In November, Core Medical's STAR Market IPO application was accepted, making it the first innovative medical device company to be accepted since the resumption of the STAR Market's fifth-set listing standards. With this, Efung Capital has become the only institution since the resumption of the STAR Market's fifth-set standards to simultaneously have a presence spanning the first company to pass review and list (Orygen Biotech), the second company to pass review (Beixin Life), the first company to be accepted (Trinomab), and the first innovative medical device company to be accepted (Core Medical).
Meanwhile, other Efung Capital portfolio companies also continued to deliver frequent good news.
01 Portfolio Company Listing and Financing Progress
Andao Pharma
Andao Pharma Announces Completion of Over RMB 400 Million Series C Financing
Recently, Andao Pharma announced the completion of a Series C financing round exceeding RMB 400 million. This round was invested in by Grand Pharma (with Huadong Medicine as a major LP), with follow-on investments from existing shareholders including Efung Capital and Gaorong Ventures.
Jingwei Shida
Completes New Round of Over RMB 100 Million Financing; Domestic High-End Endoscopy Leader Advances Global Precision Diagnosis Frontier
Recently, Jingwei Shida announced the completion of a new financing round exceeding RMB 100 million, co-led by Efung Zhuohua Fund, Huabin Fengtai Private Equity Fund, and Changfei Industrial Fund.
Core Medical
Genuine Biotech
Genuine Biotech Files for Hong Kong IPO
On November 9, according to HKEX disclosure, Genuine Biotech filed for a Main Board IPO in Hong Kong, taking an important step in the company's development journey.
Rui Jing Biotech
Completes Nearly RMB 100 Million Series B Financing to Accelerate Full-Process Thyroid Diagnosis Layout
Recently, Rui Jing Biotech successfully completed a Series B financing round of nearly RMB 100 million. This round was led by Efung Capital, with follow-on investment from Fengchuang Capital.
02 Portfolio Company Clinical and Commercialization Updates
Shengsi Bio
Strategic Cooperation with Betta Pharmaceuticals
Recently, Betta Pharmaceuticals and Shengsi Bio reached a comprehensive strategic cooperation, under which Betta will provide support in R&D, clinical, and other areas to facilitate the development, industrialization, and commercialization of related products.
Huanma Biotech
Tianqin Biotech
Presentations at Two Conferences Discuss Cutting-Edge Developments
In November, Tianqin Biotech deeply participated in two important biopharmaceutical conferences in Guangzhou.
ISQP Conference in Tianjin
From November 21-23, the 11th International Symposium on Quantitative Pharmacology and New Drug Evaluation (ISQP) was held in Tianjin. Tianqin Biotech was invited to exhibit.
Supporting a New Generation DTaP Vaccine in Clinical Journey
Recently, a component DTaP vaccine for adolescents and adults developed by Beijing Zhifei Lvzhu, a wholly-owned subsidiary of Zhifei Biotech, received clinical trial approval from the NMPA. Tianqin Biotech's Wuhan branch provided comprehensive toxicology research services for this project.
Norling Medical
Flagship Products Deepen European Clinical Presence; Featured Speaker at Innovation Forum
From November 17-20, MEDICA 2025 was held in Düsseldorf, Germany. Norling Medical made a significant debut at Hall 10, showcasing its full product line.
Xuanyu Medical
Multiple Hospitals Perform Surgeries Using Xuanyu Medical Technology
Recently, institutions including Shanghai Sixth People's Hospital, Guiqian International General Hospital, The First Affiliated Hospital of Ningbo University, Changzhou Wujin People's Hospital, Shanghai Putuo District Liqun Hospital, and Yangpu Hospital Affiliated to Tongji University successfully performed surgeries using Xuanyu Medical's RhythPulse® system.
RhythPulse®-PFA New Technology Guangdong-Hainan Salon Successfully Held
On November 8, the "Wisdom Gathering in Shanghai and Shenzhen, Guangdong-Hainan Collaboration" RhythPulse®-PFA Practical Experience Salon was successfully held via online live broadcast.
