What's New at Qiming
• William Hu, Managing Partner at Qiming Venture Partners, spoke with Yicai about a key driver behind the market’s rebound over the past year—the growing global recognition of innovative therapies developed by Chinese biopharma companies. At the same time, international investors are showing increased interest in the sector, including in innovative drug companies listed in Hong Kong.
Reflecting on the surge in business development activity in recent years, William attributed this success to the strength of China’s clinical data, cost advantages, and high R&D efficiency. Looking ahead, he expressed optimism that as China’s R&D infrastructure continues to mature, more first-in-class innovations will emerge from Chinese companies. He sees the next 5 to 10 years as a particularly opportune time to invest in China’s biopharmaceutical innovation.
William also outlined Qiming's investment strategy over the past year—focusing on companies with strong teams and validated products, particularly during periods of reasonable valuation. He noted that innovative drugs and medical devices remain Qiming's core areas of focus, alongside interest in AI applications in healthcare. In evaluating opportunities, Qiming emphasizes urgent clinical need, robust data, and clear technological differentiation as key indicators of true innovation. The firm aims to support Chinese innovators in becoming integral players in the global innovation ecosystem.
• At Qiming Venture Partners' 16th Annual RMB Fund Meeting and Investor Summit, William Hu spoke with Professor Samuel Au, Founder and CEO of Cornerstone Robotics, on the topic "Pioneering at the Peak: Building World-Class Surgical Robots."
Professor Samuel Au shared his entrepreneurial journey, highlighting Cornerstone Robotics' competitive advantages in surgical robotics, innovations in AI technologies, and the company's culture and management philosophy. Reflecting on the company’s founding vision, he emphasized his goal of equipping surgeons with safe and effective tools while ensuring patients have access to high-quality care at an affordable cost. He noted that the global surgical robotics market remains significantly underpenetrated, with China alone offering up to 20-fold growth potential. He underscored the complexity and high technical standards required for surgical robot development.
William Hu echoed this perspective, emphasizing the vast growth potential of the surgical robotics market. He noted that China's domestic market remains far from saturated and that emerging international markets present major opportunities. As an investor, he shared Qiming's commitment to supporting companies developing globally innovative products that leverage China’s industrial strengths to address critical unmet medical needs.
• At Qiming Venture Partners’ 16th Annual RMB Fund Meeting and Investor Summit, Alex Zhou engaged in a dialogue with Wan Jun, Chairman and CEO of DeepWay, on the topic "A New Paradigm for the Globalization of Chinese Technology Brands."
Discussing DeepWay’s rapid success in securing thousands of vehicle orders within a short timeframe, Wan Jun attributed this achievement to three strategic pillars. First, the company’s commitment to in-house development of core components has ensured product reliability and a strong technological edge, while also fostering a culture of independent innovation. Second, its internationalization strategy targets having 60% of sales originate from overseas markets by 2030. Third, DeepWay maintains a clear focus on advancing intelligent vehicle technology.
Alex highlighted DeepWay as a prime example of a Qiming portfolio company that has demonstrated outstanding execution, achieving large-scale deliveries shortly after investment. He also shared broader insights into the globalization strategies commonly adopted by Chinese companies, including: direct export of fully manufactured products from China to international markets; the OEM model, where overseas contract manufacturers handle final assembly with sales under proprietary Chinese brands; and fully localized operations, where companies establish local manufacturing facilities and independent brands to achieve end-to-end localization across production, marketing, and sales.
• At two internal events hosted by Qiming Venture Partners, Kuantai Yeh, Partner at Qiming, engaged in discussions with JK Liu, Founder and Chairman of Insta360 (SHSE:688775). Their conversations explored key themes including how to assess the long-term value of product lines, the factors behind new product success, the opportunities and challenges in the AI-powered smart era, and the globalization experience of innovative consumer electronics companies.
