Since the beginning of 2026, China's capital markets have demonstrated remarkable resilience. In the first quarter, GDP grew 5.0% year-on-year, exceeding market expectations. Entering May, A-shares continued their strong momentum, with the Shanghai Composite Index breaking through 4,200 points to reach an 11-year high. The positive macro data and market sentiment have created a favorable window for high-quality companies to pursue capital raising and business expansion.
Against this positive macro backdrop, several of Efung Capital's portfolio companies have seen intensive financing progress and business breakthroughs in May. From innovative drug R&D to high-end medical devices, multiple portfolio projects have achieved substantial milestones in clinical advancement, product approvals, and subsequent financing rounds.
Portfolio Company Listing and Financing Progress
Beijing Huahaizhongtian · Secures RMB 100 million+ Capital Increase, Welcomes Strategic Shareholder
On May 8, Huahaizhongtian announced that Baheal Pharmaceutical subscribed to 25 million new shares issued by the company.
Xinhong Life · Completes Series A Financing to Build Innovative Ultrasound Ecosystem
Recently, Xinhong Life completed a Series A financing round of several tens of millions of RMB, exclusively led by Efung Capital.
TNM · Files Registration Statement, Accelerates Capital Market Push
On May 22, TNM submitted its registration statement (prospectus) as it accelerates its push toward the capital market.
Portfolio Company Clinical and Commercialization Updates
Zifu Medical · Showcases at 2026 Wuhu Health Conference & 12th Jinling Forum on Health
From May 22-24, the 2026 Wuhu Health Conference & 12th Jinling Forum on Health was held in Nanjing. Zifu Medical showcased its independently developed capsule endoscopy system, the MCS-170.
Nurotron · Demonstrates Global Leadership at International Cochlear Implant Conference
From May 10-13, the 18th International Conference on Cochlear Implants and Other Implantable Auditory Technologies was held. Nurotron presented its latest research findings and innovative products.
Carbio · Participates in European mRNA CMC Summit
From May 20-21, the 4th European mRNA Process Development & CMC Summit was held in Germany. Carbio participated fully in this year's summit.
Carbio · Achieves mRNA Vaccine Delivery Breakthrough with Suzhou Institute for Innovative Drug Discovery and Abogen
Recently, a team led by Professors Zhong Zhiyuan and Xu Congcong, together with Professor Zhou Fangfang from Suzhou Institute for Innovative Drug Discovery, in collaboration with Carbio and Suzhou Abogen Biosciences, successfully developed a transferrin receptor-mediated monocyte-targeted mRNA delivery platform — TRAP.
Carbio · Presents at ASGCT 2026 Annual Meeting in Boston
From May 11-15, the 29th Annual Meeting of the American Society of Gene & Cell Therapy was held in Boston. Dr. Wang Xiao, CEO of Carbio, was invited to attend and speak on a satellite symposium panel.
Zhongjing Weishi · Featured at 2026 Nanshan Respiratory Health Forum
From May 30-31, the 2026 Nanshan Respiratory Health Forum was held in Guangzhou. Zhongjing Weishi presented the clinical value and latest results of its independently developed BIOPSEE® bronchial confocal microendoscope for respiratory diseases.
Huiguan Bio · Showcases at 21st Optical Valley Expo "Optics + AI" Zone
On May 18, the 21st "China Optical Valley" International Optoelectronic Expo opened in Wuhan. Huiguan Bio's Light-sheet 3D Digital Pathology Imager was invited to showcase in the expo's "Optics + AI" featured zone.
Yinuo Pharma · Focuses on Innovative Surrogate Endpoint Applications for Cardio-Renal Drug R&D
From May 14-16, the DIA China Annual Meeting was held in Shanghai. Guo Shaohua, Vice President of Yinuo Pharma, attended the DIA China symposium on "Innovation and Application of Surrogate Endpoints in Cardiovascular and Renal Drug Development."
HeFei TG ImmunoPharma · Invited to Present at 2026 CSI Basic Immunology Branch Conference
From May 15-17, the 2026 Annual Conference of the Chinese Society for Immunology's Basic Immunology Branch was held in Anhui. Professor Tian Zhigang, founder of HeFei TG ImmunoPharma, was invited to deliver a keynote report.
Pinsheng Bio · Showcases at 25th China Biologics Congress
Recently, the 25th China Biologics Congress opened. Pinsheng Bio presented its full product matrix.
Courage Medical · First Domestic Visualized Embolic Microsphere FIM Study Published in Leading Journal
Recently, Courage Medical's globally first visualized uniform-diameter biomimetic core-shell embolic microsphere — TraSphere® — achieved another milestone: its first-in-human study for TACE in liver cancer was officially published in the Journal of Interventional Radiology.
Courage Medical · Publishes Post-Market Study in Leading Journal
Recently, Courage Medical announced that following the completion of China's first pre-market RCT study for its DiaSphere® embolic microsphere, the post-market clinical study paper was published on May 18 in the Journal of Interventional Radiology.
Aomo Pharma · Shaoxing Party Secretary Visits Aomo Pharma's Shaoxing Binhai Industrial Base
On May 7, Shao Xing City Party Secretary Shi Huifang visited Aomo Pharma's Aopu Innovative Drug Production Base in the Binhai New Area to inspect project construction progress.
Hanover Medical · Collaborates with Global Experts to Explore ECMO Clinical Boundaries
From May 7-9, EuroELSO 2026 was held in Ireland. Hanover Medical presented its Lifemotion® ECMO System at EuroELSO and hosted two academic symposiums on the theme "ECMO Beyond the Rules."
