2026 VB100: Top 50 Value Investment and Service Institutions in China's Healthcare Industry

In 2025, the capital market for China’s healthcare and medical innovation sector experienced a strong recovery: The primary market exhibited a distinct trend of “declining volume but rising prices”: there were 1,438 financing events throughout the year, a year-on-year decrease of 7.52%, while the total financing amount reached RMB 122.779 billion, a surging year-on-year increase of 46.41%.Among themThe pharmaceutical R&D and manufacturing sector staged a strong rebound, with annual financing reaching RMB 38.4 billion, far surpassing other sectors, compared toSame Period Last YearA 21.5% increase; the medical devices and IVD sectors stabilized and rebounded, with financing reaching RMB 31.5 billion, nearly double the RMB 18.5 billion raised in 2024.

Behind the substantial increase in single-round financing scales lies the rise of mid-to-late-stage assets, driven by bolstered confidence in the healthcare industry and clearly defined commercialization pathways.Structural changes indicate that current healthcare investment no longer requires institutions tois not limited to the ability to “discover projects,” but rather lies inHow to Provide Continuous Empowerment, Industrial Resource Linkages, and Strategic Synergy Support for Validated Innovation Assets.

Therefore,2026 China's Healthcare Industry -Top 50 Value Investment and Service InstitutionsEmerging at the right time, it bridges the entire healthcare industry and all medical investment sectors, selecting the Top 50 institutions in value investment and transaction services.

For investment institutions and transaction service providers, the smoothness of diversified exit pathways constitutes a new evaluation framework.Can it design the optimal capital path for enterprises and match them with the most suitable buyer/seller resources?Provide professional collaboration and strategic support for financing, mergers and acquisitions, and IPOs, addressing the pain points of innovative assets—namely, lack of capital, resources, and professional services.

Therefore, the 2026 “Top 50 Value Investment and Service Institutions in China’s Healthcare Industry” has expanded its scope from covering only investment firms to encompassing both value investment institutions and transaction service providers. This dual-focus approach establishes a comprehensive evaluation system centered on “capital empowerment + professional service support,” addressing the full-cycle needs of innovative assets as they progress from R&D blueprints to global markets.

The selection team deconstructs the institutional and industrial empowerment capabilities from multiple perspectives,Focus on the tangible co-creation outcomes with innovative assets across dimensions such as capital injection, resource linkage, strategic synergy, business development (BD) enablement, and exit support. Ultimately, to facilitate the value realization of healthcare innovative assets, provide “Capital Empowerment + Professional Service Support”: A Reference for Collaborating with High-Quality Institutions.

Investment institutions, including venture capital (VC), private equity (PE), and corporate venture capital (CVC) firms, are required to establish RMB funds, USD funds, or dual-currency funds dedicated to investing in China’s healthcare industry. Transaction empowerment institutions encompass financial advisory (FA) firms, securities companies with sponsorship and underwriting qualifications, as well as law firms and accounting firms qualified to provide securities-related services.All listed institutions must have completed at least 10 investment or transaction service cases involving healthcare innovation assets within the past three years.

Assess the value investing capabilities, value-enablement competencies, and industry influence of value-oriented investment institutions, showcasing their value-added service capabilities in areas such as capital injection, resource linkage, and strategic synergy. Evaluate the transaction service capabilities, value-enablement competencies, and industry influence of transaction service providers, recognizing their professional collaboration with enterprises in financing, mergers and acquisitions, and other key stages.

In 2026, the global value of innovative assets is being deeply tapped, and China’s healthcare industry stands at a critical juncture for revaluation. During this historic window, institutions capable of forging deep ties with innovative assets and co-creating value bidirectionally will become the driving force propelling China’s healthcare innovation from “running alongside”Towards “The Core Strength of “Leading the Pack.”In the new landscape, we jointly honor high-quality institutions that have truly accompanied innovative assets through market cycles and achieved value leaps.

“2026 China Healthcare Industry – Top 50 Value Investment and Service Institutions” has been2026 Future Healthcare 100 Awards CeremonyAnnounced on-site, the strategic partner for this awards ceremony isHSBC Sci-Tech Innovation Finance。