China Renaissance Healthcare & Life Sciences Weekly Report Vol.408 Highlights Key Innovations and Financing Activities in the Sector

Apr 20, 2026 09:30 CST Updated 09:30

BEICHEN BIOTECH

Microbial Technology Researcher

Mindtrix

Invasive Brain-Computer Interface Technology Developer

"China Renaissance Healthcare and Life Sciences Weekly" is regularly published, focusing on interpreting the week's data from a capital perspective and providing the latest industry insights.

Healthcare and life sciences is a sector that Huaxing Capital has focused on and deeply cultivated over the years, having served as financial advisor for nearly 200 financing and M&A projects.

Innovation in the medical and life science technology industry continues to emerge, making it one of the most active sectors; Huaxing Capital has always supported and accompanied the growth of start-ups in this field, striving to bring a rational and professional voice to the industry.

Author | Huaxing Capital Healthcare and Life Sciences Team

Follow the WeChat Official Account of Huaxing Capital (ID: iChinaRenaissance), click "Insights" - "Industry Observation" - "Life Science & Technology" in the backend to obtain more information related to the healthcare and life science & technology industries.

Shanghai Heiyan Medical Science and Technology Co., Ltd. Completes RMB Tens of Millions B+ Round Financing

Heiyan Medical, a leading provider of perioperative digital intelligence platform solutions in China, officially announced the completion of its B+ round of financing worth tens of millions of RMB in October 2025. This round of financing was led by Dongzheng Capital, a well-known investment institution in China.

Industry Perspective:

This round of financing will be used to accelerate the scaled deployment of its core product — the "Individual Medical Perioperative Intelligence Center" — in top hospitals across China, deepen the R&D of AI algorithms and 3D printing technology, and further expand its network of on-site medical engineering experts, building an absolute industry barrier.

Source of Information:Probe Capital

BEICHEN BIOTECH Completes Pre-A Round Financing, Led by TusStar Venture Capital, Doubling Down on Precision-Targeted Antibacterial Innovation Track

BEICHEN BIOTECH (hereinafter referred to as "Beichen Bio") announced the completion of its Pre-A round of financing. This round was led by TusStar Venture Capital. The funds will mainly be used for core technology research and development upgrades, product industrialization advancement, and market expansion, further solidifying the company's leading position in the antimicrobial microbiome and biopharmaceutical fields.

Industry Perspective:

BEICHEN BIOTECH is a national high-tech enterprise focusing on microbial technology innovation. It has accumulated rich experience in the research and development and industrial application of microbial technology and mastered a series of advanced technologies. Relying on its self-built microbial resource library and high-throughput screening platform, combined with synthetic biology and artificial intelligence technology, the company has realized a full-process closed loop from strain mining, function verification to product development, and is committed to addressing the global challenge of bacterial resistance.

Source of Information:Artery Network

Mindtrix Completes 150 Million Yuan Angel Round Financing, Becoming the First Company in China to Complete Human Validation for Visual Reconstruction Brain-Computer Interface

Mindtrix, a leading brain-computer interface company, has successfully completed a series of angel rounds, including angel, angel+, and angel++, with a total financing amount reaching 150 million yuan. As the first company in China to complete human validation in visual reconstruction brain-computer interfaces, Mindtrix has achieved several world-first advancements within just one and a half years of its establishment, positioning itself in the top tier of global visual reconstruction brain-computer interface companies.

Industry Perspective:

After this round of financing, Mindtrix has formed a diversified shareholder circle with capital backgrounds, covering top-tier capital, industry-backed capital, state-owned capital, and strategic investment capital. This includes Zhongke Chuangxing, Lingyi Investment, Haibei Capital, Huafang Capital (backed by Huali Group, a top 500 private enterprise in China, which controls multiple listed and unlisted pharmaceutical and technology companies), Delian Capital (Delian Bojian Brain Science Fund, with backgrounds such as Sanbo Brain Hospital and Shanghai Future Industry Fund), Hony Capital (which has previously invested in Lansheng Brain Hospital and Donglei Brain Hospital), Hengxu Capital, Dingxing Quantum, Banfei Incubation, and more.

