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# Lessons from Nisa Leung
- URL: https://www.antoinebuteau.com/lessons-from-nisa-leung/
- Published: 2025-10-23T14:53:02.000Z
- Updated: 2026-09-05T03:20:45.000Z
- Description: Nisa Leung, managing partner of Qiming Venture Partners and a healthcare venture capitalist, brings experience identifying and nurturing innovative companies to the central investment question: how should capital, judgment, and patient guidance shape the future of healthcare?
- Author: Antoine Buteau
- Tags: Profile, Investing, Venture Capital Profiles

As a leading venture capitalist in the healthcare sector, Nisa Leung, Managing Partner of Qiming Venture Partners, has a wealth of knowledge and experience in identifying and nurturing innovative companies. Her insights offer invaluable guidance for entrepreneurs, investors, and anyone interested in the future of healthcare.

![Infographic for "Lessons from Nisa Leung".](https://www.antoinebuteau.com/content/images/2026/07/lessons-from-nisa-leung-optimized.webp)

## On Investment Philosophy and Strategy

1. **Focus on the long-term vision.** Leung emphasizes that a long-term vision, not short-term cash flow, is the key to entrepreneurial success.\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQFEXX%5FsHSnKJKoem10qnXKS0G0kUmG8XX0N7ZdAy21u-8iFqXkGOkeG4FEj%5FF7fGZRtLIxb42ekEI-i6xjLrqTQrhpjR3542LAVWwvAO7S2iI8HKBjC3ss3FIRRN4g4oJy51tLa0Jbpcrp-v9Mvx-bVbp1SWkZu1lbOKybFrjDHVnLDB1BhCOoQWEu8ovitnc7L9u3UVKf8VdnRidlLShwtW2eSLQ%3D%3D&ref=antoinebuteau.com)\]
2. **Invest in people.** One of her most difficult investment decisions was to back a two-person team without a protocol, demonstrating her belief in the potential of the founders themselves.\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQFEXX%5FsHSnKJKoem10qnXKS0G0kUmG8XX0N7ZdAy21u-8iFqXkGOkeG4FEj%5FF7fGZRtLIxb42ekEI-i6xjLrqTQrhpjR3542LAVWwvAO7S2iI8HKBjC3ss3FIRRN4g4oJy51tLa0Jbpcrp-v9Mvx-bVbp1SWkZu1lbOKybFrjDHVnLDB1BhCOoQWEu8ovitnc7L9u3UVKf8VdnRidlLShwtW2eSLQ%3D%3D&ref=antoinebuteau.com)\]\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQFcyYKXTHShzyPUqwtsFLc%5F%5FHI9b6nSFG1bmhOud9d8405HaigZOFUmgJPC3o%5FujfRh%5F5e5QRnMX2TcQaDrFlwEieq02vX65P06Ws4HJNlNOxEiuA64mv29zlv5inK0zy4qoveIAQ%3D%3D&ref=antoinebuteau.com)\]
3. **Look for unmet needs.** When Qiming Venture Partners started, their strategy was to fund companies that addressed the basic, unmet healthcare needs in China.\[[3](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQGUZCDGIUBr4mOkMYjwM2XcG2sKqDfqJlqxWhZtYIBpherm8EmEFiUl%5FCkis5XDu-odPCXVsBjHhld0w8pB1E1R8%5FoV7qtnBxxRuSsVAfuOS4yTb9rc6jQ63Nrp5yTBLzkBrMLSEuDNdAZfUMmYtVKSvDVXKP3MrdlSdUyX2Fqo6saI8piAWlyFlkk5qQ3ZKOTA-J%5FFJg%3D%3D&ref=antoinebuteau.com)\]
4. **Invest early.** A significant percentage of Qiming's healthcare investments are in angel or series A rounds, often when companies have only a few employees.\[[3](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQGUZCDGIUBr4mOkMYjwM2XcG2sKqDfqJlqxWhZtYIBpherm8EmEFiUl%5FCkis5XDu-odPCXVsBjHhld0w8pB1E1R8%5FoV7qtnBxxRuSsVAfuOS4yTb9rc6jQ63Nrp5yTBLzkBrMLSEuDNdAZfUMmYtVKSvDVXKP3MrdlSdUyX2Fqo6saI8piAWlyFlkk5qQ3ZKOTA-J%5FFJg%3D%3D&ref=antoinebuteau.com)\]
5. **Don't follow the herd.** Leung advises to "try to do something different. Try not to follow the herd."\[[4](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG2FryMDsobd7Sd1GyapzOrCDvgga3AJ1Z%5FdIxCAgAjcsqkZhQ-UWssO%5FY5xMnjHSBEQz3szmxIgcUGYm6iW%5F4Jk00-dUCW-EVT83rteuN1uvqykeStlakQwxXUahjgJcTwOTIz1R77ZNXhbhg1uH1It491OFEeLkasj8uaDxrpAPjSFLZ0towYHm478-2-JV2fDfgszRwr5CfkEaChAiIV3iCwo35N2YS22PD4r400Mf7WD2J02jd0KvvbphNC&ref=antoinebuteau.com)\]
