIDENT-1 study, which evaluated the efficacy of repotrectinib against patients with ROS1 fusion-positive non-small cell lung cancer (NSCLC). The data demonstrated a high response rate and sustained clinical activity. Zai Lab has an exclusive license to develop and commercialize repotrectinib in Greater China.

OriCell Therapeutics' IND application for OriCAR-017 has been officially granted by the US FDA. OriCAR-017 is an innovative CAR-T therapy targeting GPRC5D, developed for patients with relapsed/refractory multiple myeloma (R/R MM). With this IND approval, the company will be gearing up to launch clinical development of OriCAR-017 in the United States. 

Hope Medicine announced the successful completion of a Phase Ib clinical trial in Australia for the treatment of androgenetic alopecia. This open-label trial was designed to assess the safety, tolerance, and efficacy of the HMI-115 monoclonal antibody in treating male and female androgenetic alopecia over a period of 24 weeks.

Venus Medtech (SEHK:2500)'s VenusA-Pro Transcatheter Aortic Valve Replacement (TAVR) retrievable delivery system has been approved for marketing in Venezuela. This represents a significant milestone, accelerating the company's international reach with the VenusA product line. 

SinocellTech's SCT-I10A in conjunction with SCT510 has been accepted for a market application for a new indication for front-line treatment of hepatocellular carcinoma (liver cancer). The SCT-I10A product is a recombinant humanized anti-PD-1 IgG4 monoclonal antibody injection. The SCT510 product is also independently developed by the company and is a recombinant humanized anti-VEGF monoclonal antibody injection.

Complete Omics' co-founder & Chief Scientist participated in the research - "Proteogenomic Characterization of Small Cell Lung Cancer Identifies Biological Insights and Subtype-Specific Therapeutic Strategies” published on Cell.

China's NMPA has approved Sceneray's Axon8 Multi-Contact Rechargeable Deep Brain Stimulation System. Scenray is an innovative high-tech medtech company, which integrates R&D, production, and sales of deep brain stimulation systems. 

Vinno's 28 ultrasonic products have been included in the "County-Level Comprehensive Hospital Medical Equipment Product Set", compiled by the Chinese Medical Equipment Association. The advancement of medical care at the county level is a critical step in realizing a healthier China. This inclusion recognizes Vinno's efforts in extending high-quality medical resources to more communities.

The interim analysis of clinical data demonstrates that the combination of Asieris (SEHK:6995)' APL-1202 and the PD-1 inhibitor tislelizumab has promising therapeutic potential in neoadjuvant treatment for MIBC. Bladder cancer is the tenth most common cancer globally. Muscle-invasive bladder cancer (MIBC) accounts for approximately 20% of newly diagnosed cases. 

SinoUnited Health officially established collaboration with the National Children's Medical Center (Shanghai) and the Shanghai Children's Medical Center affiliated with Shanghai Jiao Tong University School of Medicine. This marks the beginning of a partnership aimed at promoting the sharing of resources and innovation models in internationalized pediatric services and providing high-level medical services for children.

Xellsmart, in collaboration with the Shanghai Dongfang Hospital, has officially received approval from the National Health Commission and NMPA for their clinical research project of the treatment of severe Parkinson's disease using clinical-grade iPSC-derived dopaminergic neural precursor cells. The project marks a significant milestone as the first clinical study approved by the two national committees in China to treat Parkinson's disease with iPSC-derived cells.

Berry Oncology's self-developed pan-cancer screening product has received EU CE certification. This marks a breakthrough in its global reach for comprehensive early cancer screening. The product is the world's first multi-cancer early detection product driven by cfDNA fragmentomics liquid biopsy technology. 

CanSino Biologics (SEHK:6185)' 13-Valent Pneumococcal Conjugate Vaccine (CRM197, TT carrier) known as "PCV13i" has received its Phase III Clinical Trial Summary Report. The report indicates that the vaccine demonstrates good safety and immunogenicity, achieving the preset clinical endpoints in the targeted population.


23 Qiming portfolio companies have made Zero2IPO's 2023 Venture50 list! Companies recognised in the rankings include: WeRide, Meet Future, DeepWay, DK Medtech, ABUP, NEIWAI, Insta360, BioYond, TandemAI, Xellsmart, Atantares, Genlight, Cornerstone Robotics, Singular Medical, Epigenics and others.

WeRide and MechMind Robotics were selected into the Forbes China Globalization Innovators Selection list. They have been recognized as Pioneering Brands in their respective sectors, marking a remarkable milestone in their globalization journey. 

Qiming portfolio companies have been featured on the 2023 China's Brand International Influence list by CBNData. This includes the recognition of Xiaomi, Insta360 and Roborock in the Top 100 list, Focallure in the Beauty & Personal Care list, Roborock in the Household Appliances list, and Xiaomi, Insta360 in the Digital 3C list.

Hesai was honored in EqualOcean's 2023 China Automotive Technology Partners - New Supplier List TOP 10.  As a leader in the LiDAR industry, Hesai serves customers from Chinese domestic automobile OEMs and international OEMs. 

HyperStrong won Outstanding Project Award at the "International Energy Storage Technology Innovation Competition 2024" (ESIC2024). This award is in recognition of their flagship product, the HyperL2 1500V high-pressure liquid cooling system. In addition, HyperStrong was selected as one of the Most Valuable Enterprises for Business Collaboration in the Energy Storage Battery sector by Qimingpian.

Transwarp (SESH:688031) earned two awards at the "2023 Excellence in Technology Awards" co-hosted by ITPUB and portal site IT168. StellarDB, a distributed graph database, walked away with the 2023 Excellence in Technology Award. And the distributed vector database, Transwarp Hippo, received the 2023 Innovative Product Award.

Kingsware, an enterprise-level RPA expert, has once again made it to the 2023 KPMG China Fintech 50 list. This is in recognition of the company's industry-leading technical strength, professional service capabilities, and remarkable performance in the financial sector.

DeepWay makes the list of signature advancements in 8 categories, including Electric and Plug-In Hybrid vehicles. The "Energy Conservation and New Energy Vehicle Technology Roadmap 2.0" 2023 is organized by the Chinese Society of Automotive Engineers and the International Institute of Strategic Studies in Automotive Engineering and Technology Innovation.

Emergen Group has been named a major contributor to Industrial Internet in the '2023 China Intelligent Manufacturing Cornerstone, China Intelligent Enterprise Directory.' Founded in June 2016, Emergen Group is an innovative Industrial Internet group that leverages 'tri-element control technology' at its core, carried by the 'triple bee robot clusters.' 

Cornerstone Robotics has been awarded the Leader Enterprise Award and the 2023 Most Influential Enterprise at the 6th Guangdong-Hong Kong-Macao Greater Bay Area Biotech Innovation Summit. The company CEO, Ou Guowei, has also been recognized as the 2023 Innovator.  Looking forward to future advancements Cornerstone will bring in the surgical robot landscape.