PuKang Weixin Biotech Secures Hundreds of Millions in Series B+ Funding to Strengthen Leadership in Peptide Drug Upstream Sector

VCBeat has learned that Chengdu Pukang Weixin Biotechnology Co., Ltd. (hereinafter referred to as “Pukang Company”) announced the successful completion of its Series B+ financing, amounting to hundreds of millions of RMB. This round was led by the internationally renowned investment firm IDG Capital, with Mirae Asset Securities co-leading and HM CAPITAL participating as a follower. Existing shareholders from the Series B and A rounds, including GL Ventures, Huatai Zijin (Jiangsu) Equity Investment Fund, and Shanghai Changjiang Guohong Investment Management Co., Ltd., continued to increase their investments in this round.

The Series B financing round completed in 2023 was led by the internationally renowned investment firm GL Ventures, with participation from Huatai Zijin (Jiangsu) Equity Investment Fund, Shanghai Changjiang Guohong Investment Management Co., Ltd., and JieLi Fund. These two consecutive rounds of financing not only demonstrate high recognition of Pukang’s capabilities in the peptide field but also reflect strong confidence in the long-term development of China’s biopharmaceutical industry.

Founded in 2008, Pukang has been deeply engaged in long-acting modification technologies for peptides. The company adheres to a dual-drive strategy combining advanced R&D capabilities with a standardized industrial platform, placing equal emphasis on the supply of high-quality products and full-lifecycle services. Leveraging continuous technological innovation and industrial upgrading, Pukang has built a robust product pipeline in areas such as long-acting peptide side chains, monodisperse PEG derivatives, and upstream raw materials for peptide drugs, establishing itself as a leading enterprise in its niche market.

Pukang has provided products and services to more than 200 biotechnology companies worldwide, with successful applications in therapeutic areas including metabolism, endocrinology, anti-infectives, central nervous system disorders, and autoimmune diseases, thereby contributing to the improvement of drug pharmacokinetics and the fulfillment of clinical needs.

The proceeds from this financing round will be used to expand the R&D pipeline and enlarge the production base, which covers over 200 mu, while also completing the construction and certification of the GMP system at the Pukang production facility.Against the current industry backdrop, there is a pronounced trend toward consolidation of both core active pharmaceutical ingredient (API) manufacturing and key side-chain production among leading industry players. In response to the competitive landscape, Pukang will leverage its R&D expertise, industrial strength, and broad industry support to actively participate in the formulation of industry standards, thereby fostering sound and sustainable development across the sector. The successful completion of Pukang’s recent Series B+ financing round, amounting to hundreds of millions of yuan, has garnered favor from the capital markets and strong customer support, laying a solid foundation for the company’s long-term growth and further consolidating its leading position in the upstream segment of the peptide drug industry.

Looking ahead, Chengdu Pukang Weixin Biotechnology Co., Ltd. will take this round of financing as a new starting point, consistently adhering to its business philosophy of prioritizing quality and putting customers first. By leveraging advanced technologies to extend the duration of action for all suitable drugs, the company aims to provide superior pharmaceutical solutions for clinical practice during the new wave of biopharmaceutical R&D, thereby creating greater value for its customers.

IDG Capital has been rooted in China since 1993, conducting venture capital business, and is one of the most active private equity fund managers in China. IDG Capital maintains long-term and stable cooperative relationships with partners including sovereign wealth funds/national-level investment platforms, pension funds, professional financial institutions, industrial capital, and family offices. IDG Capital focuses on leading enterprises in sectors such as healthcare, technology, advanced manufacturing and new energy, and consumer goods, with investments spanning all stages from seed and early stage to growth, M&A, and asset management.

GL Ventures is one of the most active venture capital platforms in China, focusing on value discovery and value creation for innovative companies, with particular emphasis on key sectors such as new technologies, new energy, new materials, advanced manufacturing, and consumer technology. It is committed to empowering the long-term development of innovative enterprises through its systematic DVC (Deep Value Creation) services.

Shanghai Changjiang Guohong Investment Management Co., Ltd. is a professional management firm specializing in private equity investment. Since its inception in 2012, the company has been committed to becoming a boutique investment management institution that earns investors’ trust, creates value for portfolio companies, and delivers consistent, reasonable returns to investors. Guided by its mission to optimize resource allocation, support corporate growth, and cultivate industry leaders with international competitiveness, Changjiang Guohong focuses deeply on three key sectors: healthcare, intelligent manufacturing, and digital technology.

Mirae Asset, established in 1997, is a globally leading diversified financial services company. Its business spans primary market equity investment, secondary market investment, securities, insurance, and real estate investment. With over 50 offices across China, the United States, South Korea, India, Europe, and the Asia-Pacific region, Mirae Asset manages global assets under management (AUM) exceeding USD 600 billion. Since its inception, the firm has been dedicated to identifying and investing in companies with innovative and breakthrough growth potential across various industries. In China’s primary market, Mirae Asset focuses primarily on investments in the biomedical healthcare and advanced technology manufacturing sectors.

Huatai Zijin is a wholly-owned subsidiary of Huatai Securities (601688.SH) engaged in private equity investment. Leveraging the full-business-chain advantages of Huatai Securities and adhering to the investment philosophy of “growing together with entrepreneurs,” it provides comprehensive capital services to partners by drawing on its abundant financial and industrial resources. The company has a registered capital of RMB 6 billion and assets under management exceeding RMB 60 billion, with a portfolio of funds spanning private equity (PE), mergers and acquisitions (M&A), funds of funds (FOF), and industry-specific sectors. Huatai Zijin maintains a clear industry focus, grounded in rigorous sector research, and has cultivated extensive expertise and resources by deeply engaging in strategic emerging industries such as healthcare and TMT.

HM CAPITAL is a professional fund manager specializing in healthcare investments. Leveraging its advantages in top-tier medical resource ecosystems and industrial platforms spanning China and the United States, HM CAPITAL invests in the healthcare industry through multi-dimensional and comprehensive strategies. With a profound understanding of the healthcare value chain, HM CAPITAL has built an empowering investment platform covering the entire industrial chain. It has invested in numerous “global first-in-class” products along the value chain and is committed to providing strategic value-added services and systematic empowerment to its portfolio companies. HM CAPITAL boasts a professional team with both international vision and local execution capabilities, based in Beijing and Shanghai in China, as well as California and Minnesota in the United States. Its funds under management adopt a dual-currency, multi-strategy investment model, primarily focusing on sub-sectors such as biopharmaceuticals, medical devices, pharmaceuticals and healthcare services, and diagnostics. Many companies in its portfolio have grown into industry leaders.

Relay Fund was established in 2009 as a venture capital institution dedicated to investing in technology startups. The fund is capitalized by the Venture Capital Guidance Fund of the Ministry of Science and Technology, the China International Capital Corporation Qiyuan National Emerging Industry Venture Capital Guidance Fund, the Shanghai Venture Capital Guidance Fund, the Science and Technology Innovation Investment Fund of Funds, and market-oriented investors. It focuses primarily on sectors such as new materials, healthcare, intelligent manufacturing, and services. Relay Fund currently manages six funds with a total scale exceeding RMB 1.6 billion and has invested in nearly 150 early- to mid-stage technology startups since its inception.