Ying Minda
Microprobe Ultrasound Training Held in Three Cities, Strengthening Endoscopy Standards
On November 14, the Shenzhen Gastrointestinal Ultrasound Expert Salon and Training Course concluded successfully.
2025 Hunan Medical Association Digestive Endoscopy Academic Annual Meeting
From November 21-23, the 2025 Hunan Medical Association Digestive Endoscopy Academic Annual Meeting was held in Hunan. Ying Minda presented its portable integrated miniprobe ultrasound endoscope.
MaiGene
Outstanding Presence at 2025 China Congress on Holistic Integrative Oncology (CCHIO)
From November 6-9, the 2025 CCHIO was held in Kunming. MaiGene deeply participated, engaging with experts on the integration of precision testing and clinical practice.
Kaiser Biotech
Successfully Acquires Control of Japanese IVD Instrument CDMO Company NPS
Recently, Kaiser Biotech successfully acquired control of NPS Co., Ltd., a wholly-owned subsidiary of Precision System Science Co., Ltd., a Japanese listed company, and has commenced production operations.
Jingwei Shida
Confocal Microscopy Endoscopy Training Case Diagnosis Competition Finals Successfully Held
On November 8, the national finals of the "14th Five-Year Plan" Confocal Technology Application Demonstration Training Course and Confocal Microscopy Endoscopy Technology Training & Case Diagnosis Competition were successfully held in Zhejiang.
"14th Five-Year Plan" National Key R&D Program Exchange Meeting Held
From November 28-30, the 28th National Endoscopic Ultrasound Academic Conference of the Chinese Society of Digestive Endoscopy was held in Hubei. Jingwei Shida presented its BIOPSEE® Beixi® confocal microscopy endoscope and Insight™ biliary-pancreatic direct visualization system.
Baiyinnuo
Signs Tens of Millions Agreement to Explore New Exosome Anti-Aging Market
On November 19, Baiyinnuo Biotech and Fujian Aixtiome completed a strategic cooperation signing at Baiyinnuo's headquarters, along with a procurement agreement worth tens of millions.
Haipuluosi
Jiangxi Provincial Party Secretary Yin Hong Visits Haipuluosi Shangrao Base
On November 18, Jiangxi Provincial Party Secretary Yin Hong conducted research at Haipuluosi's Shangrao base, inspecting progress in genetic sequencing technology R&D and industrial innovation.
Haipuluosi Shenzhen and Shangrao Labs Achieve Perfect Scores in Multiple 2025 NCCL External Quality Assessments
Recently, the National Health Commission Clinical Examination Center released evaluation reports for 2025 EGFR, KRAS, and BRAF gene mutation testing. Both Shenzhen Haipuluosi Medical Laboratory and Shangrao Haipuluosi Medical Laboratory achieved perfect scores.
2025 Indonesian Oncology Congress (PINPOI) Successfully Concludes
From November 7-9, the 2025 Indonesian Society of Oncology National Scientific Meeting (PINPOI) was held in Yogyakarta. Haipuluosi's booth became a hub of technical exchange.
Weimai Medical
Weimai Medical Exhibits at MEDICA 2025
Recently, MEDICA 2025 opened in Düsseldorf, Germany. Weimai Medical, together with its wholly-owned subsidiary Eurocolumbus, jointly exhibited and presented its full-process interventional solution centered on "precise imaging + intelligent operation + AI analysis and decision-making."
Tiangang Yinuo
Founder Professor Tian Zhigang Attends Jianghuai Science and Innovation Salon
On November 1, the "Rixin: Jianghuai Science and Innovation Salon" was held in Hefei. Professor Tian Zhigang, founder of Hefei Tiangang Immunotherapy, participated as a representative of life science scientists and entrepreneurs.
Kangen Pharmaceutical's Academician Xiao Wei Visits Tiangang Yinuo
On November 17, Kangen Pharmaceutical and Hefei Tiangang Immunotherapy held an in-depth exchange meeting in Hefei.
Zhongmou Medical
First Human Clinical Data for ZM-02 Optogenetic Gene Therapy Presented at ATC 2025
On November 26, Zhongmou Medical announced that the first human data from its MOON clinical trial for its self-developed ZM-02 novel optogenetic therapy was presented as a keynote report at the 2025 Advanced Therapies Congress USA in Philadelphia.
