Ying Sheng Bio Secures Hundreds of Millions in Series B Funding to Advance Integrated Clinical Mass Spectrometry Solutions

Recently, Shandong YingSheng Biotechnology Co., Ltd., a leader in China’s clinical mass spectrometry sector, announced the completion of its Series B financing round amounting to hundreds of millions of yuan, led by GL Ventures and Chende Capital.Ben, RHC, Huimei Capital, and Qianhai Fund of Funds participated as co-investors, while existing shareholders such as YuanBio Venture Capital continued to increase their stakes. Haoyue Capital served as the exclusive financial advisor. The company had previously received investments from renowned institutions including Sanze Venture Capital, Yahui Investment, and Xiamen C&D. Following the completion of this financing round, YINGSHENGBIOLOGY plans to accelerate its market expansion in the mass spectrometry field, strengthen its industrial chain and technical team, and maintain its leading advantage in product development, and inOn this basis, develop a full line of products for clinical mass spectrometry applications and establish the company as a branded enterprise in the IVD industry.

YINGSHENGBIOLOGY, established in 2009, is a pioneer in technology development, quality control, and technical services within China’s clinical mass spectrometry field. With over a decade of focus on clinical mass spectrometry, it is a high-tech enterprise integrating R&D, production, sales, and third-party medical testing services. Centered on metabolomics and genomics, YINGSHENGBIOLOGY has built leading domestic platforms for genetic testing and mass spectrometry, covering areas such as birth defect screening, disease prevention, and human health services. The company has been granted 15 national patents and 6 software copyrights, participated in the formulation of three industry standards and one national standard, and obtained ISO 13485 and ISO 9001 quality management system certifications. It is a key enterprise in the biomedical engineering industrial cluster highlighted in Shandong Province’s “13th Five-Year” Plan for Scientific and Technological Innovation.

Compared with traditional detection methods, mass spectrometry offers advantages such as high sensitivity, high specificity, high accuracy, a wide linear range, and high throughput. It can be applied in various areas, including clinical biochemistry testing, clinical immunology testing, clinical microbiology testing, and clinical molecular diagnostics, and is regarded as the next trillion-yuan blue-ocean market in the field of in vitro diagnostics.

Mass spectrometry testing has been widely implemented in developed countries across Europe and North America. Statistics indicate that over 400 mass spectrometry assays are currently serving clinical diagnosis and treatment. In contrast to international counterparts, China’s mass spectrometry industry still lags significantly behind developed nations, with the majority of the market dominated by foreign brands. Mass spectrometry technology has been elevated to a national strategic core technology. Through the joint efforts of industry, academia, and the medical community, the localization of mass spectrometry in China is accelerating. YINGSHENGBIOLOGY has launched the Precision Diagnosis and Treatment Clinical Mass Spectrometry Application Platform, the first comprehensive one-stop clinical mass spectrometry solution in China. This platform fulfills the five key elements essential for the development of clinical mass spectrometry: mass spectrometers, reagents, sample pretreatment, data, and services. The platform comprises multiple NMPA-registered products pioneered by YINGSHENGBIOLOGY in China, including exclusive automated sample pretreatment equipment; mid-to-high-end domestically produced LC-MS/MS, ICP-MS, and MALDI-TOF systems; and a series of clinical mass spectrometry assay kits (such as comprehensive vitamin profiling, newborn screening for inherited metabolic disorders, therapeutic drug monitoring and pharmacogenomics, and steroid hormone detection, all of which are first-of-their-kind or proprietary products in China). Furthermore, it is backed by a robust after-sales service and technical support team anchored by the China Clinical Mass Spectrometry Service Center. This initiative aims to support disease prevention, screening, diagnosis, and treatment in the era of precision medicine.

