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About HLC

HLC is a venture capital firm founded in 2014. It is primarily based out of Shanghai, China. As of Jan 2026, HLC is an active investor, having invested in 54 companies, with 2 new investments in the last 12 months. It primarily invests in Series B round in China based startups. Its investments are spread across a wide range of sectors from Life Sciences to High Tech and Retail. Most recently it participated in the $***** Series A round of Yiyuan Overall, HLC portfolio has seen 1 unicorn, 7 IPOs and 2 acquisitions including key companies like WuXi AppTec, Pharmaron and GenFleet Therapeutics. A lot of funds co-invest with HLC, with names like Legend Capital sharing a substantial percentage of its portfolio. HLC has team of 2 people including 1 partners.
Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series B, Series A & 5 more
Portfolio Acquisitions
Portfolio Unicorns
Portfolio Soonicorns
Deals in last 12 months

HLC's List of Top Investments

HLC has a portfolio of 54 companies, one of which is a Unicorn. Their most notable investments are in Methuselah Medical Technology and ChosenMed.Their portfolio spans across China, United States, France and 2 more locations. They have invested in Life Sciences, High Tech, Retail and 11 other sectors, across stages such as Series B, Series A  and 5 more. Here is the list of top investments by HLC:
WuXi AppTec is a provider of a suite of CRO and CDMO services for small molecules, biologics, and medical devices. It offers a suite of services for the research, development, and manufacturing of both small molecules and biologics and also caters to medical device development and has operations all over the globe. They provide a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process. The company built its initial capabilities around discovery chemistry and has further enhanced the integrated services with analytical services, bio-analytical services, process research, process development services, API manufacturing services, DMPK/ADME, discovery biology, pharmacology, formulation, toxicology, genomic services, biologics manufacturing services, antibody, and biological research reagent manufacturing and sales, and most recently clinical research and regulatory services. In 2022, the company recorded annual revenues of $5.84B and a net profit of $1.31B.

Key facts about WuXi AppTec

Pharmaron offers a suite of drug discovery and development services for small molecules, nucleosides, nucleotides, peptides, lipids and carbohydrates. They offer their R&D services across a number of disciplines including chemistry, biology, DMPK, pharmacology, toxicology and chemical and formulation development. The company claims that their chemistry division is one of the largest chemistry service providers in the world with experience and expertise in organic synthesis, library/high-throughput synthesis, chiral chemistry, medicinal, computational and cheminformatics, bioorganic chemistry, process and scale-up, analytical and purification. Their biologics division offers services such as antibody/protein engineering, antibody humanization, cell line development, recombinant antibody production, protein expression, purification, and characterization.The company has acquired Xceleron and SNBL CPC to augment its offerings.

Key facts about Pharmaron

  • Founded Year: 2003
  • Location: Beijing (China)
  • Stage: Public
  • Total Funding till date: $320M
  • Employee Count: 476 as on Dec 31, 2021
  • Investors: Aisling Capital, DCM Ventures and 11 Others
  • Latest Funding Round: PE, Dec 14, 2015, $*****
  • Highlight: Public
Manufacturer of pharmaceutical formulations, active pharmaceutical ingredients, and veterinary drugs. The company develops and produces a range of pharmaceutical products, including formulations for human use and active pharmaceutical ingredients. It also offers products related to veterinary medicine. A robust research and development system supports innovation and quality control throughout the production process. The company maintains comprehensive production and quality systems.

Key facts about BrightGene

Provider of asset management services. It offers services such as accounting, asset management, and real estate brokerage among others. It invests on behalf of corporate pension annuities, government entities, private and trust banks, and public pension funds.

Key facts about SPARX Group

  • Founded Year: 1989
  • Location: Minato City (Japan)
  • Stage: Series B
  • Total Funding till date: $30M
  • Employee Count: 78 as on May 31, 2026
  • Investors: Rotating Boulder Fund and HLC
  • Latest Funding Round: Series B, Dec 31, 2021, $*****
Developer of drugs for treating tumors and autoimmune diseases. The company's pipelines started with mediating the tumor microenvironment. The company is involved in the development of new drugs for the new subtypes of tumor mature target families the third type of was the development of new drugs for mature immune targets, including small molecule drugs, and biological macromolecular drugs.