Jingze Bio
Exploring Pharmaceutical Frontiers, Nurturing Engineering Talent
On November 21, faculty and students from Sichuan University's Pharmaceutical Engineering Excellence Class visited Jingze Bio in Chengdu for an enterprise-academia integration activity.
KaiTuo Biotech
Present at RNA Asia 2025, Empowering Global RNA Therapy Clinical Translation with High Standards
Recently, KaiTuo Biotech participated as a key industry partner at RNA Therapeutics & Manufacturing Asia 2025.
Kerui
Attends 2025 Chinese College of Interventionalists Annual Conference (CCI 2025)
From November 20-23, CCI 2025 was held in Jiangsu. Kerui Medical presented its precision embolization interventional (AET) matrix full-process surgical instrument solutions and full precision panvascular interventional product solutions.
Kuanyue Medical
Hannuo Medical
ECMO Solution Showcased at Asia-Pacific Emergency Medicine Conference
Recently, the 10th Asia-Pacific International Emergency Medicine Academic Conference was held. Hannuo Medical successfully supported the "Hannuo Cup" ECMO Knowledge and Skills Competition and showcased its innovative emergency solutions.
Huayuan Regenerative Medicine
Xiamen Science and Technology Bureau Leaders Visit Huayuan Regenerative Medicine
On November 14, leaders from the Xiamen Science and Technology Bureau visited Huayuan Regenerative Medicine for an in-depth exchange on cutting-edge regenerative medicine technologies and industrial policies.
Anqing Health Commission Leaders Visit Huayuan Regenerative Medicine
On November 6, a delegation led by Zhang Xianxi, Party Secretary and Director of the Anqing Health Commission, visited Huayuan Regenerative Medicine.
Invited to Chair IGC 2025 Stem Cell Therapy Session
Recently, Huayuan Regenerative Medicine was invited to attend IGC 2025, where it presented its latest regenerative medicine technology achievements.
Trinomab
China-Originated Innovation Showcased at IDWeek; Trinomab TNM001 Injection Featured in Oral Presentation
Recently, IDWeek was held in the United States. Trinomab presented its anti-RSV fully human monoclonal antibody TNM001 injection and its approved Sitaitudan monoclonal antibody injection (Xintituo®).
Promisement
Chongqing University Vice President Deng Shaojiang Visits Promisement
Recently, Deng Shaojiang, Vice President of Chongqing University, led a delegation to visit Promisement's headquarters in Shenzhen.
VTE Full-Region Prevention and Control Ecosystem Empowers a New Era of VTE Prevention and Treatment
Recently, the 2025 China VTE Prevention and Control Conference was held in Beijing. Promisement presented its VTE full-region intelligent prevention and control ecosystem and innovative hardware products.
Frontier Biotech
Two Complement-Targeting Small Nucleic Acid Drugs Presented Together
From November 5-9, at the 2025 ASN Kidney Week in Houston, Frontier Biotech presented preclinical data for its two potential first-in-class small nucleic acid drugs—FB7013 (MASP-2 targeting) and dual-target FB7011 (MASP-2/CFB targeting)—in a cynomolgus monkey IgA nephropathy model.
Chipscreen
Ascentage Pharma
Olverembatinib GIST Research Published in Signal Transduction and Targeted Therapy
Recently, Ascentage Pharma announced that research results from the translational medicine and Phase Ib clinical trial (NCT03594422) of its original Class 1 new drug Olverembatinib (Tradename: Nuleke®) for gastrointestinal stromal tumors (GIST) were published in Signal Transduction and Targeted Therapy (Impact Factor 52.7).
HBM Holdings
Participation in 8th China International Import Expo (CIIE)
On November 5, the 8th CIIE opened in Shanghai. HBM Holdings' management team attended and contributed insights in areas including innovative drug R&D and clinical trials, going global, innovation ecosystem building, and "AI + Pharma."