Yi Nuoqing, Co-Chief Investment Officer of Hillhouse Capital and Head of Biopharmaceuticals and Medical Devices at Hillhouse VenturesMass spectrometry-based methodologies, represented by testing panels for newborn screening, vitamins, therapeutic drug monitoring, and trace elements, are gradually gaining prominence in the in vitro diagnostics (IVD) industry due to their advantages in precision, sensitivity, and throughput. However, compared with developed countries, there remains a significant gap in the adoption of clinical mass spectrometry in China. YINGSHENGBIOLOGY has developed an integrated IVD solution centered on clinical mass spectrometry applications, comprehensively addressing the pain points hindering its widespread adoption in hospitals. In addition to pioneering a 14-analyte full-spectrum vitamin testing kit, YINGSHENGBIOLOGY leads the industry in mass spectrometers, sample pretreatment equipment, and regulatory certification for mass spectrometry reagents, establishing itself as a leader in China’s clinical mass spectrometry sector and a setter of industry standards. Founder Feng Zhen possesses profound expertise and a broad vision in the field of mass spectrometry. We look forward to YINGSHENGBIOLOGY’s continued success in clinical mass spectrometry, delivering superior mass spectrometry testing applications to patients and the market, and ultimately becoming a benchmark enterprise in China’s clinical mass spectrometry landscape.

Zhu Tianji, Managing Director at Chende Capitalstated that clinical mass spectrometry testing is a blue-ocean market in the in vitro diagnostics industry and an area of systematic investment by Chende Capital. We believe that clinical mass spectrometry testing will be driven by reproductive health, genetics,expanding into multiple directions in fields such as metabolism, continuously generating blockbuster applications, and holding a significant share in the overall in vitro diagnostics market. YINGSHENGBIOLOGY has a pragmatic, efficient, and trustworthy management team. Chende is optimistic about YINGSHENGBIOLOGY becoming a leader in China’s clinical mass spectrometry testing industry and looks forward to its continuous rollout of high-quality solutions that better meet clinical needs and drive industry development.

Lin Yi, Managing Partner of YuanBio Venture CapitalThe doctor stated, “We have consistently maintained a strong bullish outlook on the vast untapped market potential of mass spectrometry technology platforms in China’s clinical diagnostics sector, and we firmly believe in the core competitiveness that YINGSHENGBIOLOGY has built through its integrated portfolio of mass spectrometry products and services. After several years of market consolidation in China, the implementation of clinical mass spectrometry projects has deepened significantly, expanding from tertiary hospitals to secondary hospitals, and extending from traditional applications such as vitamin testing and newborn screening to more challenging and larger-market areas including hormone analysis, therapeutic drug monitoring, and metabolomics. We are delighted to see YINGSHENGBIOLOGY receive high recognition from renowned investors such as GL Ventures, Chende Capital, RHC, and Qianhai Fund of Funds. We look forward to working together with our new shareholders to help YINGSHENGBIOLOGY pioneer new frontiers in this trillion-yuan blue ocean market.”

Shi Shenghao, Managing Partner of RHCRHC stated that innovation and application in genomics, proteomics, and metabolomics are its key investment focuses. The unique advantages of mass spectrometry-based detection methods confer irreplaceable clinical diagnostic value. We were deeply impressed by YINGSHENGBIOLOGY’s management team for their profound understanding of the pain points in the clinical application of mass spectrometry, their comprehensive development of integrated IVD solutions for mass spectrometry, and their exploratory practices in commercialization models. We are honored to participate in the company’s development and grow alongside it. We look forward to YINGSHENGBIOLOGY achieving greater success and leading industry advancement.

Mr. Li Yishi, Partner at Hygeia CapitalWe are honored to have assisted YINGSHENGBIOLOGY in completing this round of financing. Joy Capital has conducted in-depth research in the field of clinical mass spectrometry, a golden track within the in vitro diagnostics (IVD) market that is poised for explosive growth. By standardizing sample pre-treatment, YINGSHENGBIOLOGY addresses one of the most significant pain points in clinical mass spectrometry. Its developed 14-item vitamin panel and newborn screening products are highly distinctive, and the company possesses global market and product collaboration resources. Founder Mr. Feng and his team have a profound understanding of the Chinese clinical mass spectrometry market. With the support of capital, we believe YINGSHENGBIOLOGY will continue to lead the clinical mass spectrometry sector, providing hospitals with one-stop clinical mass spectrometry solutions. We are confident in our ability to continue supporting YINGSHENGBIOLOGY’s subsequent financing rounds and accompanying our client in its rapid growth.

