Ribo Bio, Founded by Nankai University Power Couple, Rings HKEX Bell with $15B Valuation

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"12 Billion, Nankai Couple Rings the IPO Bell"

Behind Ribo Life Science is a pair of scientist spouses.Liang Zicai and Zhang Hongyan met at Nankai University and later went abroad for further study and teaching..After returning to China with a fervent passion, they founded Ribo Life Science in 2007, thus embarking on the exploration journey of innovative small nucleic acid drugs in China.

This is a fine story of VC long-term companionship. Along the way, Ribo Life Science has gathered multiple investors, forming a large group. Among them, as an investment institution that continuously supported since the A round, Panlin Capital has accompanied Ribo Life Science for ten years and also reaped impressive returns — the rewards given by time often carry more weight.

A Pair of Scientist Couple Returns to China to Start a Business

A Long Journey of Nineteen Years

The starting point of Ribo Life Science can be traced back to Nankai University — where Liang Zicai and Zhang Hongyan first met. After graduating from the biology department in 1988, both went abroad for further studies and completed their postdoctoral research at Yale University. Later, they jointly taught at Sweden's Karolinska Institutet.

During this period, global life sciences reached a critical turning point: In 1998, the mechanism of RNA interference (RNAi) was discovered—a tiny double-stranded RNA could precisely silence specific genes. Years later, this discovery won the Nobel Prize and also revealed a new possibility: drugs do not have to only target proteins; they can intervene at the gene expression level in advance, theoretically opening the door to more "undruggable" targets.

It was a grand and elegant idea. Liang Zicai keenly recognized its potential, thus focusing his research on the field of small nucleic acids, becoming one of the earliest Chinese scientists to explore this direction. What the outside world may not know is that the Chinese term "small nucleic acid" was coined by him and has been used ever since.

Around 2006, driven by the belief of promoting China's indigenous innovation, Liang Zicai returned to China with his wife. He led the first 863 key project in China’s small nucleic acid field and joined Peking University's Institute of Molecular Medicine as a professor. The following year, Ribo Life Science was established in Suzhou, simultaneously laying out China’s first small nucleic acid base.

At that time, China's small nucleic acid field was still in the "uncharted territory," and there were no qualified CROs on the market to meet the synthesis and preclinical research needs of siRNA. Therefore, Liang Zicai decided to start from scratch, gradually establishing nucleic acid synthesis processes, chemical analysis, and GMP quality systems, transforming data from papers into feasible production lines step by step. Since then, when discussing small nucleic acids in China, Liang Zicai has become an indispensable name.

Panlin Capital's founding managing partner Li Yuhui recalled his first meeting with Liang Zicai to the investment community: "It was like a breath of fresh air," and "particularly resonant." In Li Yuhui’s memory, Professor Liang did not rush to outline commercial blueprints or market potential; instead, he spoke at length about technical principles, delivery pathways, and clinical needs. His presentation was logical and meticulous, showcasing a rare scientific depth and systematic thinking.

Later, the Panlin team often used a phrase to describe such founders: "Entrepreneurs among scientists" — not only top in scientific research, but also able to turn complex technologies into products and lead their teams through the "valley of death" from the laboratory to industrialization. In Li Yuping’s words: “He makes you believe that in this marathon, there are really people who can reach the finish line.”

Left: Professor Liang Zicai, Founder and Chairman of Ribo Life Science

Right: Li Yuhui, Founding Managing Partner of Panlin Capital

To date, Ribo Life Science has built a full-process technology system covering from target discovery to clinical development, and created one of the world's largest siRNA drug pipelines. Seven self-developed drug assets are currently in clinical trials, involving various indications for cardiovascular, metabolic, kidney, and liver diseases. Its self-developed liver-targeting RiboGalSTARTM platform delivery technology has advanced multiple products to Phase II clinical trials.

More iconic is,In 2023, Ribo Life Science reached a transaction cooperation of over 2 billion US dollars with the German pharmaceutical giant Boehringer Ingelheim - this is the first overseas deal for China's small nucleic acid technology, and the value of China's innovation is being globally recognized.。

"From 2007 to today, it seems like a long journey," Liang Zicai reflected. "But looking globally, the breakthrough of any innovative technology always requires such a gestation period of accumulation and development."

Panlin Capital's Six Rounds of Heavy Investment in Ten Years

The Longest-Accompanying Investor Behind Ribo Life Science

Looking back at the growth journey of Ribo Life Science, an uncommon detail comes to light:

Since the Series A round in 2015, Panlin Capital has invested in Ribo Life Science for six consecutive rounds, accompanying the team through critical stages such as technology validation, platform iteration, and industry fluctuations. This ten-year period has almost covered a complete cycle of China's innovative drug industry.

For Panlin Capital, the emergence of Ribo Life Science was timely. This investment firm, established in 2010, initially started with private equity (PE) business and gradually shifted its focus to technology-driven early-stage investments by 2014, establishing healthcare as one of its core sectors. By 2015, the team had formed a clear judgment: the future of China's innovative drugs lies not in rapid imitation but in breakthroughs at the source that demonstrate fundamental technical capabilities.

