Today, Titan Media Venture Capital unveiled the prestigious "2026 H1 Pioneer List."
Efung Capital was honored with dual accolades:
If one word could define China's venture capital landscape in the first half of 2026, there would be no halftime break—only relentless acceleration.
Fundraising operates on a dual-track system. On the RMB side, state-owned capital continues to deploy aggressively. In April alone, 665 new funds were registered, up nearly 60% year-on-year, with state-backed funds averaging nearly RMB 500 million in size—more than three times that of private funds. On the USD side, a long-awaited recovery has finally arrived. Foreign-currency fundraising in Q1 surged 256.8%, with BlueRun Ventures, Guanghe Capital, and Source Code Capital successively closing USD funds, while sovereign wealth funds from the Middle East and Southeast Asia are queuing up to "look east."
Investment activity has fired on all cylinders. The first quarter recorded 2,865 financing deals totaling RMB 256 billion, up approximately 50% year-on-year. Embodied intelligence led with a commanding lead—105 deals worth RMB 24.3 billion. Sectors including AI large language models, semiconductors, innovative drugs, and quantum computing have nearly caught up with their full-year 2025 financing volumes. The first half of 2026 witnessed a collective charge into hard-tech sectors.
Exit data delivered the most compelling narrative. Over 400 companies are queued for listing on the HKEX, with 56 already listed by the end of May, raising RMB 144.2 billion—double the figure year-on-year. The STAR Market is also backlogged, with 293 A-share listings under review by end of May. Hundreds of hard-tech enterprises await their IPO bell-ringing moment—the single greatest expectation anchor for the venture capital industry.
All three pillars of the venture capital ecosystem are sprinting: fundraising is racing to seize windows, investment is racing to secure deals, and exits are racing against time. According to the 2026 H1 Pioneer List data, the TOP20 early-stage institutions made 516 investments totaling nearly RMB 20 billion in H1 2026—up 115% and 100% respectively from 240 deals and RMB 10 billion in H1 2025, nearly matching the full-year 2025 data for the TOP20 early-stage institutions (685 deals, RMB 20 billion).
Meanwhile, the TOP20 venture capital institutions made 662 investments totaling RMB 82.9 billion in H1 2026—up 98% and 123% respectively from 334 deals and RMB 37.2 billion in H1 2025. Notably, the full-year 2025 total investment amount for the TOP20 venture capital institutions was only RMB 67.4 billion.
The sprint of the first half of 2026 has come to a close. Past glory belongs to yesterday; the future demands deeper cultivation. Looking ahead, Efung Capital will go beyond capital empowerment, striving to become a core connector and service provider within the innovation ecosystem—helping China's scientific and technological innovators cross the "valley of death" and ascend to the high end of the global value chain.
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