Zhitai Bio Completes RMB 100 Million Series B Financing Led by BlueRun Ventures, Files for Hong Kong IPO

VCBeat (WeChat: vcbeat) has learned that recently,Beijing QL Biopharmaceutical Co., Ltd. (hereinafter referred to as “QL Biopharm”) announced the completion of its Series B financing round, amounting to hundreds of millions of yuan. The round was led by BlueRun Ventures China, with participation from Taizhou Huayin Jintou, Lichen Investment, and Mingfeng Capital. WinX Capital served as the exclusive financial advisor for this financing round.The proceeds from this round of financing will be primarily used for the clinical development of products in the R&D pipeline and the construction of production facilities.

QL Biopharm was established in September 2018. Its core team members hail from renowned domestic and international enterprises such as Novo Nordisk and Gan & Lee Pharmaceuticals, bringing extensive experience in the development of recombinant protein therapeutics. The company specializes in the production of recombinant protein drugs using Escherichia coli expression systems and is dedicated to developing innovative biologics for the treatment of chronic metabolic diseases, including diabetes, obesity, and non-alcoholic fatty liver disease (NAFLD), with the aim of improving public health management and quality of life.

The global market for metabolic diseases is vast, with the patient population growing steadily over the years. Taking diabetes and obesity as examples, these conditions are gradually becoming major global health concerns. According to statistics from the U.S. Centers for Disease Control and Prevention (CDC), diabetes and obesity rank among the top ten chronic diseases with the highest healthcare expenditures. As a country with a significant burden of metabolic diseases, China reports an adult obesity rate of 16%, according to the Report on Nutrition and Chronic Disease Status of Chinese Residents (2020). The rates of overweight and obesity among children under six years old and adolescents aged 6–17 years reach 10.4% and 19%, respectively. Furthermore, the IDF Diabetes Atlas 2021 indicates that China has the largest number of diabetes patients worldwide, totaling 140 million, highlighting immense potential for market expansion.

QL Biopharm has established a complete recombinant protein production industry chain built on its proprietary intellectual property platforms, focusing on the field of metabolic diseases. The company holds international leading positions in numerous key areas, including engineered strain modification, drug design, protein expression, refolding of protein inclusion bodies, protein purification, development and scale-up of manufacturing processes, and oral formulation development. Currently, the company’s pipeline development is accelerating. Its novel ultra-long-acting GLP-1 receptor agonist (with the potential for once-monthly dosing) has initiated Phase I clinical trials in Australia, and its semaglutide injection has already received approval for clinical trials in China. Upon future market launch, these products are expected to significantly reduce the treatment burden for patients and bring substantial benefits to patient care.

Zhang Xujia, Founder, Chairman, and CEO of QL BiopharmHe stated: "We extend our sincere gratitude to all investors for their support and trust in the company, and we also thank WinX Capital for its assistance in completing this round of financing. The field of metabolic diseases presents substantial unmet clinical needs. Adhering to a patient-centric approach and driven by original innovation, QL Biopharm has established a proprietary technology platform that encompasses the entire spectrum of recombinant protein development, from early-stage research to production. We are committed to continuous innovation and expanding our R&D pipeline. Moving forward, we will accelerate the progress of our investigational pipeline to develop more and better innovative biologics, thereby meeting the public's growing demand for health and well-being and their aspiration for a better life."

Rong Jing, Managing Director of BlueRun Ventures ChinaIt is noteworthy that among domestic GLP-1 RA developers, only a handful of companies possess independent R&D capabilities in fatty acid modification technology, with QL Biopharm standing out as the most differentiated. Directly benchmarking against semaglutide, QL Biopharm employs its proprietary long-acting technology, aiming to achieve once-monthly dosing and ultimately surpass semaglutide in both efficacy and patient adherence. Furthermore, QL Biopharm has systematically laid out a pipeline of more challenging oral and dual-target GLP-1 RA candidates. We are optimistic about QL Biopharm becoming a key player in the metabolic disease sector, both in China and globally, and securing a competitive edge in the rapidly growing weight management market. We are pleased to serve as the lead investor in supporting such a differentiated and pioneering company.

Yang Miao, Chairman of Taizhou Huayin JintouQL Biopharm is a China-based company dedicated to the development of innovative therapeutics for metabolic diseases. Its core products feature long-acting properties and include oral formulations, which can significantly improve clinical compliance. Meanwhile, the company’s innovative recombinant protein manufacturing process meets key industrialization requirements, including high yield, high stability, and low production costs. As a priority investment project in the Taizhou Medical High-Tech Industrial Development Zone, QL Biopharm can leverage the industrial advantages of China Medical City (CMC) in Taizhou to accelerate its rapid growth.

