Core Viewpoint - The investment landscape is shifting towards multiple rounds of financing, with a trend of "++" rounds becoming common, reflecting a cautious approach from institutions and a preference for incremental funding strategies [2][3]. Group 1: Financing Trends - Recent years have seen an increase in "+++" and "++++" financing rounds, particularly in sectors like semiconductors, biomedicine, embodied intelligence, and low-altitude economy [3][5]. - In the first half of 2025, there were 591 instances of "+ round" financing, accounting for 15.79% of total financing transactions, with "A+" rounds being the most frequent, totaling 331 occurrences, which is over 80% of the total "A+" rounds in 2024 [6]. - The rise of "+ round" financing indicates that companies are splitting what would traditionally be a single round into multiple smaller rounds, extending the financing cycle [6]. Group 2: Institutional Caution - The need for multiple financing rounds arises from mismatches between financing valuations and future development expectations, as companies may not achieve significant milestones to justify moving to the next round [8]. - The current market environment encourages a cautious investment approach, with investors preferring to invest at existing round valuations, making "+ round" financing more attractive [9]. - The trend of "investing early and small" reflects a shift towards more conservative valuation practices, correcting previous overvaluations in the market [9]. Group 3: Incremental Financing Strategy - The strategy of "small steps" in financing has become the norm, where companies are advised to break down their funding needs into smaller increments to mitigate risks for investors [10]. - This approach allows companies to demonstrate progress before securing additional funding, which is crucial in high-risk sectors [10]. - The current funding environment has made it challenging for less established entrepreneurs to secure financing, with successful startups often having strong academic or corporate backgrounds [10].

Core Insights - The article discusses the increasing prevalence of "++" financing rounds in the venture capital market, particularly in sectors like semiconductors, biomedicine, and embodied intelligence, indicating a shift in funding strategies for startups [1][2][4] Group 1: Financing Trends - Recent years have seen a rise in financing rounds labeled as Pre-A+, A+, A++, B+, and B++, with a notable increase in "++" rounds, reflecting a trend where companies are breaking down their financing needs into multiple smaller rounds [2][3] - In the first half of 2025, there were 591 instances of "+ round" financing in China, accounting for 15.79% of total financing transactions, with A+ rounds being the most frequent, totaling 331 occurrences, which is over 80% of the total A+ rounds in 2024 [2] Group 2: Reasons for Multiple Rounds - The necessity for multiple financing rounds often stems from a mismatch between financing valuations and the expected milestones, leading companies to extend their current financing rounds rather than moving to the next [4][5] - The current market environment encourages a cautious investment approach, with investors preferring to invest at existing valuation levels, making "+ round" financing more attractive as it allows them to enter at a lower cost while still benefiting from the company's growth [5][6] Group 3: Investment Strategy - The strategy of "small steps" in financing has become common, where companies are advised to break down their funding needs into smaller increments to demonstrate progress and reduce risk for investors [7] - This cautious approach has led to a more selective investment landscape, where only startups with strong backgrounds or connections are able to secure funding, while those with less robust business models face challenges [7]

Policy Developments - The National Medical Products Administration (NMPA) has canceled the registration certificates for 17 medical devices from 11 companies, including brain function quantitative imaging devices and capsule endoscopy systems [2] Industry News - President Trump announced potential high tariffs of up to 200% on imported pharmaceuticals and related products, giving companies about one to one and a half years to adjust [3] - Sinovation has submitted a new drug application for its injectable antibiotic, Imipenem-Cilastatin-Sulbactam, targeting drug-resistant Gram-negative bacteria [4] - Encasai Pharmaceuticals has completed nearly 100 million RMB in Series A+++ financing to advance clinical trials and new product development for NK cell therapies [6] - Zhejiang Shuwen Biotechnology has completed nearly 100 million RMB in Series C1 financing and is initiating Series C2 financing to promote its diagnostic products [7] - Zhaoli Pharmaceutical has signed a cooperation agreement with Zhejiang University to establish a joint research center, investing a total of 20 million RMB to develop AI-driven health products [8] - Haofan Bio has completed the transfer of 85% equity in Hangzhou Foster Pharmaceutical for a total price of 160 million RMB [9] Major Events - AstraZeneca has acquired AAV gene therapy technology from JCR Pharmaceuticals, which includes a potential total payment of up to 825 million USD (approximately 5.9 billion RMB) for milestone achievements [12] - Haleon has completed the acquisition of the remaining 12% stake in its joint venture with Tianjin Shike Pharmaceutical for 1.623 billion RMB (approximately 200 million GBP), making it a wholly-owned subsidiary [13] Personnel Changes - Chen Liang, Vice General Manager of Kew Flower Pharmaceutical, has resigned for personal reasons and will no longer hold any positions within the company [15] - Wang Guangji, an external director of Kelun Pharmaceutical, has resigned due to compliance with regulations regarding part-time management [16]