WinX Capital: The Medical FA Dark Horse Completing 100+ Deals in Just Three Years Amid Market Winter

In the first half of 2023, both the number and total amount of investment and financing deals in China’s healthcare industry plummeted to a freezing point. Many companies faced significant challenges in securing funding.

The sharp decline in fresh capital has plunged every niche segment of the primary market into fierce competition. For financial advisory (FA) firms, this represents an equally severe winter. According to statistics from an industry insider, very few FA firms are now able to close double-digit numbers of deals.

Yet it was precisely at this juncture that WinX Capital still closed nearly 30 deals in 2023, leading by a wide margin in both number and total value. These included the largest financing round in the entire pharmaceutical sector to date this year:Leading Nuclear Medicine Firm Xiantong Pharmaceutical Group Secures Over RMB 1.5 Billion in Financing.And it has secured star projects across various fields, including pharmaceuticals, medical devices, life sciences, synthetic biology, and agri-food technology.

Only in the depth of winter does one realize that the pine and cypress are the last to shed their leaves. In reality, since 2022, the capital market has abruptly shifted from its previous fervor to a severe downturn. Under the pressure of this market climate, numerous financial advisory (FA) firms have gradually faded into obscurity, while others have undergone massive layoffs or seen their teams disintegrate. Why has WinX Capital been able to rise against the trend amidst this winter? And inCompleted the successful closing of over 100 projects within just three years……

Externally, WinX Capital has maintained a relatively low profile. It not only lacks an official website but also rarely engages in self-promotion, except when sharing positive updates about its projects. Among financial advisors (FAs) specializing in the healthcare and wellness sector, it remains an almost enigmatic presence. It is only during year-end reviews that the industry takes notice, realizing that WinX Capital’s deal volume and transaction values have far surpassed those of its peers, thereby drawing attention to this dark horse in the FA landscape.

Over 100 successful financing transactions in three years, strategic investors introduced into more than one-third of the projects, an average of over 10 years of industry and investment M&A experience within the team, offices in four cities—Beijing, Shanghai, Shenzhen, and Hangzhou, ranked among the Top 5 “Annual Healthcare Financial Advisory Firms” by VCBeat in 2022, and ranked No. 1 among “Healthcare Financial Advisory Firms in 2022” by First Voice… These are all achievements made by WinX Capital since its establishment three years ago.

And the source of all these achievements can be attributed to the starting point of WinX Capital—its founder, Dr. Zou Guowen.

Influenced by his family, Zou Guowen majored in Pharmacy for his undergraduate studies. He later pursued a master’s degree at Tsinghua University and the Australian National University, and successfully completed the Global Finance Doctorate (GFD) program at PBC School of Finance, Tsinghua University. Prior to founding WinX Capital, Mr. Zou had already cultivated extensive expertise in the healthcare industry and venture capital sector. His career spans senior executive roles at multinational pharmaceutical giants such as Bayer Healthcare and Pfizer, as well as at Sanpower Group, a major Chinese industrial capital conglomerate. He has served as a Limited Partner (LP) in investment funds and as a General Partner (GP) involved in the full investment lifecycle—including fundraising, investing, management, and exits—and later became the founder of a financial advisory (FA) firm. With over 15 years of experience in medicine, marketing, and investment and M&A, he has led cumulative investment and M&A transactions exceeding RMB 30 billion.

Zou Guowen’s composite educational background and industry experience have endowed him with diverse perspectives, ways of thinking, and professional networks, gradually enabling him to view issues and identify opportunities from a higher vantage point. Nevertheless, to this day, his greatest joy remains in evaluating and executing projects.

Before the interview with Zou Guowen, he was having a tea meeting with Zhang Jinbao, Chairman and Founder of Shanghai Miaoshun Biotechnology, during the National Day Golden Week holiday, reviewing the previous round of financing and preparing for the launch of a new funding round.

Stepping out of the tea room, Zhang Jinbao remarked, “Having never raised capital before, we were incredibly fortunate to partner with WinX Capital for our company’s inaugural financing round. At the time, I set high standards for our financial advisor, ideally seeking a syndicate comprising renowned market-oriented institutions, government-guided funds, and strategic corporate investors. Mr. Zou and his team swiftly helped us formulate a financing strategy and successfully introduced key investors, including Zhongke Haichuang (a subsidiary fund backed by the Ministry of Science and Technology), prestigious firms such as Yida Capital and Hillhouse Ventures, as well as the listed company Titan Scientific. Our in-depth review and discussions have further solidified my conviction to deepen our strategic partnership with WinX Capital. Three qualities of Mr. Zou left a profound impression on me: first, his diligence, professionalism, and intense focus; second, his humility, pragmatism, and proven ability to deliver results; and third, his integrity, broad vision, and willingness to share value with the team.”

