2025: China's Pharmaceutical Industry Reaches a Global Tipping Point
The Economist recently noted that the "source" of global innovation is shifting, and global life sciences are entering a clear "China Moment." China's standing in the global life sciences ecosystem is rapidly rising, and global capital is repricing China. This may not only mark the takeoff point for China's biopharmaceutical industry but also propel China from the later stages of the industrial civilization toward the frontier of the life sciences civilization.
In this historic process, Efung Capital continues to deepen its focus on two core tracks: biopharmaceuticals and high-end medical devices. In 2025, Efung completed investment decisions for 31 projects and executed closings for 19 projects. Meanwhile, the capitalization progress of portfolio companies delivered frequent good news, with IPOs and subsequent financings advancing smoothly, supporting Chinese hard-tech enterprises in building global competitiveness and collectively embracing life sciences' "China Moment."
IPO Dynamics: Seizing the Momentum, Benchmarking Excellence
In 2025, a critical year of market adjustment and value reassessment, the growth logic in China's biopharma and hard-tech sectors was profoundly reshaped. Leveraging deep insight into industry innovation cycles and forward-looking positioning, Efung captured structural opportunities amid transformation, guiding four portfolio companies to successful public listings during the year.
January 24: Ascentage Pharma officially listed on the Nasdaq Global Market (AAPG), completing a "Hong Kong + US" dual listing.
July 3: Cloudbreak Pharma rang the bell on the Hong Kong Stock Exchange (02592.HK), becoming the first globally-focused ophthalmic innovative drug company listed in Hong Kong.
October 15: Xuanzhu Biopharma rang the bell on the Main Board of the Hong Kong Stock Exchange (2575.HK), officially embarking on its new journey in the capital markets.
October 28: Orygen Biotech officially listed on the STAR Market (688765.SH), becoming the first company to go public since the resumption of the STAR Market's fifth-set listing standards for pre-revenue companies.
On June 18, CSRC Chairman Wu Qing announced the "1+6" new policies for the STAR Market at the Lujiazui Forum, becoming a defining regulatory theme throughout the year. The new policies clearly established a "Sci-Tech Innovation Growth Layer" and resumed the fifth-set listing standards for pre-revenue companies, directly opening exit channels for the primary market and opening the capital market door for companies with genuine hard-tech strength.
As of December 21, there were 266 companies in the IPO queue, including 36 on the STAR Market. In this process, Efung, through forward-looking positioning, simultaneously covered the following five benchmark companies: Orygen Biotech (first to pass review and list), Beixin Life (second to pass review and become effective), Trinomab (first to be accepted), Core Medical (first innovative medical device company accepted), and Hannuo Medical (second innovative medical device company accepted).
Orygen Biotech, the first company to list since the resumption of the STAR Market's fifth-set standards, has its core product, a plant-derived recombinant human serum albumin injection (HY1001), produced using a rice endosperm expression system. This breaks China's long-term dependence on imported serum albumin, fundamentally eliminates the risk of viral transmission, ensures blood product safety, and represents the world's first recombinant human albumin drug approved based on a plant expression system.
On the Hong Kong front, 2025 saw an explosive rebound in HKEX IPOs. Looking at major global IPO markets, 2025 showed an overall upward trend, with HKEX IPO proceeds growing over 200% year-on-year. While solidifying its leading position as an international financial center, Hong Kong also became the single largest contributor driving the global IPO market recovery.
Alongside policy support and market recovery, other Efung portfolio companies are advancing their IPO processes in an orderly manner, continuously building a multi-layered, relay-style capital market presence.
Pharmaceuticals: Breakthroughs in Global Expansion and R&D Achievements
Since Chipscreen pioneered cooperative licensing in 2006, Efung portfolio companies have never stopped going global. To date, a cumulative total of 43 innovative products have successfully partnered with top overseas pharmaceutical companies, with aggregate cumulative transaction value reaching $22.696 billion.
In 2025, under the dual tests of the capital cycle and global landscape, China's biopharmaceutical industry demonstrated strong resilience. PharmaCube NextPharma database shows that as of December 2025, the total value of License-out deals by Chinese companies exceeded $121.6 billion, with upfront payments reaching $6.5 billion—double the $52.9 billion scale for the full year of 2024. License-out is becoming a new way for Chinese companies to generate cash flow.
