Opportunities and Challenges in Life Science Entrepreneurship: 28 Esteemed Judges Announced for MIT Technology Review China's Inaugural Life Science Startup Competition
Currently, countries around the world are facing unprecedented challenges in “fighting the pandemic.” As humanity eagerly awaits tangible results from vaccine development, entrepreneurial opportunities in the life sciences sector present a coexistence of “crisis” and “opportunity.”
Amid a slowing economy, startups are facing severe cash flow pressures, and investors are exercising greater caution. Is the life sciences sector experiencing similar trends? What qualities must entrepreneurs in this field possess? With new technological breakthroughs emerging annually in life sciences in recent years, which subsectors do investors view as having the greatest potential over the next three to five years?
With these questions in mind, DeepTech interviewed several investor judges from the “MIT Technology Review China Life Sciences Startup Competition”: Lin Zhuangsheng, Partner at United Group; Yu Zhengkun, Founding Partner of JF Capital; and Wang Hui, Founder and CEO of HighLight Capital. We hope their insights will offer inspiration and food for thought to entrepreneurs in the life sciences sector.
Meanwhile, we are officially announcing today the list of 28 distinguished judges for the inaugural “MIT Technology Review” China Life Sciences Startup Competition. We extend our sincere gratitude for their strong support of the competition! Eligible companies are welcome to actively register and participate.（*For the newly added list of judges and competition entry methods, see below)
Q：Due to the pandemic, many investors are warning that corporate fundraising conditions will be challenging this year, with investment decisions becoming more cautious. Against this backdrop, will life sciences projects face a different situation?
【Jifeng Capital, Yu Zhengkun】Projects in the life sciences sector have experienced both positive benefits and negative impacts due to the pandemic. However, the adverse effects have been predominantly short-term; most deferred medical needs will still be addressed after the pandemic subsides. For instance, patients requiring non-urgent orthopedic surgeries or coronary stent placements may have their procedures postponed from the first quarter to the second or third quarter, as many hospitals were unable to maintain normal outpatient services and operations during the outbreak. Nevertheless, these necessary treatments will eventually be carried out. Consequently, while the first-quarter performance of most healthcare-related companies may be affected, the impact on their full-year results is expected to be minimal.
On the other hand, many companies will experience positive impacts. Firms in sectors such as face masks, gloves, protective suits, diagnostic reagents, related pharmaceuticals, medical equipment, disinfection products, and temperature screening devices have clearly benefited. Some enterprises are facing supply shortages due to insufficient production capacity, leading to significant increases in their performance for both the first quarter and the full year.
Moreover, once certain hygiene or medical practices are established, the demand for some products will persist in the long term and will not disappear with the end of the pandemic.
In the longer term, telemedicine and the informatization of healthcare systems will continue to reap sustained benefits, as they form the foundation of the national public health security system.
【United Capital Group, Lin Zhuangsheng】The current downturn in the primary market will inevitably impact startups in the life sciences sector, but this is not solely attributable to the pandemic. (In fact, the pandemic helped boost capital interest and awareness in the life sciences industry.) Rather, it is primarily due to the influx of hot money into the venture capital market over the past five years, with the current situation representing merely a normalization adjustment.
Although the life sciences sector is not immune to the downturn in capital, its prospects are indeed more favorable than those of other sectors. This is due to established clinical and regulatory benchmarks, clearer milestones, and the presence of ultimate strategic investors—such as large multinational pharmaceutical companies actively seeking acquisitions—as buyers.
[Honghui Capital, Wang Hui]The broader economic environment has indeed presented numerous challenges this year; however, the healthcare sector has proven remarkably resilient. For instance, from a stock market perspective, if the overall market declines by 30%, healthcare-related sectors typically see a drop of only around 10%. During financial crises, when various assets depreciate and financial resources shrink, many expenditures become discretionary. In contrast, healthcare remains an essential, non-negotiable need.
Q：What do you consider to be the distinctive characteristics of investment in the life sciences sector compared to other fields?
【Jifeng Capital, Yu Zhengkun】First, the field is highly specialized with significant barriers to entry. Investment in the life sciences sector encompasses multiple professional domains, including clinical knowledge, pharmaceutical expertise, and biological sciences. Without a relevant professional foundation and work background, it is difficult to fully understand a company’s products, market position, and competitive landscape.
Second, the investment cycle is long. Most products in the medical field require a lengthy research and development period, as well as clinical trials and regulatory approval processes. After product launch, there is still a process of educating doctors and patients, and some products must wait several years to be included in the national health insurance reimbursement list before achieving significant sales volume.
Therefore, Jifeng Capital primarily focuses on investing in growth-stage projects, which offer more favorable return cycles and liquidity. Meanwhile, healthcare companies at the growth stage tend to be relatively stable and demonstrate strong risk resilience during economic downturns.
