Group 1: Investment Trends - The technology and manufacturing sectors continue to dominate the market with over 25 cases and multiple large transactions exceeding 1 billion RMB, highlighting their significance in financing [1] - The healthcare sector remains active with significant transactions and innovative sub-sector developments, including funding for rare disease drug development and surgical robotics [1] - The consumer services sector has seen a few financing transactions, with Jason Entertainment completing a strategic financing round, indicating a supplementary role in the market [1] Group 2: Financing Data - A total of 37 financing events occurred in the domestic primary market from December 29, 2025, to January 4, 2026, with a total disclosed amount of approximately 11.32 billion RMB [2] - The financing currency distribution shows 19 cases in RMB totaling about 6.77 billion RMB and 22 cases in USD totaling about 4.55 billion RMB [3] Group 3: Sector-Specific Financing - The advanced manufacturing sector led with 16 financing cases amounting to approximately 4.88 billion RMB, while the biopharmaceutical sector had 8 cases totaling about 589 million RMB [4][5] - The artificial intelligence sector completed 7 financing cases with a disclosed amount of approximately 4.32 billion RMB [4][5] Group 4: Regional Financing Activity - The financing activities were primarily concentrated in Shanghai, Beijing, and Guangdong, with 8, 9, and 5 cases respectively [6][7] Group 5: Active Investment Institutions - IDG and Sequoia China were notably active, with IDG completing 3 financing rounds and Sequoia China completing 2, focusing on technology and manufacturing as well as healthcare sectors [8][9] Group 6: Notable Company Financing - Moonlight Dark completed a $500 million C round financing, with participation from IDG Capital and Alibaba, indicating strong investor interest in AIGC companies [38] - Taiblue New Energy secured over 400 million RMB in B+ round financing, focusing on solid-state battery technology [39] - Surgical robotics company Shurui Technology raised $100 million in D round financing, emphasizing the growth in medical technology [40]

Core Viewpoint - The strategic investment by Baiyang Pharmaceutical in Beihai Kangcheng marks a significant partnership aimed at enhancing the commercialization of rare disease drugs, with Baiyang becoming the largest shareholder without seeking control [1][4]. Group 1: Investment Details - Beihai Kangcheng's stock price surged by 34.13% following the announcement of the strategic cooperation and investment from Baiyang Pharmaceutical [2]. - Baiyang Pharmaceutical will subscribe to 74.9715 million new shares of Beihai Kangcheng at a price of HKD 1.34 per share, totaling HKD 100 million, which represents a discount of approximately 19.76% compared to the last closing price of HKD 1.67 before trading suspension [3]. - After the subscription, the new shares will account for about 17.65% of Beihai Kangcheng's existing issued share capital and 14.99% of the enlarged share capital [3]. Group 2: Company Profiles - Baiyang Pharmaceutical is an A-share listed company engaged in pharmaceutical distribution, with its core business divided into brand operation, wholesale distribution, and retail [4]. - Beihai Kangcheng focuses on the research and development of drugs for rare diseases, currently holding a portfolio of 10 drug assets, including 3 approved products and 7 in development [4]. - The company recently received approval for its enzyme replacement therapy, which is the first domestically developed treatment for Gaucher disease in China [4]. Group 3: Strategic Collaboration - In addition to the equity investment, Baiyang Pharmaceutical and Beihai Kangcheng have established an exclusive commercial service agreement to expand their strategic cooperation [5]. - A subsidiary of Baiyang Pharmaceutical will act as the exclusive commercial service provider for specific products in mainland China, Hong Kong, and Macau, with options for distribution [5]. - The founder and CEO of Beihai Kangcheng emphasized that Baiyang's extensive network and strong business capabilities will facilitate market penetration for their existing products, with the financing aimed at advancing commercialization and improving operational efficiency [5].