The pivotal shifts in long-term investments often unfold through consistent progress across different phases.
As a regularly updated column, 「TTGG QUARTERLY」 curates key developments from TTGG VENTURES and our portfolios. Through this column, we aim to showcase the authentic growth journey of enterprises at various development stages, and document our phased insights and actions in investment – all as an integral part of our long-term companionship and value accumulation.
Portfolio Updates
01 Sigenergy(思格新能) Lists on the Hong Kong Stock Exchange
Sigenergy (6656.HK) debuted on the HKEX on April 16, 2026, achieving a market capitalization exceeding HK$160 billion on its first trading day. This marks the 55th IPO among TTGG's invested enterprises. TTGG first backed Sigenergy in 2024 at a valuation of RMB 4 billion.
As a global leader in Distributed Energy Storage System (DESS) solutions, Sigenergy has demonstrated explosive growth. Founded in 2022, the company saw revenue skyrocket from RMB 58 million in 2023 to RMB 9 billion in 2025—a 150-fold increase in just two years. Gross margin jumped from 31.3% to 50.1%, with adjusted net profit reaching RMB 3.235 billion, leading the industry in profitability. According to Frost & Sullivan, Sigenergy commands a 28.6% global market share in the stackable distributed solar-storage integrated machine segment.
02 Weineng(蔚能) Secures RMB 1 Billion in Series C3 Funding
Weineng announced the completion of its Series C3 financing round, raising RMB 1 billion. The company’s total Series C funding now stands at nearly RMB 2 billion. While existing shareholders increased their stakes and new state-owned capital was introduced from Haining, Chengmai (Hainan), and Meishan, this C3 round further welcomed Hefei Jiantou and Hefei Jingkai as strategic shareholders. TTGG has been an investor since 2021.
The proceeds will be used to expand Weineng’s battery asset management business, advance R&D, and develop resource recycling technologies. This will bolster the company's service capabilities, financial strength, and accelerate the commercialization of its research.
03 HGC(华引芯) Completes Series C+ Financing
HGC has successfully closed its Series C+ round. The funding will focus on R&D iteration, capacity expansion, and market penetration across multiple scenarios. This injection of capital aims to break international monopolies in Mini/Micro LED technology and accelerate the large-scale adoption of high-end automotive and display-grade light sources. TTGG invested in HGC in 2021.
HGC specializes in high-end light source chips and optoelectronic devices. Its proprietary automotive-grade chips, specialty wavelength products, and packaging technology have reached world-class performance standards, serving markets such as automotive lighting, specialty lighting, and advanced displays.
04 Macrocore(中瑞宏芯) Semiconductor Closes Series B+ Round
Macrocore has announced its Series B+ financing, which will accelerate R&D and industrialization efforts in third-generation semiconductor silicon carbide (SiC). TTGG has been a partner since 2023.
Founded in June 2021, Macrocore is a high-tech enterprise focused on semiconductor component R&D. The company has successfully developed trench-type IGBTs and SiC high-voltage power devices. These products are critical for new energy vehicles, smart grids, and industrial control systems. The B+ round, backed by industry players like UUGreenPower and Novosense, will strengthen Macrocore’s competitiveness in domestic semiconductor autonomy.
05 Huanxiting(环西汀) Completes New Funding Round
Huanxiting announced the completion of its Series A+ round, led by Ningbo Development & Investment Group and Zhenhai Industrial Fund. TTGG invested in the company in 2025.
Huanxiting focuses on the R&D and industrialization of Cyclic Olefin Polymer (COP), a high-performance material. With a mission to localize advanced materials, the company has built a 30-ton annual production line in Nantong and established a full core technology chain covering monomers, catalysts, and resin synthesis. Its product performance rivals that of global giants, positioning it as a national leader in import substitution.
06 Cingular Biotech(欣吉特) Secures New Round of Funding
Cingular Biotech has completed a new financing round to fund pipeline R&D and market expansion. TTGG has supported the company since 2022.
Cingular Biotech specializes in high-end implantable medical devices. Its self-developed bovine pericardial heart valve, approved in China in 2020, matches the performance of top international products. Notably, its smaller valve sizes offer a significantly larger effective orifice area than imports, making them better suited for Asian patients. Clinical follow-ups show zero structural valve deterioration, underscoring reliable clinical data.
01 TTGG Wins Multiple Honors at ChinaVenture Awards 2025
Recognized for its outstanding investment performance and full-cycle value creation, TTGG was honored at the 20th China Investment Annual Conference (ChinaVenture List 2025):
Top 50 Best Venture Capital Firms in China
Top 30 Best Chinese Venture Capital Firms
TTGG-backed projects also received accolades:
ESWIN Material Technology: Top 5 Best Exit Cases in China’s Semiconductor & IC Industry
Nurotron: Top 10 Best Medical Device Investment Cases in China’s Healthcare Industry
Additionally, TTGG Managing Partner Xin Zhou was named one of the "Top 50 NOVA Rising Investors of 2025."
02 TTGG Shines at the 10th All Blossom Conference
At the 10th All Blossom Conference in Hangzhou, themed "Innovation in Zhejiang · Intelligence Leads the Future", TTGG was recognized for 26 years of deep industry cultivation and local empowerment:
A-share IPO Hunter
Decade-Long Ecosystem Partner
TTGG Partner Bin Guo was awarded "Investor of the Year 2025."
03 TTGG Ranked Top 40 VC Firm by LP CLUB; Sheng Zhang Named Top 50 Industry Leader
Focusing on "New Quality Productive Forces," the LP CLUB 2025 rankings awarded TTGG:
Top 40 Best Early-stage / VC Institutions
TTGG President Sheng Zhang was named one of the "Top 50 Leading Figures in Private Equity (2025)."
04 TTGG Partner Xiaoyan Song Named to PEDaily's S50 Women in Investing 2026
Announced by PEDaily, the 2026 S50 list recognizes outstanding female investors. TTGG Partner Xiaoyan Song was included for her representative cases including Angioscan, Whenzone Technology, and Changchuan Technology.
05 TTGG Partner Bin Guo Named "Outstanding Young Investor" by Zhejiang PE Association
The Zhejiang Private Equity Association recognized TTGG Partner Bin Guo as one of the "Outstanding Young Investors of 2025."
