In recent years, the landscape of venture capital investment in innovative medicine in China has experienced a notable shift. Following a period of prosperity during the COVID-19 pandemic, Chinese VC funding peaked in 2021. But this was followed by a substantial decline, caused by geopolitical tensions, the shift away from COVID research and unsatisfactory returns from prior development programs. Amidst this downturn, however, cell therapy has emerged as a beacon of opportunity for 2024 and beyond.