Mr. Feng Zhen, Chairman of YINGSHENGBIOLOGYIt expressed gratitude to Hillhouse Ventures, Chende Capital, YuanBio Venture Capital, RHC Capital, Huimei Capital, and Qianhai Fund of Funds for their recognition of YINGSHENGBIOLOGY, and also thanked the HaoYue team for their professionalism and efficiency throughout the financing process. Following this round of financing, YINGSHENGBIOLOGY will fully enter a phase of rapid development, continuously enhancing its capabilities in instrument manufacturing, clinical application R&D, and intelligent pre-treatment development, thereby comprehensively driving the rapid growth of China’s clinical mass spectrometry industry.

GL Ventures is the venture capital fund under Hillhouse that focuses on early-stage innovative companies, primarily investing in four key sectors: biopharmaceuticals and medical devices, software and hard tech, consumer internet and technology, and emerging consumer brands and services.

The biopharmaceutical and medical device sectors have long been key investment focuses for Hillhouse. Over the past decade, Hillhouse has invested in more than 200 outstanding companies across biopharmaceuticals, medical devices, healthcare services, and related fields. We aim to partner with these enterprises as “friends of time,” jointly driving innovation and development in the broader healthcare industry to benefit a wider patient population.

Chende Capital is an investment firm focused on the life sciences and medical technology sectors. It manages multiple USD and RMB funds, with assets under management exceeding RMB 4 billion. Led by a professional team with extensive experience in the healthcare industry, Chende Capital is committed to building top-tier companies in the medical field and delivering optimal returns to its investors.

RHC, established in 2015, was among the first pilot entities in China’s insurance industry to set up private equity fund management companies using insurance funds. Since its inception, RHC has been built according to market-oriented and professional standards, emerging as one of the most prominent insurance-funded fund management institutions. Currently, RHC manages assets totaling over RMB 18 billion. Its portfolio companies include Mindray Medical, Yuwell Medical, Lepu Biopharma, Genor Biopharma, 3SBio, Sinotech Pharmaceuticals, Saitar Dental Group, Ruipeng Pet Hospital, Ant Group, JD Digits, SenseTime, and ESWIN.

HM Capital is a vertical fund specializing in healthcare investments. Leveraging the ecosystem advantages of Asia’s largest private equity fund and top-tier U.S. medical institutions, it invests in the healthcare ecosystem through multi-dimensional and comprehensive strategies. Committed to building a professional investment platform with an international perspective, HM Capital aims to help more early-stage and growth-stage healthcare companies achieve rapid development. Its primary investment areas include biopharmaceuticals, healthcare services, medical devices, in vitro diagnostics (IVD), and health IT.

Established in 2016 with a scale of RMB 28.5 billion, Qianhai Fund of Funds is currently the largest commercially raised fund of funds and a leading private equity investment fund in China. It places equal emphasis on fund investments and direct equity investments, and is managed by Qianhai Ark Asset Management Co., Ltd., led by Jin Haitao, a pioneering figure in China’s venture capital industry. Since its establishment, Qianhai Fund of Funds has cumulatively invested in 1,300 direct and indirect equity projects, with over 54 portfolio companies listed on stock exchanges both domestically and internationally.

YuanBio Venture Capital is an investment firm focused on the healthcare sector, targeting early-stage and growth-stage companies. Headquartered in Suzhou BioBAY, it maintains a global reach. The firm currently manages approximately RMB 5 billion in assets and has completed investments in over 90 high-quality projects, primarily spanning new drug development, medical devices, in vitro diagnostics (IVD), and healthcare services. YuanBio has delivered substantial investment returns and 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 a team of seasoned professional investors and world-class scientific advisors, YuanBio possesses extensive experience in entrepreneurship, venture capital, and corporate operations within the biopharmaceutical industry and related fields. Leveraging its specialized focus and abundant industry resources, YuanBio is committed to becoming one of the most successful healthcare and pharmaceutical venture capital funds in China.

Haoyue Capital was founded in January 2014, with a commitment to serving as a bridge connecting China’s healthcare sector with capital markets. Its research and transaction coverage spans multiple sub-sectors, including biopharmaceuticals, innovative medical devices, in vitro diagnostics (IVD) and precision medicine, healthcare services, and smart healthcare. The Haoyue Capital team comprises senior investment bankers with extensive experience in China’s healthcare industry. By closely monitoring market dynamics and investment trends in the healthcare sector over the long term, the firm publishes weekly healthcare investment reports and thematic research studies, offering Haoyue’s perspectives on new policies and emerging frontiers.