Jinshi Biotechnology Secures Over RMB 300 Million in Series C Financing to Advance Structural Heart Disease Innovations

VCBeat learned that recently, Kingstron Bio (Changshu) Co., Ltd. ("Kingstron Bio" for short) announced the completion of a C-round financing of over 300 million RMB. This round of financing was led by Sequoia China, with co-investment from Everbright Jinkong and GF Qianhe. The existing shareholder, Panlin Investment, continued to show confidence in the company's development and added further investment. Heryue Capital continued to serve as the exclusive financial advisor for this round of financing, successfully providing services to Kingstron Bio for the fifth time. This round of financing will help Kingstron Bio accelerate the research, development, and implementation of innovative products for interventional mitral and tricuspid valves, and advance the registration of its third-generation TAVR product, as well as the large-scale production of surgical bioprosthetic valves and biological patches.

Kingstron Bio is a platform-based enterprise focused on innovative medical devices for structural heart disease. Its product portfolio includes surgical bioprosthetic valves, annuloplasty rings, biological patches, TAVR, interventional mitral valves, and interventional tricuspid valves, making it one of the companies with the most comprehensive product lines in this field in China. As one of the few innovative companies in China that started with a surgical valve product line, the company has accumulated extensive expertise in valve processing and manufacturing technologies during its early R&D phase, gaining unique and profound insights into valve characteristics. To date, the company’s surgical product lines, including annuloplasty rings and surgical bioprosthetic valves, have been commercially launched. The biological patch product is expected to complete registration this year. Additionally, China's first third-generation transcatheter aortic valve system is about to finish clinical trial enrollment, with the potential to obtain the first approval for a third-generation valve.

Valvular Heart Disease is One of the More Common Cardiovascular Diseases in China

Mr. Zhong Shengping, Founder of Kingstron BioRepresentatives stated that domestically produced devices should not merely be simple imitations of imported products. It is encouraging to see that in recent years, a group of medical device companies in China that are brave enough to innovate has emerged. In the field of heart valve products, some of our products are on par with or even lead their foreign counterparts. Since its establishment, Kingstron Bio has been trying new ideas, tackling tough challenges, and investing efforts into developing core platform technologies. Only in this way can products be innovative and differentiated, and enterprises maintain long-term vitality. In the future, we will continue to work hard to deliver the best valve products into the hands of doctors, truly creating social value.

We are very grateful for the investors' favor and recognition, as well as the consistent support from our existing shareholders. We also want to thank our financing partner, VCBeat, for their strong project execution capabilities and deep, precise understanding of the industry, with whom we have had several pleasant collaborations. We believe that, with the help of capital, the company will leverage its solid, innovative leading technology and first-mover advantage to capture the high-end valve product market in China.

Mr. Lu Xiaobo, Partner of Sequoia ChinaSequoia Capital China is pleased to lead the new round of financing for Kingstron Bio. The field of structural heart disease is a key focus area for Sequoia Capital China, and we believe that dry valve technology represents the next step in the development of the valve sector. Currently, Kingstron Bio has already accumulated a complete set of dry valve technologies, being the first to apply this technology in the TAVR field and initiating the world's first clinical trial for product approval, with enrollment proceeding smoothly. The company also has innovative pipelines such as mitral valve replacement in its portfolio, with leading research and development progress in the industry. Sequoia Capital China has confidence in Kingstron Bio’s technical reserves and successful serial entrepreneurship experience. We look forward to the early market launch of the company's third-generation TAVI product, combined with its already marketed comprehensive surgical valve product line, to provide better treatment options for a wide range of patients and establish itself as a leader in the structural heart disease field.

