Maijing Gene Completes RMB 100 Million Series B Financing Led by Shenzhen Capital Group and Guoke Jiahe Fund

VCBeat (WeChat ID: vcbeat) has learned that on December 29, Guangzhou Maijing Gene Medicine Science and Technology Co., Ltd. (hereinafter referred to as “Maijing Gene”) officially announced the completion of its Series B financing, amounting to hundreds of millions of yuan. The round was led by Shenzhen Capital Group and CAS Star Capital, with participation from Fujian Zhanglong Sanjun and Qianhai Great Wall Fund.

Previously, Maijing Gene secured tens of millions of RMB in Series A financing from Shenzhen Capital Group. The funds from this round will be primarily used to increase investment in the research, development, and registration of new products, thereby further advancing product commercialization.

According to available information, Maijing Gene was established in 2015, with its headquarters located on Guangzhou International Bio Island. The company has set up branch offices in East China, Central China, and North China, and operates a wholly-owned medical testing laboratory. Its team primarily consists of an experienced management team and a high-end R&D team recruited from overseas.

Guangzhou Maijing Gene Medicine Science and Technology Co., Ltd. specializes in the research and development, manufacturing, promotion, and sales of molecular diagnostic products, committed to advancing the application of next-generation high-throughput sequencing technology in the field of precision oncology.

Specifically, Maijing Gene’s comprehensive precision medicine solution centers on tumor molecular diagnostics. Leveraging multiple platforms, including high-throughput sequencing, it covers the entire spectrum of cancer diagnosis—from genetic risk assessment, early screening, and personalized medication guidance to prognosis monitoring—while providing physicians and patients with professional, comprehensive, and refined personalized diagnostic and therapeutic guidance.

Over the past four years since its establishment, Maijing Gene has consistently prioritized research and development in products and technologies, and has already secured full independent intellectual property rights for its high-sensitivity NGS testing technology.

We have a robust pipeline in the field of personalized medication testing, with products and services covering a range of cancers including lung cancer, colorectal cancer, breast cancer, gastric cancer, thyroid cancer, and lymphoma.

The subsidiary medical laboratory has demonstrated outstanding performance for four consecutive years in external quality assessment and proficiency testing programs organized by authoritative domestic and international institutions, including the National Center for Clinical Laboratories (NCCL) of the National Health Commission, the College of American Pathologists (CAP), and the European Molecular Genetics Quality Network (EMQN). It also holds a reserve of patented technologies and products in the field of early cancer screening.

Currently, Maijing Gene has collaborated with hundreds of Grade A tertiary hospitals and specialized oncology hospitals across China, serving tens of thousands of cancer patients and contributing to the field of precision oncology in China.

After a period of robust growth, the tumor genetic testing industry is undergoing significant transformations and entering a new phase of development. Intensifying competition will drive the industry forward through clinical standardization, independent control of core technologies, continuous cost reduction, and product differentiation.

Maiging Genomics possesses internationally advanced innovation capabilities, with proprietary technologies and product reserves that significantly reduce testing costs and improve efficiency while enhancing detection performance.

Regarding this financing round, Mr. Yang Dongcheng, Founder and CEO of Maijing Gene, stated: “We extend our gratitude to Shenzhen Capital Group, CAS Star, Fujian Zhanglong Sanjun, and Qianhai Great Wall for their trust. Maijing Gene will leverage this round of financing to deepen its strategic layout in the field of tumor molecular diagnostics, increase investment in product R&D and regulatory registration, and accelerate the company’s transition from the LDT model to the IVD model.”

Dr. Zhou Yi, General Manager of the Healthcare Industry Fund Investment Department at Shenzhen Capital Group (SCGC), stated, “We are optimistic about the precision medicine sector in China. In the coming years, competition in the tumor gene sequencing market will enter its second half. Guangzhou Maijing Gene possesses an exclusive product pipeline and has established high technical barriers, thereby avoiding the severe product homogenization prevalent among genetic testing companies. Meanwhile, its products hold significant advantages in cost control. Since the previous financing round, the team has made steady progress in new product development, product registration, and commercialization, achieving frequent successes. This round marks SCGC’s second increased investment, and we will continue to support the company’s future growth.”

Mr. Chen Hongwu, Executive Partner of Guoke Jiahe Fund, stated, “The market for tumor companion diagnostics and screening offers vast potential and significant room for growth. Although market competition is intense, we highly recognize Maijing Gene’s differentiated R&D and regulatory registration strategy, its product roadmap closely aligned with clinical needs, and its team that combines strong R&D capabilities with market expansion expertise. We are optimistic about Maijing Gene’s continued pursuit of a steady and sustainable development path.”