JK Liu emphasized the importance of addressing truly unmet user needs through continuous technological innovation. He highlighted that reinvesting profits into R&D is essential for establishing a virtuous cycle of innovation-driven growth. Sharing Insta360’s product development philosophy, he noted the company’s focus on markets with clear demand and unresolved pain points—particularly in high-margin segments where breakthrough innovations can yield strong competitive advantages.
Kuantai also offered his perspective on the evolution of the smart imaging industry. He recalled that one decade ago, while many companies were still following trends, Insta360 had already committed to original innovation. He underscored the importance of sustained R&D and iterative product refinement to truly meet user expectations.
Portfolio Highlights
Portfolio ESG
• WeRide (NASDAQ:WRD) supported the "Make a STAR Friend" program for youth with intellectual disabilities, providing Robobuses for driverless rides and hosting Q&A on autonomous technology to improve access for underserved communities.
• In response to recent heavy rainstorms in China, Yuanbao (NASDAQ:YB) has donated RMB 300,000 to the Red Cross Society of China Beijing Branch to support flood relief efforts and activated its emergency response mechanism.
Financing
• PRCXI raised nearly RMB 100 million in Series A. After exclusively backing the Pre-A+ round, Qiming Venture Partners continued its support. The funding will speed up R&D and global rollout of its intelligent automation ecosystem for life sciences.
Technology
• The new Leapmotor C11 mid-size SUV has been launched. Four of its five models feature advanced lidar sensors from Hesai Technology (NASDAQ:HSAI), enabling broader, longer-range, and more precise detection.
The company has been named the lidar leader in China's robotic lawn mower industry by CETA Research. Its compact JT series enables precise mapping, accurate positioning, and agile obstacle avoidance.
Li Auto has launched its first all-electric SUV, the i8, equipped with ATL lidar from Hesai Technology. ATL offers enhanced small-object detection and 99.9% noise filtering for superior 3D perception.
• DeepWay has signed an agreement with a local partner in New Zealand and completed its first delivery of intelligent new energy heavy trucks, marking a key milestone in its Southern Hemisphere expansion after success in Australia.
• HyperStrong (SHSE:688411) signed an MOU with Singapore-based Alpina to supply 5,000 HyperCube C&I Pro integrated charging and storage systems. Together, they aim to boost EV charging and storage adoption in Singapore and broader Asia-Pacific.
HyperStrong and Repono AB, a European developer of large-scale energy storage projects, have forged a strategic collaboration aimed at jointly advancing 1.4 GWh grid-scale energy storage projects across Europe by 2027.
The company signed a procurement agreement with BioEsol for a 20MWh energy storage deployment in Mexico and the broader Latin American market, bringing its total deployed energy storage capacity in Mexico to 44MWh.
• Sunyur has launched a new non-production procurement system project for Bear Electric Appliance to fully digitalize the process and support its future digital transformation and growth.
The company has also launched Feihe's new digital procurement platform, marking a major step in Feihe's digital transformation toward smarter, more transparent, and efficient operations.
• Cubenergy partnered with a commercial and industrial customer in Estonia to deploy two MWh co-located BESS alongside one MW gas generator, boosting efficiency, with independent analysis estimating annual energy cost savings exceeding 40%.
The company has announced that one of its BESS projects in Finland has been fully connected to the grid. Now operational, it provides high-performance frequency regulation and enhances local grid stability with exceptional responsiveness.
Cubenergy has deployed a 10MW/20MWh grid-forming BESS in a remote Nordic Europe region. It provides synthetic inertia, voltage regulation, and fast frequency response, strengthening energy resilience and supporting decarbonization.
• WeRide (NASDAQ:WRD) became the first and only company authorized to road test autonomous logistics vehicles in Huangpu District, Guangzhou, China, with its Robovan W5. This is its second permit after the Nansha District.
The company has received Saudi Arabia's first Robotaxi autonomous driving permit, making it the only technology company with autonomous driving permits in six countries: Saudi Arabia, China, UAE, Singapore, France, and US.
