Bioantibody Completes Nearly RMB 100 Million Series A Financing to Accelerate R&D and Global Expansion of Core Upstream Ingredients for Biopharma and IVD

Recently, Nanjing Baikang Biotechnology Co., Ltd. (“Baikang Bio”), a developer of core raw materials for the upstream sector of in vitro diagnostics (IVD) and biologics, announced that it had completed an A-round financing of nearly RMB 100 million. This round marked Baikang Bio’s first market-oriented financing, led by Fangsheng Fund, with participation from Xingong Industrial Investment, Guoqian Venture Capital, and Bangsheng Capital. Qingtong Capital served as the exclusive financial advisor.

Baikang Biotech, founded in 2019 and located in the Jiangsu Life Science and Technology Innovation Park in Qixia District, Nanjing, specializes in the research, development, manufacturing, and sales of core raw materials for IVD (In Vitro Diagnostics) and biopharmaceuticals. Leveraging its proprietary high-efficiency targeted hybridoma cell fusion technology, along with supporting cell stabilization growth factors and a high-throughput screening platform, the company has developed multiple products whose performance matches or surpasses that of leading international IVD raw material suppliers. These products have been successfully commercialized and have earned strong recognition and repeat purchases from dozens of well-known publicly listed IVD companies in China.

To date, the company has independently developed antigen and antibody raw materials for over 60 diagnostic targets, serving a cumulative client base of more than 1,200 entities, including major domestic and international companies in the IVD industry chain, universities, and other research institutions.

Regarding the completion of this round of financing,Dr. Rui Bing, Founder and CEO of BaiKang Biostated: “We extend our sincere gratitude to Fangsheng Fund, XinGong Industrial Investment, Guoqian Venture Capital, and Bangsheng Capital for their recognition and trust in Baikang Biology. To date, China’s upstream core bioactive raw materials for the in vitro diagnostics (IVD) and biopharmaceutical industries remain highly dependent on imports, with related products characterized by significant technical barriers. The core team at Baikang Biology has cultivated deep expertise in this field over many years, adhering to technological innovation and a philosophy of differentiated product development. By integrating proprietary biotechnologies into the diagnosis and treatment of clinical diseases, and emphasizing the alignment of raw material quality with clinical efficacy, we have developed a series of high-quality raw material products, including antigens, antibodies, enzymes, and nucleotides. Meanwhile, the Baikang team remains steadfastly market-oriented, prioritizing the resolution of customer pain points and the provision of premium raw materials, thereby contributing to industry advancement. Following this round of financing, we will continue to increase R&D investment to launch more high-quality raw material products, while accelerating the global market deployment of our company’s offerings, empowering downstream customers to develop superior medical products.”

Ms. Dong Zheng, Partner at Fangsheng Fundstated: “We are delighted to participate as the lead investor in Baiking Biotech’s first institutional financing round. In recent years, against the backdrop of evolving macroeconomic conditions both domestically and internationally, the upstream segment of the pharmaceutical industry has become increasingly critical, emerging as a key ‘chokepoint’ area. Biological reagents such as antigens and antibodies are widely applied; they serve not only as the foundation for scientific research but also as core upstream raw materials for the biopharmaceutical and in vitro diagnostics (IVD) industries. Leveraging its core R&D capabilities in biological reagents and the strong execution capacity of its team, Baiking Biotech has rapidly developed and commercialized dozens of antigen and antibody products with significant scientific and commercial value, establishing itself as a leader in China’s biological reagents sector. Fangsheng Fund has made deep, sustained, and extensive investments in the healthcare sector. We look forward to collaborating with Baiking Biotech to advance self-reliance and controllability in China’s pharmaceutical industry and to develop more and better medical products for the public.”

Mr. Gao Chao, Investment Director of New Industry Capitalstated, “It is a great honor to partner with Baikang Biology, further accelerating our strategic layout in the upstream key raw materials and diagnostic reagent industry chain. Baikang Biology has successfully established multiple specialized technology platforms, enabling the development of high-end upstream raw material products with greater efficiency and lower costs. Its products have already gained recognition and been procured by over 1,000 downstream customers, including dozens of well-known domestic IVD companies. We believe that under the leadership of Dr. Rui, and with capital support, Baikang Biology will accelerate its emergence as a pioneer in the domestic substitution of key upstream raw materials.”

Dr. Chen Hao, Partner at Guoqian Venture Capitalstated: “It is a great honor to collaborate with the Baokang team. In vitro diagnostic (IVD) reagents represent one of the most critical segments within the medical device industry. The three-year pandemic period further underscored the significant value of IVD reagents in responding to public health emergencies. As a key upstream player in the industry, Baokang has leveraged its unique technology platform and first-class execution capabilities to supply essential raw materials during the pandemic, achieving outstanding performance and establishing a comprehensive industrialization system. We are confident that, under the leadership of Mr./Ms. Rui and the core management team, Baokang will undoubtedly become a vital pillar of China’s IVD industry.”

Mr. Dong Yongheng, Investment Director at Bangsheng Capitalstated: “Baikang Bio’s R&D team possesses extensive experience in the development of core raw materials for in vitro diagnostics (IVD), with a strategic focus on differentiated competition in target selection. Within just over three years since its inception, the company has gained recognition from numerous well-known enterprises in the industry. Baikang Bio’s unique technology platform and efficient execution capabilities are impressive. We look forward to seeing Baikang Bio accelerate team building and R&D progress following this round of financing, thereby making greater contributions to the localization of core IVD raw materials in China.”

