BeyondBio Announces Completion of Over RMB 300 Million Series C Financing to Advance "Made-in-China" Serum-Free Media

Recently, the leading domestic serum-free culture medium enterprise—Shanghai Beitongji Biotechnology Co., Ltd. (hereinafter referred to as “Beitongji”) Announces Completion of Over RMB 300 Million in Series C Financing. The funds raised will be used to accelerate the domestic research and development and innovation of serum-free culture media, enhance industrialization service capabilities, and advance information technology infrastructure, further establishing BIOENFINE as an industry-leading cell culture partner.

This round of financing was led by Newlink Capital, with participation from Ningbo Leo Group, Huimei Capital, Yipu Capital, C&D Emerging Investment, and Sunshine Ronghui. Existing shareholders including Yida Capital, Qingsong Capital, and Legend Capital continued to increase their investments. BIOENFINE’s core product, serum-free culture media, is a critical raw material for the upstream processes of biopharmaceutical manufacturing. Leveraging the founding team’s over three decades of deep industry expertise and technological accumulation, BIOENFINE has served more than 200 biopharmaceutical companies domestically and internationally, comprehensively covering multiple fields such as vaccines, antibodies, and cell and gene therapies. This round of financing will undoubtedly bring broader development opportunities for BIOENFINE’s innovative R&D and market expansion in the intelligent manufacturing of serum-free culture media in China.

Professor Tan Wensong, Founder and Chairman of BIOENFINEStatement: We extend our sincere gratitude to all investors for their trust and support, particularly during this period filled with both challenges and opportunities. The success of this financing round holds profound and significant implications for BIOENFINE’s future development and strategic layout. Since its inception, BIOENFINE has remained committed to undertaking “difficult yet correct” endeavors, deeply cultivating key technologies in cell culture and pioneering the path of Chinese “intelligent” manufacturing of serum-free media. We have consistently maintained high levels of investment in the R&D and application services of key technological innovations, as well as in the supply chain management of serum-free media. Our dedication lies in providing customers with highly competitive process technologies and high-quality serum-free media, offering global biopharmaceutical enterprises premium products and services of Chinese “intelligent” manufactured serum-free media that are “trusted” and “user-friendly.”We took the lead in establishing and releasing China’s first group standard for serum-free media, and formulated production quality management specifications covering the entire lifecycle—from formula design and development, raw material quality certification and control, to manufacturing, storage, and transportation. We strive to support and ensure the high-quality, sustainable development of China’s biopharmaceutical industry, including antibodies, viral vaccines, and cell and gene therapies. The funds from this financing round will continue to be invested in the innovative R&D of key cell culture technologies, the efficient design and development of serum-free media, and the upgrading of manufacturing quality management and information systems. Our goal is to build a domestically leading cell culture technology center and an internationally qualified R&D and supply chain center for serum-free media, thereby promoting local innovation in serum-free media products and technologies and accelerating the internationalization of Chinese “intelligent” manufactured serum-free media.

Lin Xianghong, Founding Partner of Newland Capital, the Lead Investor in This RoundStatement: As a core raw material in biopharmaceuticals, cell culture media falls under the category of essential procurement for biopharmaceutical companies. While the domestic market was previously dominated by imported products, it is now witnessing a significant historical opportunity for import substitution with domestically produced alternatives. BIOENFINE boasts a rich product pipeline and excellent technical processes, demonstrating strong competitiveness in both the Chinese and global markets. Leveraging the profound technical accumulation of Professor Tan Wensong’s team over many years, the company has achieved a leading position in China in the field of high-end culture media. As a newly established industry-finance integration fund management platform, Newell Capital integrates the investment and industrial operational experience of top-tier investment institutions and industry leaders. We have high expectations for BIOENFINE’s future and look forward to expanding our collaboration. We are committed to supporting the company in further establishing its domestic foundation while expanding internationally, thereby contributing to the globalization of biopharmaceutical supply chain brands.

BIOENFINE is an innovative enterprise providing comprehensive solutions ranging from cell culture process development and optimization, and culture media formulation design to culture media processing and manufacturing. Sustainable local innovation and R&D capabilities, coupled with advanced supply chain management, constitute the company’s core competitiveness. Leveraging the founding team’s over three decades of technical expertise and application experience in animal cell culture engineering, BIOENFINE has independently developed nearly 100 cataloged serum-free media products. These have supported more than 60 clinical trial applications in the biopharmaceutical industry, including antibodies, vaccines, and cell/gene therapies, while delivering over 100 cell culture technical services. The company has achieved numerous “first-in-China” and “world-first” project outcomes.

BIOENFINE operates world-class manufacturing facilities characterized by large-scale, internationalized, and informatized operations. Built in strict compliance with Good Manufacturing Practice (GMP) requirements, the facilities have introduced fully automated low-temperature cone blending and jet milling production processes for powder media, benchmarked against leading international brands. The company has obtained dual quality management system certifications: ISO 13485:2016 and MDSAP (including FDA recognition), and implements Lean Six Sigma (LSS) methodologies for production management. Its products comply with relevant regulatory requirements in the United States, the European Union, and other regions, facilitating clinical trial applications for both domestic and international customers. Currently, BIOENFINE operates four production lines for powdered culture media and two for liquid culture media, with a maximum batch size of up to 100,000 liters. The annual production capacity reaches 55 million liters for powdered culture media and 250,000 liters for liquid culture media.

Nuerli Capital is an investment and fund management platform that leverages top-tier domestic and international industrial resources and long-term capital. It features interconnected capabilities in funds of funds, direct investment, and private equity secondary transactions, driven by a dual-engine model of onshore RMB and offshore USD. The firm focuses on sectors including healthcare, semiconductors and intelligent manufacturing, new energy and carbon neutrality, and consumer technology.