WeRide has offered regulation-compliant L4 Robotaxi ride-hailing services in Shanghai with Chery Group and Jinjiang Taxi, connecting major transport hubs and cultural-tourism landmarks.
The company also announced that its Robosweepers have operated in nearly 20 cities across three countries and regions, showcasing how autonomous technology can enhance urban living, cut environmental impact, and improve efficiency.
WeRide announced the launch of fully driverless Robobus operations at Resorts World Sentosa, Singapore (RWS), marking the first autonomous vehicle (AV) in Southeast Asia to operate without a safety officer on board.
The company and Uber, the world's leading technology platform for mobility and delivery, started operating their Robotaxis on Al Reem and Al Maryah Islands in Abu Dhabi, in partnership with the Integrated Transport Centre.
• UBTECH (SEHK:9880) has launched its next-generation Cruzr Intelligent Commercial Service Robot, designed to help global clients deliver warm, high-efficiency service from smart reception to guided tours and navigation.
The company announced that over 76 days, its commercial humanoid robot Walker C completed over 420 guided tours at the China Pavilion of Expo 2025 Osaka, welcoming more than 600,000 visitors and delegations from over 42 countries and regions.
In March, UBTECH jointly launched the 172 cm full-size research and education humanoid robot Tien Kung. With over 100 pre-orders and more than 300 units set to deliver this year, UBTECH is ramping up production to meet demand.
The company has unveiled a major breakthrough in humanoid robotics with the launch of the world's first autonomous hot-swappable battery system, integrated into its next-generation industrial humanoid robot, Walker S2.
The case study "UBTECH: AI-Driven Humanoid Robots," by scholars from CUHK-Shenzhen and Harvard, is included in the Harvard Business School Publishing collection. It highlights UBTECH's strategy in humanoid robot development.
• During Amazon Prime Day 2025, Roborock (SHSE:688169) hit record-breaking sales. With cutting-edge innovation and premium brand strength, Roborock secured multiple top-selling spots across global markets.
• Insta360 (SHSE:688775) has launched Antigravity—a new independent drone brand incubated by Insta360 in collaboration with third parties, redefining aerial exploration with immersive 360 capture, intuitive controls, and a design built for creativity.
Insta360 launched the Ace Pro 2 MM93 Edition with six-time MotoGP Champion Marc Márquez. Built for riders, it captures cinematic night footage with 4K60fps PureVideo Mode and includes a special themed exit screen and Stats Dashboard.
The company also unveiled the Insta360 X5 BMW Motorrad Edition. This special X5 adds a new Ultra Battery, a Mini Remote for safer control, custom accessories, and a dedicated HUD for riders.
Insta360 has rolled out a Summer Update for the X5, bringing smarter features like AdaptiveTone and Ultra Battery, making the camera more powerful, versatile, and creator-friendly than ever.
• DH-Robotics unveiled the MCEA series mini electric cylinder and the RCEA series miniature electric rod-type cylinder. The MCEA offers high energy density and a compact design, while the RCEA delivers an efficient linear motion solution.
The company showcased its innovations at AHTE Shanghai International Assembly and Handling Technology Expo, featuring iFM-L1 Series Magnetic Ring Conveyor, iFM-T1 Series Transfer Line, and flexible transport and precision motion solutions.
• In June, ROX Motor delivered 1,259 units of its flagship ROX 01, an all-terrain luxury SUV blending family comfort, off-road power, and a premium outdoor feel. This marks the sixth consecutive month of sales growth.
• Yunji Technology has launched five service upgrades, including an evaluation system, 24/7 support, summer robot health check, 4-hour rapid delivery, and 24-hour backup delivery, to boost response times and reliability for hotel clients.
Healthcare
• Cornerstone Robotics signed a tripartite MOU with Singapore's National Healthcare Group and the Lee Kong Chian School of Medicine at Nanyang Technological University, advancing robotic-assisted surgery.
