Shandong Yingsheng Biotechnology Completes Nearly RMB 100 Million Series C Financing Led by Yuansheng Venture Capital and Xiamen C&D Group

VCBeat (WeChat ID: vcbeat) has learned that Shandong Yingsheng, a leading domestic mass spectrometry testing company, recently announced the completion of a financing round nearing RMB 100 million, jointly invested by YuanBio Venture Capital and Xiamen C&D Group.

The mass spectrometry testing market is hailed as “the next multi-billion-dollar blue ocean following genetic testing.” Mass spectrometry assays have been widely adopted in developed countries in Europe and the United States. Statistics show that more than 400 mass spectrometry-based tests are currently used in clinical diagnosis and treatment, including newborn screening for inherited metabolic disorders, hormone and metabolite profiling, therapeutic drug monitoring, vitamin analysis, and trace element testing. Compared with the United States, clinical mass spectrometry in China is still in its early stages but on the verge of rapid expansion; 2018 was regarded as Year One of clinical mass spectrometry in China. Shandong Yingsheng is a company that has devoted years to research and development in the field of mass spectrometry and is committed to promoting and popularizing high-end mass spectrometry testing to serve patients and hospitals.

Shandong Yingsheng Biotechnology Co., Ltd. was established in 2009 and is located in the Jinan High-Tech Industrial Development Zone. Since its inception, the company has been primarily engaged in the independent research and development, manufacturing, and sales of in vitro diagnostic (IVD) reagents and medical devices. It has built genetic testing and mass spectrometry platforms centered on genomics and mass spectrometry-based omics, covering areas such as birth defect screening, disease prevention, and human health services. Meanwhile, Yingsheng always prioritizes clinical needs, striving to create a comprehensive one-stop mass spectrometry solution to fully serve customers and address their challenges. Yingsheng’s product portfolio includes independently developed reagents for screening 45 neonatal inherited metabolic disorders, reagents for the determination of 14 vitamins, an automated intelligent mass spectrometry sample processing platform, and ultra-high-performance liquid chromatography-tandem mass spectrometry (UHPLC-MS/MS) detection systems, with products reaching internationally leading standards.

Mr. Feng Zhen, Chairman of Shandong Yingsheng, stated, “Yingsheng’s one-stop mass spectrometry solution will make mass spectrometry the most commonly used diagnostic method in hospitals. Yingsheng aims to make mass spectrometry a simple, convenient, rapid, accurate, and affordable testing method, becoming an everyday partner for hospitals and patients. Mass spectrometers used in China have long been heavily reliant on imports. By partnering with Thermo Fisher Scientific, a global giant in scientific instruments, Yingsheng is localizing the production of high-end mass spectrometers such as LC-MS and ICP-MS, thereby lowering the price barrier for mass spectrometry equipment and accelerating the rise of domestically manufactured high-end medical devices.”

The cumbersome sample pretreatment process has long been one of the biggest bottlenecks restricting the widespread clinical application of mass spectrometry. In collaboration with Sweden’s Biotage and Switzerland’s Hamilton, Yingsheng has developed a fully automated pretreatment platform that delegates complex manual operations to automated systems. Regarding clinical mass spectrometry testing items, Yingsheng’s panels for diagnosing 48 types of inherited metabolic disorders, 14 vitamin assays, and therapeutic drug monitoring—developed through years of dedicated research—are on the verge of obtaining registration certificates from the China Food and Drug Administration (CFDA). Additionally, multiple test packages for fatty acids, amino acids, and bile acids have already completed development. Yingsheng will continue to focus on major diseases such as cancer, cardiovascular and cerebrovascular disorders, Alzheimer’s disease, and diabetes, leveraging the high-throughput and high-accuracy advantages of mass spectrometry to develop more clinical-grade testing items. We extend our gratitude to YuanBio Venture Capital and Xiamen C&D Group for their recognition of Yingsheng. Capital support from these renowned investment institutions will undoubtedly propel Yingsheng to reach new heights.

