SHANGHAI, Aug. 16, 2021 /PRNewswire/ -- Qiming Venture Partners' portfolio company Sino Biological (SZSE: 301047) on August 16th listed on Shenzhen's ChiNext Market. The issue price is CNY 292.92 per share. The stock opened at CNY 599.9, up 104.8%, representing a market cap of CNY 40.79 billion.
Qiming Venture Partners led the company's first financing round. Qiming is the company's largest institutional shareholder before its IPO. The listing of Sino Biological is the eighth public listing in Qiming's portfolio in 2021.
Founded in 2007, Sino Biological is a leading biotechnology company specializing in the R&D, production, sales of biological reagents. The company provides products including recombinant proteins, antibodies, genes and cell culture medium, as well as services including the development of recombinant proteins and antibodies, along with biological analysis and testing services. Since its establishment, the company has provided high-quality biological reagent products and technical services to global drug R&D companies and life science research institutions.
During the Covid-19 outbreak, Sino Biological kept contributing to the scientific research of the virus. Thanks to years of experience in the field, the company completed the R&D and production of key proteins within 11 days, became the world's first to develop reagents for COVID-19 research. As of March 2021, Sino Biological had developed over 360 types of COVID-19 biological reagents, meeting the timely needs from the industry and research institutions worldwide.
Sino Biological has a large-scale product library with complete categories. The company currently produces and sells more than 47,000 spot products, including over 6,000 types of recombinant proteins, among which over 3,800 types are human cell expressed recombinant proteins, that are closest to natural structure and property. This meets customers' demands for proteins with similar structures and properties of human natural proteins.
Sino Biological provides about 13,000 kinds of antibodies, 4,600 of which are monoclonal antibodies. The company offers comprehensive services for multiple life science research fields, including molecular biology, cell biology, immunology, developmental biology, and stem cell.
As part of the company's globalization strategy, Sino Biological has established subsidiaries in the United States and Europe and served over 5,000 customers in 90 countries or regions. The company enjoys high recognition among worldwide scientists.
"The brand awareness and funds brought in with the IPO will enable the company to optimize its existing platform and maintain core competitiveness on a global scale. The company will continue to extend to the industry upstream and downstream to become a total solution provider and realize the economics of scale. In the future, we will increase R&D investment and leverage technology advantages to expand our market share, with the hope to become a global supplier of mainstream high-end reagents and technical services," Liangzhi Xie, Founder of Sino Biological, said earlier in an interview.
"We are pleased to witness Sino Biological achieving the milestone of a successful IPO. When the company started taking funding from investors in 2017, Qiming resolutely participated. Over the years, the company has grown from a startup to a recombinant protein industry leader and achieved significant growth in revenue and profits. We expect the company to explore more possibilities in life science and technologies and becoming solid support for life sciences research and innovation. In the future, Qiming will continue to back companies with core technologies, high growth potential, and can bring forth social value," said Amy Tang, Venture Partner of Qiming Venture Partners.
About Qiming Venture Partners
Founded in 2006, Qiming Venture Partners is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston and the San Francisco Bay Area.
Currently Qiming Venture Partners manages nine US Dollar funds and six RMB funds with $5.9 billion in assets under management. Since our establishment, we have invested in outstanding companies in the TMT and healthcare industries at the early and growth stages.
Since our debut, we have backed over 380 fast-growing and innovative companies. Over 130 companies are already listed on NYSE, NASDAQ, HKEx, Gretai Securities Market, Shanghai Stock Exchange and Shenzhen Stock Exchange, or achieved exit through M&A and other means. There are also over 40 portfolio companies that have achieved unicorn status.
Many of our portfolio companies are today's most influential firms in their respective sectors, including Xiaomi (SEHK: 1810), Meituan (SEHK: 3690), Bilibili (NASDAQ: BILI, SEHK: 9626), Roborock (SHSE: 688169), Gan & Lee Pharmaceuticals (SHSE: 603087), Tigermed (SZSE: 300347, SEHK: 3347), Zai Lab (NASDAQ: ZLAB, SEHK: 9688), Venus MedTech (SEHK: 2500), CanSino Biologics (SEHK: 6185, SHSE: 688185), Schrödinger (NASDAQ: SDGR), APT Medical (SHSE: 688617), Sanyou Medical (SHSE: 688085), New Horizon Health (SEHK: 6606), AmoyDx (SZSE: 300685), Berry Genomics (SZSE: 000710), SinocellTech (SHSE: 688520), WeDoctor Group, and UBTech among many others.