# Qing Qing Yi (Michael Nuoqing Yi)
Qing [Qing Yi](https://www.edgepedia.org/qing-yi), also known as Michael Nuoqing Yi, is an investor who joined Hillhouse Capital in 2005 and serves as Partner and Co-Chief Investment Officer, responsible for healthcare and consumer investments across the firm's public and private equity portfolios.[1](https://s.askci.com/stock/executives/HK6160/08d29e3410e6d55e.shtml) He is known for early and prominent positions in Chinese biopharmaceutical and healthcare services companies, including [WuXi AppTec](https://www.edgepedia.org/wuxi-apptec), Gan & Lee, BeiGene, Innovent, and [Junshi Biosciences](https://www.edgepedia.org/junshi-biosciences), and for establishing Hillhouse's China joint venture with Mayo Clinic, Huimei Healthcare.[2](https://cbiic.phirda.com/portal/index/speakerdetail/id/726/category_id/25.html?lang=en-us) He has also served as an independent director of BeiGene (now BeOne Medicines) since 2014.[3](https://www.marketscreener.com/insider/QING-QING-YI-A1WRU4/)
| Key facts | Detail |
|---|---|
| Role | Partner and Co-Chief Investment Officer at Hillhouse Capital; head of healthcare investing[1](https://s.askci.com/stock/executives/HK6160/08d29e3410e6d55e.shtml) • [2](https://cbiic.phirda.com/portal/index/speakerdetail/id/726/category_id/25.html?lang=en-us) |
| At Hillhouse since | 2005[1](https://s.askci.com/stock/executives/HK6160/08d29e3410e6d55e.shtml) |
| Named investments | WuXi AppTec, Gan & Lee, BeiGene, Innovent, Junshi Biosciences[2](https://cbiic.phirda.com/portal/index/speakerdetail/id/726/category_id/25.html?lang=en-us) |
| Notable deal | Established the China joint venture with Mayo Clinic, Huimei Healthcare[2](https://cbiic.phirda.com/portal/index/speakerdetail/id/726/category_id/25.html?lang=en-us) |
| Current boards | Independent Non-Executive Director of BeOne Medicines (BeiGene) since 2014; Vice Chairman of Hanhui Pharmaceutical since 2017[3](https://www.marketscreener.com/insider/QING-QING-YI-A1WRU4/) |
| Education | B.S., Shanghai Maritime University (1995); MBA, University of Southern California (2003)[3](https://www.marketscreener.com/insider/QING-QING-YI-A1WRU4/) |
| Prior career | Equity research analyst at CICC, 2003 to 2005[1](https://s.askci.com/stock/executives/HK6160/08d29e3410e6d55e.shtml) |
## Career and education
Yi completed his undergraduate degree at [Shanghai Maritime University](https://www.edgepedia.org/shanghai-maritime-university) in 1995 and earned an MBA from the [University of Southern California](https://www.edgepedia.org/university-of-southern-california) in 2003.[3](https://www.marketscreener.com/insider/QING-QING-YI-A1WRU4/) Between those degrees, and immediately before joining Hillhouse, he worked from 2003 to 2005 as an equity research analyst at China International Capital Corporation (CICC).[1](https://s.askci.com/stock/executives/HK6160/08d29e3410e6d55e.shtml)
In 2005 he joined Hillhouse Capital.[1](https://s.askci.com/stock/executives/HK6160/08d29e3410e6d55e.shtml) Since then he has served as Partner and Co-Chief Investment Officer, a role in which he is responsible for healthcare and consumer investments across the firm's public and private equity portfolios.[1](https://s.askci.com/stock/executives/HK6160/08d29e3410e6d55e.shtml) The public record does not describe the internal governance structure behind the shared Co-CIO title, including who holds the counterpart position and how investment decisions are divided.
## Healthcare investing at Hillhouse
Yi leads Hillhouse's healthcare franchise. His named investments include the pharmaceutical outsourcing and manufacturing group WuXi AppTec, the insulin maker Gan & Lee, and the biotechnology companies BeiGene, Innovent, and Junshi Biosciences.[2](https://cbiic.phirda.com/portal/index/speakerdetail/id/726/category_id/25.html?lang=en-us) The speaker biography from the China BioMed Innovation and Investment Conference also credits him with establishing the China joint venture with [Mayo Clinic](https://www.edgepedia.org/mayo-clinic), Huimei Healthcare.[2](https://cbiic.phirda.com/portal/index/speakerdetail/id/726/category_id/25.html?lang=en-us)
Building an ecosystem rather than a stock list is the stated logic of the platform. According to reporting by VCBeat, Hillhouse has completed a layout across an entire healthcare "ecosystem" spanning CRO/CDMOs (contract research and manufacturing organizations), research-oriented hospitals, biopharmaceuticals, medical devices, and healthcare services, with the build-out centered in the Yangtze River Delta.[4](https://www.vcbeathealth.com/article/42472) Within that structure, the firm has helped develop research-oriented hospitals into clinical research centers by bringing in international medical resources, including the Yale Clinical Research Center and the Mayo Clinic Cancer Center.[4](https://www.vcbeathealth.com/article/42472) The JV with Mayo Clinic, Huimei Healthcare, sits within this hospital-facing part of the strategy, although the sources reviewed do not disclose its ownership structure, capitalization, or operating results.