For projects executed by WinX Capital, industry observers frequently describe its approach as “aggressive and fiercely competitive,” with even competitors acknowledging WinX’s high efficiency and willingness to take on challenging projects that many peers shy away from.

In response, Zou Guowen jokingly quoted a mantra from the Nine Yang Manual in Jin Yong’s “The Heaven Sword and Dragon Saber”: “Let him be strong; like a gentle breeze brushing past the hills. Let him be fierce; like the bright moon shining over the great river.” He drew an analogy to photography: when the lens focuses on the subject, the surrounding environment becomes blurred. “Regardless of external evaluations, we remain focused on our projects and our customers.”

During the market boom of 2020–2021, WinX Capital successfully closed more than 50 deals. From project initiation to the signing of investment agreements, WinX completed the entire process in as little as one week for individual projects. As valuations in both primary and secondary markets cooled rapidly in 2022 and 2023, deal closures across the industry slowed down; however, WinX maintained its rapid pace and high success rate in closing transactions. How did WinX achieve this seemingly improbable feat?

A financial advisory (FA) firm’s strategy is inextricably linked to its founder’s philosophy. “Though the process of sifting through thousands of candidates is arduous, only by blowing away the shifting sands can one uncover the gold.” This quote aptly captures Zou Guowen’s inner conviction. The prerequisite for sustaining this approach of “accumulating small victories into a major triumph” lies in maintaining a highly aligned team, with all efforts oriented toward helping clients secure successful financing and minimizing any potential internal friction.

At its inception, WinX Capital was already “Select the Right People, Do the Right Things, Align with Human Nature, and Provide Effective Incentives“In this regard, we have studied a vast number of best practices and talent models both domestically and internationally, which can be aptly summarized by the acronym ‘PHD’: Professional, Hungry, and Determined. This also subtly underscores that, as a financial advisory (FA) firm focused on the broader healthcare sector, professionalism must serve as our guiding principle. At WinX Capital, every member within each project team acts as a project partner and a close comrade-in-arms. Consequently, the WinX Capital team’s ‘Determination’ to successfully close deals distinguishes us significantly from other FA firms.”

In fact, WinX Capital has “rescued” many deals that other financial advisory (FA) firms could not handle. “People often ask us why we succeed where others fail. We sometimes reflect on this ourselves, and one crucial factor may be our ‘mission-critical’ mindset. ‘However long the road, you will reach your destination if you keep walking; however difficult the task, you will succeed if you keep working.’ These are all high-quality projects; they simply require more professional and in-depth thinking to uncover their highlights, along with identifying the right investors and mastering the art of navigating complex transactions. We frequently encounter situations that seem hopeless, yet persistence often leads us to unexpected breakthroughs,” said Zou Guowen.

“FA: More About Building Relationships and Getting Things Done”. When highlighting a project’s strengths, greater emphasis should be placed on empathy and buyer-oriented thinking, presenting the project’s logic comprehensively and objectively from an investor’s perspective. After completing the fundamental analysis, further assess which types of institutions would invest in such a company; based on this insight, refine the business plan (BP) and formulate a financing strategy. Simple “packaging” tactics—such as inflating market size, making unrealistic company comparisons, adding gimmicks, or beautifying data to attract investors’ attention—are neither accepted nor tolerated in WinX Capital’s internal project execution. What is encouraged is a thorough understanding of the project and its industry position, identification of differentiated highlights, and precise targeting of suitable “like-minded” investors.

WinX Capital’s project pitching style differs significantly from that of many financial advisors (FAs). “We have always been pragmatic, though this has come at a cost. For instance, when founders are selecting an FA, we often conduct thorough due diligence and valuation modeling, solicit feedback from investors, and repeatedly verify our assumptions to arrive at a highly objective valuation range. However, some FA firms, in their eagerness to win mandates, disregard fundamentals and propose unrealistic valuations. Inexperienced companies tend to choose the FA offering the highest valuation, only to find after meeting with one round of investors that the market does not endorse such figures. This leads to a pattern of ‘starting high but trending downward,’ prolonging the fundraising timeline. By the time these companies return to us for emergency assistance, the optimal fundraising window may have already passed.” Zou Guowen expressed regret over how such missteps have hindered some companies’ ability to advance their financing efforts effectively.

