Over RMB 5.7 Billion Deployed! Qiming Venture Partners, Shenzhen Capital Group, and Lilly Asia Ventures Aggressively Expanding Investments in Key Healthcare Sectors

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In the blink of an eye, half of 2025 is about to pass. In the past May, the growth trend of investment and financing in China's medical health primary market was significantly noticeable.

PharmaCubeInvestGoThe investment and financing database shows,In May this year, over 170 institutions invested in China's healthcare primary market, with the total disclosed amount increasing by 53% compared to April this year, reaching 5.74 billion yuan.

Among them,Boyu Capital, Guofa Venture Capital, OrbiMed China, Lilly Asia Ventures, Shenzhen Capital Group, Beijing State-owned Assets Management Co., Ltd., Sansure Biotech, Sherpa Healthcare Partners, H&Q Healthcare Fund, Qiming Venture PartnersSuch active institutions have made frequent moves in May this year.

Looking at the first five months of this year, different investment institutions mainly exhibited two distinct investment paces:One is to plan before acting, and after aiming accurately, invest in multiple companies at once; the other is to follow up in real time, investing in one or two companies almost every month.

What tracks and directions are attracting these active investment institutions? What changes have occurred in these tracks? What financing trends will emerge in the second half of 2025? The answers to these questions may be hidden in the financing events of May this year.

From the perspective of investors, in May this year,The number of state-owned assets and corporate venture capital (CVC) entities has decreased compared to the first three months of 2025, when they accounted for half of the total, dropping to around 35%, the same level as in April this year.In contrast, the number of venture capital institutions has steadily increased.This means that market capital is regaining and gradually stabilizing its investment confidence in China's healthcare sector.

In terms of financing rounds, early-stage financings such as seed rounds and angel rounds have been more frequent compared to the first four months of this year, with the total amount of these financings accounting for over 60% of the total financing.This is also the first month since 2025 that the financing amount for early-stage projects has exceeded the amount for late-stage projects at Series C and beyond.It can be seen that early-stage project investments have rebounded and are gradually increasing.

From the perspective of investment areas, innovative drugs and medical devices have consistently been the main "cash magnets," collectively securing 4.752 billion yuan, accounting for over 83% of the total amount, on par with this April.But what's different is that the capital's interest in investing in the upstream and downstream of the medical industry has returned.

Small Nucleic Acid Drugs Take the Lead

In May this year, there were 15 financing events exceeding 100 million yuan in China's medical and health field, which is 5 more than in April.Among these 15 incidents, the innovative drug field accounts for 6, the medical device field has 7, the medical upstream and downstream sector has 1, and synthetic biology has 1.

Among the six financing events exceeding 100 million yuan in the innovative drug field, three are related to nucleic acid drugs.And 2 out of the top 5 financing events are related to nucleic acid drugs, namely AusperBio and Jingyin Pharmaceuticals.

AusperBio is a clinical-stage innovative drug research and development company focusing on the development of self-innovative targeted delivery small nucleic acid drugs, committed to achieving the goal of clinical cure for chronic hepatitis B.

At the end of May, AusperBio announced the completion of a US$50 million B+ round of financing.This round of financing was led by a globally renowned industry investment institution, with follow-up investments from Qiming Venture Partners, CDH VGC, Genesis Capital, Origin Capital, Hanscom Capital, and Sherpa Healthcare Partners.

The proceeds from this financing will be mainly used to support the continued clinical development of its innovative non-conjugated antisense oligonucleotide (ASO) AHB-137 for the functional cure of chronic hepatitis B (CHB). AHB-137 is also the first innovative drug from AusperBio's self-developed platform Med-Oligo™ to enter clinical trials.

Founded in 2021, Jingyin Pharmaceuticals is a clinical-stage biotechnology company and a leader in developing groundbreaking siRNA therapies for the prevention and treatment of chronic diseases.

Recently,Jingyin Pharmaceuticals Announces Major Collaboration with Gene Editing Giant CRISPR Therapeutics to Advance siRNA Innovative Therapy Development, with a Collaboration Value of Up to $895 Million (Approximately RMB 6.5 Billion).

Before this collaboration, Jingyin Pharmaceutical had already garnered favor from multiple investors.In early May, AusperBio announced the successful completion of a nearly 50 million USD B2 round of financing.To accelerate the clinical development of its novel small interfering RNA (siRNA) therapy for cardiometabolic diseases and continue innovating its next-generation RNA delivery technology. This round of financing was led by a globally renowned industry investment institution, with Boyuan Capital and existing investors Orbimed, Hongyuan Capital, and H&K Capital participating.

Currently, Jingyin Pharmaceuticals has entered the clinical development stage with products including SRSD107 for the treatment of thromboembolic diseases, SRSD216 for high lipoprotein(a), and SRSD101 for dyslipidemia.

Synthetic Biology Gradually Stabilizes

Since the beginning of this year,Capital's investment interest in synthetic biology has never waned, with investments being made almost every month.

