On April 21, the Heyuan Hongsheng CGT Industry Fund was officially launched in Shanghai, marking the establishment of Shanghai’s first industry-focused fund dedicated to the cell and gene therapy (CGT) sector.

The fund, jointly initiated by Heyuan Biotech and Hongsheng Capital, has a total size of RMB 500 million. Shanghai State-owned Capital Investment Fund and Pudong Venture Capital serve as cornerstone investors. Hongsheng Capital, as the general partner, contributes RMB 5 million (1% stake) and is responsible for overall fund management and investment operations, while Heyuan Biotech commits RMB 100 million (20% stake) using its own capital. The remaining capital is provided by cornerstone and external institutional investors.

As Shanghai’s first CGT-focused industry fund, it adopts a “industrial chain leader + professional PE firm + state-owned capital guidance” triple-driven CVC model. Heyuan Biotech brings full-chain industrial capabilities, including its Lingang-based manufacturing hub covering plasmid, viral vector, and cell therapy CMC and GMP production, with long-term focus on upstream localization of key raw materials. Hongsheng Capital contributes strong expertise in healthcare private equity, M&A integration, and post-investment value creation, while state-backed investors such as Shanghai State-owned Capital Investment Fund and Pudong Venture Capital support ecosystem building and industrial cluster development.

The fund will invest across the CGT value chain, covering upstream core raw materials, vector technologies, and enabling services, while also focusing on downstream innovation including gene editing, allogeneic cell therapy, and next-generation delivery systems, aligning with Shanghai’s strategy to build a global CGT innovation hub.

Across China, CGT investment continues to accelerate, with Beijing deploying a RMB 20 billion biopharma fund, and cities such as Suzhou and Guangzhou expanding dedicated biotech investment platforms. The launch of the Heyuan Hongsheng CGT Fund further strengthens China’s growing CGT capital ecosystem and industrial investment landscape.