“Due to its pragmatic approach, WinX Capital has frequently gained recognition from entrepreneurs and investment institutions that share its values. These partners are typically individuals with industry experience, who have witnessed sectoral transformations, navigated capital cycles, and believe in letting professionals handle professional matters. ‘Later on, we rarely participated in futile bidding processes. We avoid testing the weaknesses of human nature. If communication goes well and mutual trust is established, we collaborate, which makes things simpler. As the poem goes, “If no kindred spirit appreciates my worth, I shall return to rest in the autumn mountains.” Only when both sides share resonant judgments regarding capital cycles and industrial logic can cooperation feel comfortable and harmonious. Moreover, such enterprises tend to be more steady and less prone to issues, enabling their investor-shareholders to achieve better returns,’ said Zou Guowen.”

“Knowledge acquired from books alone is always superficial; true mastery requires personal practice.” Formulating a financing strategy demands that financial advisors (FAs) possess a deep understanding of both the industry and investors.

“This deep understanding of the industry cannot be achieved by a few analysts intensely reviewing a handful of research reports over a few days. Likewise, our profound insight into investors stems from years of interaction and shared experiences. In particular, adopting the perspective of how investment firm partners make decisions enables more precise judgments,” Zou Guowen told VCBeat.

In Q1 of this year, WinX Capital closed the Pre-IPO financing round for a GLP-1 sector project. The company had engaged multiple financial advisors (FAs) to assist with fundraising for a period; although there were follow-on investment term sheets, it struggled to secure a suitable lead investor. After WinX Capital took over, it repositioned the project. Leveraging the team’s extensive familiarity with nearly all projects in the metabolic disease field, as well as their deep insights into the entrepreneurial journeys of founders in the same track, molecular origins, data, and development progress, WinX was able to rapidly restructure the narrative and adopt a novel approach. It identified that the project’s consumer attributes far outweighed its biopharmaceutical characteristics, classifying it as a typical consumer healthcare venture. Consequently, WinX quickly secured a renowned investment firm with a consumer focus as the lead investor.

An Hongfei, the partner in charge of the project, stated, “A two-hour conference call secured RMB 200 million; once the industry is thoroughly explained, investors naturally understand how to invest.” Previously, An Hongfei had successfully facilitated financing for multiple projects in the metabolic disease sector, including those involving GLP-1 therapies.

While executing the financing for an innovative project in the animal vaccine sector, the project team’s analysis concluded that, given the sector’s critical importance to national welfare and public livelihood, it would be highly appropriate to introduce large-scale state-backed investors with a focus on agriculture, in addition to targeting typical market-oriented institutions specializing in innovative vaccines and biotechnology. Consequently, during the first roadshow, they recommended a state-owned equity fund with ties to the Ministry of Agriculture and Rural Affairs, which quickly stepped in as the lead investor. Shi Cunyi, the partner responsible for this deal, described the case as “hitting the target with a single shot, like a sniper.”

“During my tenure at a publicly listed industrial conglomerate, I served as a limited partner (LP). Prior to founding WinX Capital, I was also a partner at an investment firm. Managing funds and executing projects both require a holistic, strategic approach akin to playing Go, with each project driven by distinct strategic objectives.” Zou Guowen possesses a rare composite background and professional experience within the industry. He has not only held executive positions at major domestic and international industrial giants but has also operated as both an LP and a general partner (GP). Now, as the founder of an investment banking firm specializing in financial advisory (FA), he leverages this multi-dimensional perspective to step back and analyze issues objectively, thereby serving clients in a more appropriate and effective manner.

Behind a successful fundraising round lies the ability to make investment institutions feel comfortable in their decision-making. This requires clearly articulating to investors why they should invest at the current valuation, what valuation the company’s next milestone will command in the subsequent round, and which other investors are likely to co-invest.

“This represents a capital chain and reflects a sell-side perspective. Many investors, acting as buy-side participants, are not accustomed to thinking in this manner, yet it is a critical consideration for decision-making at the partnership level.” Dr. Liu Yuheng, a Partner at WinX Capital, previously held positions at prominent buy-side and sell-side firms in the secondary market. Leveraging his secondary market perspective, he is better positioned to analyze a company’s future positioning and pricing post-IPO, thereby working backward to guide financing pace and strategy in the primary market.