[United Capital Group, Lin Zhuangsheng]Compared with investments in other sectors, life sciences offer distinct advantages. The presence of well-defined, financially robust strategic buyers and hard-core technical benchmarks enables the identification of clear value inflection points. Furthermore, the demographic dividend (an aging population) enjoyed by the life sciences industry is comparable to that of the internet sector two decades ago.
[Honghui Capital, Wang Hui]The nation is inevitably advancing toward innovation, transitioning from “Made in China” to “Created in China.” Consequently, many companies and individuals will be phased out for being adapted to the previous model. For investment institutions, the challenge is even greater; we must approach investment from a higher perspective. The easy phase has passed, leaving only the more difficult tasks ahead.
We are immersed in a period of change, primarily at the macro level, such as drastic shifts in the global landscape and state-driven transitions. As no one has previously experienced such “profound changes unseen in a century,” trial-and-error and adjustments are necessary.
Q：What qualities do you believe are most essential for entrepreneurs in the life sciences sector? At present, if you were to offer one piece of advice to early- and mid-stage startup teams in the life sciences field, what would it be, and why?
【United China Capital Group, Lin Zhuangsheng】It takes courage and meticulousness, not unfettered imagination, to focus solely on tackling the most complex and challenging diseases. In life sciences entrepreneurship, technological and scientific foundations account for only one-third of the probability of success; the other two equally weighted one-third factors are regulatory-compliant clinical trial design and fundraising capability. To maximize the likelihood of success, entrepreneurs must be proficient in all three areas.
Founders should not rely on luck during the entrepreneurial journey. They must avoid the mindset of “just getting started to see how it goes” or adopting a wait-and-see approach while experimenting. It is essential to prepare detailed, conservative, and rigorous budgets for each funding round, driven by clear milestones. Only when there is confidence in advancing the lead asset to the proof of concept (POC) stage—where it can achieve self-sustaining revenue—should one embark on the startup venture.
【Jifeng Capital, Yu Zhengkun】A team must include individuals who possess both scientific expertise and management and operational acumen. Scientific proficiency ensures that a company’s products remain at the forefront of innovation and enables the development of high-quality offerings. However, corporate operations differ fundamentally from R&D activities in universities and research institutes; having superior products alone does not guarantee a successful company. We have observed numerous academically trained entrepreneurs fail due to poor team integration, weak market awareness, and operational deficiencies.
Therefore, a team should include both excellent scientists and a strong management team; such a combination significantly increases the likelihood of success.
Furthermore, the products or services offered by enterprises must address unmet critical clinical needs; meanwhile, they should maintain a clear understanding of the competitive landscape to avoid falling into the trap of excessive competition.
“Unmet Clinical Needs” refers to situations where existing products fail to adequately address specific clinical issues. In such cases, the company whose product effectively resolves these clinical problems, or does so more efficiently and conveniently, will capture the market.
Meanwhile, you must not work in isolation and ignore what your competitors are doing or how far they have progressed. In China, there are many cases where “dozens of companies simultaneously develop a certain product or similar products.” If your product lacks significant differentiation or a leading advantage in R&D progress, the market will already be a red ocean by the time your product launches.
【Honghui Capital, Wang Hui】If I were to offer advice as an entrepreneur, it would be this: As a founder, no one truly manages you, and no one tells you what to do or when. You are accountable to your shareholders, your team, and society at large. While others may offer suggestions, none are critical in my view. The key lies in the founder’s continuous self-reflection and refinement—a process that can sometimes be painful and must be undertaken entirely on one’s own.
Q：Over the next 3–5 years, which life sciences investment subsectors do you believe hold the greatest potential in the Chinese market? Why?
[United Capital Investment Group, Lin Zhuangsheng]One is “gene-editing therapy.” Given China’s large population burden of genetic diseases, this technology enables early intervention for certain hereditary disorders with relatively well-defined pathologies, while simultaneously reducing risks.
Another area is “computer-aided drug screening.” First, it can significantly reduce the cost of new drug development and achieve “import substitution.” Second, China currently possesses world-class talent in computing, artificial intelligence, and biomedicine, a strength that is in no way inferior to that of the United States.
[Jifeng Capital, Yu Zhengkun]There are numerous investment opportunities in the life sciences sector. Advances in clinical practice, technological innovations, and even the outbreak of public health emergencies can all give rise to new industry opportunities.
The first sector with promising prospects is “medical devices and consumables with low domestic market share.” As the cost-effectiveness of domestically produced products continues to improve, coupled with national policies supporting and encouraging self-reliance and controllability, devices and consumables capable of substituting imported products will face significant growth opportunities. Especially in the aftermath of the pandemic, the state has repeatedly emphasized the need to strengthen the development of medical equipment.
