Shanghai Cellular Therapy Group Re-files for Hong Kong IPO with Post-money Valuation of RMB 7.1 Billion

▎Armstrong

On November 29, 2024, Shanghai Cell Therapy Group submitted its second application for an IPO on the Hong Kong Stock Exchange, and the prospectus was officially made public.

Shanghai Cell Therapy Group was founded in 2013., has been focusing on the research and development of cell-based drugs, entered the field of immune cell storage services in 2015, and expanded to the field of oncology medical services in 2020. Its main revenue comes from cell storage and related services. The total revenues for 2021-2023 were 498 million yuan, 619 million yuan, and 760 million yuan respectively, with net losses of 466 million yuan, 542 million yuan, and 488 million yuan respectively.

Since its establishment, Shanghai Cell Therapy Group has completed multiple rounds of financing, raising 180 million yuan in a D2 round in December 2021, with a post-investment valuation of 7.11 billion yuan.

The latest equity structure of Shanghai Cell Therapy Group is as follows: Baize Bio holds 11.74%, Yaoji Technology holds 11.16%, Legend Capital holds 10.90%, and Taiping Yang Life Insurance holds 6.20%, etc.

Summary

Shanghai Cell Therapy Group is also laying out cell therapy, with the lead pipeline BZDS1901 being an MSLN CAR-T therapy loaded with PD-1 nanobodies. In July 2024, Shanghai Cell Therapy Group submitted a process change application, transitioning from a viral gene writing platform to a non-viral gene writing platform.