Today, on the Qixi Festival, the starry river is bright, and magpies form a bridge for lovers' meeting, symbolizing beautiful connections and journeys. In the vast sea of hard tech investment, the "mutual journey" between Ef Capital and its portfolio companies has also borne fruit.
Looking back at August, several biopharmaceutical companies invested by Ef Capital performed outstandingly, achieving a series of breakthroughs in financing progress, clinical updates, and regulatory approvals.
Notably, two portfolio companies, 3D Medicines and Kaitao Biotech, "joined hands" in a collaboration to advance the development of tLNP-delivered in vivo CAR-T/NK therapies, adding romance and breakthrough significance to this biopharmaceutical "journey."
01 Portfolio Company Listings and Financing Progress
HBM Holdings
HBM Holdings completes ~HKD 517 million Hong Kong share placing
On August 29, HBM Holdings completed a placing via Citigroup at HKD 11.5 per share for 45,022,000 shares. Total gross and net proceeds were HKD 517.8 million and HKD 511.7 million, respectively. Net proceeds will be used for: (i) approx. 50% for R&D of innovative drug assets; (ii) approx. 40% for advancing clinical trials of existing pipeline assets; (iii) approx. 10% for working capital and general corporate purposes.
Kelong Bio
Kelong Bio completes tens of millions RMB Series A financing
Recently, Kelong Bio completed a Series A financing round of tens of millions of RMB, led by Ef Capital, a leading life science investment institution. The funds will support Kelong Bio's pipeline expansion across multiple indications, including advancing clinical studies for core candidates P001X (osteoarthritis) and P002 (dry eye). The company plans to initiate overseas clinical trial patient recruitment in 2026.
Qyuns Therapeutics
Completes approx. HKD 100 million new H share placing
On August 25, Qyuns Therapeutics announced the completion of a placing of 5 million shares to TruMed Health Innovation Fund LP at HKD 20.0 per share, raising total gross proceeds of approx. HKD 100 million.
02 Portfolio Company Clinical and Commercialization Updates
Heyuan Biosciences
Aofumin® officially used in patient treatment
Following the first shipment on August 19, the first prescription for Aofumin® was issued by a physician on August 23 for clinical treatment of patients with hypoalbuminemia due to liver cirrhosis, marking the official entry of Aofumin® into the clinical application phase, bringing hope to more patients.
Projini Biopharma
Pivotal Phase III study of Projini's recombinant human albumin injection achieves key progress
Recently, Projini's proprietary recombinant human serum albumin injection successfully met the primary and key secondary efficacy endpoints required by the NMPA in a pivotal Phase III clinical study for the ascites indication in liver cirrhosis. The NDA submission has been fully initiated.
Kaiser Biotech
Global CDMO solutions shine on the international stage
Recently, the 77th AACC Annual Scientific Meeting & Clinical Lab Expo concluded in Chicago. Kaiser Biotech presented its new supply chain solutions, along with exhibits including an automated flow cytometer, a next-gen flow fluorescence luminescence reader, and consumables. On-site instrument demonstrations impressed international customers, showcasing Kaiser's technological strength.
HBM Holdings
HBM Holdings attends inaugural Evercore China Biotech Summit
From August 19-21, the inaugural Evercore China Biotech Summit was held in Shanghai Pudong. As a global clinical-stage biopharmaceutical company, HBM Holdings leveraged this international platform to showcase its cutting-edge technology progress and latest R&D results in innovative antibody drug development. Dr. Wang Jinsong, Founder, Chairman, and CEO, highlighted the company's proprietary Harbour Mice® fully human antibody technology platform and multiple innovative clinical-stage pipelines.
Announces 2025 interim results: Significant revenue and profit growth, platform value continues to be realized
As of June 30, 2025, HBM Holdings' total H1 revenue reached approximately RMB 725 million (approx. USD 101 million), a 327% year-on-year increase; profit was approximately RMB 523 million (approx. USD 73 million), a 51-fold year-on-year increase; cash reserves are robust at approx. RMB 2.291 billion (approx. USD 320 million), a 92% increase from the end of last year. The strong performance during the reporting period fully demonstrates the success of its business model and sound financial development.
Haplox
Haplox showcases cutting-edge technical solutions, attracting widespread expert attention
From August 21-24, the 30th Annual Meeting of the Chinese Pathological Society (CPS) and the 14th Pathology Annual Conference were held in Shanghai. Haplox's booth, with its professional design and systematic product materials, exhibited strong brand recognition. The fully presented one-stop solution for tumor genetic testing, featuring core products like the HapSeq-2000 gene sequencer and companion diagnostic kits, precisely met clinical and research needs, drawing many experts for in-depth discussions.
