June 10, 2026

Shenzhen Efung Mingyuan Seed Venture Investment Partnership (Limited Partnership), established with equity participation from the Shenzhen Science and Technology Innovation Seed Fund, officially completed its business registration.

This milestone marks a critical step forward for Efung Capital in ultra-early-stage investment, and more importantly, signals that Shenzhen's "20+8" industrial clusters have welcomed a new seed fund force that deeply integrates "industrial capital with cutting-edge scientific research."

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Precisely Targeting the "20+8" Industrial Clusters, Securing "Source Water" for Innovation

With a total scale of RMB 127.5 million, the Efung Mingyuan Seed Fund is dedicated to identifying and investing in seed-stage projects, covering ultra-early-stage startups and research projects that have not yet been incorporated. The fund strategically focuses on the biomedical and health-related sectors that are prioritized and encouraged by the Shenzhen municipal government, precisely targeting the two strategic emerging industrial clusters within the "20+8" framework—high-end medical devices and biomedicine—with the goal of cultivating globally competitive innovative enterprises for Shenzhen and the broader Greater Bay Area.

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A Powerful Synergy: The Dual-Driven Model of "Industrial Investment + Source Innovation"

The Efung Seed Fund was jointly established by Shenzhen Angel FOF, Shenzhen Efung Investment Management Enterprise (Limited Partnership), Shenzhen Guangming Guowan Zhongying Innovation & Venture Investment Partnership (Limited Partnership), Shenzhen Guangming Science City Development and Construction Co., Ltd., and several well-known private-sector partners including Beijing JOINN Management Technology Co., Ltd. (a wholly-owned subsidiary of Beijing JOINN Laboratories Co., Ltd.) and Shanghai Baijun Biotechnology Co., Ltd., with deep collaborative participation from the Shenzhen Medical Academy of Research and Translation (SMART) and the Shenzhen Bay Laboratory (SZBL).

This alliance forms a unique operational foundation driven by the dual engine of "industrial investment + source innovation." On the industry side, Efung Capital leverages its years of deep industry experience in early-stage healthcare investment, systematic investment mapping capabilities, and extensive ecosystem resources to precisely identify cutting-edge technology directions and empower project commercialization. On the research side, SMART and SZBL, with their profound scientific expertise, state-of-the-art experimental platforms, and proven capabilities in translation, continuously supply the fund with original innovation projects with high translational potential.

Through jointly establishing a Scientific Advisory Committee, sharing laboratory and industrial resources, designing risk-sharing incubation mechanisms, and facilitating routine bidirectional exchanges between research and industry, the two sides form deep synergies in project sourcing, accelerated validation, risk control, and ecosystem cultivation. This builds a solid operational foundation for the Efung Mingyuan Seed Fund, driven by the dual engine of "industrial investment + source innovation."

Looking ahead, Efung will continue to focus on the uncharted frontiers of life sciences, working alongside scientists, entrepreneurs, government, and industry partners to nurture more biopharmaceutical enterprises that originate from China and have a global impact—contributing Efung's strength to building the Eastern Greater Bay Area and the nation into a globally competitive life and health industry hub.

About Efung Capital

Founded in Shenzhen in 2012, Efung Capital focuses on investments in innovative drugs and high-end medical devices, primarily covering early-stage and growth-stage startups. The firm boasts one of the few investment teams in China with deep, concentrated expertise in the biopharmaceutical sector, bringing together renowned scientist advisors, industry experts, and professionals in biology, chemistry, clinical medicine, and other disciplines—building a comprehensive enabling ecosystem for biopharmaceutical investment. Representative Efung investment projects in Shenzhen include Chipscreen Biosciences (688321), Lifotronic (688389), Bioxcel Therapeutics (688712), Core Medical, and Hannuo Medical.

About the Shenzhen Medical Academy of Research and Translation (SMART) and Shenzhen Bay Laboratory (SZBL)

The Shenzhen Medical Academy of Research and Translation (SMART) was established in 2023, with Professor YAN Ning as its founding Dean. SMART is dedicated to exploring new mechanisms that encourage source innovation and to attracting and cultivating top-tier talent. It organizes and conducts full-chain research and translation efforts spanning basic biomedical research, clinical studies, and industrial translation, all aimed at improving human health. SMART fulfills functions including scientific resource management, medical research, education and exchange, clinical research and translation, and policy advisory. By building a biopharmaceutical talent hub in Shenzhen, SMART strives to establish Shenzhen as a biopharmaceutical powerhouse and to build the Eastern Greater Bay Area into a leader in life sciences.

The Shenzhen Bay Laboratory (Guangdong Provincial Laboratory of Life Information and Biomedicine, or "SZBL") was established in 2019 as a major scientific and technological innovation platform under the plan to build a comprehensive national science center in Guangdong Province and Shenzhen. SZBL adheres to the "Four Orientations" (orientation toward the frontiers of science and technology, the main economic battlefield, the major needs of the country, and the health and wellbeing of the people), focusing on cutting-edge and applied research in life and health. The laboratory actively explores comprehensive reforms in scientific research systems and mechanisms, vigorously promotes the integrated development of education, science and technology, and talent, and strives to build a complete innovation chain in biomedicine—from basic research to translation to clinical application. It deeply advances the integration of industry, academia, and research, stimulates new quality productive forces, and aims to become a national strategic scientific and technological force and a world-class laboratory.