Dingchi Bio Completes Series B Financing of Several Hundred Million RMB with WinX Capital as Exclusive Financial Advisor

In September 2022, vbiosci, a leading innovator in animal vaccines, completed a Series B financing round worth hundreds of millions of yuan. The round was co-led by Bencao Capital and Zhongken Fund, with participation from Liangshan Fund, Orient Fortune, Zheke Investment, Suxin Venture Capital, and Yijing Capital. Kaicheng Capital served as the exclusive financial advisor.This round of financing will further accelerate the pipeline R&D and industrialization of Dingchi’s innovative animal health products (vaccines, biologics), and also promote the R&D and industrialization of key raw materials for biopharmaceuticals (serum-free culture media, purification resins) by its wholly-owned subsidiary, Yishengke, thereby providing customers with better products and superior services.

Founded in 2016, vbiosci was established by a founding team from renowned domestic and international pharmaceutical and animal health companies, boasting over 20 years of experience in immunology and animal vaccine development. The company has mastered all key technologies in the research and development, regulatory submission, and manufacturing of animal vaccines. Its pipeline covers three major segments: poultry, livestock, and pets, with a focus on innovative and blockbuster products. Benchmarking against leading international animal health enterprises, vbiosci aims to master core technologies and become an independent R&D entity, achieving an integrated business model encompassing R&D, manufacturing, sales, and services.

Yishengke, a wholly-owned subsidiary of vbiosci, has been committed to the localization of key raw materials for biopharmaceuticals that are subject to supply chain bottlenecks. It possesses advanced product lines of serum-free culture media and purification resins in China, with some products reaching internationally leading standards. Yishengke is dedicated to supporting the robust growth of China's biopharmaceutical industry by providing high-quality products and services to enterprises involved in vaccines, antibodies, gene therapy, and cell therapy drugs.

Bencao Capital is a specialized investment fund dedicated to investing in globally leading life sciences and healthcare companies, with a focus on two key areas: innovative pharmaceuticals and cross-disciplinary innovative medical devices and diagnostic technologies. The core founding team consists entirely of PhD holders in biomedical fields from overseas institutions, boasting years of practical experience in the pharmaceutical and biotechnology industries, as well as over a decade of successful investment and entrepreneurial experience both domestically and internationally. This combination equips the team with strong professional backgrounds, extensive industry expertise, and a global perspective. As a dual-currency fund manager operating in both RMB and USD, Bencao Capital has cumulatively invested in and incubated more than 80 innovative healthcare enterprises in China and abroad, with offices located in Beijing, Shanghai, and Silicon Valley. Upholding the vision of “empowering great healthcare companies and establishing an internationally recognized professional investment brand,” Bencao Capital empowers outstanding entrepreneurial teams and delivers superior returns to its investors.

China Agricultural Reclamation Industry Development Fund is a national-level industrial investment fund jointly initiated and established by the Ministry of Finance, the Ministry of Agriculture and Rural Affairs, and China Merchants Group, with approval from the State Council. The fund has a total size of RMB 50 billion, with an initial closing of RMB 10.008 billion, and was established in November 2017. The fund primarily invests in areas such as agricultural reclamation reform, agricultural brand circulation, and agricultural technology, aiming to cultivate large-scale, modern leading agricultural enterprises and support rural revitalization.

Zhejiang Liangshan Rural Revitalization and Green Development Investment Fund (hereinafter referred to as the “Liangshan Fund”) was established in 2020, with China Merchants Group’s national-level fund serving as the fund manager responsible for investment and operational management. The China Merchants Liangshan Fund aims to support enterprises in the rural revitalization sector through equity investments, facilitating the translation of the “Two Mountains Theory” into practice within the capital market. By the end of 2021, the Liangshan Fund had completed its investment layout in areas such as agricultural product supply chains, agricultural technology, and agricultural digitalization, thereby rapidly and effectively boosting rural revitalization and demonstrating a model effect in leveraging financial support for rural development.