Source: Arterial Network

MEICELL BIOTECH Completes Over 150 Million RMB Series A Financing, Continuing to Deeply Cultivate Macrophage Field Original Drug Development

Myeloid Cure Biotechnology (Hangzhou Meisai Biomedical Technology Co., Ltd.), a company focusing on the original innovation of macrophage-targeted drug development, announced the completion of an A-round financing exceeding 150 million RMB. This round of financing was led by Kangjun Capital, with participation from Hongfeng Investment, Ruihua Capital, leading industry investment institutions, and well-known industrial funds.

Industry Perspective:

In the current climate where the biopharmaceutical industry’s valuation is returning to rationality, BEICHEN BIOTECH has gained dual recognition from top-tier funds and multinational pharmaceutical companies, thanks to its solid foundation in original scientific research. This fully demonstrates its strong capabilities in the cutting-edge field of macrophage immunotherapy. With the completion of this round of financing, BEICHEN BIOTECH will continue to advance the clinical translation of its pipeline, aiming to transform scientific breakthroughs originating from China into innovative therapies that benefit patients worldwide.

Source of Information:Artery Network

BEICHEN BIOTECH Completes Hundreds of Millions in Strategic Financing

Hangzhou Bendao Gene Medicine Co., Ltd. announced the completion of a strategic financing round worth hundreds of millions of RMB in March 2026. This round was led by EF Capital, with participation from Gongshu State Investment and Hongcheng Capital.

Industry Perspective:

This strategic move marks the company's entry into a new phase of development. The company will continue to adhere to the "platform + product" dual-driven strategy, leveraging the synergistic advantages of Hangzhou's biopharmaceutical industry ecosystem and the Shanghai R&D base, to accelerate the research and development, commercialization, and capitalization of its core pipelines, with the goal of becoming a globally leading CGT enterprise.

Source of Information:China Venture

Velox Technology Completes Over 200 Million Yuan in Series A Financing

Xellar Biosystems Announces Over 200 Million RMB in Series A Financing Led by China Life Equity; XtalPi, Yachi Capital, and Legend Capital Continue to Increase Investment.

Industry Perspective:

This round of funding will focus on building the next-generation bio-intelligent infrastructure centered around humanized models and mechanism research, including expanding the organ-on-a-chip disease model system, establishing a scalable mechanism research platform, and continuously conducting high-throughput, standardized real biological data collection and accumulation.

Source of Information:ChinaVenture

Innovation Aggregation, Brain-Computer Intelligence Co-prosperity: Beijing Frontier Brain-Computer Interface Research Institute Officially Established

At the 2026 Zhongguan Village Forum Annual Meeting's Brain-Computer Interface Innovation and Development Forum, co-hosted by the Ministry of Industry and Information Technology and the People's Government of Beijing Municipality, the Beijing Frontier Brain-Computer Interface Research Institute was officially established. Led by Xuanwu Hospital of Capital Medical University, with President Guoguang Zhao serving as the chief scientist, the institute marks a significant step in response to China’s future industry strategy and aims to strengthen Beijing's innovation and leadership capacity in high-end medical equipment. The establishment of the institute signifies that China’s brain-computer interface field has entered a new phase driven by deep clinical needs and systematic, full-chain transformation.

• BEICHEN BIOTECH's First TCR-TCE Innovative Drug Receives NMPA IND Approval, Achieving Dual Filing in China and the US

• Approval for Dual Filing in China and the US: World’s First GRK2 Molecular Glue Holds Promise to Reverse Pulmonary Arterial Hypertension Vascular Remodeling

• Oral New Drug Launches in China, Offering Hope to 156 Million Chronic Kidney Disease Patients to Say Goodbye to "Injection for Anemia"

• Multiple Medical Device Products Approved for Marketing

BEICHEN BIOTECH's First TCR-TCE Innovative Drug Receives NMPA IND Approval, Achieving Dual Filing in China and the US

Beijing KERAY Biotechnology Co., Ltd. (hereinafter referred to as "KERAY Biotech") announced that its self-developed TCR-TCE (T-cell Receptor-T-cell Engager) innovative drug, CRPA1A2 Injection, has received clinical trial implied permission from the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA). This approval marks the official entry of KERAY Biotech's first TCR-TCE product into the clinical research stage in China. Previously, CRPA1A2 had obtained FDA IND approval in the United States in December 2025, thus achieving dual-track clinical advancement in both China and the U.S. Notably, CRPA1A2 was included in the 30-day channel for the review and approval of innovative drug clinical trials this time. From its acceptance on February 28, 2026, to its approval on March 31, the review efficiency was remarkable, reflecting the regulatory authority’s high-efficiency support for innovative drug clinical development, as well as the solid progress in project application quality, research foundation, and clinical transformation preparations.