The second promising sector is “innovative drugs and vaccines.” Although China’s overall R&D capability for new drugs still lags behind that of some developed countries, it is important to recognize the growing pool of domestic talent in new drug development, increasing government support, and rising market-driven capital investment. With its large population and substantial patient base, China enjoys certain advantages over developed countries in aspects such as patient recruitment for clinical trials.
The third area of strong optimism is “gene testing-related products and services.” Human understanding of ourselves remains far from sufficient; the fundamental causes of many diseases, their pathogenic mechanisms, and therapeutic mechanisms are still not fully elucidated. However, with advances in genetic technologies, gene testing is increasingly required for early screening, diagnosis, monitoring of treatment processes, and detection of infectious diseases caused by bacteria, viruses, and other pathogens.
The “Life Sciences Entrepreneurship Competition” has currently garnered strong joint support from nearly 30 representatives of industry giants, top academic experts, and prominent investors specializing in life sciences. The list of judges is as follows:
(*Listed in no particular order)
Ms. Liang Yingyu is a Managing Partner at Qiming Venture Partners and leads the firm’s healthcare investments. She has invested in numerous prominent companies and serves on their boards, including Gan & Lee Pharmaceuticals, Zai Lab (NASDAQ: ZLAB), Venus Medtech (02500.HK), Nurotron, Biocytogen Pharmaceuticals, CanSinoBIO (06185.HK), New Horizon Health, Huirui Gene, and Insilico Medicine.
Prior to joining Qiming Venture Partners, Ms. Liang Yingyu was a co-founder of Shengyuan Holdings Co., Ltd. She previously served as an Investment Partner at PacRim, a U.S.-based venture capital firm. Earlier in her career, she worked with the venture capital firms SoftBank and Mobius. Ms. Liang holds an MBA from Stanford Graduate School of Business and a Bachelor’s degree in Management from Cornell University.
Mr. Deng Feng founded Northern Light Venture Capital in 2005, bringing over 20 years of technical and management experience in the venture capital, computer, telecommunications, and data networking industries. In 1997, Mr. Deng co-founded NetScreen Technologies, which successfully listed on NASDAQ in 2001 and was later acquired by Juniper Networks for $4.2 billion in 2004. Under Mr. Deng’s leadership, Northern Light currently manages five U.S. dollar funds and five RMB funds, with assets under management exceeding RMB 30 billion. The firm has invested in more than 300 companies across the TMT, healthcare, and advanced technology sectors.
Mr. Deng Feng is directly responsible for investment and post-investment management at companies including Thundersoft, MacroSAN Technologies, Meituan, Baihe.com, Blueport Interactive, ChineseAll, GigaDevice, BGI Genomics, Tencent Music Entertainment, Burning Rock Biotech, Hillstone Networks, Spreadtrum Communications, CITIC Pharmaceutical, and InnoCare Pharma.
Dan Wang, Head of Johnson & Johnson Asia Pacific Innovation Center, is primarily responsible for managing the joint portfolio across all three company sectors, expanding the external network of its innovation ecosystem, and developing partnerships. Dan has over 20 years of experience in the life sciences industry. Prior to joining J&J Innovation, she collaborated with Becton Dickinson, e-Capital Corporation, Express Scripts, and Johnson & Johnson, leading local and global R&D, Medical Affairs, and clinical research teams. Additionally, she has focused on new product and business innovation in the healthcare sector. Dan holds an M.D. and a master’s degree from Peking University, as well as an MBA from the Goizueta Business School and a Master of Public Health (MPH) from the Rollins School of Public Health at Emory University in the United States.
Ms. Sun Zhengjie currently serves as Managing Director of Merck China Innovation Center and Vice President of Strategy & Transformation at Merck China, leading the Group’s strategic planning as well as Merck’s innovation and digital transformation in China. Ms. Sun is a member of the Global Leadership Team of Merck KGaA’s Strategy & Transformation division and a member of the Merck China Management Committee, and she also chairs the Merck China Digitalization Committee.
Ms. Sun Zhengjie joined Merck in 2009 and has held positions across multiple functions, including communications, sales, marketing, strategy, and business development. She possesses work experience in strategic markets such as China and the United States, and has also served within the Global Oncology Business Unit. Prior to 2013, Ms. Sun was a member of the management team for Merck’s Biopharma business in China. She was subsequently assigned to the United States, where she held various roles, including Global Oncology Commercial Director, leading global launch preparations for Merck’s first immuno-oncology drug.
Prior to joining Merck, Ms. Sun Zhengjie accumulated over eight years of experience in marketing and public relations consulting in China and France, serving Fortune 500 clients across multiple sectors—including healthcare, technology, chemicals, and finance—under the IPG and WPP groups.