The company has launched its first formal clinical investigation in Europe. The Sentire® Endoscopic Surgical System (C1000) is now being evaluated at Queen Alexandra Hospital, part of Portsmouth Hospitals University NHS Trust.
Cornerstone Robotics successfully enabled a remote surgery across Shanghai and Hong Kong in China and London in the UK, using its self-developed Sentire® Endoscopic Surgical Robot and dedicated network.
• DP Technology has entered into a strategic collaboration with BioDuro to co-develop an integrated AI for Science (AI4S) platform for peptide drug discovery, optimization, and evaluation.
• LTZ Therapeutics announced a strategic research collaboration with Eli Lilly and Company to develop novel myeloid engager therapeutics against selected targets for the treatment of diseases with high unmet need.
• M20 Genomics and Biotree have formed a strategic partnership to advance single-cell and spatial multi-omics technologies, accelerating innovation in precision medicine and life sciences research.
• Biotree has partnered with the College of Food Science at Sichuan Agricultural University to advance food science using cutting-edge omics technologies—focusing on metabolomics, proteomics, genomics, and bioinformatics.
The company supported a study published in Virulence showing that targeting gut multi-kingdom microorganisms could offer a new way to mitigate dysglycemia and its associated metabolic disorders.
• Zai Lab (NASDAQ:ZLAB, SEHK:9688) announced that the Phase 3 FORTITUDE-101 trial of first-line bemarituzumab and chemotherapy met its primary endpoint of overall survival at a pre-specified interim analysis.
• Jacobio (SEHK:1167) has completed the first patient dosage of Pan-KRAS inhibitor (JAB-23E73) in the Phase 1/2a clinical study in the US. The dose-escalation study in China is progressing as planned.
The company announced that its Phase 1/2 IND application for BET inhibitor JAB-8263 to treat autoimmune diseases was accepted by the Center for Drug Evaluation of China's National Medical Products Administration.
• Insilico Medicine used advanced molecular modeling and its AI-driven Chemistry42 platform to design novel FGFR2/3 inhibitors. Published in the Journal of Medicinal Chemistry, this work offers a new path to next-generation cancer therapies.
• CanSino Biologics (SEHK:6185, SHSE:688185) has received China's National Medical Products Administration approval to begin clinical trials for its Recombinant Trivalent Poliomyelitis Vaccine (Sf-RVN Cell), targeting poliovirus types I, II, and III.
• Belief BioMed shared long-term follow-up data from its IIT (NCT04135300, n=10) of BBM-H901 Injection (generic name: Dalnacogene Ponparvovec Injection) for Hemophilia B, presented at the 33rd International Society on Thrombosis and Haemostasis (ISTH) Congress.
• Antengene (SEHK:6996) announced China's National Medical Products Administration (NMPA) approval of XPOVIO® (selinexor) with bortezomib and dexamethasone (XVd) for adult multiple myeloma patients with at least one prior therapy, marking a new indication for XPOVIO®.
• SinocellTech (SHSE:688520) has received clinical trial approval from China's National Medical Products Administration (NMPA) to initiate a study of SCT640C injection for the treatment of rheumatoid arthritis (RA) in adults.
• AusperBio announced that the Center for Drug Evaluation (CDE) of China's National Medical Products Administration (NMPA) has approved the initiation of a Phase 3 clinical trial for its lead candidate, AHB-137.
• SanegeneBio has dosed the first patient in its Phase 1 trial of SGB-3383 at Peking University Third Hospital. SGB-3383 is a siRNA candidate targeting complement Factor B for complement-mediated kidney diseases and related conditions.
• TandemAI and Perpetual Medicines announced a strategic merger. The combined firm will leverage advanced AI and computational platforms to accelerate small-molecule and peptide drug discovery.
• MediLink Therapeutics appointed Dr. Weichang Zhou as Chief Technology Officer. With decades of biopharma experience, Dr. Weichang Zhou will help advance the global expansion of MediLink Therapeutics' innovative pipeline.