6. **Think about the future.** "We always think of what will happen in 5 years and 10 years' time," she says, emphasizing a forward-looking mindset.\[[4](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG2FryMDsobd7Sd1GyapzOrCDvgga3AJ1Z%5FdIxCAgAjcsqkZhQ-UWssO%5FY5xMnjHSBEQz3szmxIgcUGYm6iW%5F4Jk00-dUCW-EVT83rteuN1uvqykeStlakQwxXUahjgJcTwOTIz1R77ZNXhbhg1uH1It491OFEeLkasj8uaDxrpAPjSFLZ0towYHm478-2-JV2fDfgszRwr5CfkEaChAiIV3iCwo35N2YS22PD4r400Mf7WD2J02jd0KvvbphNC&ref=antoinebuteau.com)\]
7. **Valuations have become more attractive.** With adjustments in public valuations, Leung sees more attractive value propositions in private rounds.\[[3](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQGUZCDGIUBr4mOkMYjwM2XcG2sKqDfqJlqxWhZtYIBpherm8EmEFiUl%5FCkis5XDu-odPCXVsBjHhld0w8pB1E1R8%5FoV7qtnBxxRuSsVAfuOS4yTb9rc6jQ63Nrp5yTBLzkBrMLSEuDNdAZfUMmYtVKSvDVXKP3MrdlSdUyX2Fqo6saI8piAWlyFlkk5qQ3ZKOTA-J%5FFJg%3D%3D&ref=antoinebuteau.com)\]
8. **Support portfolio companies through their journey.** Qiming's approach is to support their portfolio companies "through their journey along the way."\[[3](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQGUZCDGIUBr4mOkMYjwM2XcG2sKqDfqJlqxWhZtYIBpherm8EmEFiUl%5FCkis5XDu-odPCXVsBjHhld0w8pB1E1R8%5FoV7qtnBxxRuSsVAfuOS4yTb9rc6jQ63Nrp5yTBLzkBrMLSEuDNdAZfUMmYtVKSvDVXKP3MrdlSdUyX2Fqo6saI8piAWlyFlkk5qQ3ZKOTA-J%5FFJg%3D%3D&ref=antoinebuteau.com)\]
9. **Invest in what you know.** Her team's deep understanding of the healthcare sector's regulations was crucial when investing in health tech companies.\[[5](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHLtnswOCIhkMirALqvRuNZPIZZg9fp3DRrYhBljutB7SbKpEZRFT7l0qrFsr4qv32jGN-ZgpqLC-By6VlYpf7%5FK%5FNLvOeDzY2JVMHIZqlIqp1ja4J2nHLX-iVd-X9hBN9XxTIsmg%3D%3D&ref=antoinebuteau.com)\]
10. **A slowdown in investment pace.** Leung has noted a slowdown in venture investing in China due to difficulties in fundraising, particularly in RMB.\[[6](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQE826RFzuCJIzQjqQAFuR0nd-HMVv%5F14xBI2NSrAkI3pqqMTHLPw1Zbf9XHhK2zgEYAis8gOaMpoHaGDBJrVnZzUQp7Qy7LpzXBczeFQqelUSYfp-%5FoxcaIvfgapScneSyp7XdefP7O49BQxZpaQRFj0of6zoQjMd6ZkLkCyDrPAdVnwtQp&ref=antoinebuteau.com)\]

## On the Healthcare Industry

1. **China's healthcare industry has seen prolific growth.** Leung has witnessed and participated in the transformation of China's healthcare market from the world's eighth-largest to the second-largest.\[[3](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQGUZCDGIUBr4mOkMYjwM2XcG2sKqDfqJlqxWhZtYIBpherm8EmEFiUl%5FCkis5XDu-odPCXVsBjHhld0w8pB1E1R8%5FoV7qtnBxxRuSsVAfuOS4yTb9rc6jQ63Nrp5yTBLzkBrMLSEuDNdAZfUMmYtVKSvDVXKP3MrdlSdUyX2Fqo6saI8piAWlyFlkk5qQ3ZKOTA-J%5FFJg%3D%3D&ref=antoinebuteau.com)\]
2. **The COVID-19 pandemic spurred innovation.** She highlights how many healthcare entrepreneurs stepped up during the pandemic with vaccines, diagnostics, and new technologies.\[[5](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHLtnswOCIhkMirALqvRuNZPIZZg9fp3DRrYhBljutB7SbKpEZRFT7l0qrFsr4qv32jGN-ZgpqLC-By6VlYpf7%5FK%5FNLvOeDzY2JVMHIZqlIqp1ja4J2nHLX-iVd-X9hBN9XxTIsmg%3D%3D&ref=antoinebuteau.com)\]\[[7](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQFfU8IMPIqNPPjwbrEf3-TfhgsXclLzSSbGY23ZhTUc5MzmBHQXK0rfYPXBHkqPDx3UeznSpHHAxrZSQUJgmDXDJwlDqVlLTVJDODueJwXLRjTVmlAAMZGOoa3pP4Tc7hpv9ZjGnYos2q-MCWWUUvgjISOVwJTt4GVVtlZn-89avjiuk7w8PWcSCw26n6ia2-ANqLojgrndrK3QohvqEJw-woyw2qA7h-vqOQEerUCRCw%3D%3D&ref=antoinebuteau.com)\]