Within this wave, Efung Capital's investment ecosystem performed particularly strongly. During 2025, its portfolio companies successively reached heavyweight licensing transactions exceeding $8.9 billion, advancing cutting-edge therapies in partnership with multinational pharmaceutical companies.
January 10: HBM Holdings announced that its subsidiary Nona Biosciences entered into a license agreement with Windward Bio through a NewCo model, granting global rights (excluding Greater China) for HBM9378, a TSLP-targeting monoclonal antibody, with total deal value reaching $970 million.
February 26: HBM Holdings announced that HBM, an innovative biotech company incubated by the firm, entered into a strategic collaboration and license agreement with a business partner to jointly advance novel CRH-targeting therapies for multiple diseases, receiving total payments of up to $395 million.
March 21: HBM Holdings announced a global strategic collaboration with AstraZeneca to co-develop next-generation multispecific antibody therapies for immune diseases, oncology, and other indications. HBM will receive a total of $175 million in upfront, near-term milestones, and option exercise fees for additional programs, plus up to $4.4 billion in development and commercial milestone payments, along with tiered royalties. Total deal value reached $4.575 billion.
April 23: Qyuns Therapeutics entered into an out-licensing agreement with Caldera Therapeutics, granting a global exclusive license to develop and commercialize QX030N. Caldera will pay Qyuns $10 million upfront and a 24.88% equity stake, plus up to $545 million in additional milestone payments upon achieving specified clinical development conditions.
June 23: HBM Holdings announced a global strategic collaboration with Otsuka Pharmaceutical to co-develop a BCMA×CD3 bispecific T-cell engager (TCE) for autoimmune diseases. HBM will receive a total of $47 million in upfront and near-term milestone payments, plus up to $623 million in additional payments and tiered royalties based on future net product sales.
October 28: Qyuns Therapeutics' global exclusive collaboration and license agreement with Roche for QX031N passed relevant regulatory filings and formally became effective. The company received a $75 million upfront payment from Roche on December 16.
December 17: HBM Holdings and Bristol-Myers Squibb jointly announced a multi-year global strategic collaboration and license agreement to co-develop next-generation multispecific antibody therapies. HBM will receive a total of $90 million (approximately RMB 650 million) upfront. If BMS advances all potential programs, HBM could receive up to $1.035 billion (approximately RMB 7.45 billion) in development and commercial milestone payments, plus tiered royalties based on future net product sales. Total potential transaction value exceeds $1.1 billion (approximately RMB 7.9 billion).
December 22: Qyuns Therapeutics announced that it signed a license and collaboration agreement with LE2025, a subsidiary of Windward Bio Group AG. Qyuns will be eligible for total consideration of up to $700 million, including upfront payment, equity in Windward Bio, R&D and commercial milestone payments, and tiered royalties based on net sales of QX027N in the licensed territory.
According to Insight Database's "New Drug Approved Indications" module, 108 new drugs (excluding new indications, biosimilars/generational improvements, and TCM) were approved in 2025, bringing more treatment options to patients and injecting strong momentum into the development of China's pharmaceutical and health industry. Eight Class 1 new drugs from the Efung ecosystem received approval, accounting for 7%.
Orygen Biotech: Plant-derived recombinant human serum albumin injection approved.
Hemei Pharmaceutical: Class 1 new drug "Momisite" approved for plaque psoriasis, becoming the first approved domestic PDE4 inhibitor.
Xuanzhu Biopharma: ALK inhibitor Dilaok (Diroac) approved for ALK-positive locally advanced or metastatic NSCLC patients who have not previously received ALK inhibitor therapy; Class 1 anti-tumor drug Piroxilipian (Piroxilipian Tablets) approved for HR+/HER2- advanced or metastatic breast cancer.
Ascentage Pharma: China's first original Bcl-2 inhibitor—Lishengto® (Lisatoclax)—approved for specific hematologic malignancies.
Zhongsheng Ruichuang: Ang Labiwei (Ang Labiwei Tablets), the world's first approved influenza RNA polymerase PB2 protein inhibitor, approved.
Trinomab: Sitaitudan monoclonal antibody injection approved for adult tetanus emergency prevention; New generation "tetanus shot" Xintituo® approved in China.
