JYSS Bio Completes Hundreds of Millions RMB Series B+ Financing to Accelerate Global Expansion and Full-Chain Biopharma Solutions

VCBeat has learned at the earliest opportunity that,Zhejiang Jinyi Shengshi Bioengineering Co., Ltd. (“the Company” or “Jinyi Shengshi”), a provider of single-use systems for biopharmaceuticals, recently completed a Series B+ financing round amounting to hundreds of millions of yuan. The round was co-led by Huatai International and CICC Qiyuan, with participation from CICC Chuanyu and Sinovac Biotech. Existing investors Matrix Partners China, Huarui Investment, Sherpa Capital, CITIC Medical Fund, and Xiamen C&D Inc. continued to increase their investments. Gelu Capital served as the exclusive financial advisor for the transaction.The proceeds from this financing round will be primarily used to expand production capacity for single-use bioreactors and reaction bags, accelerate the R&D of novel single-use bioreactors and associated products, downstream equipment, and consumables, as well as fund the construction of a French R&D center and the expansion of overseas sales teams.

Jinyi Shengshi, established in 2014, is China's first high-tech enterprise to achieve the domestic production of single-use bioreactor and single-use consumable process technologies.The company currently operates a 3,200-square-meter consumables production workshop compliant with GMP standards and classified as Grade B+A. It has established a digitalized and automated production line for single-use consumables, with equipment performance and precision customized to the latest European standards, achieving an annual production capacity of 800,000 sets. The company is expanding its facility with a 4,500-square-meter Grade B+A workshop for general-purpose process bags; upon commissioning, the expected annual output will reach 1.8 million sets. Additionally, the company possesses a 6,500-square-meter bioreactor production workshop and is currently constructing a raw material and accessory production base for consumables with a building area of approximately 27,000 square meters.

After years of independent research and development, the company has launched its core product, a single-use bioreactor, whose oxygen transfer mechanism is protected by an international invention patent. This oxygen transfer system offers advantages such as high oxygen transfer efficiency and low shear stress, enabling high-density cell culture and high cell viability. It also features low initial investment costs and facilitates rapid facility deployment. Furthermore, the company provides design and customization services for single-use cell culture bags, solution storage and preparation equipment, and consumables to meet the needs of the biopharmaceutical industry.

The company has developed multiple proprietary domestic membrane materials that have been granted invention patents. These materials have passed inspections by third-party and national authorities, fully complying with domestic and international industry regulations. They demonstrate reliable biosafety and manufacturing suitability, enabling the provision of single-use bioprocess bags to downstream manufacturers with quality equivalent to imported membrane materials. Currently, these membrane materials have achieved industrial-scale application in numerous biopharmaceutical companies.

Single-use bioreactors are essential core equipment for biopharmaceutical companies. Driven by the rapid global growth of the biopharmaceutical industry and the swift advancement of therapeutic technologies such as antibody drugs, vaccines, recombinant proteins, cell therapies, and gene therapies, there is an increasing demand from biopharmaceutical enterprises for high-quality, cost-effective, and highly customized equipment and consumables. Consequently, the market size for single-use biopharmaceutical equipment is expanding rapidly.Jin Yi Sheng Shi has firmly seized industry development opportunities, rapidly developed new application areas for its products by leveraging core technologies accumulated over many years, continuously improved product quality, strengthened and expanded its technology platform, and achieved leapfrog development.

Centered on the core objective of providing customers with trustworthy products, the company continuously strengthens its capabilities to meet the demands of a rapidly evolving industry.Driven by its broad growth prospects, advanced talent philosophy, and incentive mechanisms, the company has gained recognition from top professionals at numerous multinational corporations, with core talents from the same industry continuously joining. The influx of these talents has made significant contributions to promoting the company’s technological upgrades and industrial chain expansion, providing sustained momentum for its future development and fully demonstrating the increasingly solid position of the company within the industry.

In terms of technology R&D, leveraging its core expertise in single-use bioreactors, the company has established a more comprehensive technology platform to drive iterative upgrades of existing products and research and development of new ones. It has also formed a dedicated technical team focused on developing downstream process solutions, striving to build stronger technological barriers in biopharmaceutical process solutions and provide customers with more complete solutions.

In terms of manufacturing capabilities, the company has newly established consumables production and reactor assembly workshops in Huzhou and Hangzhou, respectively. In September 2021, it settled into Life Bay at the Lingang New Area of the Shanghai Pilot Free Trade Zone, where it plans to build a manufacturing base for downstream biopharmaceutical equipment and consumables, laying a solid foundation in hardware and infrastructure for the company’s long-term development. In December 2021, the company officially launched the construction of its Huzhou Consumables Industrial Base, covering an area of 21.72 mu with a building area of approximately 27,000 square meters. This facility is dedicated to the production of raw materials and components for single-use consumables, including membrane materials for biological culture, series of high-end medical fluid injection-molded parts, series of platinum-cured silicone tubing, series of welded tubing, filters, and outer packaging. This initiative supports the company’s comprehensive layout of the domestic supply chain for single-use consumables, as well as domestically produced raw materials and components.