• At the 25th Annual Conference on Cataract and Refractive Surgery hosted by the Chinese Medical Association, Vision Pro officially introduced China's first non-diffractive extended depth of focus (EDoF) intraocular lens. Phase 3 data showed better intermediate vision, while patient surveys reported fewer nighttime disturbances and less eye soreness and fatigue.
• Gan & Lee Pharmaceuticals (SHSE:603087) has received approval from Argentina's National Administration of Drugs, Foods, and Medical Devices for its insulin aspart injection, developed in partnership with a local pharmaceutical company.
• Insight Lifetech received Class III medical device approval from China's National Medical Products Administration for TruePhysio X™, the first fully integrated coronary physiology assessment solution developed in China for precise diagnosis and treatment.
The company has received Class III medical device approval from China's National Medical Products Administration for its TrueVision 18™ peripheral IVUS catheter, marking a milestone in precision peripheral vascular intervention.
• Following recent imported cases of Chikungunya fever, Rendu Biotechnology (SESH:688193) swiftly launched a fluorescent PCR-based nucleic acid test to support public health efforts in preventing further spread of the virus.
• CANbridge Pharmaceuticals (SEHK:1228) announced that Gaurunning® was prescribed for the first time at Xinhua Hospital. This marks the first Chinese independently developed enzyme replacement therapy to enter clinical use for Gaucher disease.
• In the Paediatric Drug Optimization for Respiratory Syncytial Virus (PADO-RSV) Meeting Report by GAP-f, the WHO host network, ziresovir (10mg), developed by ArkBio, was included in the PADO-RSV priority list.
• Ning Yihua, Chairman of SceneRay, shared insights on dual-target DBS for addiction treatment with brain-computer interface at the 2025 Future Industry Forum on Brain-Computer Interfaces and the 4th Zhangjiang Sci-Tech Innovation Salon.
Ning Yihua also spoke at the AI for Good Global Summit, sharing insights on scaling brain-computer interface technology and SceneRay's breakthroughs in deep brain stimulation for treatment-resistant psychiatric disorders.
• At the China International Examination Medical and IVD Exhibition 2025, Bioyond Robotics unveiled its LabGenius G series pipetting robots. The G3 model combines robotics, automation, and AI for high-precision pipetting.
• At Hong Kong Queen Elizabeth Hospital, Professor LEE KANG YIN's team successfully performed two specialized PFO closure procedures using real-time ultrasound imaging from TINGSN's proprietary intracardiac echocardiography system.
TINGSN announced that its Intracardiac Echocardiography System has received the US Food and Drug Administration approval, marking the first China-developed high-end cardiac interventional imaging device to enter the US market.
• Ningbo No.6 Hospital successfully performed an ultra-thin perforator flap transplantation using Kai microsurgical robot from KouTech. It enables 0.5 mm precise vascular anastomosis, offering faster recovery and new hope to injured workers.
• ACXEL and BayOmics recently took part in the inaugural Single-Cell Proteomics Academic Conference, where they showcased the BOXmini™ SCP, an innovative sample pre-processing platform designed specifically for single-cell proteomics.
• The first PPM (Perio-Prosthetic Maintenance) International Center in Southwest China was inaugurated in Kunming, Yunnan. This milestone marks a significant step in the nationwide expansion of the PPM health management program by Bondent.
Portfolio Awards
• Lei Jun, Founder, Chairman and CEO of Xiaomi (SEHK:1810), Cheng Zhenghui, General Manager of APT Medical (SHSE:688617), and Wu Zeyuan, Executive Director, Chairman and CEO of Meitu (SEHK:1357), were included in the Forbes China 2025 Best CEO List.
• Hesai Technology (NASDAQ:HSAI) won Silver for Best Exhibition Design at the Singapore Interior Design Awards (SIDA) for its Maxwell Global R&D and Manufacturing Center. SIDA is known as the "Oscars" of interior design in Asia Pacific.