3. **Technology is driving the future of healthcare.** Her team has been actively investing in firms specializing in artificial intelligence, robotics, and health technologies.\[[5](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHLtnswOCIhkMirALqvRuNZPIZZg9fp3DRrYhBljutB7SbKpEZRFT7l0qrFsr4qv32jGN-ZgpqLC-By6VlYpf7%5FK%5FNLvOeDzY2JVMHIZqlIqp1ja4J2nHLX-iVd-X9hBN9XxTIsmg%3D%3D&ref=antoinebuteau.com)\]\[[7](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQFfU8IMPIqNPPjwbrEf3-TfhgsXclLzSSbGY23ZhTUc5MzmBHQXK0rfYPXBHkqPDx3UeznSpHHAxrZSQUJgmDXDJwlDqVlLTVJDODueJwXLRjTVmlAAMZGOoa3pP4Tc7hpv9ZjGnYos2q-MCWWUUvgjISOVwJTt4GVVtlZn-89avjiuk7w8PWcSCw26n6ia2-ANqLojgrndrK3QohvqEJw-woyw2qA7h-vqOQEerUCRCw%3D%3D&ref=antoinebuteau.com)\]
4. **China is developing best-in-class drugs.** Many are surprised that China is able to develop so many best-in-class drugs for global markets.\[[8](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEdG09X5dnIlqStzdpFW4dCSvDCqiCtyX93gToZgk6gDPbms5NEbiNku-d7DPa0YmSCWVgLAvktctEIADTdlFNoTaoBMTeKFe9HRFu4sx5jy0lkx7v8Ogn93tRDPxD7qcRXBnf%5FCst23NGpNpLEXBAM1WgMC41gfMIaaBVh4Nw6%5FEyoG7kvO%5F87xHa6p5jiyhumLfUoxeXmSU%5FJ&ref=antoinebuteau.com)\]
5. **Helping align China with global standards is a key focus.** A major goal is to help China's healthcare industry align its drug discovery and development practices with global standards.\[[5](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHLtnswOCIhkMirALqvRuNZPIZZg9fp3DRrYhBljutB7SbKpEZRFT7l0qrFsr4qv32jGN-ZgpqLC-By6VlYpf7%5FK%5FNLvOeDzY2JVMHIZqlIqp1ja4J2nHLX-iVd-X9hBN9XxTIsmg%3D%3D&ref=antoinebuteau.com)\]\[[7](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQFfU8IMPIqNPPjwbrEf3-TfhgsXclLzSSbGY23ZhTUc5MzmBHQXK0rfYPXBHkqPDx3UeznSpHHAxrZSQUJgmDXDJwlDqVlLTVJDODueJwXLRjTVmlAAMZGOoa3pP4Tc7hpv9ZjGnYos2q-MCWWUUvgjISOVwJTt4GVVtlZn-89avjiuk7w8PWcSCw26n6ia2-ANqLojgrndrK3QohvqEJw-woyw2qA7h-vqOQEerUCRCw%3D%3D&ref=antoinebuteau.com)\]
6. **The rise of licensing deals.** Business development deals are increasingly focused on licensing innovative drugs from China to global markets.\[[8](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEdG09X5dnIlqStzdpFW4dCSvDCqiCtyX93gToZgk6gDPbms5NEbiNku-d7DPa0YmSCWVgLAvktctEIADTdlFNoTaoBMTeKFe9HRFu4sx5jy0lkx7v8Ogn93tRDPxD7qcRXBnf%5FCst23NGpNpLEXBAM1WgMC41gfMIaaBVh4Nw6%5FEyoG7kvO%5F87xHa6p5jiyhumLfUoxeXmSU%5FJ&ref=antoinebuteau.com)\]
7. **New modalities are on the horizon.** Leung predicts that healthcare startups will explore "new modalities," focusing on areas like neurodegenerative diseases such as Parkinson's and Alzheimer's.\[[9](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQESM2icTE%5FKJFJaeLza9vBDYJmCT3y7%5FcKY1cO2XzjPNeL3XS4YHpQibPZqyaPGXDFONxYSfVu9%5FiG2p86LmSD9xpjJbSXA%5Fybuo2FHJDT%5FomTe7U%5FpbkYJ9QOMsFwV8jo4BgJ8yQ2bat8315%5Fboe-ZmKz52eMkK1ofywOt6NYYk8pP5AyRJuXcSt7%5FaTdvb8tyrhMGi8SiRQ5bzHfDr%5FlLhZfpnAkTn62DgsakSXlia6pUHqkhUQxYeapoLJ5%5FpfJasoKIEEM%3D&ref=antoinebuteau.com)\]
8. **Advancements in liquid biopsy could make cancer a "chronic disease."** She believes that innovations in diagnostics could transform cancer from a terminal illness into a manageable condition.\[[9](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQESM2icTE%5FKJFJaeLza9vBDYJmCT3y7%5FcKY1cO2XzjPNeL3XS4YHpQibPZqyaPGXDFONxYSfVu9%5FiG2p86LmSD9xpjJbSXA%5Fybuo2FHJDT%5FomTe7U%5FpbkYJ9QOMsFwV8jo4BgJ8yQ2bat8315%5Fboe-ZmKz52eMkK1ofywOt6NYYk8pP5AyRJuXcSt7%5FaTdvb8tyrhMGi8SiRQ5bzHfDr%5FlLhZfpnAkTn62DgsakSXlia6pUHqkhUQxYeapoLJ5%5FpfJasoKIEEM%3D&ref=antoinebuteau.com)\]