Ms. Zhang Hong, Founding Partner of Fujian Zhanglong Sanjun Venture Capital, stated, “The tumor companion diagnostics market is entering a period of rapid growth, driven by the swift increase in penetration of precision oncology drugs. For companies in this sector, sustained product R&D capabilities and control over sales channels are core competitive factors. Maijing Gene has established a mature sales team and an outstanding technical R&D team, gradually building its core competitive moat. We consider Maijing Gene to be one of the leading companies in this field and are optimistic about its ability to stand out amid intense technological and market competition.”

Mr. Chang Jinyong, Executive Partner of Qianhai Great Wall Fund, stated, “As new tumor-targeted drugs continue to emerge, the market for tumor NGS companion diagnostics will gradually expand. Furthermore, compared with its industry competitors, Maijing Gene has successfully localized the multiplex PCR library preparation kits covering dozens of genes involved in NGS-based tumor companion diagnostics, fully demonstrating the team’s technical prowess and spirit of hard work. With the support from this round of investment, we believe the team will achieve even greater success in the future.”

Shenzhen Capital Group Co., Ltd. (abbreviated as SCGC), established in 1999, has completed exactly 20 years of operation this year. From an industry newcomer starting with RMB 700 million in capital, SCGC has grown into an industry leader managing over RMB 340 billion in assets.

As of the end of November 2019, Shenzhen Capital Group (SCGC) ranked among the top in China’s venture capital industry in terms of both the number of invested companies and the number of portfolio companies listed on stock exchanges: it had invested in 1,051 projects, with a cumulative investment amount of approximately RMB 47.6 billion. Among these, 157 portfolio companies have been listed on 16 major capital markets worldwide, and 263 projects have achieved exits (including IPOs). Professional investment strategies and in-depth services have fueled the growth of numerous star enterprises, including Weichai Power, Kugou Music (Tencent Music), Raytron Technology, Western Superconducting Technologies, Mindray Medical, Sinovatio, Appotronics, Chipscreen Biosciences, DouYu Live, Sunway Communication, Contemporary Amperex Technology Co., Limited (CATL), Global E-Commerce (Cross-Border Tong), Do-Fluoride Chemicals, Royole Corporation, Akeso Biopharma, Shengrui Transmission, Transwarp, Dobot, and JPT Opto-electronics, thereby contributing to SCGC’s outstanding performance.

Guoke Jiahe Fund was established in 2011. Initiated by Chinese Academy of Sciences Holdings Co., Ltd. (hereinafter referred to as “CAS Holdings”) as the cornerstone investor, it is an equity investment fund manager jointly established with multiple large domestic enterprise groups and is a first-tier subsidiary directly managed by CAS Holdings. Currently, Guoke Jiahe manages multiple funds, including two RMB venture capital funds, two RMB merger and acquisition funds, one industry-specific fund, one USD venture capital fund, and government special funds, with total assets under management amounting to tens of billions of RMB.

Leveraging the Chinese Academy of Sciences’ world-class technological capabilities, extensive portfolio of high-tech commercialization achievements, and government and industry resources, Guoke Jiahe Fund relies on a professional team with rich investment management experience to focus on emerging sectors such as Information Technology (TMT) and Life Sciences. The fund prioritizes investments in early-stage and growth-stage high-tech innovative enterprises with strong technological barriers. Guoke Jiahe Fund has strategically invested in fields including IoT-enabled smart manufacturing, mobile internet and services, big data, cloud computing and artificial intelligence, fintech, cybersecurity, healthcare services, medical devices, and pharmaceuticals, having cumulatively invested in over 100 companies.

Fujian Zhanglong Sanjun, established in 2016, is a professional investment institution specializing in equity investments in national strategic emerging industries, including medical healthcare, high-end equipment manufacturing, and integrated circuit design. It is the only equity investment fund management company in which Fujian Zhanglong Group Co., Ltd., an enterprise under the State-owned Assets Supervision and Administration Commission of Zhangzhou Municipality, holds an equity stake. The firm manages multiple state-owned venture capital funds, industrial guidance funds, and special-purpose funds.

Qianhai Great Wall Fund Management (Shenzhen) Co., Ltd. was established in 2015, with assets under management reaching RMB 1 billion. The company’s founding partners are leading figures in the venture capital (VC) and private equity (PE) industries, each boasting over 20 years of investment experience. They have achieved outstanding performance in their respective fields and invested projects, having successfully invested in numerous listed companies including Weierli, Yihua Healthcare, Shangrong Medical, Kangtai Biological Products, Snibe Diagnostic, Menovo Pharmaceutical, Jiashitang, New China Life Insurance, BGI Genomics, and Sunny Optical.

Over the past five years since its establishment, the company has adhered to the principles of value investing, avoiding blind expansion of fund size. It has meticulously developed a robust internal management system, including project investment processes that align with market dynamics and offer strong operational feasibility, as well as comprehensive risk prevention and control mechanisms. Furthermore, it has assembled a project investment management team with profound professional backgrounds and extensive experience across various investment sectors.