Aimisen Completes Nearly RMB 100 Million Series B Financing Led by Jinhe Capital, Files for Hong Kong IPO

Wuhan Ammunition Life-tech Co., Ltd. (hereinafter referred to as “Wuhan Ammunition”) recently announced the completion of its nearly RMB 100 million Series B financing round. The round was led by Jinhe Capital, an investment firm deeply rooted in the healthcare sector, with follow-on investments from Changjiang Securities Innovation Investment and existing shareholder Hybribio (300639). Previously, the company had secured investments from the CCB Medical Growth Fund, as well as Series A and Pre-A rounds from Hybribio. It is reported that this round of financing will support Wuhan Ammunition in the regulatory approval registration of its early screening products, expand its R&D pipeline, and accelerate the market penetration and commercialization of its early cancer detection products.

In recent years, driven by the accelerating pace of population aging, industrialization, and urbanization in China, coupled with factors such as chronic infections, unhealthy lifestyles, and environmental exposures, the incidence of cancer in the country has continued to rise. The Outline of the “Healthy China 2030” Plan states that China’s average life expectancy should reach 79 years by 2030; however, many regions have not yet met this target, with cancer being one of the most significant factors affecting life expectancy. The national government encourages local authorities to incorporate cancer screening into public welfare initiatives and other measures to expand the coverage of cancer screening. By simultaneously optimizing service supply and guiding service demand, efforts are being made to advance cancer screening, early diagnosis, and early treatment in greater depth.

Detecting one case of early-stage cancer saves a life and brings happiness to a family. Since its establishment in 2015, Wuhan Ammunition has shouldered the mission of “Early Cancer Screening to Defeat Cancer,” striving to build a globally leading platform for tumor screening technologies. Leveraging clinical big data, bioinformatics, epigenetics, and new biomaterials, the company provides precise products and services for early tumor detection, fundamentally reducing tumor incidence and mortality rates while lowering healthcare costs. Currently, based on its comprehensive early cancer screening technology platform, Wuhan Ammunition has established a full-scale layout in digestive system tumors, gynecological tumors, and pan-cancer fields, having completed the R&D and commercialization of multiple products. As a high-tech enterprise, Wuhan Ammunition emerged prominently in 2020 across major national biomedical competitions, winning the championship in the Biomedical Finals of the China Innovation and Entrepreneurship Competition (Hubei), the Biomedical Championship and Overall Industry Championship of the Shenzhen Nanshan Star of Entrepreneurship, and the Second Prize in the China Medical Device Innovation and Entrepreneurship Competition. The company has also received numerous corporate honors, including Deloitte Guanggu Rising Star, High-Quality Premium Entrepreneurial Project, and Gazelle Enterprise.

Ammunition’s flagship product, AiChangKang®, is a non-invasive, at-home colorectal cancer screening test based on fecal DNA, which Wuhan Ammunition began developing in 2015. Building on its solid foundation of prior basic research, Wuhan Ammunition innovatively adopted a dual-target detection combination with strong complementarity, significantly enhancing the product’s accuracy. Its sensitivity for detecting colorectal cancer and adenomas (precancerous lesions) surpasses that of similar products on the market. AiChangKang® is also the first colorectal cancer screening product in China to utilize a single methodology targeting dual methylation markers, while achieving a personnel efficiency ratio more than ten times higher than that of Exact Sciences’ Cologuard in the United States. In 2019, Exact Sciences initiated the development of Cologuard 2.0 to reduce costs, improve specificity, and increase testing throughput. Cologuard 2.0 abandons the multi-methodology approach in favor of combined detection using several methylation markers, indirectly reflecting the pioneering nature of the early colorectal cancer screening product strategy established by Wuhan Ammunition years earlier. The advantages of AiChangKang®—being painless, non-invasive, and suitable for at-home sample collection—will substantially address public fear of colonoscopy and time constraints, thereby improving screening compliance and enhancing the efficient utilization of medical resources.

Mr. Zhang Lianglu, Founder and General Manager of Wuhan Ammunition, stated, “The COVID-19 pandemic has altered the trajectory of human societal development, leading to a widespread and significant increase in health awareness among the general public. The concept of molecular testing has become widely accepted and deeply rooted, with more people beginning to focus on early cancer screening and understand its significance. Driven by advancements in technology, supportive policies, capital investment, market dynamics, and shifts in public perception, the early cancer screening industry has become one of the hottest areas for biomedical entrepreneurship both domestically and internationally. Since its establishment, Wuhan Ammunition has been dedicated to building an early cancer detection technology platform and developing various early cancer screening products, continuously deepening its expertise in this niche sector. We remain committed to delivering higher-quality products to the Chinese population through technological and product innovation, making screening accessible to households across the country. Currently, molecular diagnostics is experiencing a period of robust growth. Wuhan Ammunition will leverage its superior technology platform to develop early screening products that better meet market demands, explore more diversified commercial pathways, benefit public welfare through technology, and demonstrate corporate responsibility through innovation. We are deeply grateful to Jinhe Capital, Changjiang Innovation, and our existing shareholders for their recognition and support. We are also honored to collaborate with leading enterprises in the healthcare industry to promote the widespread adoption of cancer screening.”

