Meet Our People
Bridging China and the Global Stage
Our team brings together 20+ investment professionals with complementary backgrounds in clinical medicine, pharmaceutical analysis, and healthcare operations. Led by founding partners Dr. Crystal Liu and Arthur Qiang, we combine academic credentials from Johns Hopkins, Harvard, and Tsinghua with practical experience as top-ranked analysts, hospital founders, and successful entrepreneurs. This unique integration of scientific insight and financial expertise drives our ability to identify breakthrough technologies and build category-defining companies. Our partners maintain leadership positions within China's healthcare ecosystem while leveraging global networks to create value for portfolio companies and investors alike. We are committed to bridging China's healthcare innovation with worldwide markets through disciplined investment, strategic guidance, and access to our extensive industry relationships.
Arthur Qiang
Managing Partner
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CFA FRM
Ph. D.
CFA FRM
Dr. Arthur Qiang brings over 20 years of life science industry and capital markets expertise to his leadership role at Apricot Capital. Under his guidance, the firm has established itself as one of China's premier healthcare-focused venture capital firms.
Prior to founding Apricot Capital, Arthur served as Managing Director and Head of Healthcare Research at China International Capital Corporation (CICC), where he was consistently recognized for his industry insights, ranking as the #1 Healthcare Analyst for China & Hong Kong markets by Asiamoney (2014-2017) and among the top 3 analysts by Institutional Investor (2015-2017).
Arthur holds a Ph.D. in Economics from Tsinghua University, an M.S. in Finance from Fudan University, and a Bachelor's degree in Pharmacy from Shanghai Jiao Tong University. He further enhanced his scientific expertise by completing the Cancer Biology and Therapeutics post-graduate program at Harvard Medical School.
Arthur holds a Ph.D. in Economics from Tsinghua University, an M.S. in Finance from Fudan University, and a Bachelor's degree in Pharmacy from Shanghai Jiao Tong University. He further enhanced his scientific expertise by completing the Cancer Biology and Therapeutics post-graduate program at Harvard Medical School.
Crystal Liu
Managing Partner
Dr. PH
Dr. PH
Dr. Crystal Liu is the key founder of Apricot Capital, where she has successfully raised six funds and directed investments in nearly 70 cutting-edge life science ventures. Her strategic vision combines deep healthcare sector knowledge with sophisticated investment expertise.
Before establishing Apricot Capital, Dr. Liu led healthcare research and investment at Guotai Asset Management, developing the analytical frameworks that continue to guide the firm’s investment strategy today.
A published thought leader, Dr. Liu authored “Modern Hospital Operation and Management in Practice” (2024) and has contributed nearly 20 papers as first or corresponding author in SCI-indexed journals. She holds a Ph.D. in Public Health from Johns Hopkins University, a Master’s in Economics from the University of Warwick, and dual Bachelor’s degrees in Economics from the University of Southampton and Shanghai University of Finance and Economics.
A published thought leader, Dr. Liu authored “Modern Hospital Operation and Management in Practice” (2024) and has contributed nearly 20 papers as first or corresponding author in SCI-indexed journals. She holds a Ph.D. in Public Health from Johns Hopkins University, a Master’s in Economics from the University of Warwick, and dual Bachelor’s degrees in Economics from the University of Southampton and Shanghai University of Finance and Economics.
William Mao
Managing Partner
MS / EMBA
MS / EMBA
William Mao serves as Managing Partner at Apricot Capital and concurrently as President of the Shanghai Health Technology Association, where he shapes healthcare innovation policy and investment trends.
A pioneer in China's healthcare reform, William brings 20 years of healthcare investment and management expertise to the firm's portfolio companies. His entrepreneurial background includes co-founding GuoBin Medical Center and Shanghai Blue Cross Hospital Management Investment Co., Ltd.
William's financial acumen is grounded in his extensive experience in risk management and asset allocation. He holds an EMBA from Shanghai International Finance Institute, a Master's in Economics from Madonna University (USA), and a Bachelor's in Accounting from Shanghai University of Finance and Economics.
William's financial acumen is grounded in his extensive experience in risk management and asset allocation. He holds an EMBA from Shanghai International Finance Institute, a Master's in Economics from Madonna University (USA), and a Bachelor's in Accounting from Shanghai University of Finance and Economics.
Haigang Chen
Partner
M. D
M. D
Dr. Haigang Chen leads Apricot Capital's pharmaceutical investment strategy by applying his dual expertise in clinical medicine and financial analysis to identify promising therapeutic innovations.
Before joining Apricot, Dr. Chen established himself as an influential voice in China's pharmaceutical sector, serving as senior analyst at both China International Capital Corporation (CICC) and Citic Securities. His research team received top rankings from Asiamoney (#1 best pharmaceutical industry research teams in mainland China 2014) and Institutional Investor (#2 best pharmaceutical industry research teams in Greater China 2015).
Dr. Chen actively contributes to developing future industry talent as an industry mentor for Master of Finance students at Peking University's Guanghua School of Management and as a social mentor at Zhejiang University of Finance & Economics' MBA School. He holds a Doctor of Clinical Medicine degree from Peking Union Medical College, following pre-medical studies at Peking University's School of Life Sciences.
Dr. Chen actively contributes to developing future industry talent as an industry mentor for Master of Finance students at Peking University's Guanghua School of Management and as a social mentor at Zhejiang University of Finance & Economics' MBA School. He holds a Doctor of Clinical Medicine degree from Peking Union Medical College, following pre-medical studies at Peking University's School of Life Sciences.
Song Yun
Entrepreneur Partner
MS
MS
Song Yun brings 15 years of capital markets and corporate operations experience to his role as Entrepreneur Partner at Apricot Capital, where he has spearheaded investments in industry- defining companies including Akeso, RemeGen, Forerunner Medical, Eden Rad, Infivision Medical Imaging, United InnoMed, and Imics Biosciences.
His investment expertise was honed as Vice President of Healthcare Investment at Advantech Capital (New Horizon Capital), where he led successful investments in Alphamab Oncology, Nanos Medical, and HuaDao Biological Pharmacy.
Song also previously served as Vice President in CICC's Investment Banking Department, where he led IPOs for healthcare innovators including SonoScape, Honghe Hospital Corporation, and New Century Healthcare. He holds both Master's and Bachelor's degrees in Chemical Engineering from Tsinghua University.
Song also previously served as Vice President in CICC's Investment Banking Department, where he led IPOs for healthcare innovators including SonoScape, Honghe Hospital Corporation, and New Century Healthcare. He holds both Master's and Bachelor's degrees in Chemical Engineering from Tsinghua University.