On August 24, 2026, CHIN-WIN Health officially secured tens‑of‑millions‑yuan angel‑round investment from Yifeng‑Zhuohua Fund. The proceeds will be primarily allocated to advancing multi‑center clinical trials for Neuro‑IVUS, the world's first intravascular ultrasound diagnostic system for cerebral vessels, filing for NMPA Class‑III medical device registration, and early‑stage technical layout and R&D for the ultrasound‑based neuroscience application matrix.

Established in November 2025, Circunited BioPharma enrolled and dosed two patients with refractory, relapsing systemic lupus erythematosus (SLE) by April 2026, completing the journey from laboratory to clinical research in six months. Over the past 18 months, multinational corporations (MNCs) have increasingly entered the in vivo CAR-T field, but it remains in its early stages. Few global mRNA-LNP-based products have generated investigator-initiated trial (IIT) clinical data, with most still in animal validation. Although the FDA has approved the first IND application, registrational clinical readouts remain distant, leaving human data scarce. Circunited BioPharma’s IIT results showed favorable efficacy and excellent safety in two severe SLE patients, placing it among the global leaders. Founder Yang Muyizi sees the next one to two years as critical for validation. In vivo CAR-T’s potential to overcome traditional CAR-T bottlenecks continues to attract MNC investment.

For ALS therapeutics, slowing disease‑related functional decline stands as a key clinical goal. On August 15, Darwin‑ALT001, a China‑originated candidate drug targeting the central nervous system, unveiled findings from two Phase I clinical studies. These studies aimed to validate its safety, dosing foundation and reproducibility of previously‑observed patient signals in registrational trials. Data from the dose‑escalation trial of 36 ALS patients showed that at Day 31 after administration, all three dose groups achieved higher ALSFRS‑R scores from baseline, whereas the placebo group had score drops, showing notable inter‑group differences. Functional recovery is rarely seen in ALS progression, and this signal suggests encouraging potential of this candidate.

In H1 2026, Xellar Biosystems completed nearly RMB 400 million in Series A financing, with funds earmarked to accelerate virtual cell development and related initiatives. During the same period, DarkJade Sciences raised over RMB 100 million in Pre-A+ financing for AI-integrated organoid devices and related technologies, while CANCHEN TECH secured tens of millions of yuan in angel financing, focusing on AI-driven virtual organs. By August, China’s organoid and organ-on-a-chip sector had disclosed more than six financing deals, with cumulative funding exceeding RMB 1.1 billion. Companies are increasingly embracing “AI” as drug development seeks to reduce reliance on animal testing. By combining AI with human-derived dynamic data, organoid and organ-on-a-chip companies aim to accelerate this transition, making AI-plus and AIVC (Artificial Intelligence Virtual Cell) strategies increasingly important for market entry.

Hengyu Biopharmaceutical’s PDRN Industrial Project has landed in Fuyuan, Heilongjiang Province, establishing a full “fish-to-medical-device” supply chain and addressing traceability gaps in China’s PDRN industry. PDRN (Polydeoxyribonucleotide), DNA with specific base sequences, is widely used across multiple fields and primarily sourced from chum salmon milt. Hengyu has developed PDRN raw materials for different application grades, while its Class III medical device products containing PDRN have completed multicenter clinical trials and entered the registration phase. As global and Chinese PDRN markets grow rapidly, traceability remains a key industry bottleneck. Salmon spawning seasons and marine fishing rights can affect supply stability and costs. Hengyu aims to build full-chain capabilities spanning “germplasm sourcing–advanced extraction–pharmaceutical translation–clinical application,” strengthening China’s PDRN industrial network.

Data from NMPA shows China approved 76 innovative drugs and 76 innovative medical devices in 2025, with the world’s largest pipeline of investigational innovative drugs. The “Value Acceleration Initiative 2026” has been launched in Haidian District, Beijing, where local authorities are optimizing industrial ecosystems and rolling out strategic platform policies to back early‑stage proof‑of‑concept projects via “grant‑investment linkage”, prioritizing clinician‑driven medical innovation. Despite policy tailwinds, real‑world clinical‑need‑oriented innovation remains scarce. BEIJING TSINGHUA INDUSTRIAL R&D INSTITUTE’s Global Health Industry Innovation Center builds end‑to‑end service infrastructure, while Tsinghua PE and local funding schemes strive to bridge the gap between scientific discovery and commercial translation, as investors now weigh global market potential for medical ventures.

Hengrui Pharma posted H1 2026 operating revenue of RMB 15.456 billion with a slight year‑on‑year decline and net profit of RMB 4.465 billion with modest growth. Its business shows a seesaw trend between generics and innovative drugs: generic drug revenue fell 16% amid volume‑based procurement cuts, while innovative‑drug revenue rose 16% to RMB 8.8 billion, accounting for 63% of total drug sales. Anti‑tumor core products delivered solid gains though growth cooled due to market competition and medical‑insurance renewal price cuts. Out‑licensing became a key growth driver, generating over RMB 1.4 billion in recognized revenue mainly from GSK‑related payments. In May 2026, Hengrui Pharma sealed a global strategic partnership with BMS for a USD 600‑million upfront payment to co‑develop 13 early‑stage candidates, as the firm leans on BD strategy to navigate generic‑drug headwinds.

On August 19, Merck & Co. and Moderna announced positive Phase III results for their personalized mRNA cancer therapy, spotlighting mRNA-based oncology and driving Moderna’s stock higher. Everest Medicines also drew strong market attention, with shares surging as much as 89% intraday on August 20. The company has long invested in mRNA cancer vaccines through its AI+mRNA platform. Its EVM16, which follows a similar approach to Moderna’s candidate, has completed its first-in-human clinical data readout, while EVM14 and EVM15 are also advancing. The progress highlights Everest Medicines’ in-house R&D capabilities and its evolution beyond a commercialization-focused model. Entering its “3.0 phase,” the company is expanding from flagship products into multiple therapeutic areas, building an integrated, innovation-driven biopharmaceutical platform.

Four years after medical data was designated a production factor, medical‑data trading has gained momentum with rising suppliers, diversified product categories and surging transaction volumes and values. Fueled by general and vertical healthcare AI adoption, local big‑data authorities are drawing market participants to build an emerging co‑construction‑driven data ecosystem. Yet unresolved ownership issues and supply‑demand mismatches constrain large‑scale circulation. While high‑quality medical data is in robust demand, fragmented requirements leave many valuable datasets idle. Chinese local platforms have rolled out varied solutions including full‑service data exchanges and trusted data spaces to unlock medical‑data value.

VCbeat’s Going Global ING column features Well Lead Medical in this interview. In April 2026, Well Lead Medical launched Phase‑I production at its Indonesian plant, its first overseas manufacturing base with an annual capacity of 40 million suction connecting tubes for major US clients. This marks its shift from export‑only sales to offshore production. Duan Songfeng, Vice General Manager of Well Lead Medical, recaps its 22‑year bumpy globalization journey. VCBeat interviewed Duan to unpack the firm’s overseas expansion path and replicable industry insights.