Vitargent (International) Biotechnology Limited Files IPO Prospectus: Pioneering Nobel Prize-Based Fish Embryo Toxicity Testing for Consumer Product Safety
In recent years, frequent safety incidents involving consumer goods such as food and cosmetics—ranging from the 2008 melamine-contaminated milk powder scandal, to the recurring and persistently illegal use of gutter oil since 2011, to the highly publicized cases of carcinogenic cosmetics—have highlighted significant deficiencies in the consumer goods industry regarding biological toxicity testing data and product risk management.
By leveraging Nobel Prize-winning biotechnology, VitaTest has innovatively developed the “Fish Embryo” safety toxicity testing technology, enabling rapid, high-throughput biological toxicity screening of consumer products through non-animal testing methods. VitaTest’s laboratory is the first in the Asia-Pacific region to conduct fish embryo toxicity tests and obtain ISO 17025 accreditation, with its test results recognized by over 100 countries and economies.
As early as thirty years ago, the use of fish embryos for drug screening had already become a mature technology widely applied in the pharmaceutical industry. Furthermore, their application in experimental medicine—such as establishing human disease models and conducting transgenic and gene-knockout studies—has gradually expanded. “If fish embryo technology can be used in the pharmaceutical sector, why can’t it be applied to everyday consumer products like food and cosmetics?” recalled Chen Zixiang, founder of Water Fish Bio (Xiao Yu Qin Ce), in an interview with VCBeat.
Chen Zixiang, Founder of Silver Water
At that time, Chen Zixiang had already graduated from City University of Hong Kong for several years. He learned that Dr. Chen Xueping at his alma mater was conducting research on application technologies using zebrafish and transgenic medaka embryos for testing. After overcoming numerous challenges, Chen Zixiang ultimately persuaded Dr. Chen Xueping and her team to jointly advance the commercialization of this technology. In 2010, VitroBioscience was established in Hong Kong. The company focused on developing core patented technologies utilizing fish embryos for consumer product safety testing. Over the five years since its inception, it gradually built an extensive global patent portfolio covering cosmetics, raw materials, health supplements, and food consumer products.
Between 2016 and 2018, Water Silverfish successively completed its Series B and Series B+ financing rounds. Historical investors include Nan Fung Group, PwC, Sino-US Zhongjinghe Group, Inno Capital, City University of Hong Kong Foundation, Heungkong Group, Liuhe Group, Babaluba Industries Group, Bridgefield, and several investment bankers. Water Silverfish is the first “biotechnology + internet platform” company to receive strategic investment from PwC, and has formed a strategic alliance with China Certification & Inspection Group (CCIC).
As Co-Founder and Chief Technology Officer of Vitargent, Dr. Chen Xueping boasts over a decade of experience in toxicology research and holds more than 20 international patents, all of which have been commercialized. As one of the co-inventors of the transgenic medaka fish technology, she has received numerous international awards, including the Grand Prize at the 43rd International Exhibition of Inventions Geneva. She has accumulated extensive practical experience in applying fish embryo testing technologies to identify potential risks in everyday consumer products such as food and cosmetics, trace toxicity sources, and improve product quality. Dr. Chen is also a EU- and UK-registered toxicologist and serves as a member of the Food and Environmental Hygiene Advisory Committee in Hong Kong.
In May 2017, Xiaoyu Qince Technology (Guangzhou) Co., Ltd. was officially established as Water Silver’s first wholly-owned subsidiary in mainland China. The company is dedicated to building a consumer product safety information platform, providing consumers with safety information and test reports for products such as those for mothers and infants, cosmetics, personal care items, and food.
BioTox’s core biological toxicity testing technologies include the zebrafish embryo acute toxicity assay and the transgenic medaka embryo chronic toxicity test. The zebrafish embryo acute toxicity assay can simultaneously screen for 1,000 hazardous substances. Upon detection of acutely toxic compounds, fish embryos exhibit abnormalities such as pericardial edema within 48 hours, with severe cases resulting in direct mortality. The medaka embryo chronic toxicity test employs green fluorescent protein (GFP) labeling technology, which was recognized by the 2008 Nobel Prize. Through genetic engineering, medaka fish embryos are equipped with luminescent genes. When these bioluminescent embryos encounter estrogen-like substances, they emit green fluorescence after 24 hours. The intensity of the fluorescence correlates with the concentration of the toxic substances; in severe cases, the fish embryos fail to emit green fluorescence and die directly.