Haplox Gene offers "Runner 258" genetic testing for all Team A members of the Gobi March
Recently, Haplox Gene launched an exclusive offer for free "Runner 258" genetic testing for all Team A members of the Gobi March, using technology to support their journey across the Gobi Desert.
Receives multiple authoritative certifications
The College of American Pathologists (CAP) released proficiency testing reports for CAP-NGSHM-A, CAP-MSI-A, and CAP-CFDNA-A. Haplox's Shenzhen and Hong Kong laboratories both achieved perfect scores.
The National Center for Clinical Laboratories (NCCL) released reports for the bioinformatics analysis of high-throughput sequencing for somatic mutations in solid tumors and for EB virus nucleic acid detection (2nd round). Haplox Shenzhen achieved perfect scores in both, reaffirming its technical management competence.
Jingwei Shida
Hubei Provincial Department of Science and Technology key R&D project "Development and Application Research of Biliopancreatic Duct Confocal Microscopy Imaging Probe" successfully concluded
On August 23, the concluding meeting for the key R&D project, jointly applied for by Jingwei Shida, Ezhou Central Hospital, and Huazhong University of Science and Technology Ezhou Industrial Technology Research Institute, was held in Luotian, Hubei.
Ministry of Science and Technology "14th Five-Year" key special project: Confocal microscopy technology training and case diagnosis competition officially launched
Multiple academic conferences held concurrently, experts explore new clinical application progress of CLE technology
On August 15, Jingwei Shida held a satellite symposium at the main venue of the "2025 Shaanxi Annual Digestive Endoscopy Academic Conference," featuring a special lecture by Professor Yang Zhuo on "The Value of Confocal Microscopy in Biliary Diseases."
Signs strategic cooperation agreement with Yongliang Machinery
On August 9, Jingwei Shida officially signed a strategic cooperation agreement with Suzhou Yongliang Machinery Equipment Co., Ltd. The ceremony was attended by Feng Yu, CEO of Jingwei Shida, and Zhao Jie, Chairman of Yongliang Machinery.
BioInno Biotech
Analytical Testing Center officially receives CNAS accreditation, opening a new chapter in high-quality development
Recently, BioInno Biotech's Analytical Testing Center officially received CNAS accreditation. This milestone marks the acquisition of an internationally recognized "passport" for its professional competence in the bioanalytical field, injecting significant momentum into promoting industry standardization and technological innovation.
Meizhong Shuanghe
Golden Central Balloon product wins collective procurement bids
Recently, Meizhong Shuanghe's subsidiary Golden Central had its balloon products selected in the collective procurement initiatives of the "Beijing-Tianjin-Hebei '3+N' Alliance," "Guangdong Provincial Coronary Balloon Consumables Alliance," and "Shanghai Municipal Centralized Procurement for Coronary Balloons."
Tian'gang Yinuo
Lingyi Biotech
World's first! The First Affiliated Hospital, Zhejiang University School of Medicine completes gene therapy for adolescent patient with Wilson's disease
Recently, a clinical study evaluating the safety, tolerability, and efficacy of LY-M003 injection in adult and pediatric patients with Wilson's disease was successfully conducted at The First Affiliated Hospital, Zhejiang University School of Medicine. The LY-M003 injection used in the study was provided by Lingyi Biotech.
CircRNA Biotech
Dr. Yang Yun interviewed by Oriental Financial Channel, discussing AI empowerment of circular RNA therapy
Recently, Dr. Yang Yun, Co-founder, Chairman, and CTO of CircRNA Biotech, and Dr. Tang Chenxiang, CEO, were interviewed by a reporter from Oriental Financial Channel. They discussed leveraging AI to empower circular RNA therapy, aiming to achieve "long-lasting repair with one injection" for coronary heart disease and accelerate clinical application.
Rui Jing Biotech
Thyroid cancer molecular pathology enters a new era
At the recent 30th CPS Annual Meeting and 14th Pathology Annual Conference, Rui Jing Biotech showcased its heavy product—the only multi-gene assay kit specifically approved by NMPA for thyroid nodules: the Human BRAF/TERT/CCDC6-RET Gene Mutation Detection Kit (Fluorescent PCR). A special academic symposium titled "Seeing Precision" was also held concurrently.
Aomu Pharma
Groundbreaking ceremony for industrialization base held successfully
On the morning of August 21, the groundbreaking ceremony for Aomu Pharma's industrialization base project, Aopu Pharmaceutical, was held with grandeur in Binhai New Area, Shaoxing. Wang Kaifeng, Partner at Ef Capital, attended as a shareholder representative of Aomu Pharma.
