Recently, Qimingpian officially released its 2026 Mid-Year Equity Investment Series Institution Rankings. Efung Capital was honored on three prestigious lists:

• Top 50 Most Active Venture Capital Institutions in China

• Top 50 Comprehensive Venture Capital Institutions in China

• Top 20 Investment Institutions in the Healthcare Sector

In the first half of 2026, China's equity investment market demonstrated a pattern of structural recovery alongside ongoing adjustments, with overall vitality continuing to release. Fundraising showed notable improvement, with both the number and scale of newly raised funds increasing significantly year-on-year. Patient capital—including social security funds, AIC, local state-owned capital, and insurance funds—accelerated its market entry, while foreign-currency fund fundraising reversed its decline and rebounded. The share of RMB-denominated funds saw a modest decline.

On the investment front, the market maintained steady growth, with hard-tech sectors such as IT, semiconductors, and biomedicine remaining among the most active. AI, embodied intelligence, aerospace, and other emerging fields exhibited particularly strong momentum, while foreign-currency investments increased significantly year-on-year.

Policy support continued to strengthen, with venture capital being formally incorporated into the national science and technology innovation strategy. The launch of national guidance funds and social security science and technology sub-funds injected long-term capital into the market. The current market places greater emphasis on technological moats, commercialization potential, and industrial synergies, with leading institutions further consolidating their advantages while smaller firms need to deepen their focus within specialized niches.

Overall, the VC market in the first half of the year is moving toward high-quality development, with fundraising and investment pacing expected to accelerate further.

This ranking covers a diverse range of institution types, including early-stage investment, venture capital, private equity, corporate venture capital (CVC), and financial advisory firms. It features six core ranking systems: Comprehensive, Active, State-Owned, Limited Partner, Emerging, and Sector-Specific Lists. The evaluation is based on multiple dimensions, including fundraising, investment, exits, IPO distribution, service transactions, and industry market influence, providing market participants with objective references and value guidance.

Looking ahead, Efung Capital will continue to leverage its professional industry research capabilities and post-investment empowerment systems to support the growth of innovative enterprises. Together with our portfolio companies and industry ecosystem partners, we are committed to navigating market cycles and delivering long-term value.

【Disclaimer】

This article reflects the views of the Company based on current publicly available information and data provided by portfolio companies. It does not constitute investment advice, medical advice, or a guarantee of any specific company's performance. All investments carry risks, and readers should make independent judgments based on publicly disclosed information. Reproduction or commercial use without authorization is strictly prohibited.