Dr. Xinliang Wang, Partner at Ming Feng CapitalStatement: As a fund focused on consumer healthcare, we continuously monitor technological advancements and commercialization progress in the weight-loss market. Despite the long-standing history of this issue, no country worldwide has yet achieved success in effectively reversing the rising prevalence of overweight and obesity, indicating substantial market opportunities. Among various weight-loss interventions, GLP-1 targeted therapies have achieved a comprehensive balance of safety, efficacy, and compliance (patient experience), a trend supported by the explosive growth of marketed products. Among domestic and international players in the GLP-1 space, QL Biopharm’s innovative designs, such as its ultra-long-acting formulations, have delivered comprehensive improvements in efficacy, patient experience, and cost-effectiveness, positioning the company to capture a significant market share. The company’s expansions into other areas also align with the large structural markets driven by population aging and lifestyle changes. With globally competitive innovation in its pipeline, combined with the high-level synergy and execution capabilities forged by its team over many years, we are optimistic about QL Biopharm’s long-term development.

Dr. Zou Guowen, Founding Partner of WinX CapitalStatement: We sincerely appreciate QL Biopharm’s trust in WinX Capital, as well as the strong support from both new and existing shareholders. The company boasts a deeply experienced team with profound industry insights, having established an internationally leading recombinant protein production technology platform with independent intellectual property rights. Focusing on the vast market for metabolic diseases, QL Biopharm has developed a robust product pipeline closely aligned with clinical needs, effectively balancing the high risks and homogenization challenges inherent in drug development. We believe that, with the support of our shareholders, QL Biopharm’s products will reach the market soon, benefiting more patients.

Originating from Silicon Valley in the United States, BlueRun Ventures China was established in 2005 as a venture capital firm specializing in early-stage startups. Currently, BlueRun Ventures China manages multiple dual-currency funds in both USD and RMB in China, with assets under management exceeding RMB 15 billion, making it one of the largest early-stage funds in the country. Its investment focus centers on Pre-A and Series A rounds, covering sectors such as hard technology and innovative interaction, enterprise technology, new consumption, and healthcare. The firm has cumulatively invested in over 150 startups, including Li Auto, Shuidi Inc., QingCloud, Guazi Used Cars, Songguo Chuxing, Ganji.com, Energy Monster, Yuntu Semiconductor, Hongjing Zhijia, Yunsheng Intelligence, Anxin Wangdun, and BioMap.

BlueRun Ventures China has been ranked first in Zero2IPO Group’s “Top 30 Early-Stage Investment Institutions in China” and first in CVSource’s “Top 30 Best Early-Stage Venture Capital Firms in China,” and was named among Preqin’s Top 10 Global Venture Capital Fund Managers for Sustained High Performance.

Furthermore, BlueRun Ventures China has been consecutively honored for multiple years by media outlets including Forbes China, 36Kr, Cyzone, Caixin Media, Yicai Weekly, and Jiemian with titles such as “China’s Best Early-Stage Institution of the Year,” “China’s Top Venture Capital Firm,” “Early-Stage Investment Institution Most Preferred by Entrepreneurs of the Year,” and “Most Influential Early-Stage Investment Institution of the Year.”

“Huayin Jintou,” as the state-owned financial investment and financing service platform of Taizhou Medical High-Tech Zone, was officially unveiled and established on August 19, 2019, with a registered capital of RMB 5 billion. It is primarily engaged in financial services such as equity investment in financial claims, credit guarantees, supply chain finance, and intellectual property operations.

Lichen Investment is a specialized firm dedicated to early-stage investments in the innovative biopharmaceutical sector. Guided by the imperative to meet unmet clinical needs, Lichen Investment seeks to partner with enterprises and entrepreneurs possessing independent intellectual property rights and globally leading technologies. By growing together with these partners, the firm aims to develop products and solutions that deliver tangible clinical benefits, thereby serving patients and society.

Ming Feng Capital Investment Management Co., Ltd. is a professional private equity investment management firm focused on the healthcare and wellness sector. Established in 2015, it is a qualified private fund manager registered with the Asset Management Association of China (AMAC). The company currently manages assets totaling nearly RMB 1 billion, with investments spanning multiple sub-sectors of healthcare and strategic layouts in the medical aesthetics industry. Ming Feng Capital has invested in high-quality enterprises such as Aier Medical Technology (688050), Chengdu Badachu Medical Aesthetic Hospital, Rayone Genomics (688217), Ascentage Pharma, Lvzhu Biopharma, Tiluo Medical, Lanwei Medicine, Baihui Weikang, Ruihua Kangyuan, and Chuangying Medical.

WinX Capital is a leading investment bank in China’s healthcare sector. Headquartered in Beijing and Shanghai, it serves over 3,000 active institutional investors and industrial groups. From 2020 to 2022, WinX Capital was consecutively recognized by Qimingpian & Xinsheng Chuangfu as “Top 2 Best Financial Advisors in Healthcare (2021–2022),” “Top 4 Best Financial Advisory Firms in Healthcare (2020),” “Top 10 Best Financial Advisors – Active List (2021),” “Top 6 Best Financial Advisors – Comprehensive List (Mid-2022),” and “Top 7 Best Financial Advisors – Active List (Mid-2022).” It was also ranked among the “Top 5 Most Promising Emerging Investment Banks in China (WISE2020/2021)” by 36Kr and named “Top 5 Healthcare Financial Advisor of the Year” at VCBeat’s 2022 Pengcheng Awards.