Legend Star is the early-stage investment and incubation arm of Legend Holdings, founded in 2008 in Beijing. It provides 'early investment + in-depth incubation' services to entrepreneurs, focusing on cutting-edge technology, healthcare, and TMT sectors, and its latest (fifth) RMB fund closed at over RMB 900 million (~$123M).
Deal activity decreased year-over-year (1 deals in the last 12 months vs 2 prior). Average disclosed round size is $53.3M (across 28 rounds with reported amounts).
Portfolio
27
Fund Size
—
Top Stage
Series A
Last 12 Mo
0
Team
MW
Mingyao Wang
Managing Partner
WM
Wang Mingxiao
President / Managing Partner
LG
Lu Gang
Partner
NM
Ning Min
Chairman
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
39 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Arnatar | Series A | $52M | Aug 2025 |
 VelaVigo | Seed | $60M | Jul 2025 |
| LLanxiao Aviation | Seed | — | Jan 2025 |
 Arnatar Therapeutics | Series A | $52M | Dec 2024 |
| VelaVigo | Unknown | $50M | Jan 2024 |
| LLanxiang Zhilian | Series A | — | Jan 2022 |
 Adlai Nortye | Series D | $100M | Jul 2021 |
 HiFiBiO Therapeutics | Series D | $75M | Jun 2021 |
| VelaVigo | Seed | $50M | Jan 2021 |
 Ehome Health | Series B | $10M | Jan 2021 |
| MMerico | Seed | $4.1M | Aug 2020 |
 KINTOR | Unknown | $240M | May 2020 |
 Edge Medical | Series A | — | Jan 2020 |
| Edge Medical | Series A | — | Jan 2019 |
 Exegenesis Bio | Series A | $10M | Jan 2019 |
 Pony.ai | Series A | $112M | Jan 2018 |
| HiFiBiO Therapeutics | Series B | $37.5M | Jan 2018 |
| YYunding Technology | Series C | $40M | Jan 2018 |
 Insgeek | Series A | — | Jan 2018 |
 PegBio | Series E | $122M | Jan 2017 |
| Insgeek | Series A | $7.2M | Jan 2017 |
| CCoyote | Series B | $12.2M | Jan 2016 |
| BBurning Rock | Series A | $23M | Aug 2015 |
 Wenjuan.com | Unknown | $5.5M | Jan 2015 |
 X2Robot | Series D | $100M | — |
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Top Co-Investors
LYFE Capital6 shared
B Capital6 shared
Sequoia China4 shared
Sequoia Capital4 shared
Legend Capital3 shared
IDG Capital3 shared
Northern Light Venture Capital3 shared
HongShan2 shared
3E Bioventures Capital2 shared
F-Prime Capital2 shared
Eight Roads2 shared
Gaorong Capital2 shared
LAV2 shared
Shunwei Capital2 shared
Further Ventures2 shared
K2VC2 shared
Gilead Sciences2 shared
Lince Capital1 shared
Meituan1 shared
GGV Capital1 shared
Last updated: 14 September 2026