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 IPOs
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:1. WuXi AppTec
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
- Founded Year: 2000
- Location: Shanghai (China)
- Annual Revenue: £1M - £10M as on Dec 31, 2024
- Stage: Public
- Total Funding till date: $40M
- Employee Count: 4,155 as on Nov 16, 2025
- Investors: Strait Huifu Industrial Investment Fund Management, HPR Capital and 27 Others
- Latest Funding Round: Post IPO, Apr 02, 2021, $*****
- Highlight: Public

2. Pharmaron
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
3. BrightGene
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
- Founded Year: 2001
- Location: Suzhou (China)
- Stage: Series C
- Total Funding till date: $80M
- Employee Count: 22 as on May 31, 2026
- Investors: GF Securities, Overture Wealth and 9 Others
- Latest Funding Round: Series C, Mar 12, 2026, $*****

4. SPARX Group
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
- Founded Year: 2017
- Location: Pudong (China)
- Stage: Public
- Total Funding till date: $166M
- Employee Count: 51 - 200 as on Jul 01, 2024
- Investors: Lake Bleu Capital, BOCOM International and 21 Others
- Latest Funding Round: Series C, Dec 31, 2021, $*****
- Highlight: Public
HLC's Year-on-Year Investment Trends
HLC has invested in 54 companies over the last 11 years, with an average of 4 new investments annually in the last 10 years. In 2025, it made 3 investments, while as of Jan 2026, it has made 1 investment in this year. Its most recent first time investment was in Yiyuan and most recent follow-on round was in Methuselah Medical Technology.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 1 | 0 | 1 |
2025 | 2 | 1 | 3 |
2024 | 5 | 0 | 5 |
2023 | 4 | 1 | 5 |
2022 | 4 | 0 | 4 |
2021 | 13 | 2 | 15 |
2020 | 8 | 1 | 9 |
2019 | 2 | 0 | 2 |
2018 | 2 | 0 | 2 |
2017 | 1 | 0 | 1 |
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.Stage of entry | No. of Investments |
|---|---|
Series B | 15 |
Series A | 10 |
Series C | 8 |
Seed | 6 |
Series D | 2 |
Others | 2 |
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.Sector | No. of Investments |
|---|---|
Life Sciences | 18 |
Healthcare | 14 |
High Tech | 5 |
Sustainability Tech | 4 |
HealthTech | 3 |
Others | 15 |
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.Country | No. of Investments |
|---|---|
China | 37 |
United States | 2 |
Indonesia | 1 |
Japan | 1 |
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 | [+2] | |
Feb 19, 2025 | China | Series B | 8275 | [+3] | |
Dec 31, 2024 | - | Seed | 2110 | [+4] |
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.
- Invested before HLC: Qiming Venture Partners, Loayal Valley Capital and 72 others have invested in rounds before HLC. There are 3 companies where Qiming Venture Partners has invested before HLC and 2 companies where Loayal Valley Capital has invested before HLC.
- Top Co-investors of HLC: 101 investors entered a company along with HLC. These include investors like Legend Capital (4 companies).
- Invested after HLC: A total of 121 investors have invested in HLC's portfolio after their investments. Top Investors include CDH (2 companies), Shenzhen Capital Group (2 companies) and NLVC (2 companies).
Recent News related to HLC
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Lingzu Times Completes Tens of Millions of Yuan in Pre-A & Pre-A+ Consecutive Rounds of FinancingJinglingshuju•Sep 10, 2025•Sequoia Capital, HLC, Mackage, RobStride and 2 others
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Leitekang received Series A financing, Honghui Fund investedJinglingshuju•Aug 12, 2025•HLC, ZGBiotech
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Methuselah, a leading medical nutrition company, completes a new round of financing of nearly 200 million yuanPencilNews•Feb 18, 2025•Methuselah Medical Technology, CICC Capital, HLC, Frees Fund and 1 other
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Wuxi Gongwang completes Pre-A round of financingfromgeek.com•May 10, 2024•China Fortune-Tech Capital, HLC, China Electronics Technology Group Corporation, Chengdu Sibaiyi and 2 others
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"Yinshi Precision" completed 100 million yuan in financingInvestorscn•Mar 08, 2024•HLC, Xiang He Capital, Yinsh, Ningbo Honghui Electrical Appliance and 1 other
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