Ms. Sun Zhengjie holds an MBA from the MIT Sloan School of Management and a Master’s degree in Journalism and Communication from Renmin University of China. She has translated and published two books on psychological management, serves as a director of the MIT Shanghai Alumni Association, and is a member of The Baihua Club. An active voice in the fields of innovation, digitalization, and women’s leadership, she also serves as a mentor and judge for multiple incubators, accelerators, and other organizations or programs.
Mr. Tian Hong is responsible for exploring and incubating digital and innovative medical device technologies, developing integrated solutions that combine these with innovative pharmaceuticals to serve patients with neurological, immunological, and orthopedic conditions. Committed to improving patients’ lives through technological and business innovation, he has fifteen years of experience in driving innovative initiatives within the healthcare industry.
Prior to joining UCB, he served as General Manager of Commercial Insurance Business and General Manager of Strategic Cooperation at WeDoctor Group; Multichannel Marketing Director and Head of Information Management at AstraZeneca; and Leadership Development Program Associate in Information Management at GE.
Mr. Wang Hui is the Founder & CEO of Honghui Capital and serves as a Visiting Professor at Tsinghua University. He previously held the positions of Senior Partner and Investment Committee Member at CDH Investments. Mr. Wang has accumulated nearly 20 years of experience in the healthcare industry and investment, both domestically and internationally. Prior to joining CDH Investments, he worked at Avenue Capital and the London branch of Lehman Brothers, and served as Senior Manager in the Acquisitions Department at the global headquarters of Becton Dickinson.
Mr. Wang Hui founded Honghui Capital in June 2014. The firm currently manages six RMB/USD dual-currency funds with a total assets under management (AUM) exceeding RMB 10 billion equivalent. Its primary investments include, but are not limited to, WuXi AppTec (603259), Yuwell Medical (002223), WuXi Biologics (02269), Mindray Medical (300760), Pharmaron (300759), Borui Medicine (688166), and STA Pharmaceuticals (832159).
In early 2010, Mr. Li Yuhui founded Panlin Capital and currently serves as its Founding Managing Partner and Chairman. With over 20 years of professional investment experience, Mr. Li, driven by the mission to “invest in China’s emerging innovative forces and support the development of the national economy,” has led Panlin Capital to focus on growth-stage private equity investments centered on the theme of “technology-driven consumption upgrades.” The firm concentrates on three key sectors: enterprise services, innovative consumer goods, and healthcare (including R&D of new drugs for major diseases, high-end medical devices, and third-party testing services), achieving outstanding investment performance.
As the direct person in charge of projects, Mr. Li Yuhui invested in seven growth-stage companies listed on China’s A-share market, including Toread (300005), Dongfang Shishang (603377), Shengshi Jiaoyang (acquired by Huangshi Group, 002329), Gaoneng Environment (603588), Hybribio (300639), and Kangtai Biological Products (300601). Meanwhile, as the direct person in charge of projects, Mr. Li Yuhui also invested in early-stage ventures such as Pingxin Technology, Yi’ersan, Yinbang, Aikenluobo Robotics, and Ruibo Biology. Among these, Pingxin Technology was wholly acquired by Meituan Dianping, and Yi’ersan was partially acquired by Alibaba.
Prior to founding Panlin Capital, Mr. Li Yuhui worked for over ten years at leading Chinese investment banks, including former Jun’an Securities and Guotai Junan Securities, accumulating extensive expertise in investment banking services and management. Before that, Mr. Li spent three years engaged in CAD technology development at a large state-owned enterprise. Mr. Li graduated from Huazhong University of Science and Technology, Southwestern University of Finance and Economics, and Tsinghua University, holding a Bachelor of Engineering, a Master’s degree in Economics, and an Executive Master of Business Administration (EMBA) from Tsinghua University.
Joined Lilly Asia Ventures in 2011, leading investments in multiple projects including CanSino Biologics, with coverage across various sub-sectors such as vaccines, chemical drugs, antibody therapeutics, and in vitro diagnostics (IVD). Previously, he established the Strategic Planning Department at Sanjiu Pharmaceutical and led the company’s strategic planning and business development efforts. He was responsible for marketing core products at Merck Serono (China) and engaged in corporate mergers and acquisitions, as well as product in-licensing and out-licensing, at GlaxoSmithKline (China). He holds a Bachelor’s degree in Chemical Pharmaceuticals and a Master’s degree in Medicinal Chemistry from China Pharmaceutical University, an MBA from CEIBS, and is a licensed pharmacist.
