Recently, the General Office of the State Council officially issued the Guiding Opinions on Strengthening Supervision, Preventing Risks, and Promoting the High-Quality Development of Private Investment Funds (State Council Letter No. 54 2026).
As a key policy document within the "1+N+X" regulatory framework for the private fund industry, Document No. 54 marks a major shift in private fund supervision — from "industry self-regulation" to "administrative supervision." It represents another significant restructuring of the industry's top-level regulatory system following the Regulations on the Supervision and Administration of Private Investment Funds enacted in 2023.
The implementation of this top-level design establishes a clear regulatory tone of "supporting the best, limiting the rest, improving quality, and enhancing efficiency," with particular emphasis on "multi-dimensional cultivation and development of patient capital, and deep integration of patient capital with technological innovation."
Against this backdrop, Efung Capital's long-standing investment philosophy of "investing early, investing small, and investing in hard tech" resonates strongly with national strategy. Riding the tailwind of these policies, Efung Capital's portfolio companies have achieved a series of breakthrough milestones this month — in financing rounds, clinical advancements, and business expansion — signaling that our investment ecosystem is accelerating into a phase of tangible value realization.
Portfolio Company IPOs and Financing Progress
TheraMab
On July 21, TheraMab (Stock Code: 688806.SH) officially listed on the STAR Market with an offering price of RMB 14.46 per share.
Qingpu Pharmaceutical
Recently, Qingpu Pharmaceutical announced the completion of a Series C financing round of approximately RMB 600 million, co-led by JSTI Group, Efung Capital, Sunflow Capital, and Yuanhe Holdings.
Yuanma Zhiyao (Circode Bio)
Recently, Yuanma Zhiyao announced the completion of a Pre-A financing round of tens of millions of RMB, with existing shareholder Efung Capital continuing to increase its stake.
Changyu Pharmaceutical
On July 28, Changyu Pharmaceutical announced the completion of a RMB 250 million Series D financing round, co-led by Efung Capital and GTJA Investment Group.
Pinshan Biotech
Recently, Pinshan Biotech announced the completion of a Series A financing round of nearly RMB 100 million, led by Efung Capital.
Jingze Bio
On July 3, the Hong Kong Stock Exchange website showed that Jingze Bio had submitted its IPO filing, with a post-money valuation of RMB 3.21 billion in its last financing round.
Westlake Omics
Recently, Westlake Omics announced the completion of an exclusive strategic investment from Ruijiang Kangsheng Fund (under Ruijiang Investment), marking the beginning of deep industrial collaboration between industry and technology partners in the proteomics diagnostics sector.
Portfolio Company Clinical and Commercialization Updates
Shengsi Biotech
On July 1, Shengsi Biotech announced that the Phase III clinical trial for its independently developed Class I new biologic — Recombinant Human Coagulation Factor VIII-Fc Fusion Protein (FRSW107) for on-demand treatment of bleeding in hemophilia A patients (congenital factor VIII deficiency) — has successfully completed full patient enrollment.
Genfleet Therapeutics
On July 2, the "Azvudine New Mechanism and Clinical Translation Symposium," hosted by the Institute of Medicinal Biotechnology, Chinese Academy of Medical Sciences, was held in Beijing.
Gaoguang Pharma
Recently, Gaoguang Pharma announced that its independently developed oral, highly selective JAK1/TYK2 dual inhibitor, Ginocitinib (TLL-018), has been granted Breakthrough Therapy Designation (BTD) by the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA).
Lingyi Biotech
Recently, Lingyi Biotech's independently developed AAV gene therapy drug LY-M003 injection initiated its registrational clinical study and successfully completed the first patient enrollment and dosing.
Tianqin Biotech
On July 14, Innovent Biologics and Spero Therapeutics reached a global exclusive licensing agreement for the third-generation anti-CD40L antibody IBI355, with a total value of approximately USD 1.1 billion. Tianqin Biotech's Wuhan branch conducted the non-clinical safety evaluation for IBI355.
Aomei Pharma
On July 23, the inaugural "Major Drugs of the Great Nation" Global Conference CPIC 2026 opened at the Shanghai National Convention and Exhibition Center. Dr. Qi Youmao, Chairman of Aomei Pharma, was invited to attend and delivered a keynote presentation titled "Advances in the AMCDx Platform (Cyclodextrin Analogues) in the CNS Field."