As a national high-tech enterprise specializing in the research and production of recombinant collagen and multi-type functional proteins driven by synthetic biology, Joyoung Biotech has been deeply engaged in recombinant collagen for over two decades. It has established a full industrial chain platform encompassing gene design, strain construction, industrialization design, ton-scale capacity expansion, downstream application development, and safety and efficacy testing of downstream products.

Since the launch of the first recombinant type V collagen product in 2024, Joyuan Bio has successfully built a multi-spectrum product matrix covering various types of collagen including type I, type III, type IV, type V, type VII, type XVII, fibronectin, and elastin. This has enabled deep applications in cosmetics, medical devices, food nutrition, and other fields. Joyuan Bio has become one of the largest global suppliers of recombinant collagen with the most extensive range of types and the largest production capacity.

In late May, Joyoung Biotech announced the completion of a financing round exceeding 100 million yuan.This round of financing was jointly invested by SDIC Capital and Yuexiu Industrial Fund. The funds will help Ju Yuan Bio step up its strategic layout in the field of biosynthesis, and comprehensively enhance its competitiveness as a leading global synthetic biology functional protein "intelligent manufacturing platform."

Upstream and Downstream Heat Rises Again

The upstream and downstream of the medical industry, which had not seen large-scale financing for a long time, "began to show signs of recovery" in May this year. This is also an important manifestation of the capital's confidence returning to the pharmaceuticals industry.

Founded in 2015, Huapu Scientific Instruments is a comprehensive platform enterprise in China that produces chromatography equipment, software, and consumables. Currently, Huapu Scientific Instruments has developed a complete product portfolio including HPLC (High-Performance Liquid Chromatography), UHPLC (Ultra-High-Performance Liquid Chromatography), along with corresponding software and consumables. The company’s self-branded instruments have an installed base of thousands of units in the mainstream chromatography application market.

In mid-May, Huapu Science announced the completion of a Pre-B round of financing exceeding 100 million yuan.This round of financing was jointly led by Jingguorui Fund and Beijing High-Precision Fund managed by BGIC, with follow-up investments from existing shareholders Hony Capital and Bridge Capital. The funds raised in this round will mainly be used for further development of sales channels both in China and internationally, as well as the development of next-generation products.

Capital's attention to and investment in the upstream and downstream of the medical industry indicate that the industry's recovery momentum is gradually strengthening.

Medical Devices Become "Panacea"

Since the capital winter, there have been occasional increases in capital investment in the medical device field.

Since 2025, the number of investment and financing events in the medical device field has continued to account for "half of the total."Even as the innovative drug sector gradually warms up, investors still opt for more secure ways to mitigate risks.

The highest single investment amount in the medical and health field has also consistently appeared in the medical device sector in recent months, and May of this year was no exception.

At the beginning of May, Xinhanglu Medicine announced the completion of a 600 million RMB B-round financing.This is the second market-driven oversubscribed financing achieved by Heartvoyage Medical after completing nearly 200 million yuan in Series A funding in August 2023. It is also one of the largest single market-driven financings in China's primary market for medical devices since 2023.

This round of financing was jointly led by Meituan Longzhu Fund and existing shareholder Lilly Asia Ventures (LAV), with existing shareholder Loncar Investments continuing to significantly increase its investment.

Heartvoyage Medical, established in 2020 by a team of senior electrophysiology experts from China and the United States, is headquartered in Guangzhou with a wholly-owned R&D subsidiary in Irvine, California. The company is dedicated to developing next-generation atrial fibrillation treatment products and building a one-stop atrial fibrillation treatment solution that integrates "magnetic and electric navigation + five-dimensional mapping + three-dimensional PFA ablation."

After years of technical refinement, Cardiovolution Medical has built the world's most comprehensive and technologically innovative product portfolio for overall atrial fibrillation solutions.

Among the top 5 financing and investment events in May, apart from Heart Avenue Medicine in the first place, there is also Nurotron ranked fifth.

Nurotron, established in 2006, is a national specialized and innovative "key little giant" enterprise focusing on the research, production, and sales of neuroelectronic medical devices. The company's R&D pipeline is laid out in three dimensions: auditory reconstruction products as the core, with visual reconstruction products and neuromodulation stimulators as complementary areas.

Its main products include cochlear implants, auditory brainstem stimulators, and bone conduction hearing aids, covering the fields of auditory and visual reconstruction. Relying on independent innovation capabilities, Nurotron has broken the monopoly of Western countries in the field of cochlear implant technology, and its products have been sold to many countries in Europe, America, and Asia.

In mid-May, Nurotron announced the completion of a strategic financing round worth hundreds of millions of RMB.This round of financing was led by the investment platforms under Hangzhou State-owned Capital Investment and Operation Co., Ltd. and Hangzhou Yuhang Financial Holdings Group Co., Ltd. This is not only an important milestone in the development history of Neurolink, but also marks the significant layout of state-owned capital in the field of neuroelectronic medical devices.

Hard technology, internationalization, and import substitution have always been important criteria for most investors in screening projects in the medical device field.From the perspective of medical device projects that received high financing in May this year, the investment requirements of state-owned capital are becoming increasingly market-oriented.

Overall, under the multiple benefits of policy, BD, and technological breakthroughs, the number of financing events and the amount in May this year have increased, showing a positive trend.