9. **There's a need to address overlooked illnesses impacting women.** Leung points out that conditions like fibroids and endometriosis are critically overlooked, presenting opportunities for research and investment.\[[9](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQESM2icTE%5FKJFJaeLza9vBDYJmCT3y7%5FcKY1cO2XzjPNeL3XS4YHpQibPZqyaPGXDFONxYSfVu9%5FiG2p86LmSD9xpjJbSXA%5Fybuo2FHJDT%5FomTe7U%5FpbkYJ9QOMsFwV8jo4BgJ8yQ2bat8315%5Fboe-ZmKz52eMkK1ofywOt6NYYk8pP5AyRJuXcSt7%5FaTdvb8tyrhMGi8SiRQ5bzHfDr%5FlLhZfpnAkTn62DgsakSXlia6pUHqkhUQxYeapoLJ5%5FpfJasoKIEEM%3D&ref=antoinebuteau.com)\]
10. **The importance of home-grown talent.** China has a dedicated and hardworking talent pool of scientists and entrepreneurs.\[[8](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEdG09X5dnIlqStzdpFW4dCSvDCqiCtyX93gToZgk6gDPbms5NEbiNku-d7DPa0YmSCWVgLAvktctEIADTdlFNoTaoBMTeKFe9HRFu4sx5jy0lkx7v8Ogn93tRDPxD7qcRXBnf%5FCst23NGpNpLEXBAM1WgMC41gfMIaaBVh4Nw6%5FEyoG7kvO%5F87xHa6p5jiyhumLfUoxeXmSU%5FJ&ref=antoinebuteau.com)\]

## On Entrepreneurship and Fundraising

1. **Startups don't always need to raise a lot of money.** Leung has observed that "a lot of the time, startups don't actually need to raise a lot of money."\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQFEXX%5FsHSnKJKoem10qnXKS0G0kUmG8XX0N7ZdAy21u-8iFqXkGOkeG4FEj%5FF7fGZRtLIxb42ekEI-i6xjLrqTQrhpjR3542LAVWwvAO7S2iI8HKBjC3ss3FIRRN4g4oJy51tLa0Jbpcrp-v9Mvx-bVbp1SWkZu1lbOKybFrjDHVnLDB1BhCOoQWEu8ovitnc7L9u3UVKf8VdnRidlLShwtW2eSLQ%3D%3D&ref=antoinebuteau.com)\]
2. **It's about the right amount of funding.** The key is to raise enough to reach the next milestone and significantly increase the company's value.\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQFEXX%5FsHSnKJKoem10qnXKS0G0kUmG8XX0N7ZdAy21u-8iFqXkGOkeG4FEj%5FF7fGZRtLIxb42ekEI-i6xjLrqTQrhpjR3542LAVWwvAO7S2iI8HKBjC3ss3FIRRN4g4oJy51tLa0Jbpcrp-v9Mvx-bVbp1SWkZu1lbOKybFrjDHVnLDB1BhCOoQWEu8ovitnc7L9u3UVKf8VdnRidlLShwtW2eSLQ%3D%3D&ref=antoinebuteau.com)\]
3. **Finding your passion is crucial.** "It's very important to find your passion," she advises. "I really believe everyone is made to do something great, but you have to find it."\[[4](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG2FryMDsobd7Sd1GyapzOrCDvgga3AJ1Z%5FdIxCAgAjcsqkZhQ-UWssO%5FY5xMnjHSBEQz3szmxIgcUGYm6iW%5F4Jk00-dUCW-EVT83rteuN1uvqykeStlakQwxXUahjgJcTwOTIz1R77ZNXhbhg1uH1It491OFEeLkasj8uaDxrpAPjSFLZ0towYHm478-2-JV2fDfgszRwr5CfkEaChAiIV3iCwo35N2YS22PD4r400Mf7WD2J02jd0KvvbphNC&ref=antoinebuteau.com)\]
4. **Persistence is key.** She has supported companies that took more than double the expected time to build a prototype, demonstrating the importance of believing in a team's long-term potential.\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQFcyYKXTHShzyPUqwtsFLc%5F%5FHI9b6nSFG1bmhOud9d8405HaigZOFUmgJPC3o%5FujfRh%5F5e5QRnMX2TcQaDrFlwEieq02vX65P06Ws4HJNlNOxEiuA64mv29zlv5inK0zy4qoveIAQ%3D%3D&ref=antoinebuteau.com)\]
5. **Be suitable for the local market.** When investing in China, it's crucial to back companies with models that are suitable for the Chinese market, rather than just copying what works in the U.S.\[[5](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHLtnswOCIhkMirALqvRuNZPIZZg9fp3DRrYhBljutB7SbKpEZRFT7l0qrFsr4qv32jGN-ZgpqLC-By6VlYpf7%5FK%5FNLvOeDzY2JVMHIZqlIqp1ja4J2nHLX-iVd-X9hBN9XxTIsmg%3D%3D&ref=antoinebuteau.com)\]