Ph.D., Researcher, Doctoral Supervisor; currently Director of the CAS Key Laboratory of Quantitative Engineering Biology, Director of the Institute of Synthetic Biology at Shenzhen Institutes of Advanced Technology, Chinese Academy of Sciences, and Dean of the Shenzhen Institute of Synthetic Biology Innovation; Deputy Director and Secretary-General of the Synthetic Biology Professional Committee of the Chinese Society of Biotechnology; Executive Committee Member of the Asian Society for Synthetic Biology; President of the Shenzhen Synthetic Biology Association; Chief Scientist of the National Key R&D Program; Expert enjoying the Special Government Allowance of the State Council.
Editorial Board Member of *ACS Synthetic Biology* and *Quantitative Biology*; Ph.D. from The University of Hong Kong; Postdoctoral Fellow at Harvard University. Recipient of the “Innovation Breakthrough Award” of the Zhongyuan Union Life Medicine Award, the “Hong Kong Young Scientist Award,” the “Li Ka-shing Award,” and the “Top Ten Outstanding Youths of Shenzhen.” Research findings have been published in international peer-reviewed journals such as *Nature*, *Science*, *PNAS*, *Microbiome*, *ACS Synth Biol*, and *Biomaterials*. Laboratory research interests include: 1) employing key technical approaches such as synthetic gene circuits and spatial evolution to investigate the principles underlying the formation of “order” in biological systems across scales; 2) utilizing synthetic biology technologies to engineer bacteria targeting malignant solid tumors, thereby developing theoretical frameworks and practical methodologies for synthetic bacterial therapy of solid tumors.
Jacky Chen, Founding Partner of Yansheng Venture Capital, oversees RMB and USD funds under the firm with a combined assets under management (AUM) of nearly RMB 5 billion. The funds focus on the life sciences sector, investing in high-potential companies in biotechnology, new drug development, medical devices, and healthcare services. Since its establishment in 2013, the firm has invested in more than 70 biopharmaceutical enterprises, achieving substantial returns for the funds through multiple mergers and acquisitions (M&A) exits and initial public offerings (IPOs).
Mr. Chen Jie has 20 years of experience in multinational healthcare companies and pharmaceutical investment, possessing extensive local networks and expertise alongside a strong international background. He has previously held positions at Kaitou Fund, Defu Capital, and Taishan Investment (USA). Mr. Chen holds an MBA from Cornell University in the United States and a bachelor’s degree from Sun Yat-sen University.
Mr. Chen Jie’s Past Investment Cases: Ascentage Pharma (6855.HK), Henlius Biotech (2696.HK), BrightGene Biosciences (688166), ClearMed, Kintor Pharmaceutical, PegBio, Zhengya Dental, Nanomicro, Boao Jingdian, Innovita Biology, Suizhen Biotech, YHLO Biotech, Allist Pharmaceuticals, Aikang BioPharm, Kaiyin Technology, Topall Pharmaceutical (000908), BGI Genomics (300676), Kangning Hospital (2120.HK), etc.
Dr. Hu Xiaofang is currently a Partner at Yuanhe Origin Fund, where she oversees investment activities in the healthcare and medical sectors. Dr. Hu brings over two decades of experience in biomedical research and investment. Prior to joining Yuanhe Origin Fund, she served as Managing Director at Chende Capital and as Managing Director of the Huajin Jintian Fund under Tasly Capital.
Prior to entering the industry and investment sectors, Dr. Hu was a Professor in the Department of Biomedical Engineering and the Med-X Research Institute at Shanghai Jiao Tong University, where he was responsible for establishing the university’s proteomics platform and conducting research in cancer proteomics. Dr. Hu earned his bachelor’s and master’s degrees in Biochemistry from Nanjing University, his Ph.D. in Biophysics from Shanghai Jiao Tong University, and completed his postdoctoral training in tumor biology at Harvard Medical School in the United States.
Mr. Ruilin Zhao is currently a Partner at Chende Capital. Prior to joining Chende Capital, Dr. Zhao joined Illumina in 2014 as Vice President of Global Operations and General Manager for Greater China, where he was responsible for formulating and implementing the overall strategy for sales, after-sales support, and marketing in Mainland China, Hong Kong, and Taiwan. During this period, Illumina’s Greater China region grew into its second-largest market globally and its most strategically important market.
Previously, Zhao Ruilin held multiple management positions at Life Technologies (later acquired by Thermo Fisher). He also served as Vice President of Business Development and General Manager of the Peripheral Vascular Division at MicroPort Scientific Corporation. Earlier in his career, he was responsible for the research and development of the neurovascular product portfolio at Johnson & Johnson in the United States.
Zhao Ruilin earned his Ph.D. in Medical Engineering and Medical Physics from the Harvard-MIT Program in Health Sciences and Technology, an MBA from the Wharton School of the University of Pennsylvania, a Master’s degree in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology (MIT), and a Bachelor’s degree in Biomedical Engineering from Xi’an Jiaotong University.