Norling Bio
Norling Bio presents nitric oxide therapy technology at High Altitude Pulmonary Arterial Hypertension Academic Symposium
From August 8-10, the "AI-Empowered High-Altitude Health and High Altitude Pulmonary Arterial Hypertension Special Academic Symposium" was held in Lhasa. Norling Bio, a pioneer in the field of nitric oxide (NO) therapy, participated actively, showcasing its technological breakthroughs and application prospects in treating high-altitude PAH.
Xuanyu Medical
Multiple hospitals perform initial batches of Xuanyu RhythPulse® PFA procedures
Recently, several hospitals successfully performed procedures using the RhythPulse® system, including: Deyang People's Hospital (Sichuan's first), The Second Affiliated Hospital of Zhejiang Chinese Medical University, Tenth People's Hospital of Tongji University, Affiliated Hospital of Nantong University, Qianxinan People's Hospital, Shanghai Chest Hospital, Qingdao University Affiliated Rizhao Hospital/Rizhao Heart Hospital, and Shanghai Seventh People's Hospital.
Multiple training events successfully held
Recent training events on pulsed field ablation technology were successfully held or supported by Xuanyu Medical, including a seminar at Xinhua Hospital's Fengxian Campus, a training course in Shanghai organized by the Suzhou Industrial Park Dongfang Xia Cardiovascular Health Research Institute (with Xuanyu as strategic support), and a training course hosted by Shanghai Public Welfare Development Center, organized by Shanghai Chest Hospital, and strategically supported by Xuanyu Medical.
Century Kangtai
First case in Xuzhou, among the first batch nationally
On the morning of August 6, the operating room of Xuzhou Aier Eye Hospital successfully performed phacoemulsification surgery on a mother, implanting a nationwide first batch, Xuzhou first "Liangshian® New Generation Trifocal Plus" intraocular lens.
Winning Medical
Winning Medical brings world's first "Eye-Hand-Brain" interventional solution to Latin America, Chinese high-end medical equipment shines in Mexico
Recently, Winning Medical showcased its revolutionary "Eye-Hand-Brain" collaborative interventional solution, particularly the core We Robot DSA interventional robot, at the Expo Med Hospitalar Mexico 2025, demonstrating China's technological leadership in high-end interventional medical equipment.
"Highlight moment" at national innovation stage! Interventional robot anchors new heights in hardcore technology
Recently, the Beijing Innovative Medical Device Matchmaking and Medical Robot Application Scenario Exhibition was held in Beijing. Winning Medical stood out through technical selection and was invited to exhibit its interventional robot.
Heavy release of interventional robot at China-Hospeq 2025
From August 15-17, the 31st China International Medical Equipment Fair (China-Hospeq) was held at the China National Convention Center in Beijing. Winning Medical showcased its fully self-developed interventional robot at the Medical Innovation Theme Exhibition.
CEO and CTO speak together, outlining the "Chinese Solution" for cardiovascular intervention
At the recent Inner Medcon Beijing Innovation Forum 2025, Winning Medical's CEO Yang He and CTO Xie Jing participated deeply in the "Cardiovascular Interventional Device Innovation and Development" sub-forum, sharing insights on the evolutionary path of interventional robots.
Heavy appearance at CCME2025 with cutting-edge technology
Winning Medical made a significant appearance at the recently concluded "Global Medical Device Innovation Conference & The 9th Endoscopy Conference (CCME2025)" in Nanjing, delivering a keynote speech titled "Reshaping Intervention: Prospects for Winning Medical's Interventional Surgical Robots."
Kaitao Biotech
Joins forces with 3D Medicines to advance development of tLNP-delivered in vivo CAR-T/NK therapies
On August 20, in Shanghai, 3D Medicines and Kaitao Biotech formally signed a strategic cooperation agreement. Based on 3D Medicines' proprietary AI+mRNA R&D platform and liposome delivery system (3D-LNP), combined with Kaitao Biotech's advantages in large-scale mRNA production, they will deepen cooperation in targeted LNP delivery (tLNP), cancer vaccines, in vivo CAR-T/NK, and other fields.
Releases 2025 half-year performance review
In H1 2025, Kaitao Biotech responded to trust with solid results: nearly 200 new orders (155% YoY increase in order value), 233% YoY increase in sales revenue, overseas orders accounted for 30% (35% of revenue), total partner clients exceeded 300 (nearly 50 new), with 50% of clients making repeat purchases.