6. **IPOs are still possible in a selective market.** While investors have become more selective, it is still possible for companies to have successful IPOs.\[[8](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEdG09X5dnIlqStzdpFW4dCSvDCqiCtyX93gToZgk6gDPbms5NEbiNku-d7DPa0YmSCWVgLAvktctEIADTdlFNoTaoBMTeKFe9HRFu4sx5jy0lkx7v8Ogn93tRDPxD7qcRXBnf%5FCst23NGpNpLEXBAM1WgMC41gfMIaaBVh4Nw6%5FEyoG7kvO%5F87xHa6p5jiyhumLfUoxeXmSU%5FJ&ref=antoinebuteau.com)\]
7. **Entrepreneurs need to adapt to different market requirements.** Listing requirements vary between exchanges like the Hong Kong Stock Exchange and the Shanghai Stock Exchange, and companies need to be strategic about where they go public.\[[3](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQGUZCDGIUBr4mOkMYjwM2XcG2sKqDfqJlqxWhZtYIBpherm8EmEFiUl%5FCkis5XDu-odPCXVsBjHhld0w8pB1E1R8%5FoV7qtnBxxRuSsVAfuOS4yTb9rc6jQ63Nrp5yTBLzkBrMLSEuDNdAZfUMmYtVKSvDVXKP3MrdlSdUyX2Fqo6saI8piAWlyFlkk5qQ3ZKOTA-J%5FFJg%3D%3D&ref=antoinebuteau.com)\]
8. **Don't be afraid to work away from home.** Leung encourages young people to gain work experience in different countries before settling down.\[[4](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG2FryMDsobd7Sd1GyapzOrCDvgga3AJ1Z%5FdIxCAgAjcsqkZhQ-UWssO%5FY5xMnjHSBEQz3szmxIgcUGYm6iW%5F4Jk00-dUCW-EVT83rteuN1uvqykeStlakQwxXUahjgJcTwOTIz1R77ZNXhbhg1uH1It491OFEeLkasj8uaDxrpAPjSFLZ0towYHm478-2-JV2fDfgszRwr5CfkEaChAiIV3iCwo35N2YS22PD4r400Mf7WD2J02jd0KvvbphNC&ref=antoinebuteau.com)\]
9. **The importance of a global mindset.** She believes it is important for talent to move around and "cross-pollinate ideas and collaborate for the better good."\[[8](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEdG09X5dnIlqStzdpFW4dCSvDCqiCtyX93gToZgk6gDPbms5NEbiNku-d7DPa0YmSCWVgLAvktctEIADTdlFNoTaoBMTeKFe9HRFu4sx5jy0lkx7v8Ogn93tRDPxD7qcRXBnf%5FCst23NGpNpLEXBAM1WgMC41gfMIaaBVh4Nw6%5FEyoG7kvO%5F87xHa6p5jiyhumLfUoxeXmSU%5FJ&ref=antoinebuteau.com)\]
10. **Making an impact is a powerful motivator.** Being able to support great healthcare companies that bring new products to the market is a source of pride.\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQFcyYKXTHShzyPUqwtsFLc%5F%5FHI9b6nSFG1bmhOud9d8405HaigZOFUmgJPC3o%5FujfRh%5F5e5QRnMX2TcQaDrFlwEieq02vX65P06Ws4HJNlNOxEiuA64mv29zlv5inK0zy4qoveIAQ%3D%3D&ref=antoinebuteau.com)\]

## On Leadership and Personal Growth

1. **Find inner peace.** Leung emphasizes the importance of finding self-peace to understand one's own feelings and priorities.\[[4](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG2FryMDsobd7Sd1GyapzOrCDvgga3AJ1Z%5FdIxCAgAjcsqkZhQ-UWssO%5FY5xMnjHSBEQz3szmxIgcUGYm6iW%5F4Jk00-dUCW-EVT83rteuN1uvqykeStlakQwxXUahjgJcTwOTIz1R77ZNXhbhg1uH1It491OFEeLkasj8uaDxrpAPjSFLZ0towYHm478-2-JV2fDfgszRwr5CfkEaChAiIV3iCwo35N2YS22PD4r400Mf7WD2J02jd0KvvbphNC&ref=antoinebuteau.com)\]
2. **Don't get bogged down by trivial things.** Through inner peace, one can identify what is truly important and focus on those things.\[[4](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG2FryMDsobd7Sd1GyapzOrCDvgga3AJ1Z%5FdIxCAgAjcsqkZhQ-UWssO%5FY5xMnjHSBEQz3szmxIgcUGYm6iW%5F4Jk00-dUCW-EVT83rteuN1uvqykeStlakQwxXUahjgJcTwOTIz1R77ZNXhbhg1uH1It491OFEeLkasj8uaDxrpAPjSFLZ0towYHm478-2-JV2fDfgszRwr5CfkEaChAiIV3iCwo35N2YS22PD4r400Mf7WD2J02jd0KvvbphNC&ref=antoinebuteau.com)\]
3. **Observe daily life for insights.** She and her team take a lot of observations from daily life to understand how people's behavior is going to alter.\[[4](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG2FryMDsobd7Sd1GyapzOrCDvgga3AJ1Z%5FdIxCAgAjcsqkZhQ-UWssO%5FY5xMnjHSBEQz3szmxIgcUGYm6iW%5F4Jk00-dUCW-EVT83rteuN1uvqykeStlakQwxXUahjgJcTwOTIz1R77ZNXhbhg1uH1It491OFEeLkasj8uaDxrpAPjSFLZ0towYHm478-2-JV2fDfgszRwr5CfkEaChAiIV3iCwo35N2YS22PD4r400Mf7WD2J02jd0KvvbphNC&ref=antoinebuteau.com)\]
