YingSheng Bio Secures Hundreds of Millions in Series C Funding to Pioneer China's Clinical Mass Spectrometry Market

Recently, clinical mass spectrometry pioneer Shandong YingSheng Biotechnology Co., Ltd. (“YingSheng Biology”) announced the completion of its Series C financing round, amounting to hundreds of millions of yuan. The round was co-led by existing shareholders Chende Capital and GL Ventures. It was followed by investments from CICC Qiyuan Fund under CICC Capital, Taiping Medical Health Fund under China Taiping Insurance Group, Zhouji Tongli under Far East Horizon, and Jingming Capital. Existing shareholders Yuansheng Venture Capital, Sanze Venture Capital, and Huimei Capital also increased their stakes.

Following this round of financing, YINGSHENGBIOLOGY will continue to increase its R&D investment, deeply deploy a multi-technology platform for clinical mass spectrometry, and advance the implementation of fully automated clinical mass spectrometry solutions. Leveraging the advantages of YINGSHENGBIOLOGY’s one-stop clinical mass spectrometry solution, the company will further accelerate deployment at clinical endpoints and commercial replication.

YINGSHENGBIOLOGY was founded in 2009, and isThe Pioneer of One-Stop Clinical Mass Spectrometry Solutions in China, is a high-tech enterprise integrating R&D, production, sales, and third-party medical testing services. YINGSHENGBIOLOGY focuses on metabolomics and genomics,Established a domestically leading mass spectrometry and genetic testing platform, covering the fields of birth defect screening, disease prevention, and human health services. It has participated in the development of multiple industry standards, national standards, and more than 20 enterprise standards. The company is certified under the ISO 13485 and ISO 9001 quality management systems, as well as the GB/T 29490-2013 intellectual property management system. It is a key enterprise within Shandong Province’s “13th Five-Year Plan” priority biomedical engineering industrial cluster.

YINGSHENGBIOLOGY has always beenCommitted to Promoting Compliance and Standardization in the Clinical Mass Spectrometry Market, is the first manufacturer in China to propose and implement a one-stop solution for clinical mass spectrometry (the complete solution includes five key elements: compliant mass spectrometry reagents, compatible mass spectrometry equipment, an automated sample pretreatment platform, standards and evaluation systems for mass spectrometry application data, and a dedicated after-sales service system for clinical mass spectrometry), transforming the five major pain points in the development of clinical mass spectrometry technology into the company’s five core advantages.

A one-stop clinical mass spectrometry solution has been established, centered on approved multi-mass spectrometry platforms and testing reagents, driven by a mature multi-dimensional service system, supplemented by sample-outsource testing, and oriented toward cutting-edge research collaborations in metabolomics and proteomics.

The company pioneered the clinical mass spectrometry IVD model in China. To date, it has secured more than 20 national patents, over 10 software copyrights, and more than 20 NMPA registration certificates, covering multiple mass spectrometry technology platforms. Its applications span birth defect prevention and control, disease prevention, nutrition and general health, precision medication, and toxicant screening and quantification. Going forward, the company will continue to strive for NMPA approval of additional clinical mass spectrometry products, thereby offering a broader portfolio of mass spectrometry technologies for clinical use. It will also accelerate the launch of metabolomics and proteomics testing services and research collaboration products, promoting faster and more precise adoption of mass spectrometry technology in clinical laboratory practice in China.

Currently, YingSheng Biology's product portfolio coversOrganic Mass Spectrometry Platform, Inorganic Mass Spectrometry Platform, Nucleic Acid Mass Spectrometry PlatformSupporting instruments and multi-field, multi-item testing reagents. The mass spectrometry instrument platform includes, but is not limited to: the YS EXACT 9050MD/9900MD high-performance liquid chromatography-tandem mass spectrometry (HPLC-MS/MS) detection system, the YS EXT 8600MD inductively coupled plasma mass spectrometer (ICP-MS), the YS EXT 7900MD nucleic acid mass spectrometry detection system, and high-resolution mass spectrometry detection systems. Additionally, several intelligent automated instrument platforms have been launched, including: fully automated HPLC-MS/MS detection systems, fully automated mass spectrometry sample pretreatment systems, and fully automated fluorescence immunoassay analyzers.