Mr. Yu Zhengkun specializes in investments within the healthcare and wellness sector. Prior to founding JF Capital, he joined IDG Capital in January 2005 and served as a Partner at IDG Capital. Mr. Yu has led or participated in numerous investments, including Kanghui Medical (listed on the NYSE and later acquired by Medtronic), China Biologic Products Holdings, Inc. (NASDAQ: CBPO), Andon Health Co., Ltd. (SZSE: 002432), Shuangcheng Pharmaceutical Group Co., Ltd. (SZSE: 002693), Rich Healthcare Group Limited (HKEX: 01526), Intco Medical Technology Co., Ltd. (SZSE: 300677), Ping An Good Doctor (HKEX: 01833), Shanghai Pharma Cloud Health, Origene Technologies, Justcare, Byndent, Xiangyu Medical, and Noxell.
Simone Schuerle is an Assistant Professor at ETH Zurich and the head of the Responsive Biomedical Systems Lab, where she focuses on micro- and nanosystem technologies for cancer therapy, aiming to address a range of challenging issues in the medical field. Previously, from 2014 to 2017, she conducted research at the Massachusetts Institute of Technology (MIT) on using microrobots to help deliver drug-loaded nanoparticles directly into tumors or other diseased tissues. She has received numerous awards and fellowships, and in recognition of her scientific contributions to society, the World Economic Forum named her a “Young Scientist.” Simone is also a co-founder of the microrobotics company MagnebotiX.
Mr. Zhuangsheng Lin is a Partner at WI Harper Group, overseeing healthcare investment operations across the Beijing, San Francisco, and Taipei offices. With over 13 years of experience on Wall Street, Mr. Lin has specialized in investment banking, hedge funds, and global asset management, with a focus on the London and Hong Kong markets.
Prior to joining UOB Venture Management, Mr. Lin served as a Senior Investment Manager at Marshall Wace (London) and Myriad Asset Management (Hong Kong), two globally renowned hedge funds managing tens of billions of dollars in assets, with a focus on the global healthcare and consumer sectors. During his tenure at Marshall Wace, he was a key member of the team that secured the Eurohedge 2009 “Best New Hedge Fund Award,” and played a central role in the MW Global Opportunities Fund winning the “European Hedge Fund of the Year Award” in 2011. Mr. Lin began his career as an Investment Banking Analyst at Goldman Sachs International in London. He holds a Bachelor’s degree (Honours) in Finance from the London School of Economics and Political Science (LSE).
Dr. Liang Shuang earned her Ph.D. in Molecular Biology from Case Western Reserve University in the United States. She currently serves as General Manager of the Investment Department at Bloomage Biotechnology Corp., Ltd., where she oversees exogenous growth of the company’s product portfolio and investment development strategies for its public market ecosystem. Her primary investment focus spans pharmaceuticals, medical devices, skincare products, channel platforms, and service endpoints within the domestic and international medical aesthetics and broader health consumer sectors, covering companies from early-stage startups to mature enterprises.
Dr. Liang Shuang previously served in the Management Consulting Division of IQVIA China. Her primary areas of expertise include strategic planning and product portfolio analysis for pharmaceutical companies, market access and pricing strategies for drugs, as well as commercial performance optimization and omnichannel marketing. The therapeutic areas covered encompass oncology, cardiovascular diseases, endocrinology, orthopedics, rheumatology and immunology, and medical aesthetics. In the healthcare services sector, her experience spans strategic design, market positioning, departmental and clinical pathway planning, and commercial due diligence for general and specialized hospitals; as well as industrial planning and investment assessment for integrated healthcare-commercial complexes, biopharmaceutical industrial parks, senior living real estate, and health-focused characteristic towns.
General Manager of CCB Medical Growth Fund. With 14 years of experience in healthcare investment, has completed multiple domestic and overseas VC/PE projects with outstanding returns. Holds the Chartered Financial Analyst (CFA) designation and fund practice qualification. Graduated from the Faculty of Life Sciences at the University of Toronto and obtained a master’s degree in Finance from Renmin University of China. Currently or previously served as a mentor at the Wharton China Center of Pennsylvania State University, a mentor and lead project reviewer at Zhongguancun Haidian Pioneer Park, and a project reviewer for the Ministry of Science and Technology and the Ministry of Human Resources and Social Security. Also serves as a startup mentor for the China Investment Public Welfare Alliance and Zijing Incubator, and as a senior advisor on the new Good Supply Practice (GSP) policies for the national pharmaceutical distribution industry.