4. **Don't spend too much time on the fine print or social media.** Leung prefers to focus on the headlines and avoid the time-consuming nature of social media.\[[4](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG2FryMDsobd7Sd1GyapzOrCDvgga3AJ1Z%5FdIxCAgAjcsqkZhQ-UWssO%5FY5xMnjHSBEQz3szmxIgcUGYm6iW%5F4Jk00-dUCW-EVT83rteuN1uvqykeStlakQwxXUahjgJcTwOTIz1R77ZNXhbhg1uH1It491OFEeLkasj8uaDxrpAPjSFLZ0towYHm478-2-JV2fDfgszRwr5CfkEaChAiIV3iCwo35N2YS22PD4r400Mf7WD2J02jd0KvvbphNC&ref=antoinebuteau.com)\]
5. **The journey from entrepreneur to investor.** Before her venture capital career, Leung co-founded three healthcare companies in China, giving her firsthand experience of the challenges entrepreneurs face.\[[3](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQGUZCDGIUBr4mOkMYjwM2XcG2sKqDfqJlqxWhZtYIBpherm8EmEFiUl%5FCkis5XDu-odPCXVsBjHhld0w8pB1E1R8%5FoV7qtnBxxRuSsVAfuOS4yTb9rc6jQ63Nrp5yTBLzkBrMLSEuDNdAZfUMmYtVKSvDVXKP3MrdlSdUyX2Fqo6saI8piAWlyFlkk5qQ3ZKOTA-J%5FFJg%3D%3D&ref=antoinebuteau.com)\]
6. **Contribute to humanity.** She encourages young people to join the healthcare industry to make a contribution to humanity.\[[5](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHLtnswOCIhkMirALqvRuNZPIZZg9fp3DRrYhBljutB7SbKpEZRFT7l0qrFsr4qv32jGN-ZgpqLC-By6VlYpf7%5FK%5FNLvOeDzY2JVMHIZqlIqp1ja4J2nHLX-iVd-X9hBN9XxTIsmg%3D%3D&ref=antoinebuteau.com)\]\[[7](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQFfU8IMPIqNPPjwbrEf3-TfhgsXclLzSSbGY23ZhTUc5MzmBHQXK0rfYPXBHkqPDx3UeznSpHHAxrZSQUJgmDXDJwlDqVlLTVJDODueJwXLRjTVmlAAMZGOoa3pP4Tc7hpv9ZjGnYos2q-MCWWUUvgjISOVwJTt4GVVtlZn-89avjiuk7w8PWcSCw26n6ia2-ANqLojgrndrK3QohvqEJw-woyw2qA7h-vqOQEerUCRCw%3D%3D&ref=antoinebuteau.com)\]
7. **Giving back to the ecosystem.** Leung and other venture investors in Hong Kong have created an alliance to mentor and advise local entrepreneurs.\[[5](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHLtnswOCIhkMirALqvRuNZPIZZg9fp3DRrYhBljutB7SbKpEZRFT7l0qrFsr4qv32jGN-ZgpqLC-By6VlYpf7%5FK%5FNLvOeDzY2JVMHIZqlIqp1ja4J2nHLX-iVd-X9hBN9XxTIsmg%3D%3D&ref=antoinebuteau.com)\]
8. **Recognized as a top investor.** She has been consistently recognized on the Forbes Midas List and as one of the Best Women VCs by Forbes China.\[[10](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQGnWfpw4udNL1aKHko%5FIE-L6K4drzDTh7WYxNpbTeWUZxL15reW8MYGmKDs8eeLZV1YanVY2uLUAQnEbvdeKQqFIPMgvTvzJRSDgNNKoPgSn2f9jPwnVZ5xcl14DNsG8NfiklkfSsKCu5bIZizGRB21Pv5XHOqIsmw%3D&ref=antoinebuteau.com)\]
9. **Women have more opportunities in China's healthcare space.** Leung believes that the opportunities for women in healthcare are more expansive in China compared to Silicon Valley.\[[9](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQESM2icTE%5FKJFJaeLza9vBDYJmCT3y7%5FcKY1cO2XzjPNeL3XS4YHpQibPZqyaPGXDFONxYSfVu9%5FiG2p86LmSD9xpjJbSXA%5Fybuo2FHJDT%5FomTe7U%5FpbkYJ9QOMsFwV8jo4BgJ8yQ2bat8315%5Fboe-ZmKz52eMkK1ofywOt6NYYk8pP5AyRJuXcSt7%5FaTdvb8tyrhMGi8SiRQ5bzHfDr%5FlLhZfpnAkTn62DgsakSXlia6pUHqkhUQxYeapoLJ5%5FpfJasoKIEEM%3D&ref=antoinebuteau.com)\]
10. **The goal is to extend human life.** "If we can even help a little bit by extending the average age of the world by five years, that would be great," she says.\[[9](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQESM2icTE%5FKJFJaeLza9vBDYJmCT3y7%5FcKY1cO2XzjPNeL3XS4YHpQibPZqyaPGXDFONxYSfVu9%5FiG2p86LmSD9xpjJbSXA%5Fybuo2FHJDT%5FomTe7U%5FpbkYJ9QOMsFwV8jo4BgJ8yQ2bat8315%5Fboe-ZmKz52eMkK1ofywOt6NYYk8pP5AyRJuXcSt7%5FaTdvb8tyrhMGi8SiRQ5bzHfDr%5FlLhZfpnAkTn62DgsakSXlia6pUHqkhUQxYeapoLJ5%5FpfJasoKIEEM%3D&ref=antoinebuteau.com)\]

