October 16, 2020 - Qiming Venture Partners announces that our portfolio company Keysino Separation Technology Inc. (SZSE:300899) lists on Shenzhen’s ChiNext board today. This is our first registration-based IPO under ChiNext’s new rules.
With the successful IPO of Keysino, ten companies in Qiming’s portfolio have completed public listing this year on multiple venues, including Nasdaq, Hong Kong Main Board, the STAR Market and so forth. The nine other companies are: RoboRock (SHSE:688169), Schrödinger (NASDAQ:SDGR), Sanyou Medical (SHSE:688085), SinocellTech (SHSE:688520), Gan & Lee Pharmaceuticals (SHSE:603087), Tigermed (SZSE:300347, SEHK:3347), CanSinoBio (SHSE:688185, SEHK:6185) and Zai Lab (SEHK:9688, NASDAQ:ZLAB) and Genor Biopharma (SEHK:6998).
Since our establishment in 2006, Qiming has been dedicated to investing in outstanding companies in the TMT and healthcare industries. Currently, Qiming manages over USD 5.6 billion in assets.
Chinese domestic capital market will become increasingly important, said Duane Kuang, Founding Managing Partner of Qiming Venture Partners. “ChiNext and STAR Market are worthy of attention. The Hong Kong market is gaining popularity. HKEX new rules allow many biopharmaceutical companies to be able to list early in the Hong Kong market, and the liquidity and share price performance is decent.”
Below is a review of the public listings in Qiming’s portfolio since 2020.
Roborock (SHSE:688169), STAR Market, February 21, 2020
Roborock (SHSE:688169) was issued at RMB 271.12/share. Roborock opened at RMB 470/share, with a market cap of RMB 31.33 billion. Qiming owned 5.85% of the company prior to its IPO.
Roborock is a leading consumer electronics company specializing in the production of home cleaning robots and other home cleaning appliances. In 2018, the five-year-old company achieved an annual revenue of more than RMB 3 billion and net profit of more than RMB 300 million, with a market share of nearly 30% in China. The company is also expanding internationally.
Schrödinger (NASDAQ:SDGR), Nasdaq, February 6, 2020
The issue price of Schrödinger was USD 17/share. The stock closed at USD 28.64/share on the first trading day, an increase of 68.47%.
Schrödinger was founded in 1990, has over 400 employees and is engaged with customers and collaborators in more than 70 countries. Schrödinger is deeply committed to investing in the science and talent that drive its computational platform.
Schrödinger’s industry-leading computational platform facilitates the research efforts of biopharmaceutical and industrial companies, academic institutions, and government laboratories worldwide. Schrödinger also has wholly-owned and collaborative drug discovery programs in a broad range of therapeutic areas.
Sanyou Medical (SHSE:688085), STAR Market, April 9, 2020
The issue price of Sanyou was RMB 20.96/share. Qiming first invested in Sanyou in its Series A round in 2014. Upon the company’s IPO, Qiming was an important shareholder with an ownership of 18.48% of the firm’s shares.
Sanyou Medical is a developer of orthopedic medical devices. Sanyou's main products are spinal implant consumables and it is building other product portfolio in trauma and sports medicine.
Sanyou is one of the few companies in China’s spinal implant consumables sector that are able to innovate based on clinical needs. Sanyou has the ambition of building world-class R&D capabilities and developing better quality products.
SinocellTech (SHSE:688520), STAR Market, June 22, 2020
The issue price of SinocellTech (SHSE: 688520) was RMB 25.64/share. The stock opened at RMB 85/share with a market cap of RMB 37 billion. Qiming led the Series A round of SinocellTech in 2017.
Founded in 2007, SinocellTech focuses on the development and manufacturing of biopharmaceutical drugs, including monoclonal antibodies, recombinant proteins and vaccines. The firm is an innovative biotech dedicated to the development of biologics with distinct advantages.
After more than a decade of effort, SinocellTech has established a high-efficiency, high-throughput technology platform covering the entire chain of biologic R&D and production, and has developed diversified and distinguished monoclonal antibodies, recombinant proteins and vaccines among other biologic pipelines.
As of May 15, 2020, SinocellTech has 23 products in the pipeline, among which 21 are innovative drugs, and two are biosimilar drugs. The market approval applications of two products have been accepted; six products have been approved for clinical research; six products have entered the pre-clinical research stage, and nine products have entered the phase of drugability evaluation.
Gan & Lee Pharmaceuticals (SHSE:603087), A-share Main Board, June 29, 2020
The issue price of Gan & Lee was RMB 63.32/share. The stock opened at RMB 91.18/share, up 44%, with a market cap of RMB 36.57 billion. In 2010, Qiming was the sole investor in Gan & Lee's Series A round; in 2011, Qiming led the company's Series B round. Qiming is the largest institutional investor of Gan & Lee.
The core business of Gan & Lee is development, manufacturing and commercialization of recombinant insulin analogues (third-generation insulin) and active pharmaceutical ingredients. Founded by Dr. Gan Zhongru, a pioneer in China's insulin industry, Gan & Lee has achieved multiple breakthroughs in the Chinese biopharmaceutical industry.