SME Development Fund (Chengdu) Jiaozi Venture Capital Partnership (Limited Partnership) (“Chengdu Fund”) is a national-level fund approved by the Executive Meeting of the State Council. It was jointly established under the leadership of five ministries and commissions—the Ministry of Finance, the Ministry of Industry and Information Technology, the Ministry of Science and Technology, the National Development and Reform Commission, and the State Administration for Industry and Commerce—along with China SME Development Fund Co., Ltd., with Orient Fortune serving as the fund manager. As the only national SME Development Fund deployed in the three southwestern provinces, the Chengdu Fund aims to advance policy objectives for promoting innovation and development among small and medium-sized enterprises (SMEs). By leveraging market-oriented mechanisms, it seeks to expand equity investment in SMEs, with a particular focus on accelerating the growth of seed-stage and early-stage high-growth SMEs, thereby playing an active role in fostering new business formats, new models, new growth drivers, and new momentum. With a total size of RMB 5 billion, the Chengdu Fund focuses on investing in strategic emerging industries aligned with national priorities, including information technology, healthcare, semiconductors, new materials, and new energy.

Suzhou Suxin Venture Capital Co., Ltd. is a wholly-owned subsidiary of Suzhou Trust Co., Ltd. It was approved for establishment by the China Banking Regulatory Commission on August 2, 2011, and is a qualified licensed institution registered with the Asset Management Association of China. As one of the earlier private equity fund managers in the Suzhou market, the company boasts extensive investment management experience and a professional investment team. In December 2020, the company established the Suxin Qikang Fund, which leverages Suzhou’s locational and industrial advantages to focus its investments on the healthcare sector.

Yijing Capital was established in 2015 and is headquartered in Shanghai. It is a professional investment firm focused on global healthcare, frontier technologies, and new consumption sectors, while also managing funds of funds (FoFs) in these areas. Adhering to the philosophy of “helping enterprises innovate and grow, promoting industrial optimization and upgrading, and driving social progress,” the firm has grown to manage assets totaling RMB 8 billion, with eight portfolio companies recognized as industry-certified unicorns. Many of Yijing Capital’s portfolio companies have developed into influential leaders in their respective niches. In healthcare, these include Hanyu Medical, Taiyi Group, MedSci, and Weirnuo Pediatrics; in frontier technologies, Biren Technology, Leapmotor, Lightelligence, Qianxun SI, Silan Microelectronics, and Xinyuan Semiconductor; and in new consumption, Tasogare Coffee and Zhiketong.

Zheke Investment and its core team are among the earliest management institutions in China engaged in venture capital and innovation investment. The company is committed to creating value for clients and empowering its portfolio companies. Aligning with the national “Mass Entrepreneurship and Innovation” strategy, Zheke focuses on fostering the growth of entrepreneurial and innovative enterprises and promoting the industrialization of high-tech achievements. In its investment approach, the company balances entrepreneurship with innovation and places equal emphasis on investment and value-added services. It prioritizes investments in technological leaders within niche sectors, high-end manufacturing enterprises undergoing transformation and upgrading, and cutting-edge high-tech projects. To date, 48 of its portfolio companies have successfully listed on the Shanghai and Shenzhen Stock Exchanges. Over the years, the company has been repeatedly ranked among the top 50 venture capital firms in China by Zero2IPO (Qingke) and China Venture Capital. The company’s investment philosophy: Steady Progress for Long-Term Success, Value-Driven Growth!

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 Most Active Financial Advisors (2021),” “Top 6 Comprehensive Financial Advisors (Mid-2022),” and “Top 7 Most Active Financial Advisors (Mid-2022).” It was also listed among the “Top 5 Most Promising Emerging Investment Banks in China (WISE 2020/2021)” by 36Kr and named “Top 5 Healthcare Financial Advisor of the Year” at VCBeat’s 2022 Pengcheng Awards.