## On the Market and Future Trends

1. **The market has seen a notable increase in M&As.** While the IPO market has been less active, there has been a rise in mergers and acquisitions.\[[8](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEdG09X5dnIlqStzdpFW4dCSvDCqiCtyX93gToZgk6gDPbms5NEbiNku-d7DPa0YmSCWVgLAvktctEIADTdlFNoTaoBMTeKFe9HRFu4sx5jy0lkx7v8Ogn93tRDPxD7qcRXBnf%5FCst23NGpNpLEXBAM1WgMC41gfMIaaBVh4Nw6%5FEyoG7kvO%5F87xHa6p5jiyhumLfUoxeXmSU%5FJ&ref=antoinebuteau.com)\]
2. **Investors are becoming more knowledgeable about healthcare sub-sectors.** The introduction of Chapter 18A on the Hong Kong Stock Exchange has helped educate public investors about the biotech industry.\[[5](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHLtnswOCIhkMirALqvRuNZPIZZg9fp3DRrYhBljutB7SbKpEZRFT7l0qrFsr4qv32jGN-ZgpqLC-By6VlYpf7%5FK%5FNLvOeDzY2JVMHIZqlIqp1ja4J2nHLX-iVd-X9hBN9XxTIsmg%3D%3D&ref=antoinebuteau.com)\]
3. **The impact of US-China trade tensions.** Leung notes that China tech and healthcare investments into the US have dropped significantly due to trade tensions.\[[6](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQE826RFzuCJIzQjqQAFuR0nd-HMVv%5F14xBI2NSrAkI3pqqMTHLPw1Zbf9XHhK2zgEYAis8gOaMpoHaGDBJrVnZzUQp7Qy7LpzXBczeFQqelUSYfp-%5FoxcaIvfgapScneSyp7XdefP7O49BQxZpaQRFj0of6zoQjMd6ZkLkCyDrPAdVnwtQp&ref=antoinebuteau.com)\]
4. **The rise of AI in drug discovery.** Qiming has invested in companies like Insilico Medicine, a leading AI drug discovery company.\[[5](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHLtnswOCIhkMirALqvRuNZPIZZg9fp3DRrYhBljutB7SbKpEZRFT7l0qrFsr4qv32jGN-ZgpqLC-By6VlYpf7%5FK%5FNLvOeDzY2JVMHIZqlIqp1ja4J2nHLX-iVd-X9hBN9XxTIsmg%3D%3D&ref=antoinebuteau.com)\]
5. **Surgical robotics is a key area of investment.** Cornerstone Robotics is another portfolio company that is a leader in the surgical robotics space.\[[5](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHLtnswOCIhkMirALqvRuNZPIZZg9fp3DRrYhBljutB7SbKpEZRFT7l0qrFsr4qv32jGN-ZgpqLC-By6VlYpf7%5FK%5FNLvOeDzY2JVMHIZqlIqp1ja4J2nHLX-iVd-X9hBN9XxTIsmg%3D%3D&ref=antoinebuteau.com)\]
6. **Gene editing is an emerging field.** She has also invested in a base editing company, highlighting her focus on cutting-edge technologies.\[[5](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHLtnswOCIhkMirALqvRuNZPIZZg9fp3DRrYhBljutB7SbKpEZRFT7l0qrFsr4qv32jGN-ZgpqLC-By6VlYpf7%5FK%5FNLvOeDzY2JVMHIZqlIqp1ja4J2nHLX-iVd-X9hBN9XxTIsmg%3D%3D&ref=antoinebuteau.com)\]
7. **The growth of the Chinese healthcare market has been rapid.** While she expects the growth on the pharmaceutical side to slow down to single digits, other areas remain exciting.\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQFcyYKXTHShzyPUqwtsFLc%5F%5FHI9b6nSFG1bmhOud9d8405HaigZOFUmgJPC3o%5FujfRh%5F5e5QRnMX2TcQaDrFlwEieq02vX65P06Ws4HJNlNOxEiuA64mv29zlv5inK0zy4qoveIAQ%3D%3D&ref=antoinebuteau.com)\]
8. **Digital health is a growing sector.** Qiming has invested in over 20 health tech companies, including the leading internet hospital chain, WeDoctor.\[[5](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHLtnswOCIhkMirALqvRuNZPIZZg9fp3DRrYhBljutB7SbKpEZRFT7l0qrFsr4qv32jGN-ZgpqLC-By6VlYpf7%5FK%5FNLvOeDzY2JVMHIZqlIqp1ja4J2nHLX-iVd-X9hBN9XxTIsmg%3D%3D&ref=antoinebuteau.com)\]
