Recently, the Central Committee of the Communist Party of China and the State Council issued the Opinions on Developing New Quality Productive Forces. The Opinions pointed out that financial innovation product supply should be increased; angel investment, venture capital, and private equity investment should be encouraged and regulated; the guiding and driving role of government investment funds should be better leveraged; support policies for long-term capital to invest early, in small businesses, for the long term, and in hard technology should be improved; and patient capital should be expanded.

The direction indicated by policy is precisely the direction in which Efung Capital has long been deeply engaged. This month, multiple portfolio companies of Efung achieved breakthroughs in advancing financing rounds and expanding core businesses, responding with concrete progress to the policy proposition of "investing early, in small businesses, for the long term, and in hard technology."

Portfolio Companies' Listing and Financing Progress

Xinyun Life Sciences

· Completed tens of millions of RMB in Angel+ Round Financing

Recently, Xinyun Life Sciences completed tens of millions of RMB in Angel+ round financing. The proceeds will be used to advance product validation and clinical translation of Neuro-IVUS, as well as future layout in ultrasound brain science applications.

Ruichu Pharma

· Secured hundreds of millions of RMB in Series A Financing

On October 21, Ruichu Pharma announced the completion of hundreds of millions of RMB in an oversubscribed Series A financing, jointly invested by Cathay Capital, Fosun Health Capital, Efung Capital, and Huatai Kingsley.

Hannuo Medical

· Domestic ECMO Company Files for STAR Market Listing

Recently, according to the Shanghai Stock Exchange website, Hannuo Medical, a leading domestic ECMO company, updated and disclosed its prospectus for a STAR Market IPO.

Portfolio Companies' New Drug and Device Approvals

Nurotron

· China's First "Auditory Brainstem Implant" Approved for Market

On October 19, the auditory brainstem implant innovation independently declared by Nurotron officially obtained registration approval from the National Medical Products Administration (NMPA).

NRT (NuRuiTe)

· 68Ga-NRT6020 Injection New Indication Approved for Clinical Trial

On October 27, the 68Ga-NRT6020 injection independently developed by NRT obtained implied clinical trial approval from the Center for Drug Evaluation (CDE) of the National Medical Products Administration.

· 90Y-NRT6020 Injection Approved for Clinical Trial

On October 19, the Class 1 radiopharmaceutical 90Y-NRT6020 injection of NRT obtained implied clinical trial approval from the CDE of the National Medical Products Administration.

Lingshi Zhiyuan

· World's First TCR-TCE Drug Targeting RAS G12V Approved for Clinical Trial in China

On October 14, the ES502 injection independently developed by Lingshi Zhiyuan successfully obtained implied clinical trial approval from NMPA, with the applied indication being advanced solid tumors with RAS G12V mutation.

Batai Medical

· China's First Dual-Effect Coronary Constrained Balloon Matrix Sup® Approved

On October 21, the Matrix Sup® coronary constrained balloon dilatation catheter independently developed by Batai Medical officially obtained market approval from the National Medical Products Administration (NMPA).

Wideya Medical

· Knee Joint Products Successfully Obtained ANVISA Registration in Brazil

Recently, the knee joint products of Wideya Medical successfully obtained registration approval from the Brazilian National Health Surveillance Agency (ANVISA).

Northcore Life

· IVUS System Approved for Market in South Korea

Recently, the IVUS system of Northcore Life was approved for market in South Korea, meaning that the performance and quality of Northcore's IVUS products have passed the test of South Korea's high-standard medical market.

Portfolio Companies' Clinical and Commercialization Updates

NRT

· First Domestic Germanium-Gallium Generator FDA DMF Filing Completed

On October 14, according to the List of Drug Master Files (DMFs) 3rd Quarter 2026 newly released by the U.S. Food and Drug Administration (FDA), the JiaLin® germanium-gallium generator of NRT has officially completed drug master file filing.

