Dialogue with Li Chenxi from Ansure Family Office: Healthcare Investment and Financing Recover, Shift in the Chinese Market

At the beginning of the New Year, everything is renewed.

In 2025, the global healthcare market accelerates its transformation, with the BD market booming and China-produced innovative drugs and innovative medical devices taking center stage internationally.

At the same time, the domestic market shifts towards collective procurement, with multiple policies released to support innovation, bringing new opportunities for the medical industry.

Facing 2026, what changes will occur in the medical investment and financing market? How should innovative enterprises in China respond to the unpredictable global market? VCBeat interviewed Li Chenxi, partner of Ansure Family Office (referred to as: Ansure Family Office), to provide reference for industry professionals.

VCBeat：2025What changes have occurred in China's healthcare investment sector over the years?

AnsureFamily OfficePartner Li Chenxi:From our perspective, whether it's the primary market, secondary market, or BD market, the overall situation is warming up. After three consecutive years of decline from 2022 to 2024, the primary market has seen an increase in both the number of financings and investment amounts. Trading volume in the secondary market is also growing significantly, especially in the innovative drug sector, where a series of BD transactions have directly driven investment enthusiasm in the secondary market. As for the BD market, development has been particularly rapid, with the number of BD transactions and transaction amounts reaching new highs in 2025.

Overall, the investment and financing market in the medical field has bottomed out and is starting to slowly improve.

This is because the industry policies in China, such as medical insurance, centralized procurement, and innovation support, have shifted to the right. For instance, medical insurance supports the scaled application of innovative medical devices, centralized procurement has raised the banner against internal competition, and multiple special policies support the entire chain development of innovative medical devices and innovative drugs.

Therefore, we remain optimistic about the development of the medical industry. However, different companies adopt different growth strategies. For instance, the medical enterprises invested in by Ansure Family Office generally follow this strategy: the domestic market nurtures talent, supports R&D, and builds supply chains, while overseas markets focus on increasing revenue and profits.

VCBeat:YouWeInInvestment StrategyWhat responses have been made on？

AnsureFamily OfficePartner Li Chenxi: Our investment strategy has not undergone significant adjustments. Ansure Family Office primarily focuses on industrial investments, with an emphasis on early-stage incubation, mainly investing in angel rounds. Therefore, the core of our investment projects is to identify the value of technology, including clinical value, market value, and more. This is the foundation of our investment approach. It also allows us to evaluate investments independently of the macro environment—regardless of how good or poor the macro environment is, our pace remains fairly consistent each year. In the past two years, the overall investment market in the healthcare sector has cooled, but Ansure Family Office has continued to invest in projects every year.

Although not affected by the macro environment, factors such as macro-level policies will also influence our investment direction to a certain extent.

In response to the current changes in the global market, we have added a new direction to our investment strategy: the "license-in" and "license-out" approach. Since the year before last, we have started seeking opportunities in overseas markets, visiting places like Boston and California each year to connect with local Chinese scientists and researchers.

This is because domestic resources and overseas innovative technologies can complement each other, achieving a win-win situation. The Chinese market is rich in resources related to clinical trials and registration, which are highly valuable to overseas pharmaceutical companies. For example, if an overseas company has innovative technology, it can first conduct PI studies and early clinical research in the Chinese market. Compared with overseas markets that usually require 3-4 years for clinical trials or research, these processes can be completed within 1-2 years domestically, significantly improving efficiency.

Therefore, we are strategically positioning ourselves in this direction to connect high-quality clinical resources in China with overseas R&D enterprises. This also enables us to better evaluate the strengths and weaknesses of projects when investing. Meanwhile, when introducing innovative technologies, we can also promote their commercialization in the Chinese market.

Moreover, if Chinese companies plan to expand overseas, merely attending exhibitions abroad is not enough. Overseas enterprises also have their own business and social circles, and breaking into these circles requires gradual engagement. Companies could consider starting by collaborating with excellent teams or acquiring high-quality overseas targets.