In the fields of vaccines, gene therapy, cell therapy, and antibody-based drugs, the company’s products have gained increasing recognition from customers. Faced with vast market opportunities, the company’s management fully recognizes that competition among upstream biopharmaceutical suppliers is not merely about individual products, but rather about comprehensive process solutions. Only by fully leveraging the synergistic effects across the entire industry chain can the needs of biopharmaceutical companies for upstream products be met to the greatest extent.

Based on this understanding,The company leverages single-use bioreactors as a cornerstone to continuously expand its product portfolio around comprehensive process solutions for biopharmaceutical manufacturing.The company’s single-use general consumables, such as solution preparation bags and storage bags, have been adopted by well-known domestic manufacturers of vaccines, antibodies, and gene therapies. After years of foundational R&D and application exploration, the company’s specialized membrane materials for biopharmaceuticals have achieved commercial application, with more types of membranes to be launched in the future. To address the heavy reliance on imports for single-use plastic components (such as sterile connectors, filters, and other connectors), the company has undertaken targeted research and development, independently mastering the processing and manufacturing technologies for common components and achieving import substitution. In the fields of upstream and downstream processes for cell culture, the company is also actively advancing its product and industrial layout through various initiatives.

Amid the macro backdrop of rapid expansion in the disposable biotechnology market and the accelerating pace of import substitution, Kingstar has consistently maintained strategic focus. The company possesses a clear understanding of its current status, development strategies, and external environment, while firmly controlling the rhythm of its growth. Through multiple rounds of financing, Kingstar has not only secured ample capital but also gained access to rich industrial resources. Leveraging its strong internal capabilities and the support of external partners, Kingstar is poised to develop into a leading domestic enterprise in the upstream biopharmaceutical sector.

Huatai International Private Equity Fund is the U.S. dollar investment fund management platform of Huatai Securities. It primarily focuses on late-stage investments with industry growth potential, cross-border mergers and acquisitions, spin-offs, and privatization opportunities. Its sector coverage includes healthcare, semiconductors and hard technology, TMT (Technology, Media, and Telecom), and premium consumer goods. The core investment team members possess over ten years of specialized experience in industry-focused investing and investment banking. Leveraging the internationalized “Investment + Investment Banking + Research” platform of its parent group and Huatai International, the team adheres to the investment philosophy of empowering industries through capital. It aims to build a distinctive U.S. dollar fund investment platform, dedicated to uncovering value investment opportunities both domestically and internationally, and assisting portfolio companies in achieving value growth.

To date, the fund has completed multiple investments, including in Hesai Technology, a globally leading LiDAR manufacturer; SemiDrive Technology, a China-leading automotive processing chip design company; SJ Semiconductor, a China-leading player in mid-end bumping and wafer-level advanced packaging; Kingyea Biotech, a top-tier upstream enterprise in China’s biopharmaceutical industry; and Youjia Group, a leading Chinese company in beauty product packaging materials.

CICC Qiyuan was jointly initiated by the National Development and Reform Commission, the Ministry of Finance, and social investors. As China’s first national-level fund dedicated to venture capital investment and direct investment in emerging industries, it represents a successful expansion of CICC’s direct investment business into fund-of-funds operations and strategic emerging industries. The fund aims to address financing challenges faced by early-stage, mid-stage, and start-up innovative enterprises in emerging industries through equity participation in venture capital funds and direct equity investments. By doing so, it supports entrepreneurship, innovation, and industrial upgrading, promotes the integration of capital and technology, and enhances the overall development level and core competitiveness of China’s emerging industries.

The CICC Chuanyu Phoenix Fund, managed by CICC Capital, has an initial size of RMB 4 billion. Registered in Zhejiang Province and strongly supported by governments at all levels in the province, the fund focuses on high-quality projects in life and health, hard technology, new energy, and the digital economy. Through sophisticated market-oriented operations, it empowers its portfolio companies and contributes to the development of Zhejiang’s three major sci-tech innovation hubs and its global advanced manufacturing base.

Sinovac Biotech Ltd. (Sinovac Holdings) is a leading high-tech biopharmaceutical enterprise in China, dedicated to the research, development, production, and sales of human vaccines and related products, providing services for global disease prevention and control. The vaccines developed by Sinovac Holdings primarily include those against emerging and re-emerging infectious diseases such as SARS, avian influenza (H5N1), the 2009 pandemic influenza A (H1N1), EV71-induced hand, foot, and mouth disease, and COVID-19, as well as vaccines against common infectious diseases including viral hepatitis, influenza, pneumonia, poliomyelitis, varicella, and mumps. Notably, the global supply of its inactivated COVID-19 vaccine, CoronaVac, has exceeded 2.5 billion doses.