Source of Information:Artery Network

China-US Dual Approval Granted, World’s First GRK2 Molecular Glue Shows Promise in Reversing Pulmonary Arterial Hypertension Vascular Remodeling

Nanjing Huanbai Biotechnology Co., Ltd. (hereinafter referred to as "Huanbai Bio") announced that its globally pioneering new drug for pulmonary arterial hypertension, AF02 (oral molecular glue), has simultaneously received approval for new drug clinical trials (IND) from the FDA and CDE.

Source: Arterial Network

Oral New Drug Launches in China, Offering Hope to 156 Million Chronic Kidney Disease Patients to End "Injection-Based Anemia Treatment"

Recently, Zydus Lifesciences (hereinafter referred to as Zydus), an Indian pharmaceutical company, announced that its innovative oral tablet Desidustat, licensed to China Resources Pharmaceutical Holdings Limited (867.HK/8A8.SG), has been approved by the NMPA for the treatment of renal anemia in non-dialysis adult patients with chronic kidney disease (CKD).

Source of Information：Zhitong Finance

Multiple Medical Device Products Approved for Marketing

FDA Approves Philips' AI Solution for Real-Time Guidance in Complex Minimally Invasive Heart Valve Repair Procedures

Global health technology leader Royal Philips announced that its EchoNavigator R5.0 with DeviceGuide has received FDA 510(k) clearance. DeviceGuide is an AI-powered software solution that provides real-time guidance during complex minimally invasive mitral valve repair procedures, a technically demanding area in interventional cardiology. DeviceGuide can track and visualize mitral valve repair devices in real time and integrates with Philips' Azurion image-guided therapy platform. This platform combines imaging, real-time data, and intelligent software into a unified workflow, enhancing the consistency, efficiency, and confidence of minimally invasive surgeries. Developed in collaboration with Edwards Lifesciences, a leader in structural heart innovation, DeviceGuide merges Philips' expertise in imaging and artificial intelligence with Edwards' technological strengths in heart valve therapy development. Together, they have optimized the image guidance for Mitral Transcatheter Edge-to-Edge Repair (M-TEER) workflows, making these procedures more intuitive and efficient. DeviceGuide will be showcased at the 2026 American College of Cardiology (ACC) conference.

Source of Information:Artery Network

CephX Announces FDA Approval for 3D Imaging and Expands Its Global AI Imaging Ecosystem Through Integration with DEXIS and Greyfinch

Orca Dental AI, a leader in AI-driven orthodontic imaging and the creator of the CephX platform, announced on March 24, 2026, that it received FDA approval for its 3D imaging technology. This milestone marks a significant step forward for the company in integrating advanced AI diagnostic tools into everyday clinical practice. With this new approval, CephX becomes the only orthodontic AI diagnostic support company with FDA-approved 2D and 3D imaging technologies. This advancement solidifies Orca Dental AI's position in the market, enabling it to offer orthodontic professionals more comprehensive imaging solutions. The approval highlights the company’s commitment to innovation and regulatory compliance, ensuring its technology meets the highest standards of safety and efficacy in clinical use.

Source: Arterial Network

World's First! Integrated Positioning Solves AR Anchoring Challenge, JenaValve Heart Valve System FDA Approved

JenaValve’s Trilogy Transfemoral Aortic Regurgitation (AR) Dedicated Interventional Valve System Receives FDA Approval for Market Launch in the U.S.

Source of Information:Artery Network

Transcatheter Mitral Valve Clip System Approved for Marketing

The National Medical Products Administration has approved the innovative product registration application for the transcatheter mitral valve clip system from Yingmai Medical Technology (Shanghai) Co., Ltd. The product consists of a mitral valve clip and catheter delivery system, as well as a steerable guiding catheter. The mitral valve clip and catheter delivery system include a mitral valve clip, delivery catheter, and steerable sheath. The materials of the various components of the mitral valve clip include cobalt-chromium alloy, nickel-titanium alloy, titanium alloy, pure titanium, and PET. The steerable guiding catheter is composed of a guiding catheter, dilator, locking screw, and silicone pad. The mitral valve clip and catheter delivery system are divided into Type I and Type II catheter delivery systems based on synchronized or individual clip control functions. The steerable guiding catheter is divided into Type I and Type II steerable guiding catheters according to handle differences. This product uses a percutaneous approach and is suitable for patients with degenerative mitral regurgitation (MR≥3+) who are considered high-risk for surgical procedures by a cardiac team and whose mitral valve anatomy is suitable.

