Recently,

36Kr's 2026 annual

"China Equity Investment Industry Investment Institutions" series roster

was officially released, with Efung Capital honored as one of the

"China Equity Investment Industry Venture Capital Institutions,"

and the Waves·2026 "36 Under 36" roster

was officially announced,

with Efung Capital's Zhu Pai named to the list.

At the outset of 2026, McKinsey made a judgment in its global private market report: Alpha is no longer found—it is made. Persistently low interest rates, ever-inflating valuation multiples, and readily available cheap financing—the old levers that once amplified profits—are disappearing one by one.

The story in China's market is even more complex. The source of capital has shifted: as US-dollar funds recede, state-owned capital and industrial capital have taken over pricing power and the authority to write the rules. The exit channels have also changed—IPOs are no longer a panacea, and M&A and secondary transactions have moved from alternatives to mainstream options. Meanwhile, the core investment theme has undergone a profound transformation: hard technology's share in VC has climbed from 38% to 62% within five years, while AI has permeated every sector. In the biopharmaceutical field, the 2026 Government Work Report designated it for the first time as an "emerging pillar industry." Centralized procurement pressures have eased,医保 payments are tilting toward innovation, and AI-empowered drug R&D is reshaping the industry's productivity.

The old order is crumbling, but the new order has yet to take shape. This transitional phase tests investors even more than a downturn—it tests not only financial strength, but also the depth of understanding of industrial fundamentals. For true investors, time no longer automatically sides with anyone; it rewards only those who dare to dive in and breathe the same air as entrepreneurs.

It is precisely amid this era of transformation that the industry's attention is increasingly focused on those institutions and individuals who truly navigate cycles and create value.

36Kr's "2026 China Equity Investment Industry Venture Capital Institutions" —this series roster covers seven major categories including comprehensive, thematic, individual, industrial, state-owned capital, boutique investment banks, and limited partners, encompassing more than 50 sub-lists, systematically presenting a comprehensive picture of China's equity investment industry. The "China Equity Investment Industry Venture Capital Institutions" award is featured as the primary comprehensive list.

Waves is a professional investment reporting brand under 36Kr, dedicated to providing timely investment news, in-depth analysis, market trend insights, and industry reports. The 2026 "36 Under 36" roster, themed "Seeking Those Who Stand Against the Wind," aims to document the young individuals who are not shaped by trends, who stand firm in turbulent currents, and who define themselves through sustained creation—true value is never found in fleeting trends, but in the soil of long-term perseverance.

Honors are footnotes to the past and preludes to the future. Looking ahead, Efung Capital will continue to deepen its expertise in biopharmaceutical investment, focusing on innovative drugs and high-end medical devices, with a primary emphasis on early-stage and growth-stage technology-driven enterprises. The firm will continue to identify innovation projects with proprietary Chinese R&D and intellectual property, using capital to accelerate the industrialization of biotechnological breakthroughs.