With 19 years of experience in the investment industry, focusing on the biopharmaceutical sector and contributing to the development of the pharmaceutical industry, Mr. Zhu Jinqiao has been hailed as the “Best Emerging VC Manager in China 2018” and “Financial Person of the Year in China 2019.” Mr. Zhu successfully led multiple projects, achieving several “firsts” in the field of innovative drugs: investing in Chipscreen Biosciences (688321.SH), the first innovative drug company listed on the STAR Market; Ascentage Pharma (06855.HK), the first small-molecule innovative drug company listed on the Hong Kong Stock Exchange; Frontier Biotechnologies, developer of the world’s first long-acting anti-HIV new drug; and Centrexion, a globally leading R&D company for novel analgesics. In the area of high-end medical devices, he invested in Mindray Medical (300760.SZ), a domestic leader; Weimai Medical, the top brand in interventional devices; and Pumen Technology (688389.SH), the pioneer in photon-based wound care therapy on the STAR Market—truly high-quality enterprises with core innovative technologies capable of achieving import substitution.
Yifeng Capital, founded by Mr. Zhu Jinqiao, is a specialized biomedical investment firm composed of Ph.D. graduates from renowned universities in China, the United States, Europe, and Japan. Adhering to a technology-driven approach, Yifeng Capital deeply cultivates the biomedical sector, invests in high-quality enterprises both domestically and internationally, and aligns with national strategies for technological innovation, truly realizing the vision of “enabling Chinese people to use domestically developed innovative drugs and medical devices.”
Prior to founding Qianshi Venture Capital, Hu Haiqing served as an Investment Director at Matrix Partners China. During his nearly eight-year tenure at Matrix Partners China, he was responsible for the firm’s investments in the consumer, healthcare, and cultural sectors.
Hu Haiqing has been responsible for investing in and managing companies including Edan Instruments (300206.SZ), iKang Healthcare Group (NASDAQ: KANG), Career International (300662.SZ), Nanjing King-Friend Biochemical Pharmaceutical (603707.SH), Distinct HealthCare, Boao Rehabilitation, Yiruan Information, Jiaqi Biotechnology, Kemai Biology, and Qingyang Technology. Hu Haiqing holds a Bachelor’s degree in English Literature (International Business) from the School of International Business at Beijing Foreign Studies University. Additionally, Hu Haiqing serves as a member of the Economic Committee of the China Democratic National Construction Association (CDNCA) Beijing Municipal Committee.
In 2006, he founded U-Show International Travel, China’s first private health travel service provider. In 2013, he co-founded and invested in the medical aesthetics platform SoYoung, serving as its Chairman until stepping down following SoYoung’s IPO in 2019. In 2015, he established U-Show Life Institute, China’s first fully private one-stop preventive health management institution.
Yuan Yi Capital is an early- and growth-stage investment fund focused on healthcare. Yang Ruirong has over 20 years of extensive experience in direct investment and management operations. He entered the venture capital industry in 2004, helping Lanxin Asia establish its Shanghai and Beijing offices, and led or participated in a series of successful investments in the consumer and technology sectors. Since 2010, he has served as a Partner at Northern Light Venture Capital, responsible for investments in the healthcare and medical technology fields.
Mr. Yang Ruirong’s representative projects include: Burning Rock Biotech, Genetron Health, Medbank Health, Zhijian Technology, Hulianwang, Leinuo Medical, Beideng, Mingyi Zhonghe, Hope Group, Credible (ASX: CRD), ThunderSoft (ChiNext: 300496), BGI Genomics (ChiNext: 300676), Dianrong.com, iRay Technology, and Yi Xinli.
Wayne Xiong leads technology-sector investments at Huachuang Capital, including numerous deals in Silicon Valley. His portfolio includes LandSpace, Aibee, WeRide, Deephi Technology, Mech-Mind Robotics, Sobot, and Tezign. In the life sciences sector, his investments include Fubei Biotechnology, Singleron Group, Ruixin Medical, Boshidun Medical, Jingzhun Biology, Haosi Biotechnology, Huake Precision, and Mingshi Junzhi, among others. Prior to joining Huachuang Capital, he was a Partner at Bertelsmann Asia Investments (BAI). Before that, Mr. Xiong served as a Partner at WI Harper Group. Earlier in his career, he worked as a China Analyst at Piper Jaffray.
Xiong Weiming graduated from the Department of International Economics, School of Economics, Peking University.
Mr. Zhao Gang possesses a background in clinical medicine and extensive experience in healthcare industry investment, with a steadfast commitment to serving as a companion and service provider to outstanding entrepreneurs in China’s healthcare sector. He joined SoftBank China Capital in 2006 and currently serves as a Partner at the firm.
Notable investment cases include: Dian Diagnostics (300244.SZ), Edan Instruments (300206.SZ), Perlove Medical, Comed Biosciences, Tianyan Technology (833047), Kunya Medical (835689), Baiyang Pharmaceutical, Jinshi Biology, and Jingyi Shares.