Source of Information:Artery Network

CO2 Contrast Pressure Injection Set Approved for Marketing

National Medical Products Administration Approves the Innovative Product Registration Application of Amet Medical Device (Beijing) Co., Ltd. for Carbon Dioxide Contrast Pressure Injection Kit. The product consists of three parts: a contrast injector, infusion tubing, and a dual-lock filter. The contrast injector includes a 6% (Luer) internal conical fitting with a locking device (inlet), a diaphragm pressure gauge, a switch knob, a housing, a screw-type adjustment handle, a 6% (Luer) external conical fitting with a locking device (outlet), a gas storage cylinder, and a piston seat. Accessories include infusion tubing and a dual-lock filter. This product is used for angiography by injecting carbon dioxide (purity ≥ 99.999%) into the renal artery, iliac artery, lower limb arteries, forearm veins, inferior vena cava, and iliac veins. It is suitable for individuals allergic to iodinated contrast agents, patients with chronic kidney disease stages III-V, and patients with hyperthyroidism.

Source: Arterial Network

• Two-Week Rapid Relief, Efficacy Maintained for 52 Weeks: Lede Qibai Monoclonal Antibody Atopic Dermatitis Phase III Data Presented in LBA Oral Report at AAD Annual Meeting

• Landing in Zhuhai, Yiyuan Bio Initiates a New Journey of Empowering Aquaculture through Synthetic Biology

• From Technical Competition to System Definition! Zhiran Medical Releases Thousand-Channel Invasive Flexible Brain-Computer Interface System

• BY002 Receives IND Approval from China CDE, Enters Clinical Development Stage

Two-Week Rapid Relief, Efficacy Maintained for 52 Weeks: Lebrikizumab Phase III Data for Atopic Dermatitis Presented in LBA Oral Report at AAD Annual Meeting

Simcere Pharmaceutical (2096.HK) announced that the Phase III clinical study of the innovative antibody drug Ledakibart, developed in collaboration with Connect Biopharma, for adult and adolescent patients with moderate to severe atopic dermatitis, has been selected as a Late-Breaking Abstract (LBA) for the 84th American Academy of Dermatology (AAD) Annual Meeting and will be presented orally. The study data showed that Ledakibart can rapidly relieve itching and improve skin inflammation within two weeks, with the efficacy of deep clearance of lesions sustained up to 52 weeks. The study was led by Professor Zhang Jianzhong and Professor Zhou Cheng from Peking University People's Hospital as the principal investigators. On March 28, Professor Zhou Cheng presented the findings on behalf of the research team at the conference held in Denver, Colorado, USA.

Source: Arterial Network

Landing in Zhuhai, Yiyuan Bio Initiates a New Journey of Empowering Aquaculture through Synthetic Biology

The Inauguration Ceremony of Zhuhai Yiyuan Biotechnology Co., Ltd. Was Held in the Geyuan Digital Valley, High-tech Zone, Zhuhai. The event marks the official establishment of Yiyuan Biotech in Zhuhai's High-tech Zone, where it will focus on synthetic biotechnology and delve into the field of aquaculture bio-manufacturing. This will inject new momentum into the regional biomedicine industry development and the green upgrade of aquaculture. Leaders from Zhuhai's Science and Technology Innovation Bureau, Ocean Development Bureau, and various departments of the High-tech Zone, as well as representatives from Fudan Zhuhai Innovation Research Institute, Zhuhai High-tech Financial Investment, Honghui Fund, and Yikolai Biotech, attended the ceremony to witness this significant moment together.