This type of biotoxicity testing using fish embryos is a non-animal test that addresses the current challenges associated with animal testing and represents a major trend in future bioassays. Compared to mouse-based biotoxicity testing, which involves long breeding cycles and detection periods lasting several weeks, fish embryo testing offers the advantages of rapid turnaround and high throughput.
Currently, VitroBiotech has established extensive collaborations with renowned domestic and international cosmetics companies—including L'Oréal, Nivea, Curél, Johnson & Johnson, Leaders, Kao, Biore, Jala Group, Inoherb, Marie Dalgar, Watsons, Mask Family, and HEC Group—as well as with leading ODM/OEM manufacturers such as Nox Bellcow, Yachun, and Gaobao. Its penetration rate among the top 100 enterprises exceeds 60%. The zebrafish embryo technology developed by VitroBiotech is currently undergoing standardization initiatives and is poised to become an international and domestic standard across multiple consumer product sectors, including cosmetics, food, dairy products, and health supplements.
Selected Partners of Silverfish Lab
Of course, biological toxicity safety testing is not the endpoint for Vitargent, but rather a new starting point. Vitargent is not only a biotechnology company but also an internet company. Bioassays based on fish embryos can identify products that meet higher safety and quality standards. For instance, the zebrafish embryo testing technology developed by Vitargent enables multidimensional evaluation of cosmetic efficacy, including skin whitening and spot reduction, antioxidant and anti-aging effects, as well as anti-inflammatory and acne-treating properties.
In 2017, Vitargent leveraged its innovative bio-toxicity testing technology to launch “Xiao Yu Qin Ce,” an internet platform designed for consumers. Xiao Yu Qin Ce operates across multiple digital channels, including a website, mini-programs, a mobile app, Xiaohongshu (Little Red Book), Weibo, and Toutiao, regularly publishing test reports and rankings for common daily-use products. For individual consumers (C-end users), the platform serves as a search engine for high-quality products, a shopping guide, and a trusted gateway for safety information, providing access to various insights within the consumer goods sector. For business clients (B-end customers), Xiao Yu Qin Ce offers a channel for brand promotion and visibility, while also providing robust endorsement of product safety and efficacy.
Xiao Yu Qin Ce’s evaluation rankings are categorized by specific product segments, with lists already released for various consumer goods such as eye creams, lipsticks, children’s wet wipes, and ice cream. The company has established partnerships with multiple major internet platforms—including Mama Wang, Nandu Appraisal, Xiaohongshu (Little Red Book), and JD.com—as well as with G.E.M. (Deng Ziqi), a high-profile celebrity. By leveraging precise audience targeting across different traffic-driven platforms, these collaborations aim to enhance product conversion rates. Currently, Xiao Yu Qin Ce boasts over 1 million users and followers, with each ranking list attracting attention from more than 10 million users.
Meanwhile, through years of accumulation, Vitargent has established a bio-toxicity safety database comprising over 10,000 skincare cosmetics and raw materials, covering 80% of daily consumer goods. Leveraging this database and its global patent portfolio, Vitargent provides services such as raw material formulation analysis and supply chain management to consumer goods manufacturers. This combination of biotechnology and an internet platform also earned Vitargent the “Davos Innovation Pioneer Award” in 2015.
Currently, with the support and implementation of multiple local governments in Beijing, Shanghai, Shenzhen, and other cities, Water Bio-Tech’s “Little Fish Test” biotechnology is helping enterprises enhance their international competitive advantages. In Beijing, Water Bio-Tech’s “Little Fish Test” has received support from government and corporate institutions such as the State Administration for Market Regulation, COFCO, and Capital Agribusiness & Foods Group. These partners will assist the company in promoting its innovative fish embryo technology and corresponding standards, and have signed an agreement with Jingganghui to jointly release the “Food Safety Index” in the future. In Shanghai, the company is collaborating with the Shanghai Municipal Administration for Market Regulation, Customs, Oriental Beauty Valley, and leading enterprises to jointly build the Shanghai “Oriental Beauty Valley” international platform. In Shenzhen, it has established strategic partnerships with the Shenzhen Center for Disease Control and Prevention, the Shenzhen Consumers Council, and the Shenzhen Health Promotion Association to jointly create a “Health Product Platform.”
Looking ahead, BioTox will join forces with more relevant enterprises and institutions. Driven by its corporate mission to “provide global consumers and businesses with safer and more effective choices through continuously leading assessment technologies, empowering the world with health and well-being,” BioTox will leverage cutting-edge biotechnology to help more companies build superior product quality and establish outstanding brands. By forging strategic collaborations with more vertical platforms and jointly launching additional rankings, BioTox aims to offer consumers safer and more reliable shopping guidance.