Wang Zhifei, Managing Director of Jinhe Capital, stated: “Cancer remains one of the major medical challenges facing humanity today. A review of global clinical practice shows that early detection and treatment can significantly improve survival rates for many types of cancer, delivering substantial value to patients, families, and society. With advances in tumor gene methylation detection technology, we are now achieving higher early detection rates than ever before. This progress is poised to cultivate several domestically produced in vitro diagnostic (IVD) companies with global competitiveness within China’s burgeoning RMB 100-billion blue-ocean market for early cancer screening. Ammunition boasts a robust R&D pipeline, and we are optimistic about the market prospects and clinical value of its future products.”

Yan Xuan, General Manager of the Direct Investment Department at Changjiang Innovation, stated that long-term global practice has fully demonstrated that early diagnosis and timely intervention are crucial for the prevention and treatment of tumors. From an individual patient’s perspective, these measures can significantly improve survival rates and subsequent quality of life; from a societal perspective, they also yield substantial social and economic benefits.

In China’s early cancer screening industry, policy support continues to strengthen, various screening technologies are achieving continuous breakthroughs, the pandemic has accelerated the widespread adoption of molecular testing capabilities, and public awareness of self-healthcare is steadily rising. Furthermore, business models in the early cancer screening sector are becoming increasingly clear, bolstered by strong momentum from capital markets. We believe that early cancer screening will become the central theme of preventive medicine over the next decade.

Ammunition’s early colorectal cancer screening product achieves a strong balance in performance, cost, and efficiency, demonstrating significant competitiveness. We are also optimistic about the company’s R&D efficiency and the scalability of its technology platform, and we believe Ammunition will secure a prominent position in the oncology early screening industry.

Guan Zhisheng, Deputy General Manager of Hybribio, stated, “The company focuses on the development of molecular diagnostic products and the provision of related testing services. As one of the earliest industrial investors in Ammunition, we invested in Ammunition in January 2018, primarily due to our confidence in its strategic layout and R&D capabilities in the field of tumor methylation detection. This aligns synergistically with Hybribio’s hospital channel network and brand. We aim to accelerate Ammunition’s industrialization process. Ammunition’s early cancer screening products are complementary to ours and can be promoted and applied through our customer base and clinical laboratories.”

Jinhe Capital is an investment institution focused on the healthcare sector, headquartered in Guangzhou. The core team of its fund manager possesses over 25 years of experience in the medical industry and successfully built KingMed Diagnostics, China’s largest third-party clinical laboratory. Jinhe Capital currently manages two healthcare industry funds with a combined scale of nearly RMB 2 billion. The firm continues to make strategic investments in areas such as in vitro diagnostics, actively building an industrial ecosystem. It is committed to leveraging the synergy between industry expertise and capital to cultivate healthcare enterprises with international competitiveness.

Changjiang Securities Co., Ltd. is a powerful, full-featured, well-managed, and outstanding national comprehensive securities company. It owns seven wholly-owned and controlled subsidiaries, including Changjiang Sponsorship, Changjiang Asset Management, Changjiang Capital, Changjiang Innovation Investment, Changjiang Futures, Changzheng International, and Changxin Fund.

Leveraging its comprehensive business qualifications and industry-leading service capabilities, the Company provides a full suite of integrated financial services to individual and institutional investors, corporate clients, and government entities, encompassing investment banking, securities brokerage, asset management, investments, research, capital intermediary services, and international operations.

Caipu Biology is a leading domestic provider of molecular diagnostic products and services, holding a dominant position in China’s HPV nucleic acid testing market. The company has developed a series of nucleic acid testing reagent products for maternal and child health, birth defects, and infectious diseases, which are widely used in clinical hospital diagnostics and large-scale population screening. Through years of technological accumulation and brand building, Caipu Biology has grown into one of the leading enterprises in China’s molecular diagnostics sector. In recent years, guided by national healthcare industry policies and customer needs, the company has further extended its reach downstream along the industrial chain in the fields of maternal and child health, birth defects, and infectious diseases. Leveraging its customer service network with medical institutions, Caipu Biology has prioritized the expansion of its third-party medical testing business. It has established third-party medical laboratories in more than 20 key cities across China, initially forming a nationwide medical testing service network that provides high-end, precise, standardized, and cutting-edge medical testing services to healthcare institutions.