VC Liu Wei Backs New Wave of Chinese Oncology Startups in Sector Recovery

The Quick Take

• Veteran biotech investor Liu Wei is backing a new cohort of Chinese oncology and immunotherapy startups amid a sector recovery
• Liu's thesis centres on China's clinical trial cost advantage and a growing cross-border licensing pipeline to Western pharma majors
• Several portfolio companies are targeting pre-IND filings with the FDA, reflecting a dual-regulatory commercialisation strategy
• The funding activity signals renewed specialist VC conviction following a two-year valuation correction in Chinese biotech

Liu Wei, a founding-generation figure in Chinese biotech venture capital with prior investments spanning BeiGene, Zymeworks, and Gracell Biologics, is deploying fresh capital into oncology and immunology startups as the sector recovers from a protracted 2024–2025 valuation reset. The investment thesis leverages China's structural advantage in phase-two clinical trial execution—costs roughly 60–70% below US equivalents—combined with a pipeline of molecules designed from inception for FDA investigational review. This dual-track regulatory architecture maximises licensing optionality to Western acquirers.

The revival of deal activity around Liu's network is a credible signal of sentiment improvement in Chinese biotech VC after two years in which US-China geopolitical tension, NASDAQ delistings, and HKEX liquidity constraints suppressed both fundraising and exit activity. Cross-border licensing deals between Chinese biotechs and US or European majors reached a two-year high in H1 2026, with Merck, AstraZeneca, and Roche completing upfront payments exceeding $100 million for Chinese-originated molecules—validating clinical evidence quality that specialist investors like Liu prioritise.

Portfolio-level catalysts to monitor include FDA IND clearances for Liu-backed pipeline molecules and data readouts at ESMO and ASCO 2027. On the macro side, watch for US Executive Order updates on Chinese biotech investment restrictions and CFIUS review scope, which remain material overhang risks for any US institutional co-investor. Secondary market pricing for pre-IPO biotech secondaries on platforms like Zanbato and Nasdaq Private Market will be an early valuation signal ahead of planned HKEX listings from the current cohort.

Synthesized from 1 source — full coverage, sentiment breakdown, and forward signals below.