This profound understanding of the industry is also reflected in the case of WinX Capital,Many projects have received investment from corporate venture capital (CVC) firms., jointly empowering portfolio companies. For instance, Miaoshun Biology, a star company in primary cell culture that recently completed financing, is backed by Titan Scientific. Konuomei, a leading company in ultra-high-performance liquid chromatography (UHPLLC), is supported by the Aierbode Fund. In earlier transactions, various types of industrial investors were also commonly seen, such as Tigermed, Fosun, China Resources, Jimin Kexin, Livzon, Beta Pharma, Yuwell, ByteDance, and Ecovacs.

“We place great emphasis on introducing more industrial resources to enterprises during the financing process, thereby addressing bottlenecks or specific needs in their development. This includes facilitating unexpected collaborations and support from industry partners that the enterprises themselves may not have anticipated.” Another aspect of its industry-oriented approach is that WinX Capital alsoLed dozens of spin-off financing deals for both listed and unlisted companies.. For example, the financing of Xuanzhu Biopharma and Huisheng Biopharma, which were spun off from Sihuan Pharmaceutical, among others.

The venture capital industry exhibits distinct cyclical characteristics, and successful fundraising hinges on the right timing, favorable conditions, and strong partnerships. As the saying goes, “Sorry, VCs can only love you for five years.” In fact, any sector that maintains momentum for three to five years is already considered a major track. How to navigate the volatile waves of the capital markets with stability and long-term vision is one of the core questions deeply contemplated by WinX Capital.

Talent and teams are WinX Capital’s most critical core assets.Building a battle-hardened “Dream Team” requires ensuring that the team possesses the following three qualities:

First, a highly stable, battle-hardened “veteran” team with a wolf-like spirit.“Since its inception, WinX Capital has not seen a single full-time employee depart. To date, the firm has only welcomed professionals who joined from other financial advisory (FA) firms, while no former WinX Capital employees have moved on to work at other FA institutions.” This emphasis on team stability stems from an anxious experience Zou Guowen endured during his earlier investment career.

At the time, we made a significant investment in a company’s Series C financing round. Although the sector was extremely hot and the company was a market leader, we engaged a well-known comprehensive financial advisor (FA). However, during the fundraising process, the FA replaced its project team three times. Each change required the new team to re-familiarize themselves with the materials and re-discuss the sector’s investment thesis, while handovers were rushed. This led to prolonged delays in closing the financing. As competition in the sector intensified, with leading players vying fiercely against one another, securing funding first became critical to establishing a stronger competitive position.

To make matters worse, the project lead from the financial advisory (FA) firm unexpectedly jumped ship to a competitor to handle fundraising, causing significant harm to the enterprise. It ultimately took nearly two years of concerted efforts by existing shareholders to close this funding round. Therefore, since its inception on day one, WinX Capital has prioritized team stability as its most critical strategic imperative. This is also a vital consideration for companies when selecting an FA partner. The team must maintain a “hungry” and aggressive spirit while remaining determined to deliver on its mission without fail.

Second, flexible and dynamic matrix-style tacit collaborationJust as water has no constant shape and armies have no fixed formation, only the adaptable survive in a changing environment. To outsiders, WinX Capital’s internal structure may appear somewhat unclear. While it has industry groups, they are not rigidly defined; some team members cover multiple sectors, others specialize in one or two, and some focus on specific regions. By conventional standards, this might even seem “chaotic.” However, this approach fosters seamless internal collaboration. The matrix structure generates strong synergies, ultimately driving deal execution and achieving deep team integration through such cross-functional cooperation.

“From a practical standpoint, we have identified that many projects possess overlapping attributes, making them suitable for different types of investors. We require thorough analysis of potential investors for each project and promote internal resource sharing. In most cases, colleagues specializing in a particular field are more familiar with institutions within that domain but less so with those outside it. Factors such as investment stage, investment style, and communication style vary among individuals, each with their own strengths. When forming project teams, we carefully consider team composition to foster collaboration among members with diverse backgrounds,” said Zhao Qian’ao, Head of Interdisciplinary Initiatives at WinX Capital.