Yingte Weiluo (VTAS)
On July 20, the team led by Professor Guo Hongqian at the Department of Urology, Nanjing Drum Tower Hospital, successfully completed the world's first enrollment surgery for the registrational clinical trial of the BPH Thermal Vapor Ablation System (VTAS®), independently developed by Yingte Weiluo.
Huayuan Regenerative Medicine
From July 16 to 18, the 17th CBIC Cell Bioindustry Conference and the 8th International Cell Therapy and Regenerative Medicine Exhibition were held in Shenzhen.
BioInno
In July, BioInno's IND application for its first exosome-based new drug targeting acute liver failure officially received implied approval from the CDE of the NMPA.
Jingze Bio
Recently, Jingze Bio announced the national launch of its first commercialized core product, Zepanxi® Recombinant Human Follitropin (dual formulation).
TingSheng Technology
Recently, TingSheng Technology and China Resources Medical Devices held a strategic cooperation signing ceremony in Nanjing.
Megagen Medical
Recently, Megagen Medical Laboratory successfully completed the A2LA ISO15189 on-site re-accreditation and passed the new project expansion accreditation for large, medium, and small solid tumor panel full-line genetic testing.
Century Kangtai
Recently, Century Kangtai's wholly-owned beauty brand "Aidina" officially announced the opening of multiple online sales channels, including Douyin, with a WeChat Mini Store also launched simultaneously.
IASO Biotherapeutics
On the afternoon of July 22, during the inaugural Major Drugs of the Great Nation Global Conference (CPIC 2026), the "ATMP and CGT Global Expansion" session co-hosted by IASO Biotherapeutics and Tongxieyi was successfully concluded.
Batai Medical
On July 20, Batai Medical and Muzhuoke officially signed a global strategic cooperation agreement in Hangzhou.
Arioso
From July 28–29, the 5th BIONNOVA Western Innovation Forum opened in Chengdu, where Arioso showcased its innovative filtration products using self-developed membrane materials.
Carbon & Everything
On July 24, the 5th China Carbon Capture, Utilization and Storage Technology Conference was held in Suzhou. Zhang Hongxi, co-founder and General Manager of Carbon & Everything, was invited as a guest speaker to deliver invited presentations at two sub-forums.
Dingchi Biotech
Recently, Dingchi Biotech's first vaccine product — the "Newcastle Disease and Avian Influenza Bivalent Inactivated Vaccine" (brand name: Dingliu) — officially received the veterinary product approval number from the Ministry of Agriculture and Rural Affairs.
New Radiant
From July 3–5, the 16th Asia-Pacific Primary Liver Cancer Expert Conference (APPLE 2026) was held in Shanghai. New Radiant's yttrium[90Y] microsphere clinical study was the only oral presentation selected from the conference.
Zifu Medical
From July 10–12, the 2026 Southern Digestive Forum and the 21st National Intestinal Disease Academic Conference opened in Guangzhou. Zifu Medical showcased its Dasheng MCS-170 mobile capsule endoscopy system at the event.
Heyuan Biotech
Recently, State Councilor and Secretary-General of the State Council Wu Zhenglong visited Heyuan Biotech.
Recently, Heyuan Biotech's plant-derived recombinant albumin made a major debut at ISSCR 2026 in Montreal.
Portfolio Company New Drug and Device Approvals
Aomei Pharma
On July 1, the Class I new drug Omekselon, jointly filed by Aomei Pharma and Xianju Pharmaceutical, was approved for marketing in China.
Vanguard Medical
Recently, LightSaber — a single-use laser fiber catheter independently developed by Vanguard Medical's subsidiary Zhongke Rongguang — officially received NMPA approval for marketing.
From July 16–19, the 19th China Southern Vascular Conference (SEC2026) was held in Changsha. Vanguard Medical's subsidiary Zhongke Rongguang showcased its self-developed FastErazer frequency-tripled Nd:YAG laser plaque ablation system at the conference and held the world premiere of the FastErazer 355 nm cold laser plaque ablation technology.
IASO Biotherapeutics
On July 16, Umoja Biopharma announced that UB-VV4400 — a CD22-targeting in vivo CAR-T product jointly developed with IASO Biotherapeutics — received FDA approval to conduct clinical trials for relapsed/refractory B-cell malignancies.