Leo Union Capital is the investment platform under Leo Group, primarily focusing on the new energy industry chain and the healthcare sector. It has successively invested in a portfolio of high-quality projects, including new energy commercial vehicle manufacturing, solid-state batteries, power batteries, biotechnology, innovative drug R&D, high-end medical devices, and innovative medical services.

HM Capital is a professional fund specializing in healthcare investments. Leveraging the resource ecosystem advantages of HM Medical Group and other partners, it invests in the healthcare ecosystem through a multi-dimensional, cross-regional, and comprehensive approach. Committed to building a professional investment platform with an international perspective and local execution capabilities, HM Capital helps early-stage and growth-stage healthcare companies achieve rapid growth through its dual-currency, multi-strategy fund model. As of the end of 2022, HM Capital managed over RMB 4 billion in assets and had invested in more than 50 companies worldwide. Many of its portfolio companies have become industry leaders, including Nanomicro Technology (688690.SH), MicroPort MedBot (02252.HK), GemPharmatech (688046.SH), Primis (301257.SZ), Noxgel (301333.SZ), and Hongbo Pharma (301230.SZ).

Yipu Capital, established in 2016, is a private equity fund management platform wholly owned by Suzhou Private Capital Investment Holding Co., Ltd. The core management team of Yipu Capital has nearly two decades of practical experience in private equity investment, with deep expertise in financing and capital-driven industrial symbiosis for technology enterprises. The firm has accumulated extensive investment experience and a track record of successful cases in strategic emerging industries such as biopharmaceuticals and next-generation information technology. Adhering to innovative investment management principles, Yipu Capital focuses on and strategically positions itself in industries that align with China’s long-term sustainable economic development, economic structural transformation and adjustment, and national policy support. Its primary investment areas include biopharmaceuticals, next-generation information technology, and branded consumer goods.

C&D Emerging Investment is a professional equity asset management institution under C&D Group, a Fortune Global 500 company. Established in 2014, the company is committed to its mission of “pioneering new value and helping more emerging enterprises achieve better development,” with a strategic focus on new economy sectors such as healthcare, advanced manufacturing, and TMT/consumer industries. The company currently manages assets exceeding RMB 21 billion, with annual investments surpassing RMB 5 billion, and has been honored for five consecutive years as one of the “Top 30 Limited Partners in China’s Private Equity Investment Market.”

Sunshine Ronghui Capital was established in January 2015 as one of the first private equity fund management companies in China’s insurance industry to be initiated and set up with insurance capital. After seven years of development, the company has achieved an assets under management (AUM) scale of RMB 30 billion. Its business segments cover funds of funds (FOF) and direct investments, with a strategic focus on healthcare, emerging technologies, new consumption, and real estate.

Yida Capital was established through the internal mixed-ownership reform of Jiangsu High-Tech Investment Group, a well-established and renowned venture capital firm. It ranks among the industry leaders in terms of industry research capabilities, assets under management, and investment specialization, making it one of the most influential venture capital institutions in China.

As of January 2022, the management team of Addor Capital had managed a total capital scale of RMB 121.8 billion, cumulatively investing in and supporting 1,125 startup enterprises, and facilitating the listing of 221 of these companies on domestic and international capital markets.

Over the past three years, Yida Capital has consecutively won awards such as “Annual China Venture Capital Institution,” “Best China Venture Capital Institution,” “Most Competitive Venture Capital Institution,” “Excellent Venture Capital Institution Excellence Award,” and “Top 10 Best Venture Capital Firms” in prestigious rankings published by Zero2IPO Group, CVSource, Securities Times, the China Venture Capital Association, and Forbes, firmly maintaining its position among the top tier of domestic venture capital firms.

Qingsong Capital is a private equity investment firm focused on the biotechnology and healthcare sectors. Its management team possesses extensive experience in the medical industry and private equity investment, with deep expertise in high-growth segments such as biotechnology, innovative drugs, novel medical devices, precision medicine, and related services. We are committed to growing alongside the most outstanding innovative biopharmaceutical companies, driving technological and commercial innovation in China’s life sciences and healthcare industries. Adhering to a research-driven investment approach, we engage deeply in the development of our portfolio companies. Qingsong Capital has already invested in several star projects across various sub-sectors, including Sinocelltech (688520.SH), United Imaging Healthcare (688271.SH), Sino Biological (301047.SZ), Recombinant Biotech (02179.HK), ZhiXiang Bio, and BioLink Pharma.

Legend Capital is an independent professional venture capital firm under Legend Holdings, established in April 2001. Its core business focuses on early-stage venture capital and growth-stage expansion investments. Currently, Legend Capital manages a total of nearly $9 billion in USD and RMB funds, with a strategic emphasis on innovation and growth opportunities in China. As of 2021, Legend Capital had invested in more than 500 companies, among which over 90 have successfully listed or been quoted on domestic or overseas stock exchanges, and more than 70 have achieved exits through mergers and acquisitions.

Legend Capital, as an industry pioneer, began its investment layout in the healthcare sector in 2007. To date, it has invested in over 100 projects in the medical and health field, with a total investment amount exceeding $1.3 billion. Its investment portfolio covers multiple sub-sectors, including biopharmaceuticals, medical devices and diagnostics, professional services, gene technology, and digital health. The firm has established deep strategic positions across disease spectra such as cardiac medicine (both internal and surgical), neurosurgery, diabetes, and oncology. By working closely with its portfolio companies, Legend Capital has cultivated a unique ecosystem of medical resources.