Most members of WinX Capital’s team possess medical expertise from prestigious institutions such as Tsinghua University, Peking University, Fudan University, Shanghai Jiao Tong University, Harvard University, Stanford University, and Johns Hopkins University, complemented by diverse industry experience. The synergistic interactions among these top-tier talents often spark significant inspiration. For instance, projects combining pharmaceuticals with consumer healthcare are jointly managed by our innovative drug team and our consumer healthcare team. Similarly, for a project that exhibits both IVD (In Vitro Diagnostics) characteristics and high-end manufacturing attributes—appealing to two entirely different types of investors—WinX Capital assembles a cross-functional team from both domains to serve the enterprise. All efforts are directed toward providing superior support to our portfolio companies. This approach also facilitates continuous logical iteration, mutual learning, and the broadening and upgrading of internal insights.

Third, possess comprehensive familiarity with all stages of the process, including origination, underwriting, and execution, and demonstrate profound understanding, robust resources, and a proven track record of success in at least one specific sector.. WinX Capital rarely recruits new talent; instead, it brings on board industry veterans with years of financial advisory (FA) experience. These professionals are typically referred by existing team members, often sharing strong pre-existing relationships such as former classmates or colleagues. This foundation fosters deep trust and rapport, enabling seamless collaboration and teamwork.

A founder who has successfully “exited” remarked, “A good horse deserves a good saddle. When selecting a financial advisor (FA), one must evaluate both the firm and its professionals; personal studios should be strictly avoided. Unlike the segmented operational models adopted by some FAs, WinX Capital encourages every team member to take the initiative and pioneer new ground, ensuring deep familiarity with client origination, underwriting, and execution. Each individual must possess profound industry insights, extensive resources, and a proven track record in at least one specific sector, effectively functioning as an industry expert. Like special forces operatives, each member stands out individually, yet together they form an even more powerful team. We believe that only by integrating all links across the entire value chain can we eliminate information asymmetry and truly channel our comprehensive resources to benefit enterprises.”

To this end, WinX Capital has built a solid and experienced core middle-management team. This approach not only ensures that partners remain on the front lines, attuned to market dynamics, but also emphasizes flat management to enhance the team’s project execution efficiency.

To this day, despite the growing number of projects managed annually by WinX Capital, Zou Guowen continues to maintain close oversight of every project, including each of their respective communication groups. His schedule remains fully booked; he is either visiting projects or investors, or en route to do so.

“We have reviewed the rise and fall of the FA industry, and without exception, a common factor among those that encountered problems was that the top leader became detached from frontline FA operations, unwilling to share insights while beginning to pursue personal enjoyment or other interests. We remain committed to steadily and sustainably excelling in this business, ensuring stable and long-term growth, because many entrepreneurs truly need us, and we are genuinely able to help them. I deeply appreciate the process of accompanying companies as they grow from small saplings into towering trees,” said Zou Guowen.

Looking back on the spring of 2020, when he first embarked on his entrepreneurial journey, Zou Guowen couldn’t help but feel a surge of emotion. Full of ambition and determined to make a significant impact, he sold two apartments to fund his startup. However, he was immediately dealt a severe blow: the outbreak of the pandemic struck just as his venture was getting off the ground.

During this difficult period, even the most basic in-person visits became a major challenge. On one occasion, Zou Guowen went to great lengths to accompany a founder on a flight from Beijing to Shanghai for a meeting with a fund’s investment committee. At the time, aside from medical personnel, they were the only ordinary passengers on board. The flight crew took a photo of them, unaware that it would later become the annual cover image for a top-tier national media outlet.

“At that time, I was often confined to my hotel and even landed on the ‘VIP blacklist’ of the local neighborhood committee. Prolonged isolation always drove me to explore every possible way to cope, to the point where I compiled a playbook,” said Zou Guowen. “There are always more solutions than problems; this mindset of seeking pathways from a higher-dimensional perspective has become ingrained in every detail of WinX Capital’s project execution.”

“It wasn’t easy to secure projects in the early days. Often, after lengthy discussions, founders would say, ‘Mr. Zou, while I have no doubt about your strong background and extensive resources, your firm has been established for too short a time, which makes me hesitant. Many financial advisory (FA) firms don’t even survive their first year.’ Due to the lack of marquee case studies, WinX Capital experienced a considerable period of exploration and painful ramp-up during its first year, despite its profound insights into the capital markets and broad network of connections.”