· Showcasing the Frontier Strength of China's Innovative Radiopharmaceuticals

From October 23 to 27, the 2026 ESMO was held in Spain. NRT, as a dark horse representative in China's innovative radiopharmaceutical field, attracted much attention.

Huahao Zhongtian

· Phase II Data of Utidelone Combination Regimen for Advanced Triple-Negative Breast Cancer Revealed

From October 23 to 27, the 2026 ESMO was held in Spain. The Phase II study results of utidelone combined with tislelizumab and bevacizumab for the treatment of advanced or metastatic triple-negative breast cancer were announced.

· World's First Oral Solid Microtubule Stabilizer Pivotal Registration Clinical Trial Officially Launched
On October 20, Huahao Zhongtian announced that the first patient has been successfully dosed in the Phase III clinical study (BG02-2601) of its core pipeline utidelone capsules (UTD2) for HER2-negative advanced breast cancer.

Pinshan Biotech

· Appeared at BIOCHINA South China

From October 9 to 10, the 2026 (3rd) BIOCHINA South China Bioprocessing Industry Conference was held in Guangzhou. Pinshan Biotech was invited to exhibit with its overall solution for core consumables in biopharmaceutical manufacturing.

Huayuan Regeneration

· Invited to Attend the 2026 AsiaBIO Innovation Summit

From October 13 to 14, the 2026 AsiaBIO Innovation Summit was held in Shenzhen. Wang Heng, CEO of Huayuan Regeneration, was invited to deliver a keynote speech titled "Application of Kidney Progenitor Cells in Kidney Disease Treatment."

Kaishi Biotech

· Appeared at JACLaS EXPO 2026

From October 8 to 10, JACLaS EXPO 2026 was held in Kobe, Japan. Kaishi Biotech (Quaero) appeared with its core consumables and module components.

Tiangang Yinuo

· Dr. Lin Lin Appointed as Vice President of Medical Affairs at Tiangang Yinuo

Recently, Tiangang Yinuo announced the official appointment of Dr. Lin Lin as Vice President of Medical Affairs, responsible for the company's overall clinical medical work.

Zhongmou Medical

· ZM-02 Ophthalmic Injection Phase I/II Clinical Trial Kick-off Meeting Held

On October 27, the kick-off meeting for the prospective, randomized, sham-injection-controlled, dose-exploring Phase I/II clinical trial of Zhongmou Medical's ZM-02 ophthalmic injection for evaluating safety, tolerability, and preliminary efficacy in participants with advanced retinitis pigmentosa was held.

Xuanyu Medical

· GW-ICC2026 Xuanyu Medical RhythPulse®-PFA Pulsed Ablation Application Sharing Session a Complete Success

On October 17, the "Comprehensive Coverage, Targeted Excellence — New Technology Application Seminar on Pulsed Ablation" was successfully held in Meeting Room 307B of the Beijing National Convention Center.

Huiguan Biotech

· Appeared at SFBS-2026 in France

From October 19 to 21, the 4th Sino-French Symposium on Bioimaging was held in France. Huiguan Biotech appeared with three major product matrices: SmartView single-objective intelligent light-sheet microscope, MacroViewSD ultra-high-throughput spinning-disk light-sheet microscope, and PilotView high-content intelligent light-sheet microscopy imaging system.

· Brain Science Research Full-Process Solution Appeared in Xiamen

On October 30, the 2nd Xiamen Brain Science and Brain Diseases Summit was held in Xiamen. Huiguan Biotech appeared with its full-process solution for brain science research, discussing the frontiers of brain science.

Hannuo Medical

· Lifemotion® System Successfully Weaned Two Consecutive Cardiac Arrest Patients

Recently, the Lifemotion® extracorporeal membrane oxygenation (ECMO) system of Hannuo Medical completed two consecutive VA-ECMO clinical applications at King Chulalongkorn Memorial Hospital in Bangkok, Thailand.