9. **The importance of a multi-market exit strategy.** Qiming's portfolio companies have listed on NASDAQ, the Hong Kong Stock Exchange, and the A-share market in China, demonstrating the need for flexibility in exit strategies.\[[3](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQGUZCDGIUBr4mOkMYjwM2XcG2sKqDfqJlqxWhZtYIBpherm8EmEFiUl%5FCkis5XDu-odPCXVsBjHhld0w8pB1E1R8%5FoV7qtnBxxRuSsVAfuOS4yTb9rc6jQ63Nrp5yTBLzkBrMLSEuDNdAZfUMmYtVKSvDVXKP3MrdlSdUyX2Fqo6saI8piAWlyFlkk5qQ3ZKOTA-J%5FFJg%3D%3D&ref=antoinebuteau.com)\]
10. **The potential of Hong Kong as a biotech hub.** Leung hopes to see more and more opportunities coming out of Hong Kong's growing biotech ecosystem.\[[5](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHLtnswOCIhkMirALqvRuNZPIZZg9fp3DRrYhBljutB7SbKpEZRFT7l0qrFsr4qv32jGN-ZgpqLC-By6VlYpf7%5FK%5FNLvOeDzY2JVMHIZqlIqp1ja4J2nHLX-iVd-X9hBN9XxTIsmg%3D%3D&ref=antoinebuteau.com)\]
11. **The ultimate goal is to solve incurable diseases.** Underlying her impressive track record is a deep desire to make a meaningful impact on global health.\[[9](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQESM2icTE%5FKJFJaeLza9vBDYJmCT3y7%5FcKY1cO2XzjPNeL3XS4YHpQibPZqyaPGXDFONxYSfVu9%5FiG2p86LmSD9xpjJbSXA%5Fybuo2FHJDT%5FomTe7U%5FpbkYJ9QOMsFwV8jo4BgJ8yQ2bat8315%5Fboe-ZmKz52eMkK1ofywOt6NYYk8pP5AyRJuXcSt7%5FaTdvb8tyrhMGi8SiRQ5bzHfDr%5FlLhZfpnAkTn62DgsakSXlia6pUHqkhUQxYeapoLJ5%5FpfJasoKIEEM%3D&ref=antoinebuteau.com)\]

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4. [medium.com](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG2FryMDsobd7Sd1GyapzOrCDvgga3AJ1Z%5FdIxCAgAjcsqkZhQ-UWssO%5FY5xMnjHSBEQz3szmxIgcUGYm6iW%5F4Jk00-dUCW-EVT83rteuN1uvqykeStlakQwxXUahjgJcTwOTIz1R77ZNXhbhg1uH1It491OFEeLkasj8uaDxrpAPjSFLZ0towYHm478-2-JV2fDfgszRwr5CfkEaChAiIV3iCwo35N2YS22PD4r400Mf7WD2J02jd0KvvbphNC&ref=antoinebuteau.com)
5. [youtube.com](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHLtnswOCIhkMirALqvRuNZPIZZg9fp3DRrYhBljutB7SbKpEZRFT7l0qrFsr4qv32jGN-ZgpqLC-By6VlYpf7%5FK%5FNLvOeDzY2JVMHIZqlIqp1ja4J2nHLX-iVd-X9hBN9XxTIsmg%3D%3D&ref=antoinebuteau.com)
6. [qimingvc.com](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQE826RFzuCJIzQjqQAFuR0nd-HMVv%5F14xBI2NSrAkI3pqqMTHLPw1Zbf9XHhK2zgEYAis8gOaMpoHaGDBJrVnZzUQp7Qy7LpzXBczeFQqelUSYfp-%5FoxcaIvfgapScneSyp7XdefP7O49BQxZpaQRFj0of6zoQjMd6ZkLkCyDrPAdVnwtQp&ref=antoinebuteau.com)
7. [hkust.edu.hk](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQFfU8IMPIqNPPjwbrEf3-TfhgsXclLzSSbGY23ZhTUc5MzmBHQXK0rfYPXBHkqPDx3UeznSpHHAxrZSQUJgmDXDJwlDqVlLTVJDODueJwXLRjTVmlAAMZGOoa3pP4Tc7hpv9ZjGnYos2q-MCWWUUvgjISOVwJTt4GVVtlZn-89avjiuk7w8PWcSCw26n6ia2-ANqLojgrndrK3QohvqEJw-woyw2qA7h-vqOQEerUCRCw%3D%3D&ref=antoinebuteau.com)
8. [pharmaboardroom.com](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEdG09X5dnIlqStzdpFW4dCSvDCqiCtyX93gToZgk6gDPbms5NEbiNku-d7DPa0YmSCWVgLAvktctEIADTdlFNoTaoBMTeKFe9HRFu4sx5jy0lkx7v8Ogn93tRDPxD7qcRXBnf%5FCst23NGpNpLEXBAM1WgMC41gfMIaaBVh4Nw6%5FEyoG7kvO%5F87xHa6p5jiyhumLfUoxeXmSU%5FJ&ref=antoinebuteau.com)
9. [forbes.com](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQESM2icTE%5FKJFJaeLza9vBDYJmCT3y7%5FcKY1cO2XzjPNeL3XS4YHpQibPZqyaPGXDFONxYSfVu9%5FiG2p86LmSD9xpjJbSXA%5Fybuo2FHJDT%5FomTe7U%5FpbkYJ9QOMsFwV8jo4BgJ8yQ2bat8315%5Fboe-ZmKz52eMkK1ofywOt6NYYk8pP5AyRJuXcSt7%5FaTdvb8tyrhMGi8SiRQ5bzHfDr%5FlLhZfpnAkTn62DgsakSXlia6pUHqkhUQxYeapoLJ5%5FpfJasoKIEEM%3D&ref=antoinebuteau.com)
10. [hku.hk](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQGnWfpw4udNL1aKHko%5FIE-L6K4drzDTh7WYxNpbTeWUZxL15reW8MYGmKDs8eeLZV1YanVY2uLUAQnEbvdeKQqFIPMgvTvzJRSDgNNKoPgSn2f9jPwnVZ5xcl14DNsG8NfiklkfSsKCu5bIZizGRB21Pv5XHOqIsmw%3D&ref=antoinebuteau.com)