Many years ago, when I decided to return to China after having spent more than two decades in the U.S., I had only one thing on my mind: “The 21st century belongs to China.”

In 2005, BVCF was founded as China’s first US dollar fund that focuses on life sciences and healthcare. Since then, BVCF has embarked on its journey towards success. BVCF chose healthcare for a simple set of rationales: China has the world’s largest population, a robust economy, rising disposable income, an inefficient healthcare system with much unmet medical needs. And more importantly: as a returnee scientist who has long worked in the field of life sciences, I consider it a great honor and mission bestowed upon me to serve my fellow countrymen.

I have been proven right by the stellar track record of BVCF, which benefited greatly from the “leapfrog” development of China’s healthcare industry in the past decade. Our audacity and efforts have won us stable outsized investment returns at limited risks. And it has truly been a great privilege to get to know some of the most brilliant minds in the field and witness and support the growth of many future industry leaders.

Standing at the threshold of the second decade, I’d like to extend my heartfelt gratitude to those who have given great trust and support to us. Knowing and working with you is in itself the reason of, and remuneration for, our hard work.

The future presents us with a lot to look forward to deregulation over private hospitals and multi-hospital practice of physicians, greater government endorsement on local innovation and R&D improvement, a more open and dynamic capital market, all of which will bring the Chinese healthcare industry to an unprecedented height, opening up a new window of historic opportunities for all.

We look forward to another decade of success!

Zhi Yang, PhD
Chairman, Founder & Managing Partner
BVCF Managment, Ltd.


In 2005, Dr. Zhi Yang founded BioVeda China Fund (BVCF) after returning to China from the U.S., which, at its inception, was the first US dollar fund that focused on life sciences and healthcare in China.

In the past decade, BVCF invested in nearly 30 companies, has US$400 million under management; and offered co-investment opportunities with a combined value of over US$600 million. Its investments span across China and the U.S., covering a wide spectrum of highly promising subfields including healthcare services, innovative biologics, in-vitro diagnostics (molecular diagnostics), high value medical equipments and consumables, and medical big data and mobile medicine. BVCF has a complementary team of seasoned life sciences investors with global insight and local expertise.
They are Harvard PhDs, entrepreneurs, corporate executives, investment bankers, physicians, and the most seasoned life sciences investors. They are well connected and resourceful, and have provided value-added services to all portfolio companies.

BVCF is managed under international fund governance rules in its investment and operations, offering sound, transparent and professional services and safe, sustainable and outsized returns. That is why BVCF has been able to attract a large number of renowned international institutional and strategic investors, and has been tremendously valuable to entrepreneurs by offering them global insights and access to the international market.


Life is short, that’s why we always focus our undivided attention on one area, go the extra mile on every single project and never stop in our pursuit of greater excellence.

We pursue and invest in companies with sustainable innovation and unique business models, aim to build those companies into industry leaders by leveraging our experience, resources and in some cases, by rolling up our sleeves and getting actively involved in the operations.

We believe in dreams, passion and miracles; but admire down-to-earth and persistent entrepreneurs even more. It takes a combination of all these qualities to bring about China’s own titans of the life sciences industries.


Growth Capital - Building China's Industry Titans in Healthcare

  • China ranks #2 in healthcare market size, but have few industry leaders in subsectors
  • Identify and invest in companies with technological differentiation and growth potential in select high-growth subsectors
  • Shape industry giants in highly fragmented markets through investment,  technology and product licensing, and vertical integration
  • Build Subsector Giants
    • CITIC Pharmaceuticals – China’s McKesson
    • Novast Laboratories – China’s Teva
    • Biocytogen – China’s Charles River
    • 111.COM – China’s Drugstore.com
    • Genova – China’s Novo Nordisk

Keen insight into policy, technology and the market enables forward-looking investment strategy

  • Close monitoring of cutting-edge medical technologies, products and therapies
  • Thorough research of healthcare market dynamics and regulatory and technological trends in China
  • Targeted investment in cutting-edge technologies in emerging subsectors, e.g. gene editing, mobile healthcare, medical big data, precision medicine, immuno-oncology, etc.
  • Provide value-add services to portfolio companies through assistance in international business development, knowledge sharing, and partnership

Cross-border investment and M&A to bring overseas technologies and personnel to meet China’s needs

  • Sourcing of premium healthcare assets, technologies and personnel leveraging the fund managers’ deep domain expertise, industry experience and extensive network overseas.
  • Invest in undervalued products with superior technology in markets with unmet need in China; and help these companies establish a presence in China.
  • Introduce overseas strategic partners and investors, provide assistance in overseas regulatory approval and sales and marketing for domestic portfolio companies

BVCF delivers outsize, venture-like returns, by taking limited, growth-equity risk in the unique industry of healthcare in China.

Paul A. Gorman, Mayo Clinic

We admire Zhi and BVCF‘s vision - they have taken the initiative to invest in a dynamic and important field, and done so with rare ability.

Frank Torti, MD, NEA

I am most impressed with BVCF‘s independent thinking and proprietary deal sourcing. Every year, BVCF comes out with the kind of deal which can really make you think, "Darn, why did I not find this?"

Yi Shi, PhD, Lilly Asia Ventures

I took a walk by the river early one morning, and I saw the older folks practicing Tai Chi. Then I thought to myself, When I’m 80, and I’m doing Tai Chi here, what will I talk to them about? How much money is in my bank account? I want to be able to say, even if it’s to one out of tens of thousands of people, "That medicine you use, I made that."

Shen Chun, Founder and CEO of Genova

BVCF is really a value-added investment. They have been so supportive, and on behalf of the management team, I appreciate their continued support.

Zhang Guohua, PhD, CEO of Novast