· Appeared at the 2026 ELSO Annual Meeting in the United States

Recently, the 37th Annual Meeting of the Extracorporeal Life Support Organization (ELSO) was held in the United States. Hannuo Medical participated in the conference with its Lifemotion brand.

Gaoguang Pharma

· Phase III Clinical Study of Ginuxtinib Selected as ACR Convergence 2026 Late-Breaking Oral Presentation

Recently, Gaoguang Pharma announced that the Phase III clinical study results of its independently developed globally leading highly selective dual-target JAK1/TYK2 inhibitor ginuxtinib (TLL018) for the treatment of active rheumatoid arthritis ("RA") were selected as a late-breaking oral presentation at the 2026 ACR Convergence.

Yingmeida

· Continues to Empower Clinical Capability Upgrading

In October, Yingmeida collaborated with multiple medical institutions to carry out standardized training in respiratory intervention and digestive endoscopic ultrasound, promoting the downward transfer of high-quality technology to grassroots levels.

Weimai Medical

· Xinjiang's First Interventional Surgery Successfully Completed

On October 16, the Seventh Division Hospital successfully used the interventional surgical robot system independently developed by Weimai Medical to complete Xinjiang's first robot-assisted coronary intervention via the distal radial artery approach.

Tianqin Biotech

· Assisted Betta Pharmaceuticals' BPI-572270 in Obtaining Clinical Trial Approval

Recently, Betta Pharmaceuticals' innovative drug BPI-572270 officially obtained review approval from the Australian Human Research Ethics Committee. Tianqin Xinsheng, a wholly-owned subsidiary of Tianqin Biotech, laid a solid scientific foundation for the project to successively obtain NMPA and TGA regulatory approvals.

· Assisted Lingshi Zhiyuan's ES502 Injection in Obtaining Clinical Trial Approval

Recently, the First-in-class innovative drug ES502 injection independently developed by Lingshi Zhiyuan received implied clinical trial approval from NMPA. The Wuhan branch of Tianqin Biotech undertook the full set of non-clinical toxicology and pharmacokinetic research services for this project.

· Hosted the 14th Annual Meeting of Drug Toxicology

On October 30, the 2026 (14th) Annual Meeting of Drug Toxicology was held in Fujian. Tianqin Biotech, as one of the hosts, participated deeply with multiple special reports.

· Nation's First National Brain-Computer Dataset Project Launched in Wuhan

On October 24, the nation's first national brain-computer interface high-quality dataset construction project, led by Tongji Hospital Affiliated to Tongji Medical College of Huazhong University of Science and Technology, was officially launched in Wuhan. Ren Xidong, Chairman of Tianqin Biotech, attended the launch ceremony and related activities.

Shengsi Biotech

· Betta Pharmaceuticals Acquires Global Exclusive Rights to Shengsi Biotech's SS202 Ultra-Long-Acting Growth Hormone Project

On October 28, Betta Pharmaceuticals announced the signing of a Technology Transfer Agreement with Shengsi Biotech to acquire the technical data and specific molecules and other rights of the ultra-long-acting growth hormone monthly formulation SS202 project. According to the agreement, milestone payments total 40 million RMB, including an upfront payment of 10 million RMB.

Bendao Biotech

· BD211 Project Completed National Biomedical New Technology Clinical Research Filing

Recently, the China National Center for Biotechnology Development announced the list of projects that completed filing for the 11th batch of biomedical new technology clinical research. The "Safety and Efficacy Study of Lentiviral Vector-Transduced β-Globin Gene-Modified Autologous CD34+ Hematopoietic Stem Cells (BD211) Intravenous Infusion for the Treatment of Transfusion-Dependent β-Thalassemia Patients" initiated by Bendao Biotech completed filing.

Huamei Haolian

· Jointly Launching Advanced Medical Nursing Assistant Training

On October 26, the "Advanced Medical Nursing Assistant Training Opening Ceremony" jointly organized by Huamei Haolian and Beijing Xiehe Vocational School was held at Peking Union Medical College Hospital.

