Qiming Venture Partners

Investment decisions are led by the founding managing partner Duane Kuang alongside managing partners Nisa Leung, William Hu, and Zhifeng Zhou. Sector-specific investment committees operate within the technology and healthcare verticals, with each managing partner holding authority within their domain. The firm's partnership structure has remained stable across multiple fund cycles, with the founding partners still actively involved in deal sourcing and portfolio management.

Qiming sources deal flow through a combination of thematic research, founder referrals from its 580-plus portfolio companies, and deep relationships with universities, research hospitals, and corporate R&D centers in China. The firm's positioning as a top-tier brand with a demonstrated IPO track record — over 210 exits — means it often sees deals before competitors. Its dual-currency structure also attracts founders who want to keep listing jurisdiction options open, which creates an inbound flow that pure-USD or pure-RMB firms do not capture.

Qiming operates as a stage-agnostic venture capital firm that deploys capital from seed through late-stage pre-IPO rounds. Roughly 70% of initial investments are made at Series A and B, with reserved capital for follow-on investments through subsequent rounds. The firm also manages separate RMB funds that allow it to participate in China's domestic capital markets, making it more of a hybrid platform than a pure early-stage venture firm.

Qiming invests exclusively through direct equity positions in portfolio companies and does not operate a fund-of-funds program. The firm makes primary investments in operating companies across its target sectors, takes board seats, and holds positions through IPO or M&A exit.

Qiming targets the full venture lifecycle — seed, Series A, Series B, and growth-stage rounds — with a concentration at Series A and B. The firm reserves capital for follow-on pro-rata investments and can write checks from seed-stage amounts up to late-stage growth equity, depending on the fund vehicle and sector.

Qiming manages RMB-denominated funds in parallel with its USD funds, both under the same firm umbrella and investment team. The RMB funds allow Qiming to invest in companies targeting domestic Chinese listings on Shanghai's STAR Market or the Shenzhen Stock Exchange, while the USD funds are typically used for companies pursuing offshore listings in Hong Kong or the United States. This dual-currency structure is a core architectural feature of the firm.