--- title: "After Seven Years of Investing in Nearly 70 Sci-Tech Innovation Enterprises, China Life Equity Continues to Double Down on Hard Tech" type: "News" locale: "en" url: "https://longbridge.com/en/news/295390740.md" description: "As the seventh anniversary of the launch of the STAR Market passes, regulators continue to promote the entry of medium- and long-term capital into the market. Insurance funds, as typical \"long-term capital,\" are highly anticipated and regarded as important companions for hard tech companies navigating economic cycles" datetime: "2026-08-10T08:41:46.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/295390740.md) - [en](https://longbridge.com/en/news/295390740.md) - [zh-HK](https://longbridge.com/zh-HK/news/295390740.md) --- # After Seven Years of Investing in Nearly 70 Sci-Tech Innovation Enterprises, China Life Equity Continues to Double Down on Hard Tech As the seventh anniversary of the launch of the STAR Market passes, regulators continue to promote the entry of medium- and long-term capital into the market. Insurance funds, as typical "long-term capital," are highly anticipated and regarded as important companions for hard tech companies navigating economic cycles. At this juncture, China Life Equity has revealed its seven-year investment track record in deeply cultivating the STAR Market. **On August 10, Zhang Leidi, Party Secretary and General Manager of China Life Equity, told Wallstreetcn that the underlying assets of the funds managed by the company have invested in nearly 70 sci-tech innovation enterprises, 24 of which have already listed on capital markets, with a combined total market value exceeding RMB 1.5 trillion.** It is reported that among these 24 listed companies, 11 were listed through the STAR Market. The characteristics of hard tech—high R&D intensity, long cycles, and uncertain short-term profitability—dictate that only patient capital can accompany tech companies through cycles. This is precisely the unique value of insurance funds compared to other types of capital. The most representative footnote to this logic is Biocytogen. When China Life Equity led its Series D round in 2019, the company was not yet profitable, its self-developed pipeline was in the early stages, and the market had divergent views on its commercialization prospects. China Life Equity valued its fully humanized mouse underlying technology platform. Subsequently, the "Thousand Mice, Ten Thousand Antibodies" plan advanced, the company's CRO business saw rapid volume growth, and it achieved deep cooperation with many global multinational pharmaceutical companies. Ultimately, it realized leapfrog revenue growth and turned losses into profits, listing on the STAR Market in December 2025 to become a dual-listed company on both the Hong Kong and A-share platforms. **Zhang Leidi told Wallstreetcn that the STAR Market is fully capable of, and will inevitably produce, China's trillion-dollar-level tech companies;** **The STAR Market, and even the A-share market, will present a pattern of "leaders leading the way, with blossoming across multiple points." Value creation exists not only in a few giants but is also embedded in "hidden champions" and "specialized, refined, distinctive, and innovative" enterprises in niche sectors;** **At the same time, she emphasized that the growth cycle of hard tech is naturally longer than the assessment cycle of capital markets. The value of insurance-linked long-term capital lies in firmly entering the game at the critical moment when enterprises most need "help in times of snow."** The STAR Market celebrated its seventh anniversary on July 22. Over the past seven years, the number of listed companies has increased from 25 to over 610, covering key fields such as semiconductors, biopharmaceuticals, and high-end equipment, entering an era of trillion-yuan market capitalization. The establishment of tiered indices such as the STAR 50, STAR 100, and STAR 200 provides differentiated pricing and funding channels for hard tech companies in different market capitalization tiers. However, insurance funds intervening in hard tech as long-term capital still face realities such as the mismatch between long cycles and assessment cycles, and the uncertainty of commercialization for invested enterprises. Beyond Biocytogen, many of China Life Equity's portfolio companies are still in their growth stage. Differentiation among STAR Market stocks is significant, and whether patient capital can continue to deliver returns remains to be verified by time. From United Imaging Healthcare and OPM Biotech to Xi'an Yicai and Shenghe Jingwei, many of China Life Equity's portfolio companies have achieved leapfrog development by leveraging institutional innovations on the STAR Market. As the STAR Market enters its eighth year, Wallstreetcn will continue to monitor whether insurance long-term capital can continue to provide "help in times of snow" for hard tech. ### Related Stocks - [02628.HK](https://longbridge.com/en/quote/02628.HK.md) - [601628.CN](https://longbridge.com/en/quote/601628.CN.md) - [688796.CN](https://longbridge.com/en/quote/688796.CN.md) - [02179.HK](https://longbridge.com/en/quote/02179.HK.md) - [688271.CN](https://longbridge.com/en/quote/688271.CN.md) - [688293.CN](https://longbridge.com/en/quote/688293.CN.md) - [688783.CN](https://longbridge.com/en/quote/688783.CN.md) - [688820.CN](https://longbridge.com/en/quote/688820.CN.md) - [000688.CN](https://longbridge.com/en/quote/000688.CN.md) - [000698.CN](https://longbridge.com/en/quote/000698.CN.md) - [000699.CN](https://longbridge.com/en/quote/000699.CN.md) - [02315.HK](https://longbridge.com/en/quote/02315.HK.md) ## Related News & Research - [China Life announces extraordinary general meeting](https://longbridge.com/en/news/294175535.md) - [Mapletree partners China Life Capital to launch RMB 1.5 billion China logistics fund](https://longbridge.com/en/news/294016465.md) - [Unitree opens A-share IPO subscription](https://longbridge.com/en/news/295371433.md) - [RBC’s Helima Croft: Ongoing attacks on Russian refineries are going to cause deeper problems](https://longbridge.com/en/news/295440045.md) - [Shein IPO pitched below $30 billion valuation, FT reports](https://longbridge.com/en/news/295423272.md)