Source: Arterial Network

From Technical Competition to System Definition! Zhiran Medical Releases Thousand-Channel Invasive Flexible Brain-Computer Interface System

At the recently concluded 2026 Zhongguancun Forum Annual Conference, brain-computer interface undoubtedly became one of the most eye-catching fields. As a national platform for global scientific and technological innovation exchanges and cooperation, this year's forum was jointly organized by the Ministry of Science and Technology, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the State-owned Assets Supervision and Administration Commission of the State Council, the Chinese Academy of Sciences, the Chinese Academy of Engineering, the China Association for Science and Technology, and the Beijing Municipal Government. With the theme of "Deep Integration of Scientific and Industrial Innovation," it focused deeply on cutting-edge areas such as 6G, brain-computer interfaces, and cell and gene therapy, outlining a clear path for future industries transitioning from technological breakthroughs to application implementation. Among numerous innovative achievements, the "Thousand-Channel Invasive Flexible Brain-Computer Interface System" independently developed by Zhiran Medical particularly drew attention. At this forum, the achievement made its significant debut and, with internationally and domestically leading breakthrough technology, successfully made it into the "2026 Brain-Computer Interface Innovation Achievements," becoming one of the most representative innovations in the future brain-computer interface industry.

Source: Arterial Network

Baiyi Pharma Announces BY002 Receives IND Approval from China CDE, Enters Clinical Development Stage

Biyopharma recently announced that BY002, the company’s self-developed innovative biologic drug, has officially received Investigational New Drug (IND) approval from the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA). This milestone marks the official entry of BY002 into the clinical development stage and reflects the company's continued breakthrough capabilities in the field of innovative drugs for neurological disorders. Following the IND approval by the U.S. FDA in January 2026, this represents another key regulatory milestone for BY002 in China, one of the world's critical pharmaceutical markets. It indicates that the candidate drug is now authorized to conduct clinical trials in both China and the U.S., formally entering a new phase of global development.

Source: Arterial Network

• Biogen to Spend $5.6 Billion to Acquire Apellis Pharmaceuticals

• Jiesibail Acquired by WEGO Orthopaedics Holding

• JD Health Teams Up with Gujing Distillery for a Big Move: Reshaping the Trillion-Yuan Health Industry with "AI + Supply Chain"

• Large Model Reaches Pharmaceutical Circle, $280 Million: Anthropic Acquires Coefficient Bio

• BEICHEN BIOTECH's Controlling Subsidiary Completes Acquisition of 51% Equity in Changzhou Tianning Longyang Jinboli Dental Clinic

• $2.75 Billion! Lilly Acquires Insilico Medicine’s Preclinical Oral Pipeline

Biogen to Spend $5.6 Billion to Acquire Pharmaceutical Company Apellis

Biogen to Acquire Apellis Pharmaceuticals for $5.6 Billion, Aiming to Expand Its Therapeutic Capabilities in Immunology and Rare Diseases

Source of Information:Sina.com

Jiesibail Acquired by WEGO Orthopaedics Holding

Weigao Orthopaedics, the leading enterprise in China's orthopedics field, has officially completed the controlling acquisition of DaoTong Family company—Suzhou Jiesibail Medical Technology Co., Ltd. The successful completion of this transaction marks DaoTong Investment's exit from this project through industrial M&A.

Source of Information:Dao Tong Investment

JD Health Partners with Gujing Gong Jiu for a Major Initiative: Using "AI + Supply Chain" to Reshape the Trillion-Yuan Health Industry Track

On March 30, the sixth JD.com wine-tasting event was held at the Ancient Well Tribute Wine·Vintage Original Paste Theme Hotel in Bozhou City, Anhui Province. Representatives from JD Health, global pharmaceutical and health brand partners, consumer representatives, and other guests gathered to share a customized dinner, tasting the Ancient Well Tribute Wine·Vintage Original Paste Gu20, and engaged in in-depth discussions on empowering the broader health industry through "AI + supply chain."

Source: Arterial Network

Large Model Reaches Pharmaceutical Circle, $280 Million: Anthropic Acquires Coefficient Bio

As OpenAI acquired the talk show TBPN, Anthropic quietly acquired Coefficient Bio, a startup invested by Dimension that focuses on developing AI models for biological research and was formally established just eight months ago, for a stock value slightly over $400 million (2.75 billion yuan). The goal is to achieve artificial superintelligence in the scientific domain.

