Preface:

Spring breezes blow strong as we spur our horses forward. Riding the momentum of the 2026 Spring Festival (Year of the Horse), Efung Capital received a series of good news this month: Insight Lifetech successfully listed on the Sci-Tech Innovation Board (STAR Market); three portfolio companies simultaneously advanced their Hong Kong IPOs, with all applications accepted for review.

Meanwhile, more portfolio companies have achieved multi-point breakthroughs and advanced together in key sectors, writing a new chapter for China's biopharmaceutical industry with vigorous momentum.

01 Portfolio Company IPO and Financing Progress

Insight Lifetech

· Insight Lifetech Successfully Lists on STAR Market

On February 5, Insight Lifetech successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board (STAR Market) with an offering price of 17.52 RMB per share.

Bona Siam (Bona Asia)

· Bona Asia Files IPO Application with HKEX

On February 11, Bona Asia formally submitted its listing application to the Hong Kong Stock Exchange, planning for an IPO on the Main Board of Hong Kong.

Pulai Pharmaceutical (Pulai Pharma)

· Pulai Pharmaceutical Files IPO Application with HKEX

On February 13, Pulai Pharmaceutical submitted its listing application to the Main Board of HKEX.

Norling Bio (Norling Bio)

· Norling Bio Pursues Hong Kong IPO

On February 13, Norling Bio formally submitted its A1 prospectus to the Hong Kong Stock Exchange. The Hong Kong stock market is poised to welcome its first "hard tech" listed company in the nitric oxide (NO) diagnosis and treatment sector.

02 Portfolio Company Clinical and Commercialization Updates

Dashi Pharmaceutical

· Licensing Agreement Reached with Slate Medicines

Recently, Dashi Pharmaceutical announced that it has entered into an exclusive licensing agreement with Slate Medicines, granting them exclusive rights (excluding Greater China) for global clinical development and commercialization of DS009, a potentially best-in-class monoclonal antibody targeting pituitary adenylate cyclase-activating polypeptide (PACAP) independently developed by the company, for the preventive treatment of migraine and other headache disorders.

Tenomabo

· RSV Monoclonal Antibody to be Considered for Priority Review

On February 9, Tenomabo submitted for market approval of Riteweibai Monoclonal Antibody for the prevention of lower respiratory tract infections (LRTI) caused by RSV in infants under 1 year old, including those at high risk for severe RSV infection.

Century Kangtai

· Century Kangtai Products Successfully Used in Major Hospitals

Recently, the First Affiliated Hospital of Guangzhou Medical University and Renmin Hospital of Wuhan University successfully performed implantations using the Liangshian® Tri-focal Plus IOL and the Wanshian® Ultra-EDoF IOL.

Kaiser Biotech

· Appearance at SLAS2026 International Conference & Exhibition in the US

Recently, Kaiser Biotech exhibited at the SLAS2026 International Conference & Exhibition in the US, engaging in multiple enthusiastic and productive dialogues with global industry, academic, and research peers on industry trends, technological breakthroughs, and collaboration possibilities.

BioInno

· Appearance at WHX Dubai 2026

In February, WHX Dubai, a major global healthcare industry event, was held in the UAE. BioInno showcased its CDMO service system, serum-free media technology platform, and regenerative medicine solutions at the exhibition.

Heyuan Biotechnology

· Phase IV Real-World Study Protocol for Oufumin® Announced by CDE

On February 25, the National Medical Products Administration's Drug Clinical Trial Registration and Information Disclosure Platform released an announcement that Heyuan Biotechnology's Phase IV real-world study of Oufumin® (recombinant human albumin injection from rice) in patients with hypoalbuminemia and/or hypovolemia requiring emergency treatment has been filed.

03 Portfolio Company New Drug and Device Approvals

Tenomabo

· Milestone for Domestic Anti-RSV Monoclonal Antibody: Riteweibai Monoclonal Antibody Injection NDA Accepted

On February 13, the New Drug Application (NDA) for Riteweibai Monoclonal Antibody Injection, a recombinant long-acting fully human monoclonal antibody targeting RSV developed by Tenomabo, was formally accepted by the National Medical Products Administration (NMPA).

CStone Pharmaceuticals (Sidilu Yi Pharma)

· Supplemental Application for Conversion of Envida® from Conditional Approval to Regular Approval Formally Accepted by NMPA

In February, CStone Pharmaceuticals announced that its supplemental application for domestic manufacturing to convert its commercial product Envida® from conditional approval to regular approval was formally accepted by the NMPA.

04 Portfolio Company Honors

Selected for the 2025 "China's Most Cited Researchers" List

Dr. Chen Shifu, Founder and CTO of Hepalus

Awarded "Best Partner" by Amel Pharma

Tianqin Biotechnology

Recognized as one of the First Batch of Key Cultivation Enterprises by Hefei Economic and Technological Development Zone Enterprise Cultivation Center

Awarded 2025 Hefei Economic and Technological Development Zone "Science and Technology Innovation Star Enterprise"

Tiangang Yinuo (Tiangang Bio)

Awarded Zhejiang Provincial Science and Technology Progress Award

Nuo'er Kang (Nurotron)

05 Efung Capital Honors

▷ Economic Observer

Efung Capital – "New Quality 100" Investment Institution List

▷ TMT Post

Zhu Pai – 2025 Top 20 Young Venture Capitalists