From December 2 to 5, 2025, the 25th China Equity Investment Annual Conference, hosted by Zero2IPO Holdings and Pedata and co-hosted by Huitong Financial and Nanshan Strategic Emerging Industry Investment, grandly opened in Shenzhen.
As an annual industry event, this year's conference, themed "To the Future, Empowering New Beginnings," brought together over a thousand top investors, including Ni Zhengdong, Founder & Chairman of Zero2IPO Group and Chairman & CEO of Zero2IPO Holdings, and Jin Haitao, Chairman of Qianhai Ark Asset Management and Chief Executive Partner of Qianhai FOF. The conference featured a rich array of sessions, including venture capital trend forums, AI summits, innovative drug and life technology summits, and venture capital talks, jointly exploring industrial opportunities and investment logic in the new cycle.
Efung Capital CEO Zhu Pai was invited to speak on December 4 at a roundtable forum themed "Dedication and Patience in Healthcare Investment," engaging in peer discussions on AI drug discovery, cell and gene therapy, medical device innovation, and the innovative drug industry ecosystem, dissecting the business opportunities behind life sciences and technology.
Refined Post-Investment Management Builds a Foundation for Long-Term Value
Currently, in the Hong Kong stock market, investors tend to favor restorative opportunities with low valuations and high cash value. However, we judge that the market will gradually return to fundamentals-driven dynamics, and truly high-quality companies are expected to experience sustained value revaluation. We believe that the second half of next year may present a "golden buying opportunity" for high-quality Hong Kong-listed companies, and only those companies that can navigate cycles with resilience will ultimately succeed.
In the current market environment, Efung Capital remains cautiously optimistic, steadfastly adhering to its own investment pace and logic while patiently waiting for optimal opportunities. In our view, the foundation of any enterprise lies in solid post-investment management, which is also the cornerstone of Efung Capital's long-term development. In the past, post-investment management was often simplistically understood as providing fund reports to LPs. However, amid the increased market volatility of recent years, its strategic significance has become increasingly prominent.
True post-investment management not only requires the investment team and partners to possess professional operational and management capabilities but also demands refined management in areas such as project classification and exit pathways. For high-quality projects, we consider timely additional investments or further unlocking enterprise value through cross-border collaborations and M&A integration. For projects that may be temporarily underperforming, we also conduct rational assessments and proactively adjust strategies, rather than easily giving up.
Markets are always in flux. The core of post-investment management lies in prudently planning exit pathways during downturns and keenly seizing windows for adding to positions or exiting during upturns. Efung Capital will continue to strengthen this core capability, welcoming the next round of value revaluation with professionalism and patience.
Notably, on the same day, the results of the 2025 VENTURE50 initiative, launched by Zero2IPO Holdings and Pedata, were ultimately announced.
This year's program continued with its Venture50 and NewGrowth50 lists, along with three sector-specific lists: Artificial Intelligence 50, Hard Technology 50, and Life Technology 50. Among the selected companies on the 2025 VENTURE50 Life Technology list, Efung Capital portfolio companies—Core Medical, Andao Pharma, Norling Medical, and Tingke Technology—were honored. This serves as strong validation of Efung Capital's long-term investment philosophy and professional post-investment management capabilities.