Deal Activities
IPOs
• Abbisko (SEHK:2256), a clinical-stage biopharmaceutical company, landed on the Main Board of the Hong Kong Stock Exchange on October 13th. The listing of Abbisko is the tenth public listing in Qiming’s portfolio in 2021. Qiming Venture Partners led the company’s Series B round in 2018 and followed on in Series C and D rounds. Qiming was the company’s second-largest institutional shareholder before its IPO.
• Microtech Medical (SEHK:2235), a leading Chinese diabetes management medical device maker, landed on the Main Board of Hong Kong Stock Exchange on October 29th. The listing of Microtech marks the eleventh public listing in Qiming’s portfolio in 2021. Qiming Venture Partners led the company’s Series B round in 2016 and followed on in subsequent funding rounds. Qiming was the company’s largest institutional shareholder before its IPO.
TMT
• MechMind Robotics raised nearly 1 billion yuan in a recently closed Series C round of funding. By far, the company has completed four large financings in the past one and a half years, becoming one of the companies that attracted most funds globally in the field of AI+ industrial robots.
• Chinese data storage firm XSKY completed $110 million Series E funding round participated by Qiming Venture Partners. Qiming led XSKY’s Series B round in 2017 and followed on in Series C and D rounds.
• Chinese toy retailer 52Toys completed RMB 400 million Series C funding round. Qiming started investing in the firm in its Series A and followed on in Series A+ round.
• Procurement services SaaS solution provider Sunyur closed an RMB 320 million Series B funding round led by Qiming Venture Partners.
• Workflow management SaaS platform Qingflow completed Series B funding round led by Qiming Venture Partners. Qingflow is a no-code development platform (NCDP). Qiming Venture Partners is optimistic about the development of low-code/no-code development platforms in China.
Healthcare
• Alamar Biosciences completed $80 million Series B fundraising. Alamar is a life sciences company committed to transforming the field of proteomics to enable the early detection of cancer and other diseases. Qiming participated in this round after leading the company’s Series A round in May 2020.
• Digital health company GYENNO Science completed RMB 100 million Series B+ round co-led by Qiming Venture Partners. The company focuses on delivering clinical and research value to central nervous system (CNS) specialists and patients.
• XellSmart, a developer of stem cell treatment solutions, has raised nearly RMB 100 million in its pre-Series A round. Qiming co-led the funding round.
• Liangyihui, an innovative digital medical platform in the oncology field, completed Series C+ funding round; Qiming participated in the round.
• ShouTi, a clinical-stage biopharmaceutical company, completed $100 million Series B financing round participated by Qiming Venture Partners.
• Sinotau Pharmaceutical Group completed RMB 320 million Series D+ funding round to support clinical research and development of radiopharmaceuticals. Earlier on, Qiming Venture Partners led the company’s Series B round.
Portfolio Milestones and Recognitions
TMT
• WeRide.ai collaborated with ZTO Express, Jiangling Motors on China’s first Level 4 self-driving cargo van. Currently, WeRide offers an all-rounded product mix of Robotaxi, Robovan and Mini Robobus. The company is dedicated to pursuing L4 autonomous driving on both mobility and logistics services.
• WeRide.ai launched‘Robovan’ for autonomous deliveries. Company CEO Tony Han expects “tens of thousands” of the Robovan to be deployed in the future. Since 2019, WeRide has been testing robotaxis, or autonomous cabs, on the streets of Guangzhou, China.
• In the recently announced Forbes China 30 Under 30 list, six elites from Qiming’s portfolio companies WeRide, UBTech and Meituan were named on the list.
• IDC China recently announced the 2021 Fintech 50 list. Qiming’s portfolio companies Tongdun Technology and Kingsware were named on the list.
Healthcare
• China is expanding booster shots to people participating in the upcoming Winter Olympic Games. Beijing’s booster campaign will include CanSino's viral vector vaccine, Bloomberg reports.
• Insilico Medicine and the University of Cambridge formed a collaboration. Under the agreement, Insilico licenses its AI-driven target discovery tool PandaOmics to the University of Cambridge and fully sponsors a post-graduate studentship for target identification for human diseases linked to protein liquid-liquid phase separation.
• Zai Lab and Geneseeq announced a strategic collaboration to facilitate the R&D and commercialization of Zai Lab’s cancer drugs through business partnerships in clinical trial patient recruitment, central laboratory testing, companion diagnostics development and marketing activities.
• Zai Lab expanded its presence in the U.S. by opening a new office in Cambridge biotechnology hub. This is an important step in Zai Lab’s journey to becoming a global biopharmaceutical company.
• CANbridge Pharmaceuticals enters into an exclusive worldwide research collaboration and licensing agreement with Scriptr Global for Stitchr™ RNA assembly technology. CANbridge will gain exclusive worldwide rights to develop, manufacture and commercialize a gene therapy candidate for the treatment of dystrophinopathies.
Qiming Updates
• China’s VC/PE market service provider Zero2IPO announced the 2021 annual ranking last week. Qiming Venture Partners ranked #7 in the VC ranking list. Qiming has been ranked as a Top 10 VC firm in China for five consecutive years. , Zero2IPO’s annual list is a performance barometer of China's VC/PE institutions and an authoritative reference for fundraising and investment.
• China’s VC/PE market database provider China Venture announced the 2020 Best Venture Capitalists Top 100 list. Nisa Leung, Duane Kuang, William Hu, and Jing Wu were named on the list.
• Nisa Leung was named on the Fortune China 2021 Top 30 Most Influential Investors list. Fortune China recognized Leung’s leadership role in Qiming’s healthcare team and underlined her high performing investments in Gan & Lee Pharmaceuticals, Jacobio, New Horizon Health and SinocellTech.
• Nisa Leung spoke with Bloomberg on the sidelines of the HKEx Biotech Summit. Leung expected another 30 IPOs in the next 20 months, primarily in healthcare. Leung believed that there would be many companies in China that would potentially become global players.
Sources: Qiming Venture Partners, company press releases, media reports, etc.