Meanwhile, YINGSHENGBIOLOGY has partnered with research institutions and universities such as Shandong University, University of Jinan, Qilu University of Technology, and Shandong First Medical University to align with future market demands.Establish a specialty in clinical mass spectrometry applications and jointly build the “Yingsheng Mass Spectrometry Academy” as a talent development platform for mass spectrometry., by empowering the integrated innovation model of industry, academia, and research with talent, to build a top-tier domestic and internationally leading excellent scientific research team in the field of mass spectrometry manufacturing and application technology, providing strong talent support for the rapid progress and sustainable development of China's mass spectrometry industry.

Currently, the company’s business operations span more than 20 provinces, municipalities, and autonomous regions across China, providing one-stop clinical mass spectrometry solutions to over 100 Grade III Class A hospitals nationwide. As a pioneer in one-stop clinical mass spectrometry solutions in China, YINGSHENGBIOLOGY will continue to innovate, share opportunities, pursue collaborative development, and achieve mutual success, contributing greater Yingsheng strength to the application of mass spectrometry technology in clinical laboratory testing and to advancing the development of precision medicine.

Mr. Feng Zhen, Founder, Chairman, and President of YINGSHENGBIOLOGY, statedWe sincerely thank our existing investors, including Chende Capital, Hillhouse Capital, Yuansheng Venture, Sanze Capital, and Huimei Capital, for their steadfast confidence in YingSheng Biology’s new round of financing. We are also honored to welcome distinguished institutional investors such as CICC Qiyuan, Taiping Innovation, Zhouji Tongli, and Jingming Capital to this round. With over a decade of dedicated expertise in the clinical mass spectrometry sector, YingSheng Biology will continue to uphold its mission of fostering the healthy development of the clinical mass spectrometry industry. We will further uncover clinical needs, strategically deploy across various mass spectrometry technology platforms, continuously enhance our R&D capabilities, and provide healthcare institutions with highest-quality products and premium services, thereby advancing the clinical mass spectrometry industry and supporting the comprehensive development of precision medicine.

Mr. Zhu Tianji, Partner at Chende Capital, statedChende remains bullish on the significant value that mass spectrometry platforms bring to meeting clinical needs and advancing methodologies in medical laboratory testing. Since becoming a shareholder of YINGSHENGBIOLOGY in 2020, we have witnessed the company’s steady development in accordance with its established roadmap. It has continuously enhanced product quality, expanded its portfolio, deepened its foundational technologies, and optimized service quality, thereby strengthening its leading industry position while on a trajectory of rapid growth. We are delighted to increase our investment in YINGSHENGBIOLOGY as a joint lead investor in this round and look forward to further deepening our strategic collaboration to drive the development of the clinical mass spectrometry industry.

Dr. Lin Yi, Partner at Yuansheng Venture Capital, stated: Yuansheng has always maintained a strong conviction in the development potential of China’s clinical mass spectrometry market, and YINGSHENGBIOLOGY is one of the earliest companies in which Yuansheng invested within the mass spectrometry sector. In recent years, the clinical mass spectrometry industry has flourished in China. As a benchmark enterprise in this field, YINGSHENGBIOLOGY has been committed to promoting regulatory compliance, standardization, and automation, thereby creating greater opportunities and possibilities for the widespread adoption and advancement of clinical mass spectrometry technologies. We are delighted to witness the rise of China’s clinical mass spectrometry industry and the rapid growth of YINGSHENGBIOLOGY. We are confident that, with its unwavering commitment and efforts, and supported by numerous outstanding investors, YINGSHENGBIOLOGY will further contribute to the clinical mass spectrometry industry and play a significant role in accelerating the development of precision medicine.

Mr. Zhong Xian, Managing Director of CICC Capital, stated: The mass spectrometry market is another booming niche within the IVD sector, following NGS. As a novel detection method, mass spectrometry offers greater sensitivity, specificity, and accuracy compared to traditional diagnostic technologies. Currently in its early stages of development in China, the overall market holds significant potential. YINGSHENGBIOLOGY is a leading domestic one-stop comprehensive application platform for clinical mass spectrometry solutions, featuring highly compliant products and a service system tailored to user needs. Its team has deep expertise in the field of mass spectrometry, with strong execution and cohesion, having grown into a benchmark enterprise in this sector. CICC Capital remains optimistic about the mass spectrometry sector and believes that, with capital support, the company can accelerate the substitution of imported products with domestically produced ones, provide more efficient and high-quality mass spectrometry services, and lead the industry’s rapid development.