In the early days of our startup, the most high-profile projects were held by the largest financial advisors (FAs) and USD-denominated funds. Zou Guowen told VCBeat that as a new entrant, WinX Capital found it difficult to break into this space. Therefore, WinX Capital conducted an analysis from a sector perspective and resolved to identify differentiated sectors and investment targets.

“For instance, while everyone was fiercely competing in the oncology drug sector, WinX Capital took a proactive step in the innovative drug field by investing in seemingly less popular areas, such as deuterated drugs. ‘At that time, it was often joked that deuterated drugs were merely generics, but in reality, they represent a highly certain form of innovation.’ It was precisely this insight that enabled WinX Capital to successfully lead HaiChuang Pharma’s pre-IPO financing round of approximately RMB 1 billion, as well as multiple successful financing rounds for Tongyuan Kang Pharmaceutical. In the field of inhalation formulations, although these are often classified as generics, they actually entail extremely high technical barriers, offer substantial market potential, and address critical unmet medical needs. Recognizing this, WinX Capital facilitated successful financing for Runsheng Pharmaceutical and Changxi Pharmaceutical, among others, including investments in ophthalmic drugs. Back then, these were all ‘niche markets’ overlooked by most investors,” shared Zou Guowen.

Take the medical device sector as another example. The large interventional track was at its peak from 2020 to 2021, with nearly every investor focusing on valve and interventional projects. During this period, WinX Capital avoided direct competition and proactively invested in areas such as consumer-oriented devices, surgical robots, ophthalmology, and endoscopy. Although these sectors appeared non-consensus at the time, they actually offered better immunity to centralized volume-based procurement and stronger underlying logic.

As the diagnostics sector became increasingly saturated with sequencing services, WinX Capital proactively moved “upstream” to invest in instruments and consumables for the life sciences industry. At the time, WinX Capital appeared to outsiders like “plum blossoms blooming alone in the cold,” but in reality, it was a case of “a myriad of colors poised to burst forth, awaiting only the first spring thunder.” With the team steadily expanding, the successive establishment of offices in Beijing, Shanghai, Shenzhen, and Hangzhou, the successful completion of financing for several high-profile portfolio companies, and the solidification of its professional standing in key strategic sectors.

Thus, the gears of fate began to turn. In 2021, WinX Capital delivered a track record of closing over 50 deals, rapidly cementing its position as an industry leader.

WinX Capital’s strategic approach is also closely tied to its timing of entry into the FA sector, as well as the broader macro environment characterized by the surge and subsequent retreat of U.S. dollar capital, alongside the rise of state-owned capital and corporate venture capital (CVC).

In WinX Capital’s deal portfolio, while backing from prominent US-dollar funds is also common, a significant differentiator from other financial advisory firms is the prevalence of transactions involving co-investment led by various state-owned capital entities, alongside industrial capital and market-oriented institutions. For instance, the shareholder list for Xiantong Medicine’s recent financing round, which exceeded RMB 1.5 billion and has just closed, includes a consortium of central and local state-owned capital as well as strategic industrial investors.

“Our team has been in the industry for a long time, having navigated multiple cycles. This experience allows us to clearly discern the developmental patterns of the sector and the flow of capital. We have clear judgments on when companies should raise significant funding, when they should adopt a strategy of ‘small steps with rapid iteration,’ when they should expand, and when they should exercise caution. On one hand, we are undoubtedly the most adept financial advisors (FAs) in the market at engaging with state-owned enterprise systems and Corporate Venture Capital (CVC) firms. On the other hand, WinX Capital never engages in deceptive practices. Our motto is ‘to do what we love with people we like,’ fostering greater candor that enables us to quickly get to the essence of matters.”

WinX Capital may be an unconventional player in the financial advisory (FA) sector. Its name conveys the spirit of setting sail for distant voyages, fostering win-win collaboration, and achieving steady, long-term growth.

Zou Guowen and his team at WinX Capital are a group driven by inner fire, bright-eyed vision, and boundless passion. Yet in their day-to-day work, they prioritize practical, grounded execution. Behind each in-depth dialogue with investors lie countless sleepless nights dedicated to clarifying companies’ financing strategies. By keeping their eyes on the stars while firmly planting their feet on the ground, and by accumulating small wins into major victories, they have shaped WinX Capital into what it is today. Although the industry is currently experiencing a downturn, Zou Guowen and WinX Capital remain confident that investments in the healthcare sector will eventually emerge from the shadows, as perseverance brings clarity and success.