Dr. Lin Yi, Managing Partner of YuanBio Venture Capital, stated, “Mass spectrometry represents the next major blue-ocean market in the field of in vitro diagnostics, and Yingsheng will emerge as the leading enterprise in this sector.”Mass spectrometry is poised to become the next “gene sequencing” in the in vitro diagnostics market, representing a platform technology with substantial market potential. In the United States, more than 25,000 independent laboratories are approved to conduct CLIA-certified mass spectrometry-based clinical tests, with a market size of approximately $10 billion. In China, the development of clinical mass spectrometry testing resembles the early stages of gene sequencing, currently accounting for only about 1–2% of the total medical testing market, indicating significant growth potential in the future. Technologically, mass spectrometry can accurately quantify dozens to hundreds of biomarkers in a single assay and is particularly well-suited for detecting small-molecule substances, thereby offering strong complementarity to chemiluminescence immunoassays, which are currently the most widely used method in hospitals.”

Yingsheng’s founding team all come from professional medical backgrounds, giving them a profound understanding of the actual pain points and needs in clinical testing. Multiple company products have obtained or are about to obtain CFDA registration certificates, covering every aspect of mass spectrometry testing and providing customers with a “one-stop solution.” As a highly specialized analytical platform, promoting mass spectrometry in China requires not only selling products but also competing on service quality. Yingsheng has established a professional technical service team that has earned a strong reputation among its clients. It can be said that Yingsheng has made long-term strategic layouts in product R&D and international cooperation, while adopting a pragmatic approach in sales and technical services. We are confident that it will grow into a leading enterprise in the vast blue ocean market of mass spectrometry.

Ms. Shen Yaping, Deputy General Manager of Xiamen C&D Emerging Industry Equity Investment Co., Ltd.: “We are delighted to invest in Shandong Ingsun. As a platform technology for precision diagnosis and treatment, mass spectrometry holds immense potential and has been widely adopted in the U.S. market. In China, clinical mass spectrometry testing is currently in its early stages of rapid growth, making it a promising sector for investment. Ingsun’s management team has accumulated extensive experience in the field of mass spectrometry testing, with a comprehensive portfolio of diagnostic products and a robust sales and technical service team already in place, demonstrating the potential to become a leading enterprise in this domain. C&D Group remains committed to advancing the application of cutting-edge medical technologies in China to best meet the clinical needs of patients.”

Xiamen C&D Group Co., Ltd. was founded in December 1980. In 2018, its total assets exceeded RMB 250 billion, and its annual operating revenue surpassed RMB 280 billion. The group’s core businesses span supply chain operations, real estate development, tourism and hospitality, the exhibition industry, and investment. In 2018, it ranked 362nd on the Fortune Global 500 list.Xiamen C&D Emerging Industry Equity Investment Co., Ltd. was established in December 2014 as the emerging industry investment platform under Xiamen C&D Group. Focusing on the new economy, the company primarily engages in equity investments in non-listed companies post-startup stage, with a particular emphasis on innovation and growth opportunities in China’s healthcare, advanced manufacturing, and culture, entertainment, and consumer sectors.

YuanBio Venture Capital is an investment firm focused on the early and growth stages of the healthcare sector. Based in Suzhou BioBAY, it maintains a global reach. The firm currently manages approximately RMB 4 billion in assets and has completed investments in over 60 high-quality projects, primarily spanning new drug development, medical devices, in vitro diagnostics (IVD), and healthcare services. YuanBio has achieved 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 a panel of world-class scientific advisors, YuanBio possesses extensive experience in entrepreneurship, venture capital, and corporate operations within the biopharmaceutical industry and related fields. Leveraging its focused strategy and rich industry resources, YuanBio is committed to becoming one of the most successful healthcare and pharmaceutical venture capital funds in China.