Ms. Lu Shanshan, Deputy General Manager of Taiping Innovation, stated: There is still significant room for growth in the clinical application of mass spectrometry, and Taiping Innovation is optimistic that clinical mass spectrometry will become one of the major in vitro diagnostic platforms in the future. As a leading company in this field, YINGSHENGBIOLOGY has profound expertise and long-term dedication to clinical mass spectrometry. We expect YINGSHENGBIOLOGY to become an important pioneer in the industry, leading the development of clinical mass spectrometry in China, and we are also optimistic about future cooperation between both parties in the areas of insurance plus precision medicine. As one of the key builders of Taiping Insurance Group’s “Medical, Elderly Care, and Health Ecosystem,” the Taiping Medical Health Fund focuses closely on the big health industry, which is closely related to national welfare and people's livelihoods. It continuously pays attention to the significant impact of precision medicine and in vitro diagnostics on improving public health and well-being, jointly contributing to the construction of a Healthy China.

Mr. Peng Haowei, Senior Vice President of Zhouji Tongli, stated: Mass spectrometry has a long history, but its application in domestic medicine is just emerging. Its methodological advantages of high precision, high specificity, and high throughput determine its strong vitality and broad development prospects, perfectly aligning with the development concepts of contemporary preventive medicine, precision medicine, and personalized treatment. Domestic clinical mass spectrometry companies represented by YINGSHENGBIOLOGY have made significant contributions to the exploration and development of the industry. The YINGSHENGBIOLOGY team’s profound medical background and understanding of clinical mass spectrometry are impressive. Far East Horizon has been cultivating the big health sector for over 20 years, cooperating with thousands of public hospitals and holding controlling stakes in more than 30 hospitals. Zhou Ji Tong Li will take this opportunity to promote the application of mass spectrometry diagnostics within the Far East Medical ecosystem.

Mr. Liu Xiang, Chairman and CEO of Jingming Capital, stated: With its advantages in detection precision, sensitivity, and throughput, mass spectrometry technology has become a vital diagnostic tool for precision medicine in the multi-omics era and is poised to emerge as the next blue-ocean market. Guided by its investment mission of “leading the future of human health and advancing technological progress in human life,” Jingming Capital has made deep strategic investments in medical and technological innovation. YINGSHENGBIOLOGY is an innovative technology enterprise specializing in clinical applications of mass spectrometry. Leveraging years of expertise in clinical mass spectrometry, the YINGSHENGBIOLOGY team has launched multiple competitive products in areas such as birth defect prevention and control, disease prevention, nutrition, and general wellness. Among these, its 14-item comprehensive vitamin panel represents a China-first innovation. Jingming Capital remains firmly committed to supporting the company’s growth and jointly advancing the clinical application of mass spectrometry technology in China.

Chende Capital is an investment firm focused on innovative medical technologies and frontier biotechnology sectors, managed and operated by a professional team with extensive experience in the healthcare industry. It manages multiple RMB and USD funds.

Chende Capital adheres to the investment philosophy of “focus, excellence, and reputation.” Leveraging its deep industrial resources in the healthcare sector and years of in-depth research and cultivation, it promptly identifies the latest international technological trends and seizes investment opportunities driven by technological innovation. Committed to discovering top-tier enterprises with industry leadership potential, Chende Capital employs an interconnected, win-win investment methodology and a precise, pragmatic post-investment value-creation system. By co-building an industrial ecosystem and growing alongside entrepreneurs, the firm strives to deliver optimal returns to its investors.

GL Ventures, the venture capital platform under Hillhouse dedicated to early-stage innovative companies, focuses on key sectors including hard technology, software, biotechnology, new materials, emerging brands, and consumer tech. GL Ventures seeks out all entrepreneurs who are passionate about technology and believe in innovation. We aim to be the first call for founders seeking financing and look forward to accompanying them throughout their entrepreneurial journey.