3D Medicines
Joins forces with Kaitao Biotech to advance development of tLNP-delivered in vivo CAR-T/NK therapies
On August 20, in Shanghai, 3D Medicines and Kaitao Biotech formally signed a strategic cooperation agreement.
First patient dosed in investigator-initiated trial (IIT) of next-gen precision radiopharmaceutical candidate
On August 28, 3D Medicines announced that the first patient was dosed in an IIT study of 177Lu-PSMA-3D1015 injection, the first radionuclide drug conjugate (RDC) from its self-developed radiopharmaceutical platform.
Qyuns Therapeutics
ESG rating jumps to A grade; sustainable development capability receives authoritative recognition
Recently, Wind, an authoritative financial data provider, released its latest ESG rating. Qyuns Therapeutics achieved a leap from BBB to A grade due to its ESG governance efforts, placing it among the sustainability pioneers in the industry.
Q&A session from Qyuns Therapeutics' 2025 interim results presentation
On August 19, Qyuns Therapeutics held its 2025 interim results presentation. Management shared the company's bright performance for H1 2025 and responded to hot topics of interest to investors.
Phase III +1! QX004N / HS-20137 enters Phase III clinical trial for psoriasis
Recently, QX004N / HS-20137, co-developed by Qyuns and Hansoh Pharma, entered Phase III clinical trial for psoriasis, becoming the fourth Qyuns pipeline product to successfully reach this stage.
Ascentage Pharma
Ascentage Pharma announces 2025 H1 results; sales of耐立克® (olverembatinib) grow strongly by 93%
Recently, Ascentage Pharma announced H1 2025 results, with net product revenues from耐立克® (olverembatinib) increasing by 93% YoY to RMB 217 million, primarily due to expanded NRP DL coverage.
Lifotronic
Releases "Sandwich" Estradiol (E2), opening a new era for small molecule testing
Recently, Lifotronic released its "Sandwich" Estradiol (E2), overcoming three major technical bottlenecks in traditional estradiol detection: improved anti-interference performance, high sensitivity for low-concentration samples (<20 pg/mL), and high consistency with LC-MS/MS.
Lifotronic 2025 semi-annual report
Recently, Lifotronic released its 2025 semi-annual report. H1 operating revenue was RMB 507 million, net profit attributable to parent company was RMB 122 million, and net cash from operating activities was RMB 117 million.
Yahong Pharma
Potential FIC! Positive preliminary results from Phase Ib trial of APL-1401 for moderately-to-severely active ulcerative colitis
On August 1, Yahong Pharma announced positive preliminary results from a Phase Ib clinical trial of its oral drug APL-1401 for moderately-to-severely active UC.
Update on NDA progress for APL-1702
Recently, the CDE initiated the second round of technical review for APL-1702, a photodynamic drug-device combination product for non-surgical treatment of high-grade squamous intraepithelial lesion (HSIL) of the cervix. Yahong Pharma's team continues active communication with CDE to complete the review process expeditiously.
CCO Ms. Xu Ying attends forum on breast cancer diagnosis and treatment, delivers speech
Recently, CCO Ms. Xu Ying attended a forum on breast cancer diagnosis and treatment in Beijing, stating: "We will leverage our commercial advantages and expert resources to accelerate the nationwide accessibility of Ounaline®, fulfilling our commitment to providing innovative solutions for patients."
Yahong Pharma releases 2025 semi-annual report
Recently, Yahong Pharma released its H1 2025 report, with operating revenue of RMB 130 million, a 61.8% YoY increase, achieving H1 business targets. Cash reserves stand at approx. RMB 1.825 billion.
Chipscreen Biosciences
Published in top hepatology journal! Phase II results of Chiglitazar (Bilessglu®) monotherapy for MASH in Hepatology
Recently, results from a Phase II clinical study of Chiglitazar (Bilessglu®) for metabolic-associated steatohepatitis (MASH), a drug independently developed by Chipscreen for type 2 diabetes, were published in the top international hepatology journal Hepatology.
Chipscreen 2025 Innovation Summit successfully held; AI+ core technology integration platform aids novel drug development
On August 18, the Chipscreen 2025 Innovation Summit was successfully held in Shanghai, providing in-depth analysis of the application of its "AI-assisted design + chemogenomics integrated technology platform" in new drug R&D and introducing new global First-in-Class early-stage pipelines.
03 Portfolio Company New Drug and Device Approvals
Heyuan Biosciences
"Plant-derived recombinant human albumin" approved for Phase III clinical trial in the US
Recently, Heyuan Biosciences announced that after a Type C meeting with the FDA regarding global multi-center clinical study design, consensus was reached on conducting an international multicenter Phase III clinical study protocol for its self-developed Class 1 new biologic, Recombinant Human Albumin (Rice).