Biaoxin Biotech
On July 1, GT818, a global first-in-class new drug independently developed by Biaoxin Biotech, received implied clinical trial approval from the CDE of the NMPA.
Meizhong Shuanghe
Recently, Meizhong Shuanghe's single-use sterile pressure pump received NMPA approval for marketing.
Keruichi
On July 2, Keruichi Medical's independently developed heavyweight new product — the Zhizhiu™ tungsten wire microcatheter — officially received NMPA approval for marketing.
Yinnuo Pharma
Recently, Yinnuo Pharma announced that its independently developed actively targeted nanomedicine YN003 injection has received Fast Track Designation from the U.S. FDA.
Tiangang Immunotherapy
On July 17, Hefei Tiangang Immunotherapy announced that its independently developed T-cell engager (TCE) antibody drug (project code: TGI-10) received IND clearance from the U.S. FDA.
On July 27, Hefei Tiangang Immunotherapy announced that the IND application for its self-developed potential global first-in-class T-cell engager antibody drug has been formally accepted for review by the CDE of the NMPA.
HaploX
On July 16, the NMPA approved HaploX's world-first EGFR×HER3 bispecific ADC drug LunKang Yilong Tuomab (brand name: Yizekang®) for the treatment of recurrent/metastatic esophageal squamous cell carcinoma that has progressed on prior PD-1/PD-L1 inhibitor combined with platinum-based chemotherapy.
Core Medical
Recently, Core Medical's independently developed DuoCor 2 Implantable Ventricular Assist System (acceptance number: QL2500003) successfully passed the review by the NMPA Medical Device Technical Evaluation Center and was officially approved for clinical trials.
Portfolio Company Honors
Recipients of the 2025 National Science and Technology Awards
Listed in the Great Wall Strategy Consulting 2025 GEI China Potential Unicorn Enterprise List
Kaituo Biotech, Shengsheng Biotech, Meichuang Medical, IASO Biotherapeutics, Yinming Biotech, Jiyin Biotech
Selected for the Sichuan Provincial Department of Economy and Information Technology's 8th Batch of "Little Giant" Specialized and Sophisticated Enterprise Recommendation List
Selected as a "Qingteng Tech300" Demonstration Project at the First Bay Area "Qingteng" Achievement Transformation Matchmaking Conference
Included in the National Science and Technology Major Project "Innovative Drug Development for Major Fundus Diseases Based on Cell Growth Factors"
Proposed for Inclusion in the Pudong New Area Innovative Pharmaceutical and Device Product Recommendation Catalog
Received the Second Prize of the National Science and Technology Progress Award
The project "Creation and Application of Key Technical Systems for Heart Failure Pathogenesis and Diagnosis/Treatment" jointly completed by Sun Aijun's team at Zhongshan Hospital, Fudan University, Bai'ao Technology, and others
Won the "2026 Computing Power Ecosystem Synergy Award"
KPMG China's First Health & Wellness 50 List
Formally Included in the Peking University Case Teaching and Research Center Collection
Won the Second Prize in the 10th "Maker Guangdong" Digital Transformation Special Competition
Won the Ringier Industry Media 2026 Personal Care Industry Ringier Technology Innovation Award
Named a Shenzhen Potential Unicorn Enterprise and Gazelle Enterprise
Listed in the 2026 China Pharmaceutical Innovation Enterprise Top 100
Won the First Prize of the Henan Provincial Patent Award
Simultaneously Received CAP-RNA-A Accreditation
Received EN ISO 13485 International Certification Upgrade
Perfect Score in the 2026 NCCL Tumor Circulating DNA Gene Mutation High-Throughput Sequencing Proficiency Testing
Successfully Included in the 2026 National Essential Medicines List
Won the China Patent Excellence Award
Efung Capital Honors
FOF Research Center
Efung Capital
Efung Capital CEO Zhu Pai
Securities Times
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LP CLUB
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Efung Capital CEO Zhu Pai
Entrepreneur (Chuangyebang)
Efung Capital CEO Zhu Pai
Efung Capital Key Events
Invited to Attend the Securities Times · National Venture Capital Congress
Efung Capital Industry Research Articles
⊙ Efung Knowledge Planet | USD 60 Billion Outbound Deals in Q1: Top 10 Life Sciences Keywords for 2026
⊙ Efung Hard Talk | The Functional Payload Era: ADC Is Shifting from "Killing Cells" to "Clearing Proteins"