## Investment philosophy and public positions
Yi has described Hillhouse's approach with a "dumbbell" metaphor. Speaking at the Taihu Bay Life and Health Future Conference on April 22, 2021, he said one end of the dumbbell focuses on early-stage innovative enterprises and the other on the upgrading and innovation of traditional businesses.[5](https://www.vcbeathealth.com/article/42713) In the same remarks he argued that China's centralized volume-based procurement and national insurance negotiations, although they cut drug prices, create penetration opportunities for innovative drugs, citing PD-1 inhibitor cancer therapies reaching a larger segment of the general population and gaining ground in China's third- through sixth-tier cities.[5](https://www.vcbeathealth.com/article/42713)
At the DIA Annual Meeting and [Exhibition](https://www.edgepedia.org/exhibition) (China) on May 21, 2021, he argued that research-oriented hospitals are crucial to building a sustainable and internationally competitive pharmaceutical innovation ecosystem, positioning them as infrastructure for drug development rather than as a services business alone.[4](https://www.vcbeathealth.com/article/42472)
## Boards and directorships
Yi's longest-running board role is as an Independent Non-Executive Director of BeiGene, since renamed [BeOne Medicines](https://www.edgepedia.org/beone-medicines), a position he has held since 2014.[1](https://s.askci.com/stock/executives/HK6160/08d29e3410e6d55e.shtml) • [3](https://www.marketscreener.com/insider/QING-QING-YI-A1WRU4/) The BeiGene executive record places him on the company's Compensation Committee and Scientific Advisory Board.[1](https://s.askci.com/stock/executives/HK6160/08d29e3410e6d55e.shtml)
His current and former positions, per MarketScreener and the BeiGene record:
- **BeOne Medicines (formerly BeiGene)**, Independent Non-Executive Director, 2014 to present[3](https://www.marketscreener.com/insider/QING-QING-YI-A1WRU4/)
- **Hanhui Pharmaceutical**, Vice Chairman, 2017 to present[3](https://www.marketscreener.com/insider/QING-QING-YI-A1WRU4/)
- **Eton/Jihe (亿腾嘉和) Pharmaceutical Group**, appointed Chairman of the board on November 25, 2019[1](https://s.askci.com/stock/executives/HK6160/08d29e3410e6d55e.shtml)
- **Genor Biopharma Holdings**, Chairman, 2018 to 2021[3](https://www.marketscreener.com/insider/QING-QING-YI-A1WRU4/)
- **Shanghai Junshi Biosciences**, Non-Executive Director, 2016 to 2021[3](https://www.marketscreener.com/insider/QING-QING-YI-A1WRU4/)
- **Gossamer Bio** and **HiberCell**, Director[3](https://www.marketscreener.com/insider/QING-QING-YI-A1WRU4/)
- **JD Health International**, Non-Executive Director, 2020 to 2025, with the MarketScreener position table recording the role ending on September 29, 2025[1](https://s.askci.com/stock/executives/HK6160/08d29e3410e6d55e.shtml) • [3](https://www.marketscreener.com/insider/QING-QING-YI-A1WRU4/)
Two sources give different accounts of his chairmanship of Genor-affiliated entities: MarketScreener lists Chairman of Genor Biopharma Holdings from 2018 to 2021, while the BeiGene executive record records an appointment as Chairman of Eton/Jihe Pharmaceutical Group's board on November 25, 2019.[1](https://s.askci.com/stock/executives/HK6160/08d29e3410e6d55e.shtml) • [3](https://www.marketscreener.com/insider/QING-QING-YI-A1WRU4/) The sources do not reconcile the two records, so both are reported here without a resolution.
## The record in recent years
Three verifiable changes mark the post-2023 period. First, his JD Health directorship ended, with MarketScreener recording September 29, 2025 as the end date of a role held since 2020.[3](https://www.marketscreener.com/insider/QING-QING-YI-A1WRU4/) Second, Hillhouse continues to raise and deploy healthcare-focused capital: Private Equity International lists a Hillhouse Healthcare Fund currently in market, alongside previously closed vehicles (Hillhouse Focused Growth Fund V, closed June 2021; Hillhouse Venture Fund V, closed December 2020), and recent third-party fund commitments including Hg Mercury 5 (October 2025); fund sizes are paywalled.[6](https://www.privateequityinternational.com/institution-profiles/hillhouse-investment.html) Third, MarketScreener records a reported share position of 24,271 shares valued at approximately USD 537,858 as of its 2026 table dates.[3](https://www.marketscreener.com/insider/QING-QING-YI-A1WRU4/) This last figure comes from a third-party data aggregator and is unverified; no primary filing reviewed confirms it.
## References
1. 易清清个人简介，百济神州(HK6160)高管人员，中商情报网 (AskCI): https://s.askci.com/stock/executives/HK6160/08d29e3410e6d55e.shtml
2. China BioMed Innovation and Investment Conference, speaker bio: https://cbiic.phirda.com/portal/index/speakerdetail/id/726/category_id/25.html?lang=en-us
3. Qing Qing Yi: Positions, Relations and Network, MarketScreener: https://www.marketscreener.com/insider/QING-QING-YI-A1WRU4/
4. Research Hospitals to Become a Pillar of China's National Life Science Innovation System, Says Hillhouse's Yi Nuoqing, VCBeat: https://www.vcbeathealth.com/article/42472
5. Capital Empowering Innovation in China's Healthcare Industry, VCBeat: https://www.vcbeathealth.com/article/42713
6. Hillhouse Investment, Institution Profile, Private Equity International: https://www.privateequityinternational.com/institution-profiles/hillhouse-investment.html
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*Topic: Encyclopedia › Society and history › Economics and business › Founders, operators, and investors › Venture and growth investors › Greater China venture › 2010s fund investors*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026; Oct 21, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license