TNMB · Joins ESG Disaster Rescue Alliance
On May 12, TNMB officially signed the "Corporate Social Responsibility (ESG) Participation in Yunnan Province Disaster Rescue Alliance Agreement" at the Yunnan Red Cross Disaster Preparedness and Response Center, joining the Yunnan Disaster Rescue ESG Alliance.
Zhongmou Medical · Showcases Clinical Translation Results and Next-Generation Retinal Gene Therapy Platform at ASGCT 2026
Recently, Zhongmou Medical delivered two oral presentations and one poster presentation at the 2026 ASGCT Annual Meeting in Boston.
Hua Mei Hao Lian · "AI + Health Management" Becomes Core Engine for Medical Ecosystem Upgrade
On May 9, the 2026 World Brand Mojianshan Conference sub-forum "New Voice AI Thinking Salon" was held in Zhejiang. Xu Bingyu, Founder and CEO of Hua Mei Hao Lian, delivered a keynote speech titled "AI + Health Service Innovation Practice."
Hua Mei Hao Lian · Attends 2026 Wujiang Venture Capital Annual Meeting
From May 18-19, the 2026 Wujiang Venture Capital Spring Partners' Meeting was held in Ningbo. Xu Bingyu, Founder and CEO of Hua Mei Hao Lian, was invited to attend a roundtable forum on "AI Empowering Real Economy."
Aries · Showcases at INTERPHEX WEEK 2026
From May 20-22, INTERPHEX WEEK 2026 opened in Tokyo. Aries presented its comprehensive pharmaceutical filtration process solutions.
Weigao Medical · "Hand-Eye-Brain" Collaborative Interventional Solution Shines in Paris
From May 19-22, EuroPCR 2026 officially opened in Paris. Weigao Medical showcased its core products, the ETcath® Interventional Robot and the full DSA angiograph series.
Weigao Medical · Xi'an Jiaotong University Affiliated Hospital Utilizes Weigao's Interventional Robot
Recently, a team led by Dean Yuan Zuyi at the First Affiliated Hospital of Xi'an Jiaotong University successfully performed a high-risk, complex coronary bifurcation lesion surgery using Weigao Medical's domestically produced interventional robot.
Weigao Medical · Featured at China Beijing International High-Tech Expo
Recently, the 28th China Beijing International High-Tech Expo successfully concluded at the China National Convention Center. Weigao Medical showcased its ETcath® Interventional Robot.
3D Medicines · Phase III Study of Envida® in Neoadjuvant/Adjuvant NSCLC Completes Enrollment Ahead of Schedule
On May 21, 3D Medicines announced that the randomized, controlled, double-blind, multicenter Phase III clinical trial of its commercialized product Envida® (Envafolimab Injection) for neoadjuvant/adjuvant treatment of resectable Non-Small Cell Lung Cancer (NSCLC) has completed enrollment ahead of schedule.
Heyuan Bio · Case Report on Perioperative Use of Oformatin® Published in the Chinese Journal of New Drugs
Recently, a case report on the perioperative use of the world's first plant-derived recombinant human albumin injection (Heyuan Bio's Oformatin®), authored by a team led by Professor Yang Zhiyong at Zhongnan Hospital of Wuhan University, was published in the Chinese Journal of New Drugs.
Huahaizhongtian · 4 Clinical Study Abstracts Featured at ASCO 2026
ASCO 2026 was recently held in the US. Four of the latest clinical study data for Huahaizhongtian's core products, utidelone capsules and utidelone injection, were presented as posters.
Portfolio Company New Drug and Device Approvals
Huayuan Regenerative Medicine · World's First iPSC-Derived Kidney Cell Therapy Product Approved for Clinical Trials
On May 14, the CDE of China's NMPA announced that the IND application for "Human Renal Progenitor Cell Injection (ARM101)," filed by Huayuan Regenerative Medicine's wholly-owned subsidiary Huayue Nephrology, received clinical trial approval for its first indication.
LinkGen · IND for Gene Therapy Drug LY-M003 Granted NMPA Clearance
On May 9, LinkGen announced that its independently developed IND application for LY-M003 Injection, a gene therapy drug for Hepatolenticular Degeneration (Wilson's disease), has received clinical trial clearance from the NMPA (Class I Biologics).
Portfolio Company Honors
Won 2026 Future Medical 100 Top 100 Innovative Devices & Smart Manufacturing List (by动脉网)
Won 2026 Future Medical 100 Top 100 Innovative Pharmaceuticals & Biologics List (by动脉网)
TNMB, ZhongSheng Chuangxin, Xinyuan Pharmaceutical, Aomo Pharma, Pulaite Medical, Gaoguang Pharma, Dingchi Bio, Bendao Gene, LinkGen
Won 2026 Future Medical 100 Top 100 Innovative Health Services & Industrial Chain Services List (by动脉网)
Won 2025 China Innovative Drug Business Development TOP15 (by 医药魔方)
Won 2025 China Innovative Drug High-Quality Cutting-Edge Innovation Achievements TOP15 (by 医药魔方)
Won 2025 China Innovative Drug International Competitiveness TOP30 (by 医药魔方)
Won 2026 Future Medical 100·People Award—China Medical Health Innovation Influence 50 (by 动脉网)
Won 2025 China Biopharmaceutical Technology Top 10 Breakthroughs
Won 2025-2026 China Quasi-Unicorn Enterprise TOP50 (by 融中)
Efung Capital Honors
2026 Q1 China Most Active Venture Capital Institutions TOP30 (by 第一新声)
2026 Q1 Healthcare Most Active Investment Institutions TOP10 (by 第一新声)
2026 China Best Young Investment Professionals (by 融中)
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