Coefficient Members to Join Anthropic Healthcare Life Sciences Team Led by Eric Kauderer-Abrams. Coefficient Co-founder Samuel Stanton Stated That This Move Will Lead the Biopharmaceutical Industry into the Intelligent Era, Completely Transforming the Way the Industry Learns and Makes Decisions. Additionally, Dimension Claims an Internal Rate of Return (IRR) of 38513% on Its Investment in Coefficient.

Source of Information:Sina.com

BEICHEN BIOTECH's Controlling Subsidiary Completes Acquisition of 51% Equity in Changzhou Tianning Longyang Jinboli Dental Clinic

Haily Biotechnology Co., Ltd. announced that its controlling subsidiary, Shaanxi Ruisheng Biotechnology Co., Ltd., plans to acquire 51% equity in seven dental chain companies in Yangzhou and Changzhou for 61.2 million yuan of its own funds. Currently, the industrial and commercial change registration procedures for the equity transfer of one of the target companies, Changzhou Tianning Longyang Jinboli Dental Clinic Co., Ltd., were completed on April 1, 2026. Ruisheng Biotech officially holds 51% of its equity, with Zou Chunyang and Xie Shouliang holding the remaining 44% and 5%, respectively. Due to factors such as dispersed transaction counterparties, the Spring Festival holiday, and tax procedures, the equity change procedures for the remaining six companies are still ongoing. The company noted uncertainties regarding the smooth completion of related asset delivery, transfer, and subsequent integration work and will promptly fulfill its information disclosure obligations. This acquisition represents an important step in Haily Biotech's business expansion in the field of dental medical services.

Source: Sina.com

$2.75 Billion! Lilly Acquires Insilico Medicine’s Preclinical Oral Pipeline

Insilico Medicine Announces Drug Discovery and AI Pipeline Licensing Collaboration with Lilly, Including a Novel Oral Drug Pipeline License and Multi-Target Drug Development Partnership. Under the agreement, Insilico Medicine is eligible to receive an upfront payment of $115 million and additional payments upon achieving development, regulatory, and commercial milestones, with a total deal value of up to approximately $2.75 billion. Furthermore, Insilico Medicine will also receive tiered royalties based on future sales.

Source: Arterial Network

Huayi Taikang's IPO on the Beijing Stock Exchange has been accepted, with high-end formulations + CDMO already generating nearly 100 million in profits.

Huayi Taikang Pharmaceutical Officially Submits IPO Prospectus to the Beijing Stock Exchange. A Hainan-based pharmaceutical company, over the course of sixteen years, has carved out a path to success in high-end formulations amidst the triple pressures of a fiercely competitive generic drug market, routine bulk procurement, and the high risks of innovation. What is less known is that this sprint did not begin at the Beijing Stock Exchange — Huayi Taikang initially planned to apply for the STAR Market but ultimately chose to shift to the Beijing Stock Exchange. This pivotal change in strategy reflects the deep strategic considerations of this small- and medium-sized enterprise in aligning with its own development pace and precisely connecting with the capital markets.

Source: Arterial Network

Statistical Period: March 30, 2026 - April 17, 2026

*Data source: Huaxing Capital internal organization

Market Value Date: April 17, 2026

Market Value Unit: Million USD

*Data source: Capital IQ, prospectus, research reports, annual reports of the company

Disclaimer: This article is prepared by Huaxing Capital Group (together with its affiliates, collectively referred to as "Huaxing Capital") for the recipient's reference only. It is not, nor should it be regarded as, a research report on any securities in any jurisdiction, and does not constitute an invitation or guarantee for the purchase, subscription of securities or other financial instruments and products. The listed companies mentioned in this article are for illustrative purposes only and do not represent any investment analysis or investment advice. The recipient should not rely solely on this article but should make investment decisions based on their own judgment and consult professional advice before taking any investment action.

The sources of the information contained in this article are considered reliable by Huaxing Capital, but Huaxing Capital does not guarantee the accuracy, completeness, or recency of the information contained herein. The opinions, analyses, forecasts, inferences, and expectations presented in this article are as of the publication date of this article and may be subject to change without prior notice. Huaxing Capital may have or seek business relationships with the companies mentioned in this article; therefore, recipients should be aware of potential conflicts of interest that may affect the objectivity of this article. Huaxing Capital shall not be liable for any direct or indirect losses incurred from the use of this article. This article is fully protected by copyright and other applicable rights.