Mr. Ding Yaming, Founding Partner of Haoyue CapitalKingstron Bio, as one of the few innovative companies in China that truly possesses a deep foundation and genetic expertise in valve technology, boasts an experienced R&D and management team, along with a comprehensive pipeline of heart valve products. It has achieved full coverage of both surgical and interventional product lines, demonstrating significant commercial synergies. The complementarity between its surgical and interventional products allows for broader market reach and channel sharing. Its self-developed core technologies have reached an internationally advanced level, which will drive the company’s products to establish themselves in China and expand globally. VCBeat is highly honored to have served as the exclusive financial advisor for Kingstron Bio’s financing for five consecutive rounds, accompanying the company's growth. We look forward to the early market launch of the company’s core products, benefiting patients worldwide.

Sequoia Capital has always been committed to helping entrepreneurs build enduring great companies, bringing global resources and valuable historical experience to its portfolio companies. Over the past 49 years, Sequoia Capital has invested in numerous innovative enterprises and leaders of industry trends. As the "entrepreneurs behind entrepreneurs," Sequoia Capital China focuses on investment opportunities in three areas: TMT, healthcare, and consumer goods/services. Over the past 16 years, Sequoia Capital China has invested in more than 900 companies characterized by distinct technological features, innovative business models, and high growth potential.

Everbright Financial Holding Asset Management Co., Ltd. was established in 2009 as an industrial investment platform wholly owned by the Everbright Group. Everbright Financial Holding adheres to industrial investment as its core, supported by investment management and wealth management as its two wings, with a focus on investments in major health, major tourism, major environmental protection, and new technology sectors. Everbright Financial Holding consistently maintains its commitment to serving the real economy, leveraging the group's full-range financial licensing resources to promote industry-finance integration, and supporting innovation-driven development through the power of capital. The healthcare investment team under Everbright Financial Holding focuses on value investing principles, targeting high-quality investment opportunities within specialized segments of the healthcare sector, driving high-quality development of the real economy through professionalism and dedication.

GF Qianhe Investment Co., Ltd. was established in May 2012 as a wholly-owned investment subsidiary of GF Securities Co., Ltd. [Stock Code: 000776.SZ, 1776.HK]. With a registered capital of 6.1035 billion yuan, the company mainly engages in equity investment business. The investment team has extensive investment experience and deep industry accumulation in advanced manufacturing, TMT, consumer goods, pharmaceuticals, environmental protection, new energy/new materials, and other industries. They focus on researching industry knowledge in their respective fields, uncovering potential high-quality investment opportunities, and promoting the long-term development of invested companies. The company has accumulated rich project investment experience in emerging industries and competitive sectors, consistently practicing the concept of financial services supporting the real economy. By combining capital, ambition, and wisdom, the company is dedicated to helping high-quality clients grow into leaders in niche industries through capital operations.

Panlin Capital is an early-stage venture capital institution that focuses on technological innovation-driven consumption upgrade, concentrating on the application of biotechnology and data intelligence. In the field of biomedicine, based on biotechnology (Biotechnology), Panlin specializes in investing in innovative biopharmaceutical companies for major diseases and high-end medical device enterprises that replace imported products. It has successively invested in the early stages of companies such as CanSino Biologics (300601), RiboBio, ShengnoGene, Apollomics, GenFleet Therapeutics, Affinity Biosciences, Cothera, ABM, Viracta Therapeutics, and Bioland Pharmaceutical. Additionally, it has invested in medical device and service enterprises such as Capricorn Biotech (300639), Kingstron Bio, Antai Kangcheng, T-Insight Medical Imaging, Langrui Healthcare, OssDsign, Beijing Kyoto Children's Hospital, Capricorn Lab Testing, Nueway Genomics, and 3N Technology.

HaoYue Capital was founded in January 2014 and is committed to becoming the bridge connecting China's healthcare industry with capital. The research areas and transaction scope of HaoYue Capital cover multiple subfields, including biopharmaceuticals, innovative medical devices, IVD and precision medicine, medical services, and smart healthcare. The team at HaoYue Capital consists of senior investment bankers with many years of deep involvement in China’s healthcare sector. They closely track market dynamics and investment trends in healthcare investments over the long term, issuing weekly healthcare investment reports and special research studies, offering interpretations of new policies and frontiers through the perspective of HaoYue Insights.