Nuoling Biotech

· Clinical Research Launched in France

On October 7, the European clinical research kick-off meeting for Nuoling Biotech's INOwill N200 portable inhaled nitric oxide therapy device was held in France.

Keruichi

· Zhiqui® Tungsten Wire Microcatheter Successfully Completed Nationwide First Implantation

Recently, the Department of Interventional and Vascular Surgery at Zhongda Hospital Affiliated to Southeast University successfully applied Keruichi's Zhiqui® tungsten wire microcatheter to complete the nationwide first implantation.

Heyuan Biotech

· CCTV China News Focused on Heyuan Biotech

On October 9, CCTV's China News broadcast "20 Years of 'Rice-Made Blood': The Birth of an Innovative Drug," focusing on the world's first plant-derived recombinant human albumin injection, Osherman® (Aofumin®), independently developed by Heyuan Biotech.

· Osherman® Evidence-Based Milestone

From October 23 to 25, the 2026 Annual Meeting of the Chinese Medical Association Hepatology Branch and the Young and Middle-Aged Academic Conference were held in Fuzhou. Heyuan Biotech organized a major academic symposium, and the results of the multicenter Phase IV real-world clinical study of Osherman® were publicly released.

Tainomab

· Nationwide First Prescription Issued

On October 20, the first nationwide prescription for Tainomab's retleubart monoclonal antibody injection (trade name: Xinduotuo) was issued by Chen Hongjun, Chief Physician of the Pediatrics Department at Zhuhai Maternal and Child Health Hospital, and the first injection was completed.

Portfolio Companies' Honors

Selected into the 2026 Insurance and Health Care Teaching Case Library

· Huamei Haolian's "Overall Solution for Elderly Care and Health Management Services"

Won First Prize in the Growth Group Finals of the 9th (2026) China Medical Device Innovation and Entrepreneurship Competition

· Weiguang Medical

Awarded Customs AEO Advanced Certification

· Heyuan Biotech

Passed CAP NGSST Proficiency Testing with Full Marks for the 12th Consecutive Time

· Maijing Gene

Won Third Prize in the Frontier Technology Track Repechage (Enterprise Group) of the 2026 Biomanufacturing Competition

· Ruijiakang

Won the Growth Group Excellence Enterprise Award at the 2026 "Innovation in Shanghai" International Innovation and Entrepreneurship Competition

· Biaoxin Biotech

Won the New Materials Award at the 26th China International Industry Fair

· Alios

Officially Included in the Harvard Business Review Chinese Case Library

· Huamei Haolian Practice Case

Won the Yimao Annual Innovation Breakthrough Enterprise Award

· Zhongsheng Ruichuang

Selected into the Proposed Funding List of the Pudong New Area Small and Micro Enterprise Innovation Capability Improvement Project

· Xuanyu Medical

Won the 2026 Annual AI Agent Security Governance and Innovation Ecosystem Construction Special Research Cooperation Enterprise

Appointed as a Cooperation Unit of the Network Data Security Compliance Laboratory

· Huamei Haolian

Awarded the 2026 Ram Charan Management Practice Award

· Huamei Haolian CEO Xu Bingyu

Elected as a 2027 Optica Fellow

· Huiguan Biotech Chief Scientist Professor Fei Peng Successfully

Listed in the 2026 China Biopharmaceutical Leaders 100 Enterprise List

· Heluo Xintu

National Key "Little Giant" Enterprise

· Koruix

END

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【Disclaimer】
The content of this article only represents the views of the Company based on current public information and materials provided by portfolio companies, and does not constitute any investment advice, medical advice, or guarantee of the performance of specific enterprises. Investment involves risks, and caution is required when entering the market. Readers should make independent judgments based on public information. Unauthorized reproduction or commercial use is prohibited.