By end of 2019, Gan & Lee's products have been sold to nearly 7,700 hospitals in China, including over 2,400 Grade 3-level hospitals. It expanded its sales network to more than 20 countries. In 2018, Gan & Lee and Sandoz announced a US and European commercialization partnership for three of its insulin analogs. It has announced construction of a second manufacturing facility in Linyi, Shandong Province, which will produce company's pipeline drugs for global consumption.
Tigermed (SZSE:300347, SEHK:3347), Hong Kong Main Board, August 7, 2020
The issue price of Tigermed (SZSE:300347, SEHK:3347) was HKD 100/share. The stock had a 19% increase at the opening, with a market cap of HKD 101.926 billion. Qiming invested in Tigermed in 2008 and 2010 respectively as the solo investor in the company’s early stage.
As a leading clinical Contract Research Organization (CRO) in China, Tigermed is dedicated to providing services for new drug research and development and other supporting services to global and Chinese pharmaceutical and biotechnology companies. Since its inception in 2004, Tigermed has embraced new technologies and partnerships to accelerate product development and generate the clinical evidence that its clients require to demonstrate significant value.
Measured by revenue, Tigermed was the ninth largest clinical CRO in the world in 2019.
CanSinoBio (SHSE:688185, SEHK:6185), STAR Market, August 13, 2020
CanSinoBio (SHSE:688185, SEHK:6185) is the first vaccine company completing the dual listing on STAR Market and Hong Kong Stock Exchange. The issue price of CanSinoBIO for the STAR Market was RMB 209.71/share. The stock opened at RMB 470/share, up 124.12%, with a market cap of RMB 116.3 billion.
CanSinoBIO aims to offer solutions to prevent infectious diseases across the globe. Led by well-known scientists and experts, the company has established a technology platform based on adenovirus-based viral vector vaccine technology, protein structure designand recombination technology, conjugation technology and formulation technology. The company has multiple core intellectual property rights and proprietary technologies. CanSinoBIO is advancing its pipeline – the company is developing 16 vaccines for the prevention of 13 indications including meningitis, Ebola virus disease, DPT (Diphtheria, Pertussisand Tetanus), pneumonia, tuberculosis, new corona virus pneumonia, and Shingles, among others.
The Recombinant Novel Corona virus Vaccine (Adeno virus Type 5Vector) (the “Ad5-nCoV”), a vaccine candidate jointly developed by CanSinoBIO and Beijing Institute of Biotechnology (BIB), Academy of Military Medical Sciences, has always been a COVID-19 vaccine front-runner.
Zai Lab (SEHK:9688, NASDAQ:ZLAB), Hong Kong Main Board, September 28, 2020
Zai Lab (SEHK:9688, NASDAQ:ZLAB) listed on the Main Board of The Stock Exchange of Hong Kong Limited in September. In this secondary listing, the issue price was HKD 562/share; the stock opened at HKD613.5/ share, up 9.16%, with a market cap of HK$52.724 billion.
The company has been listed on Nasdaq since 2017. Qiming, which started investing in Zai Lab in 2014, was the company’s earliest investor and was its largest shareholder before it went public, with an ownership of 12.0%.
Since its inception, Zai Lab has executed the strategic approach of in-licensing promising biopharmaceutical products via global collaboration and investing in internal discovery and development efforts. Its robust portfolio consists of 16 products and drug candidates, including two commercialized products in Mainland China, Hong Kong and Macau and seven assets in pivotal or potentially registration-enabling trials in oncology and infectious diseases.
Over the next three years, the company expects to have a steady stream of approvals and commercial product launches in Greater China across multiple therapeutic areas, establish transformative partnerships, expand global footprint, and advance internally discovered global pipeline into the pivotal stage.
Genor Biopharma (SEHK:6998), Hong Kong Main Board, October 7, 2020
Genor Biopharma (SEHK:6998) listed on the Main Board of The Stock Exchange of Hong Kong Limited in October. The issue price was HKD 24/share; the stock opens at HKD 29.2/share, up 21.67%, with a market cap of HK$ 14 billion. Genor public offering shares were oversubscribed for 1247x, making it one of the most oversubscribed pre-revenue biotech stocks.
Founded in 2007, Genor is a biopharmaceutical powerhouse focusing on developing and commercializing oncology and autoimmune drugs. The company aims to become a biopharmaceutical engine in discovery, research, development, manufacturing and commercialization of innovative therapeutics initially for patients in China and gradually for patients globally.
Since its inception, Genor has been focusing on major therapeutic areas with substantial unmet medical needs in oncology, autoimmune and other chronic diseases. The company has developed drug candidates targeting pathways with blockbuster potentials, encompassing top three oncology targets and five out of the ten bestselling drugs globally.
Keysino (SZSE:300899), ChiNext, October 16, 2020
Keysino Separation Technology Inc. (SZSE:300899) listed on ChiNext in October. The issue price was RMB 24.43/share.
Keysino is a technology-based environmental protection company focusing on the filtration of industrial fluids. Its core business is the research and development of membrane filtration technologies. The company provides industrial clients with solutions in energy conservation, emission reduction and comprehensive waste utilization by conducting system process consultation, scheme design, equipment manufacturing, installation, commissioning and maintenance.
Keysino holds 40 patent certificates, including 15 invention patents and 25 utility model patents.