YuanSheng Venture Capital is an investment firm focused on early-stage and growth-stage healthcare companies. Headquartered in Suzhou BioBAY, it has a global reach. To date, YuanSheng has invested in over 140 outstanding enterprises in the life sciences and healthcare sectors, covering four key areas: innovative drug development, medical devices, in vitro diagnostics (IVD) and precision medicine, as well as healthcare services. The firm has achieved substantial investment returns, with 13 of its portfolio companies listed on capital markets such as the Hong Kong Stock Exchange and the STAR Market. YuanSheng Venture Capital has been repeatedly recognized as one of the Top 10 venture capital funds in China’s healthcare sector and as one of the most active healthcare investment institutions in China. By bringing together seasoned professional investors and a world-class team of scientific advisors, YuanSheng possesses extensive experience in entrepreneurship, venture capital, and corporate operations within the biopharmaceutical industry and beyond. Leveraging its professionalism, focus, and abundant industry resources, YuanSheng is committed to becoming one of the most successful healthcare and pharmaceutical venture capital funds in China.

CICC Capital Management Co., Ltd. (hereinafter referred to as “CICC Capital”) is a wholly-owned private equity investment management subsidiary of China International Capital Corporation Limited (hereinafter referred to as “CICC”). As CICC’s platform for private equity fund business, it centrally manages CICC’s domestic and overseas private equity fund activities. The funds under its management cover RMB corporate equity investment funds, funds of funds, real estate funds, infrastructure funds, and USD corporate equity investment funds, making it a leading comprehensive alternative asset investment management platform in China with international influence. As of the end of 2021, CICC Capital had cumulative assets under management exceeding RMB 400 billion and employed a professional investment management team of more than 400 people.

Taiping Medical Health Fund is a private equity investment fund managed by Taiping Innovation, a subsidiary of China Taiping Insurance Group, with a fund size of RMB 10 billion. The equity investment business of the Taiping Group has long focused on the medical and health industry. Under the guidance of the Healthy China strategy, Taiping Innovation is committed to conducting investments closely aligned with the Taiping Group’s core insurance business, achieving mutual empowerment between fund investments and the core insurance operations, and helping to build China Taiping’s “Insurance + Medical, Elderly Care, and Wellness” ecosystem. In managing this fund, Taiping Innovation adopts an “F+D” investment strategy, focusing on areas including biopharmaceuticals and pharmaceutical outsourcing, medical devices and diagnostics, healthcare services, biotechnology, and healthcare informatization, while also extending its reach into health technology and health consumption.

Zhouji Tongli is a private equity fund management institution wholly owned by Far East Horizon (HK.03360). Adhering to the mission of “investing from an industrial perspective and creating value through investment,” it leverages Far East Horizon’s extensive industrial resources to provide diversified financial services, including equity investment and capital operations, focusing on sectors such as technological innovation, healthcare, and consumption upgrading. Currently, Zhouji Tongli manages assets exceeding RMB 3 billion. It has led investments in a number of high-quality enterprises in China’s emerging industries, including Bona Film Group, DST Ground Iron, Tianhe Magnetic Materials, Haipuruansi, Derong Medical, Xi’erkang, Tianyi Electronics, Fresh Life, Huanwang Technology, and Hua Ruibo. Additionally, it has participated in the operation of overseas M&A funds for listed companies such as Oriental Netpower (SZ.300367) and New Open Source (SZ.300109).

Jingming Capital is driven by the mission to become “a force propelling China’s economic advancement,” with its investment objective centered on “leading the future of human health and advancing technological progress in human life.” The firm focuses on investing in the fields of “medical innovation + technological innovation,” having invested in nearly 100 high-quality enterprises across niche sectors. Leading companies such as SICC Co., Ltd. (Tianyue Advanced) and Guolin Technology have successfully gone public. To date, the total assets under management across various funds managed by the company exceed RMB 8.6 billion. In recent years, Jingming Capital has received numerous accolades, including being ranked among the “Top 100 Best Private Equity Investment Institutions in China” by Zero2IPO Research for 2021, and recognized as one of the “Most Growth-Oriented Investment Institutions in China’s Healthcare Sector” for 2020–2021.