Strategic Collaboration with Evinova China to Accelerate AI-Empowered Drug Development
Recently, HBM Holdings and Evinova announced a strategic collaboration at the 8th CIIE to jointly apply AI and digital technologies to improve the efficiency of innovative biologic therapy development.
Inclusion in MSCI Hong Kong Index Demonstrates Long-Term Investment Value
Recently, MSCI announced that HBM Holdings has been formally included in the MSCI Hong Kong Index, effective after market close on November 24, 2025.
Attendance at 2025 Jefferies Global Healthcare Conference (London)
Recently, HBM Holdings announced it was invited to attend the 2025 Jefferies Global Healthcare Conference in London from November 17-20.
Deepening Global Strategic Collaboration with AstraZeneca to Co-Develop Next-Generation Oncology Biotherapies
Recently, HBM Holdings announced an update and deepening of its global strategic collaboration with AstraZeneca established in March 2025.
Qyuns Therapeutics
Long-Acting Bispecific Antibody QX027N Receives Two Clinical Trial Implied Approvals
Recently, Qyuns Therapeutics announced that its self-developed long-acting bispecific antibody QX027N injection received clinical trial implied approvals from the CDE for the treatment of asthma and atopic dermatitis.
03 Portfolio Company New Drug and Device Approvals
Xunlu Bio
Zifu Medical
Obtains Vietnam Medical Device Registration, Expanding Southeast Asian Presence
Recently, Zifu Medical's Dasheng® gastrointestinal integrated magnetically controlled capsule endoscope obtained Class B medical device registration in Vietnam.
Lingyi Biotech
Zhongmou Medical
Chipscreen
Promisement
04 Portfolio Company Honors
Xuanzhu Biopharma, Ascentage Pharma: China Securities Journal "Growth Value Golden Bull Award"
Orygen Biotech: Selected as one of the 2025 High-Quality Development "Overseas Chinese Power" Top Ten Cases
Chipscreen: Selected for Guangdong Provincial Department of Science and Technology's Technology Exhibition Group
MaiGene: Selected for 2025 Guangdong Province Famous High-Tech Products by Guangdong High-Tech Enterprise Association
Ascentage Pharma, Chipscreen: Selected for presentations at 67th ASH Annual Meeting
Meizhong Shuanghe: Re-awarded National "Little Giant" Specialized and Sophisticated Enterprise
HBM Holdings: Selected for 2025 China Innovative Drug Going Global Leading Enterprise List
Promisement: Green transformation case selected for Chinese Enterprise Green Transformation Practice Report
MaiGene Medical Laboratory: Received 2025 CAP re-accreditation
Westlake Omics: Received Hangzhou Chuangying Camp Phase II Certificate and Trophy
Haipuluosi Hong Kong and Shenzhen Labs: Received CAP RNA-B Certification
Changtai Pharma Analysis and Testing Center: Received CNAS Laboratory Accreditation Certificate
Tiangang Yinuo founder Professor Tian Zhigang: Received 13th Chinese Society for Immunology Academic Award - Lifetime Achievement Award
Biaoxin Bio: GT919 research selected for poster presentation at 67th ASH Annual Meeting
Weimai Medical: Selected as 2025 Beijing Intellectual Property Advantage Unit
Beimei Pharma: Received Invention Patent Grant Notice from CNIPA
Huahao Zhongtian: Named to 2025 China Top 100 Innovative Pharmaceutical Enterprises
Ying Minda: Selected for MIIT 2025 High-End Medical Equipment Promotion and Application Project
05 Efung Capital Honors
06 Efung Capital Key Events
Efung Capital CEO Zhu Pai Invited to 20th China Economic Forum by People's Daily
On November 18, the 20th China Economic Forum, hosted by People's Daily's China Economic Weekly magazine, was successfully held at the Guangzhou Nansha International Convention Center. At the parallel forum on "High-Quality Hospital Development and Technological Innovation" hosted by People's Daily Health Client, Health Times, and Life Times, Efung Capital CEO Zhu Pai was invited to speak on a roundtable forum titled "Planning for the '15th Five-Year Plan': Co-building an Industrial Investment and Regional Collaborative Ecology," discussing regional collaboration and high-quality industrial development with peers.