Key facts about GenFleet Therapeutics

HLC's Investments by Stage

HLC has made 15 investments in Series B stage with an average round size of $41.6M, 10 investments in Series A stage with an average round size of $22.1M and 8 investments in Series C stage with an average round size of $114M.
Here are HLC's investments by stage:
Stage of entry
No. of Investments
Series B
15
Series A
10
Series C
8
Seed
6
Series D
2
Others
2
Breakdown of HLC's investments by stage of entrySeries B (15)Series A (10)
Note: We have considered here, only first round of investments

HLC's Investments by Sector

HLC has a diverse portfolio, with companies operating in the Life Sciences, Healthcare, High Tech, Sustainability Tech and HealthTech. Notably, it has invested in 25 Enterprise (B2B) companies, 21 Tech companies, 7 Consumer (B2C) companies and at least 2 companies focusing on Tech hardware.
Here are HLC's investments by sector:
Sector
No. of Investments
Life Sciences
18
Healthcare
14
High Tech
5
Sustainability Tech
4
HealthTech
3
Others
15
Breakdown of HLC's investments by sectorsLife Sciences (18)Healthcare (14)
Note: We have considered here, only first round of investments

HLC's Investments by Geography

HLC has made most investments in China (37), followed by United States where it has made 2 investments.
Here are HLC's investments by geography:
Country
No. of Investments
China
37
United States
2
Indonesia
1
Japan
1
Breakdown of HLC's investments by countriesChina (37)United States (2)
Note: We have considered here, only first round of investments

HLC's recent investments

HLC has made 1 investments in 2026 so far - Yiyuan.
Here are the most recent investments by HLC:
Date
Company
Location
Round Details
Round Amount
Co-Investors
Jan 30, 2026
China
Series A
9333
Sep 02, 2025
China
Series B
5863
  [+1]
Aug 04, 2025
China
Series B
6893
Feb 19, 2025
China
Series B
8275
  [+3]
Dec 31, 2024
-
Seed
2110

Unicorns in HLC's Portfolio

HLC has 1 unicorn in its portfolio - Abogen Biosciences. The most recent unicorn in their portfolio is Abogen Biosciences which became a unicorn in 2021.
Here is a list of unicorns in HLC's portfolio:
Tracxn Score
Company
Short Description
Founded year
Sector
Location
Company Stage
First Investment/ Acquisition Details
42
Developer of mRNA-based therapeutics for cancer and infectious diseases
2019
Suzhou
Series C
qutwwlj

IPOs and Publicly Listed companies in HLC's Portfolio

7 of HLC's portfolio companies have become public. GenFleet Therapeutics got listed on the Hong Kong Exchanges (HKG), in Sep 2025 at marketcap of $936M and Ab&b Biotechnology got listed on the Hong Kong Exchanges (HKG) at marketcap of $777M.
Here are HLC's portfolio companies that went public:
Company
IPO Date
First Invested on
First Round of Investment
Round Size
Sep 19, 2025
2017
Seed
1659
Aug 11, 2025
Aug 04, 2021
Series C
9718
May 22, 2020
-
-
2028
Feb 01, 2019
-
-
9345
Dec 14, 2018
-
-
7875

Acquired companies in HLC's Portfolio

2 companies from HLC's portfolio have been acquired. The most recent acquisition was BEABA in Oct 2020 by Bluegem Capital Partners for $*****.
Here are HLC's portfolio companies that got acquired most recently:
Company
Acquisition Date
First Invested on
First Round of Investment
Round Size
Oct 12, 2020
-
-
2594
Jun 01, 2013
-
-
4183

Team profile of HLC

HLC has a team of 2 members located in China. HLC's team does not sit on the board of any company as of now.

Co-investors of HLC

Over the past 11 years, 296 investors have co-invested in HLC's portfolio companies. This includes only funds.

Recent News related to HLC

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FAQs about HLC

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