As the exclusive financial advisor for this round of financing,Guo Xinran, Investment Director at Qingtong CapitalQingtong Capital stated: “Qingtong Capital has long focused on technological innovation and commercialization in the biopharmaceutical sector. Upstream raw materials constitute a core segment of the pharmaceutical industry chain, and technological advancement is essential to enhancing supply chain security and competitiveness. BaiKang Bio’s proprietary platform technology rapidly responds to market demands, breaks overseas monopolies, and drives the domestic substitution of high-barrier core raw materials with Chinese-made alternatives. We look forward to BaiKang Bio accelerating technological iteration and global market expansion with capital support, building a differentiated product portfolio, and becoming an industry benchmark.”

Nanjing Baikang Biotechnology Co., Ltd. was established in July 2019 and is located in the Jiangsu Life Science Innovation Park within the National High-Tech Industrial Development Zone in Nanjing, Jiangsu Province. It is a high-tech biomedical enterprise specializing in the research, development, and production of core upstream raw materials for the biopharmaceutical industry. The company possesses proprietary technologies, including an efficient targeted hybridoma cell fusion technique, supported by complementary platforms such as stable cell growth factor technology, high-throughput screening, multi-platform protein expression and purification systems, phage display technology, and in vitro diagnostic (IVD) reagent development. Leveraging these platforms, the company has developed a range of high-quality raw materials, including antigens, antibodies, enzymes, and nucleotides, which have been highly recognized by numerous downstream customers both domestically and internationally. Committed to advancing precision diagnosis and treatment of human diseases through high-quality functional proteins and antibody products, the company strives to contribute to the cause of human health.

Fangsheng Fund was established in 2009 and adopts a “fund-of-funds + direct investment” approach to achieve diversified global asset allocation. The firm has cumulatively invested in over one hundred outstanding enterprises, manages more than 20 RMB and USD-denominated funds, and oversees assets under management exceeding RMB 5 billion. Guided by the principles of value investing and the philosophy of investing for shared benefit, Fangsheng Fund is committed to advancing the physical and mental well-being of the public. Its investment portfolio spans biopharmaceuticals, artificial intelligence, sustainable consumption, and digital technology. Adhering to the principle of “approaching investment with the mindset of industrial operations,” Fangsheng Fund practices value investing, partners with entrepreneurs throughout their growth journeys, jointly promotes sustainable social development, and contributes to human welfare.

XinGong Industrial Investment is the fund investment platform of Nanjing XinGong Investment Group, a large municipal industrial investment group in Nanjing. Leveraging the guiding role of state-owned capital in investment, XinGong Group has completed cumulative direct investments exceeding RMB 15 billion. As of the end of 2021, the group’s total assets amounted to RMB 82.7 billion, with operating revenue of RMB 54.9 billion and a total profit of RMB 2.3 billion, ranking 400th on the “2022 Top 500 Chinese Enterprises” list. Currently, XinGong Industrial Investment manages seven funds with a combined scale of nearly RMB 5 billion, investing in a portfolio of high-growth projects with core competitiveness and development potential across three key sectors: healthcare, high-end equipment manufacturing, and new materials.

Guoqian Medical Technology (Suzhou) Co., Ltd. was jointly established by seven experts from China’s National Major Talent Program, including Dr. Zhang Xu, who have achieved successful innovation and entrepreneurship in the fields of biomedicine and medical devices, along with other shareholders. Guoqian Medical is dedicated to investment in innovative technologies within the medical device industry, startup incubation, and precise empowerment. Its wholly-owned subsidiary, Guoqian Venture Capital Management (Suzhou) Co., Ltd., is a venture capital firm specializing in early-stage equity investments in the medical device sector. Guided by the business philosophy of “helping others achieve their dreams,” Guoqian Venture Capital conducts industrial investment and aggregation through the equity investment funds it manages, while Guoqian Medical builds an industrial ecosystem through incubation and empowerment. The two business platforms operate in high synergy to create a cluster and ecosystem for the high-end medical device industry in the Suzhou New District.

Nanjing Bangsheng Investment Management Co., Ltd. was founded in 2014 through the mixed-ownership reform of Jiangsu High-Tech Investment Group. It serves as a vice-president unit of the Jiangsu Provincial Fund Industry Association and is recognized as a leading brand and an outstanding team in venture capital within Jiangsu Province. Under Bangsheng Capital (P1061833), there are three private equity fund management platforms registered with the Asset Management Association of China: Jiangsu Bangsheng (P1001650), Coastal Capital (P1014378), and Bangsheng New Industry (P1061949). Bangsheng Capital manages angel funds, venture capital funds, industrial funds, and specialized industry funds, with cumulative assets under management exceeding RMB 10 billion. Focusing on strategic emerging industries aligned with national priorities—including information technology, integrated circuits, healthcare, intelligent manufacturing, new energy, new materials, and sports and culture—Bangsheng Capital has invested in nearly 100 projects. It has successfully facilitated the IPOs, back-door listings, or mergers and acquisitions of more than ten companies, such as Cambridge Industries Shanghai, Yuebo Power, Dingsheng New Materials, Lvji Technology, Sumec, Huari Sheng, Oufei Technology, Guolian Securities, Shenke Da, Sunlord Electronics, and Nuotai Biology.