Qiming Venture Partners Closes RMB 6.5 Billion Fund VII, Largest RMB Fundraise in 2023

Qiming Venture Partners, a leading venture capital firm in China, announced the final closing of its seventh RMB fund, with a total size of RMB 6.5 billion, marking the largest RMB fund fundraising in the Chinese venture capital market to date in 2023.

To date, Qiming Venture Partners manages a total of 18 funds, with total assets under management reaching $9.5 billion, continuing to invest in high-quality early- and growth-stage projects in the two major sectors of technology and consumer, as well as healthcare.

Gary Ku, Founding Managing Partner at Qiming Venture Partners“He expressed gratitude to both new and existing investors for their continued trust and support in Qiming Venture Partners. Over the past decade-plus, we have been privileged to witness the rapid growth and developmental resilience of Chinese enterprises, accompanying them as they evolved into great companies with prominence not only in China but also globally. We will provide entrepreneurs with more comprehensive resource support, serving as their most steadfast and vital partner, while delivering sustainable returns to our investors.”

Qiming Venture Partners has long been favored and recognized by its limited partners (LPs) for its outstanding investment performance. Over the past three years, Qiming Venture Partners has successfully completed fundraising for a total of four USD and RMB funds.

Looking back, Qiming Venture Partners completed the fundraising for its first RMB fund in 2010. To date, it has been thirteen years since the inception of its RMB fund operations, encompassing fundraising, investment, portfolio management, and exit. The limited partners of Qiming Venture Partners’ seventh RMB fund include insurance institutions, renowned market-oriented funds of funds, leading listed companies and state-owned enterprises, as well as local government guidance funds.

Statistics show that the reinvestment rate of limited partners (LPs) in Qiming Venture Partners’ seventh RMB fund exceeded 70%, with multiple LPs making repeated commitments, further demonstrating existing investors’ strong confidence in the firm’s performance and team capabilities. Additionally, capital commitments from insurance institutions accounted for one-quarter of the total size of the seventh RMB fund, with the number of such investors increasing from two in the previous vintage to eight.

China’s venture capital ecosystem is advancing into a phase driven by technological innovation, with “hard tech” becoming the central thread of economic development and industrial transformation. As a key connector between technological innovation and industrial upgrading, Qiming Venture Partners has increasingly clarified its focus on sci-tech innovation in recent years, placing particular emphasis on source innovation and breakthroughs in core critical technologies. By mapping out comprehensive industry chain landscapes across sectors such as semiconductors, autonomous driving, artificial intelligence, robotics, industrial automation, innovative drugs, novel medical devices, next-generation diagnostic technologies, healthcare service upgrades, and digital health, the firm has made deep and precise investments along upstream and downstream segments, emerging as the earliest and most significant investor for numerous innovative enterprises.

Qiming Venture Partners actively seeks high-quality investment opportunities in the technology and consumer, as well as healthcare sectors. In 2022, Qiming Venture Partners completed approximately 90 project investments, including hard-core innovative enterprises with high technical barriers and high industrial added value, such as Cixin Technology, Houmo Intelligence, Mifei Technology, DeepWay, Insilico Medicine, Belief Therapeutics, Yuanqi Bio, and Aikobio.

Leveraging years of accumulated expertise and strength, along with its professional capabilities in fulfilling fiduciary duties to Limited Partners (LPs) and implementing refined project management, Qiming Venture Partners empowers its portfolio companies through value-added investment support, facilitating their growth and expansion. This approach has yielded a remarkable track record of successful initial public offerings (IPOs). Over the past 24 months, Qiming Venture Partners has achieved 41 IPOs across major exchanges, including the Shanghai Stock Exchange Main Board, the STAR Market, the Hong Kong Stock Exchange, and NASDAQ. Notable examples include Transwarp Technology, Hesai Technology, Haitai Medical, CanSino Biologics’ subsidiary Crown Bioscience, Sino Biological, Rendu Biology, and Innovent Biologics’ partner Yifang Biopharma, which have successfully listed on the STAR Market, NASDAQ, the Hong Kong Stock Exchange, and the A-share Main Board, respectively.

Sustained leadership in investment management is underpinned by the meticulous efforts of our professional team. Qiming Venture Partners boasts over 40 professional investors who have long been deeply engaged on the front lines of sci-tech innovation investment. With specialized technical backgrounds and extensive experience in corporate management and investing, they are well-versed in the process of commercializing cutting-edge technologies and are capable of comprehensively assisting entrepreneurs and their teams in formulating and implementing corporate development strategies.

In addition to continuously upgrading its investment capabilities, Qiming Venture Partners has also been expanding its post-investment services team to provide comprehensive, end-to-end support to its portfolio companies. In 2022, Qiming Venture Partners recruited 31 full-time employees, with more than 20 of them assigned to the post-investment team. This team provides support in areas such as development strategy, research assistance, market expansion, brand building, talent acquisition, finance and taxation, and legal services, deeply engaging in the entire growth cycle of both the companies and their respective industries.

Hu Xubo, Managing Partner of Qiming Venture PartnersHe stated, “We are grateful for the trust and support of our Limited Partners (LPs). We have strong confidence in our country’s capabilities and potential in driving major innovations. Qiming Venture Partners is also entering a new stage of development, focusing on enhancing its institutional investment capabilities and post-investment value-added services. We look forward to working with our many LPs to help our portfolio companies achieve continuous breakthroughs in core technologies, product capabilities, organizational strength, and global competitiveness.”

Qiming Venture Partners, established in 2006, has successively set up offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston, and the San Francisco Bay Area.

Currently, Qiming Venture Partners manages 11 U.S. dollar funds and 7 RMB funds, with total assets under management reaching $9.5 billion. Since its establishment, the firm has focused on investing in outstanding early-stage and growth-stage companies in the Technology and Consumer (T&C) and Healthcare sectors.

To date, Qiming Venture Partners has invested in more than 530 high-growth innovative companies. Among these, over 200 have achieved exits through listings on major exchanges—including the New York Stock Exchange (NYSE), NASDAQ, Hong Kong Stock Exchange (HKEX), Shanghai Stock Exchange (SSE), and Shenzhen Stock Exchange (SZSE)—as well as through mergers and other exit strategies. More than 70 of these portfolio companies have become industry-recognized unicorns and super unicorns.

Among Qiming Venture Partners’ portfolio companies, many have grown into the most influential firms in their respective fields, including Xiaomi Group, Meituan, Bilibili, Zhihu, Roborock, Gan & Lee Pharmaceuticals, Tigermed, Zai Lab, CanSino Biologics, Schrödinger, Huitai Medical, New Horizon Health, Venus Medtech, Sanyou Medical, AmoyDx, Berry Genomics, Sinocelltech, Yuanxin Technology, Contineum, Belief BioMed, WeRide, Biren Technology, and UBTECH.