Forbes recently released the 2021 Midas List, a ranking of the world’s top 100 venture capitalists. Duane Kuang and Nisa Leung, Managing Partners of Qiming Venture Partners, ranked on the list.
Since 2001, Forbes announces its annual Midas List of the top VC investors in the world. The name is an allusion to Greek mythology where King Midas is renowned for his ability to turn everything he touched into gold.
Duane ranked No.68 on the 2021 Midas list. Duane is named on the Midas list for the second time. Duane co-founded Qiming Venture Partners in 2006 and has been leading the TMT team.
As a 20-year venture capital veteran, Duane excels at fund management, identifying emerging trends early and investing early. Duane and his team participated in the early investment of Xiaomi. Duane also led the investment in Roborock(688169.SH), which landed the STAR Market with the issue price of CNY 271.12 per share, a record high issue price on the market.
Duane went through multiple economic cycles and is well versed in the growth trajectory of startups and industry trends. Qiming TMT team will continue to focus on innovative technology and the consumer sector.
Duane is optimistic about artificial intelligence, enterprise services, semiconductor, consumer markets, social community, blockchain, among others. His portfolio includes star companies such as RoboRock, CooTek, Megvii, Unisound, Qiniu, UBTech, Hesai Technology and WeRide. Most of the companies have become leaders in their sectors.
Against the back drop of geopolitical tensions and pandemic outbreak, Qiming’s investment thesis remain sunchanged, which is to invest in emerging trends and to find exceptional teams with high competitive barriers. In a time when the investment cycle is getting shorter, Qiming’s strategy is to stick to the fundamental principle and adapt to the changes for long-term investment decision making.
Nisa ranked No.73 on the 2021 Midas list. Nisa has been named on the list for the third consecutive time. Nisa leads Qiming’s healthcare investments, and she is the top-ranked investor in China’s healthcare sector.
Nisa invests with a desire to improve China’s healthcare environment and address unmet healthcare needs for the people’s betterment. As one of the earliest investors in the sector, Nisa and her team invested in over 130 healthcare companies, including Zai Lab (NASDAQ:ZLAB, SEHK:9688), Venus MedTech (SEHK:2500), CanSino Biologics (SEHK:6185, SHSE:688185), Gan & Lee Pharmaceuticals(SHSE: 603087), New Horizon Health(SEHK:6606) and Schrödinger (NASDAQ:SDGR) for the past decade.
Qiming’s healthcare team focuses on verticals of new drug R&D, medtech, diagnostics, health service and digital health. For the past fifteen months, thirteen of Qiming’s healthcare companies completed public offerings. Notable exits include Gan & Lee Pharmaceuticals, Zai Lab, Cansino Biologics and New Horizon Health.
Nisa invested in Gan & Lee Pharmaceuticals in 2010 and over ten years, helped the company grow from start up to becoming the largest insulin and biologics drug company in China. Zai Lab successfully completed secondary listing in HKEx. Cansino became the first vaccine company to completedual listing on both STAR Market and HKEx in August 2020. New Horizon Health is the first diagnostic company to list on HKEx under Chapter 18A in February 2021. Qiming invested in four rounds prior to the public offering, whose shares were oversubscribed 4133 times, making it the second most oversubscribed stock in the HKEx history.
During the Covid-19, over 60 of Qiming’s portfolio companies provided timely support to both frontline medical services and backend solutions for the communities in China and globally. The companies offered strong support spanning drug and vaccine development, virus detection and diagnosis, health care access and services and the supply of medical aids and technologies. Those efforts contributed to the timely and successful control of the pandemic.
Currently Qiming Venture Partners manages nine US Dollar funds and six RMB funds with $5.9 billion assets under management. Qiming invests in outstanding companies in the TMT and healthcare sectors at the early and growth stages. In 2020, Qiming closed over 70 deals; 12 portfolio companies completed public offerings, and over 80 companies raised new financing rounds.
China’s private market investment is entering a “golden decade”. Qiming will be consistently long on China and committed to finding high-growth companies while working with them to create value and advancing technology development.