VC-backed SinocellTech enjoys strong Star Market debut

The company sold 50 million shares at RMB25.6 apiece. It then opened RMB85 on June 22, becoming the largest biotech player listed on the Star Market with a market capitalization of RMB37 billion. SinocellTech fell back to close at RMB73.07 and was trading at RMB70.03 as of midday on June 23.

Qiming Venture Partners is the only offshore external investor with a 1.5% stake. The firm led SinocellTech's SEries A round in 2017 and ended up committing capital from both its US dollar and renminbi-denominated funds, Nisa Leung, a managing partner, told AVCJ. Other renminbi investors include CDH Investments with 3.1%, Zhejiang Qingsong Investment Management with 2.3%, and Suzhou Genesis Equity Investment with 1.5%.

The SinocellTech IPO marks Qiming's third liquidity event on the Star Market in 2020, following RoboRock in February and Sanyou Medical in April.

Founded in 2007, SinocellTech develops monoclonal antibodies, recombinant proteins, and vaccines. As of May, it had 23 products in the pipeline, of which 21 are innovative drugs, and two are biosimilars. Two products have been approved for commercial launch and six have been approved for clinical trials. The rest are at the pre-clinical or evaluation stages.

According to the forecast of Frost & Sullivan, China's biopharmaceutical market will be worth RMB641.2 billion in 2023, up from RMB262.2 billion in 2018.

SinocellTech has yet to generate any revenue. The company's net loss widening from RMB45 million in 2018 to RMB79 million last year.

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• Topics
• Greater China
• Healthcare
• IPO
• China
• Pharmaceuticals
• Qiming Venture Partners
• CDH Investments Management