Ph.D. in Optics from the Xi’an Institute of Optics and Precision Mechanics, Chinese Academy of Sciences; Executive Dean of the Shaanxi Institute of Optoelectronic Integrated Circuit Leading Technology Research; Vice Chairman of the Young Scientists Social Responsibility Alliance.
The proponent of China’s “Hard & Core Technology” concept, founder of the Hard & Core Technology Innovation Alliance, and advocate of the view that tech entrepreneurship will be the main theme of China’s development over the next three decades. Dr. Mi Lei has long been engaged in the commercialization of scientific and technological achievements. He launched China’s first angel fund and incubation platform dedicated to hard & core technologies, investing in and incubating more than 280 such enterprises, thereby driving regional economic development and cultivating a vibrant entrepreneurial ecosystem for hard & core technologies. He is the recipient of the CAST “Qiu Shi” Outstanding Young Award for Achievement Transformation and the China Youth Entrepreneurship Award.
Mr. Ouyang Xiangyu has over 16 years of experience in venture capital and 16 years in the IT industry, with extensive expertise in venture capital, corporate strategy, corporate governance, and business operations.
Prior to founding Sherpa Capital in 2018, he served as Managing Director and a member of the Management Committee at Legend Capital, where he led and established the healthcare investment team and managed healthcare investment funds. His investment portfolio includes notable companies such as Ninestar Corporation (002180.SZ), Berry Genomics (000710.SZ), Innovent Biologics (01801.HK), Axonics (AXNX.US), Mingde Biology (002932.SZ), and Asia Heart Hospital.
Mr. Yu Junhan co-founded Heli Investment with Mr. Zhang Min in 2012. The Heli Investment team manages multiple RMB and USD funds, with investment activities spanning early-stage venture capital, mid-stage growth equity, and securities investments. To date, the firm has invested in more than 150 high-tech, high-growth companies across China, the United States, India, South Korea, Hong Kong, Vietnam, and other regions. Its portfolio covers numerous rapidly emerging sectors, including the internet, artificial intelligence, automation, fintech, cultural creativity, consumption upgrades, new materials, and biomedicine. Companies under Mr. Yu’s investment purview include Leyunrui, Kuwa Robotics, Shenmu, Westwell Technology, Juxinli, Jingcang Technology, Cobotics, and Qitan Technology.
Ms. Zheng Yufen, Founder and President of InnoCare Medical Fund, is recognized as one of the “Top 10 Venture Capitalists in China’s Healthcare Sector” and serves as an Entrepreneurship Mentor for undergraduates at Tsinghua University. Ms. Zheng has been engaged in venture capital in China since 2007, with a focus on the healthcare and medical sector. Prior to founding InnoCare Medical Fund, she served as Investment Director for Healthcare at Qiming Venture Partners and as Managing Partner for Healthcare at Zero2IPO Capital. She has facilitated cumulative transactions totaling nearly RMB 3 billion and has completed investments in and management of nearly 50 companies.
Ms. Zheng holds a Bachelor’s degree in Bioengineering and a Master’s degree in Management, having graduated from Tsinghua University and the Massachusetts Institute of Technology (MIT). She is currently pursuing her Ph.D. at Johns Hopkins University in the United States. Ms. Zheng invested in industry-leading enterprises during their early development stages, including Genetron Health, HC3i, Hetian Hospital, Meiermu Eye Hospital, CapImage, Ruihua Medical, Purecell, Tiankeya, Daka Fertility Support, Weimai Medical, Shuchuang Robotics, and Jingzhun Medical.
Mr. Guo holds an MBA in Finance from China Europe International Business School (CEIBS) and brings over a decade of experience in venture capital, quantitative securities investment, strategic planning for multinational financial institutions, and cross-border mergers and acquisitions. He was honored as one of the “Top 80s Venture Capitalists” by CLPA in 2018. Leading the Miracle Light and Blue Rainbow teams, Mr. Guo has spearheaded numerous technology transfer initiatives in the life sciences sector, incubating and investing in promising early-stage companies such as Nuofo Biotech, Jingliang Gene, Yuce Bio, Junhui Bio, Yongdao Zhiyuan, Shanliang Technology, and Huijian Technology.
Prior to pursuing his MBA, Mr. Guo served as Assistant Vice President for Citibank’s Asia-Pacific region, where he was responsible for implementing the group’s global strategic projects across 18 countries in the Asia-Pacific. He played a leadership role in projects covering new business market analysis and national strategy, system integration and management model optimization, process reengineering, and risk management system design. Additionally, he participated in the execution of numerous equity investments and controlling acquisitions by Citigroup in the Asia-Pacific region.
Eligible companies are welcome to actively apply for selection (please scan the QR code below for registration). We also welcome investment institutions, industry players, and local governments in the life sciences sector to contact us for collaboration opportunities. Contact: susie.wang@mittrchina.com