NRDL Inclusion (December 7, 2025): Five Efung portfolio companies were included in the updated NRDL and Commercial Health Insurance Innovative Drug Catalog, covering major disease areas including oncology, infection, and autoimmunity.
Medical Devices: Innovation Landing and Global Access
Efung Capital also achieved significant results in the high-end medical device sector, with multiple domestic-first, industry-leading products receiving approval.
Promisement: Electronic cystourethroscope; single-use electronic cystourethroscope catheter.
Norling Medical: IABP received NMPA Class III medical device registration.
Century Kangtai: Single-use intraocular lens introducer; Meishiji® orthokeratology lens; Wanshian® Ultra-EDoF (global first, domestic first); new-generation trifocal Plus IOL Liangsian® (global first, domestic first).
Ying Minda: First ultrasonic electronic bronchoscope system approved.
Meichuang Medical: MEICoilPro@ peripheral detachable coil system received NMPA registration.
Beixin Life: iFlowX™ intelligent digital pressure pump; next-gen functional imaging integrated solution; TruePhysio X™ wireless pressure microcatheter; TrueVision18 peripheral IVUS catheter.
Tingke Technology: Intracardiac echocardiography (ICE) diagnostic system passed FDA clearance.
Westlake Omics: World's first low-resolution clinical proteomics diagnostic product approved.
Xuanyu Medical: RhythPulse®-PFA system launched.
Core Medical: Percutaneous left ventricular assist device and accessory kit approved.
Kerui: Shanyuan® TraSphere® polyvinyl alcohol embolization microspheres approved.
These achievements demonstrate a leap in technological capability and mark the acceleration of domestic high-end devices in import substitution and global export.
Honors: Starlight as Companion, Forging Ahead
In 2025, Efung Capital progressed with recognition and support from both within and outside the industry. The company and its founding team cumulatively received 56 industry honors, covering dimensions such as institutional strength, sector depth, and investor trust. These honors, like starlight, illuminate the solid path we have traveled and guide our journey toward even greater horizons.
[Note: A comprehensive list of 56+ awards from organizations including Zero2IPO, ChinaVenture, Rongzhong, FOFWEEKLY, Fortune, etc. was included in the original. A condensed version is provided below.]
Zero2IPO: Top 30 China Healthcare Investment Institutions 2025; F40 China Young Investor (Zhu Pai) 2024 & 2025
ChinaVenture: Top 100 VC Institutions; Top 50 Domestic VC Institutions; Top 30 Biopharma Investment Institutions; Top 30 GBA VC Institutions
Rongzhong: Best Healthcare Investment Institution; Best Innovative Pharma Investment Institution
Fortune: 40 Under 40 Most Promising Business Elite in China (Zhu Pai)
Multiple recognitions from FOFWEEKLY, LP CLUB, Investment, CHC Medical, Haoyue Capital, Entrepreneur, and others.
Looking Ahead
On December 26, the National Venture Capital Guidance Fund was officially launched in Beijing, with three regional funds (Beijing-Tianjin-Hebei, Yangtze River Delta, and Greater Bay Area) formally signing agreements with the first batch of 49 sub-funds and 27 project representatives.
Efung Capital, as one of the first batch of signatories, completed a strategic signing with the National Venture Capital Guidance Fund in Beijing. This is not merely a collaboration but marks the historic deep alignment of Efung's capital mission with the nation's core strategy of promoting technological self-reliance and guiding social capital toward "early-stage, small, and hard-tech" investments.
In the same month, Orygen Biotech, an Efung portfolio company, received support from the National Science and Technology Major Project for Innovative Drug Development for its "Recombinant Albumin Drug Development from Novel Biological Expression Systems" project. This represents the highest recognition of Orygen's disruptive platform technology and signifies that the cutting-edge scientific exploration supported by Efung has been formally incorporated into the top tier of national strategic scientific and technological research efforts.
Looking ahead to 2026, this marks both the starting point of a new journey and a determined pursuit. Efung will continue, with stronger industrial conviction and more professional investment capabilities, to deeply integrate into the wave of China's "Life Sciences Moment," collectively propelling China to the very forefront of global life sciences innovation.