VCBeat:In the past, youIn terms of investmentWhat are the focuses?？

AnsureFamily OfficePartner Li Chenxi: The projects we invest in are basically import substitutes. Among them, Ansure Family Office has made significant investments in upstream raw materials and core components. For example, Zhishu Technology, a leading domestic developer and manufacturer of CT X-ray tubes; Xinsheng Jiechuang, which focuses on photon detection technology; and Hongxin Sensing, a company specializing in the design of new intelligent MEMS sensor chips, as well as module and instrument development…

In addition, we have also made arrangements in innovative products, such as XINWEN Biotech, SHANHAI Medical, TEHOFEN, and V-Pulse Medical. Among them, XINWEN Biotech is a leading innovative transdermal drug delivery company in China. It has reached a strategic cooperation with the i-Incubator Innovation Center to jointly conduct global development and BD of new molecular drug innovative transdermal formulations.

Shanhai Medical is a brain-computer interface company. Its self-developed functional neurosurgical electrophysiological recording and stimulation device was approved for marketing by the NMPA in 2025, marking it as China's first domestically produced invasive deep brain electrophysiological recording and stimulation device. This equipment breaks the foreign technological monopoly, achieving the domestic substitution of the intraoperative neuroelectrophysiological recording system for deep brain stimulation (DBS).

Vein Medical has developed a high-performance monopolar radiofrequency skin treatment device, which has obtained the NMPA Class III medical device registration certificate and U.S. FDA certification. It is the first domestically produced radiofrequency product in China to simultaneously possess both certifications.

In 2025, two enterprises we invested in filed for listing on the Hong Kong Stock Exchange, and we also achieved partial exit. Unlike other institutions’ financial investment-style exits, Ansure Family Office’s exit strategy is to help the invested enterprises find industrial investors. Specifically, we assist the invested companies in connecting with upstream and downstream enterprises or other industry players, promoting business cooperation, deepening communication, and making mergers and acquisitions or purchases of existing shares a natural progression. In this way, Ansure Family Office successfully completes its exit, while the invested enterprise gains an industrial investor with whom it has maintained close ties and long-term cooperation.

VCBeat:In 2026, which fields or technologies do you think will have more opportunities?？

AnsureFamily OfficePartner Li Chenxi：We believe that investments should be made in innovative drugs and devices with clinical value. In the current environment, we remain committed to investing in global innovation rather than "me too" companies. Investing in global innovation inevitably carries higher risks, but the potential value is also much greater.

In addition to investment, a major trend in China's medical industry is going global. In this regard, we are reaching out to entrepreneurs to form alliances for international expansion. We aim to build an entrepreneurial ecosystem that unites companies related to the industrial and upstream medical components sectors. Every quarter or semi-annually, these companies will come together to exchange ideas, share their overseas experiences, and discuss client interactions. Each company has close downstream buyers, and with introductions from trusted existing clients, buyers are more likely to accept new ones. Through mutual sharing, this small business ecosystem will unleash tremendous value. Moreover, these entrepreneur organizations can communicate more conveniently with government departments to gain support.

In addition, we will build a sales team in the industrial field to aggregate the industrial department products of upstream component enterprises under our umbrella for joint sales, forming an upstream component supermarket in the medical industry. This supermarket will include optical components, mechanical components, pressure components, magnetic components, etc., providing downstream customers with a complete set of solutions. In this way, the sales team will be able to reuse resources more effectively and improve sales efficiency.

VCBeat:CurrentAgainst this background, how should companies in China respond?Global MarketChanges?

AnsureFamily OfficePartner Li Chenxi: It needs to be clear that the advantages of the Chinese market lie in its abundant clinical resources, huge market capacity, and well-established supply chain. Therefore, the Chinese market serves as the foundation for domestic innovative enterprises. It is essential to refine the supply chain, products, teams, and R&D systems through the Chinese market before better profiting in overseas markets. On the other hand, there are also certain opportunities to introduce overseas innovative technologies for domestic application.

Overall, the market in China is developing positively under factors such as the shift in centralized procurement, the implementation of medical insurance reforms, and policy support for innovation.

The 10th Future Healthcare 100 Summit 2026 will kick off in Shanghai from May 19th to 21st. This year's conference focuses on the core of China's innovative healthcare assets, gathering over 8,000 industry and capital elites. It emphasizes the entire industrial chain ecosystem in fields such as digital healthcare, innovative medical devices, and novel drugs, creating diverse connections to activate global value. Meanwhile, the Future Healthcare 100 2026 selection has been fully upgraded, with the application channel now open. We sincerely invite you to join the list, attend the grand event, and explore opportunities in healthcare innovation together!

As the core circle of friends for the conference and the selection of the list, Ansure Family Office will also provide full support for this grand event.

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