Assists Ucan Biotech's UC101 project in obtaining IND approval in China
On August 22, Heyuan Biosciences provided animal-free, high-purity, stable-supply plant-derived recombinant human serum albumin (OsrHSA) produced via its rice endosperm bioreactor platform (OryzHiExp) to Ucan Biotech, aiding the successful IND approval of its project in both China and the US.
Endoangio
Domestic breakthrough! First ultrasound electronic bronchoscopy system officially approved for marketing
Recently, Endoangio's first ultrasound electronic bronchoscopy system officially received marketing approval, defining a new era for lung diagnosis and treatment, aiding precise clinical puncture and efficient diagnosis.
Kaitao Biotech
Assists Qihan Biotech's QT-019B in obtaining FDA clinical trial approval
On August 13, Qihan Biotech announced that the IND application for QT-019B, its self-developed universal dual-target CAR-T cell product, received approval from the FDA. For this milestone project, Kaitao Biotech undertook the core task of producing the gene-editing mRNA, providing high-standard deliverables meeting international clinical application requirements.
Century Kangtai
Ascentage Pharma
Global registrational Phase III study for Lishengto® in first-line treatment of higher-risk MDS granted approval by US FDA and EMA
Recently, Ascentage Pharma announced that the global registrational Phase III study (GLORA-4) of its self-developed Bcl-2 selective inhibitor Lishengto® (lisaftoclax; R&D code APG-2575) combined with azacitidine for the first-line treatment of higher-risk MDS has been permitted to proceed by both the FDA and EMA.
Frontier Biotech
Receives "dual certifications" for medical device
Recently, the company's Far-Infrared Therapeutic Patch successfully obtained a Medical Device Manufacturing License and a Medical Device Registration Certificate from the Shandong Medical Products Administration. The concurrent approval of these two core qualifications represents double recognition of the company's R&D strength and compliance management system.
Bixinshengming (Bixin Life)
Beixin iFlowX™ Digital Pressure Pump approved for marketing
On August 5, Beixin's iFlowX™ Digital Pressure Pump officially received a Class II medical device registration certificate from the Guangdong Medical Products Administration. As the first digital pressure pump system with intelligent functions, it enhances procedural convenience and precision.
Xuanzhu Biopharma
Xuanzhu Biopharma's ALK inhibitor Diraok (XZP-3621) approved for marketing
On August 22, the NMPA website announced the approval of Diraok tablets, an innovative Class 1 anti-tumor drug independently developed by Xuanzhu Biopharma, for treating patients with ALK-positive locally advanced or metastatic NSCLC who have not previously received ALK inhibitor therapy.
04 Portfolio Company Honors
Hao Yue [Annual Best Enterprise in Innovative Medical Devices]: Core Medical, Norling Bio, Endoangio
Hao Yue [Annual Best Enterprise in Innovative Pharmaceuticals]: Kelong Bio, Westlake Bio
Pharma Sources and CMC-China [2025 China Top 101 Innovative Drug Enterprises]: Ascentage Pharma, Chipscreen Biosciences, HBM Holdings, Frontier Biotech, Yahong Pharma, Clarus Therapeutics, Genuine Biotech, Qyuns Therapeutics, Inmagene Biopharmaceuticals, Xuanzhu Biopharma
Health KaiGe, Health KaiGe Research Institute [2025 China Medical Health Growth Edition Top 100 Innovative Medical Device Companies]: Winning Medical
US Galien Foundation [2025 Prix Galien "Best Startup" Nominee]: NonaBio (subsidiary of HBM Holdings)
Ministry of Industry and Information Technology [2024 Bio-manufacturing Signature Product List (First Batch)]: Heyuan Biosciences' Aofumin®
Second Prize in Enterprise Group, Hangzhou Finals, 10th "Maker China" and "Zhejiang Good Project" SME Innovation and Entrepreneurship Competition: Andao Pharmaceuticals' "AND017 First-in-Class Pan-Anemia Hemoglobin Elevating Agent (HbEA)"
2025 Fortune China 40 Under 40: Bai Xiaosong, Founder & General Manager of Endoangio
Selected for ESMO 2025 Poster Presentation: Haplox's MRD research results
05 Ef Capital Honors
LP CLUB Southeast Region Rankings 2025: Ef Capital - "TOP 20 Early-Stage Venture Capital Institutions in Southeast China"
LP CLUB Southeast Region Rankings 2025: Ef Capital CEO Zhu Pai - "TOP 10 40U40 Outstanding Young Investors in Southeast China"