It was during the search for the "diamond in the rough" that Ribo Life Science came into view. After three months of meticulous independent due diligence and multiple rounds of communication, Panlin Capital brought Ribo Life Science to the Investment Decision Committee. Three factors influenced the decision to invest at this time:

First, the company independently built an LNP delivery platform in its early stage, mastering core technologies; second, its existing pipeline has entered clinical trials, verifying the feasibility of the technical pathway; third, Liang Zicai combines deep scientific research with organizational capabilities, making him a rare "entrepreneur among scientists."

In that cold winter, Panlin Capital made its first VC investment in the biopharmaceutical field. "At the end of the day, it’s about choosing what to believe in." When talking about why he firmly believed in Ribo Life Science, Li Yuping frankly said that it stemmed from a respect for scientific logic, an obsession with first-in-class innovation, and more importantly, a simple wish: to ensure that those who are willing to endure solitude and dare to venture into uncharted territories will eventually be recognized by the times.

Trust was thus established and carried through consistently. By the C1 round in 2019, Ribo Life Science was at a critical stage of transitioning its technology platform from LNP to GalNAc, with the next-generation delivery system yet to be fully developed. At this juncture, some potential investment institutions began to waver, and the company was in urgent need of funds.

At this moment, Liang Zicai called Li Yuhui, who hardly hesitated: "Not only will we invest, but we will also lead the investment." In the end, Panlin Capital, together with Sany Venture Capital, led the crucial C1 round of financing for Ribo Life Science. Other institutions, including Legend Capital, SDIC Innovation, Hanyang Capital, Blue Ocean Capital, Chuangyuan Yuan Investment, Daxie Yungong Investment, and Shenzhen Zhonghui Investment, followed up on the investment. The total amount was approximately 203 million yuan. This funding was invaluable, helping the company navigate through a critical period of technological transformation.

“We have long established a clear understanding that if we don't lead the investment, we would be wasting our insight and opportunity."Looking back, Li Yuhui realized that true patient capital is the kind that dares to stay at the table when the company is in its toughest times and the market is most perplexed."

Since then, Ribo Life Science has been delivering almost all positive news. In the same year, by the time of the C2 round of financing, the small nucleic acid track had changed dramatically — with the approval in China of the world's first breakthrough small nucleic acid drug, the sector suddenly heated up. Institutions such as China State-Owned Capital Venture Investment Fund, CICC Qide Fund, Hillhouse, Hengxu Capital, Langmafeng Venture Capital, Sinopharm-CICC Fund, Shenzhen Zhonghui, Shanghai FTZ Fund, and Hongtao Capital joined the investor lineup. The market sentiment shifted from cold to hot in just a few months.

All the way through, Panlin Capital has consistently backed Ribo Life Science, having invested six consecutive times prior to its IPO, making it the institutional investor with the most investment rounds and the longest accompanying duration, as well as one of the two largest investors by amount. According to the prospectus, before the IPO, Panlin Capital held 6.69% of Ribo Life Science. Based on the post-Series A valuation, Ribo Life Science’s market value has now achieved approximately a 30-fold increase. Whether measured by multiples or scale, this represents a substantial return.

“"After many years of cooperation with Panlin, the deepest feeling can be summed up in three words: seriousness, professionalism, and prudence." Liang Zicai expressed deeply, "From global layout to corporate governance, and then to capital strategy, they not only participate deeply but also provide firm support at critical moments — truly a long-term companion in every sense."。”

The Gift of Time

Embrace the Golden Age of China's Pharmaceutical Industry

Looking back,Ribo Life Science is more like a validation of long-termism for Panlin Capital.——It confirms the consistent path of this institution over the past decade:Early awareness, early positioning; long-term companionship, concentrated heavy positions; at the critical junctures of technological leaps, boost "dark horses" to become "white horses.". Whether the market is bustling or sluggish, this methodology has never wavered.

Ribo Life Science is not an isolated case. In September 2025, GenFleet Therapeutics went public on the Hong Kong Stock Exchange, also as a result of Panlin Capital's continuous multi-round investment. From biopharmaceuticals to hard technology, projects such as Kangtai Medical, Capricorn Pharma, PPIO, Ruiyun Cold Chain, and WoFly Aerospace have followed a similar trajectory—making judgments before consensus forms and providing sustained support during the patient stages of enterprise growth.

The data provides a侧面印证. Internal statistics from Panlin show that over 70% of the projects entered before the A round, and more than half were led by their first round.

“More than half of our projects have gone through multiple rounds of investment."Li Yuhui frankly told the investment community, 'Because true innovation has never been a linear progression, but a series of leaps. You must choose to keep believing at every critical juncture.'"

It sounds simple, but it’s an extreme test of one's composure — it requires investors to possess both the insight and patience of a scientist and the decisiveness of a sniper, daring to invest heavily at critical moments. This "belief" does not come out of thin air but is built on a firm understanding of the underlying logic of the industry.

In Li Yuhui's view, the long-term drivers of China's biopharmaceutical industry are very clear: the continuous acceleration of aging and the increasing release of unmet clinical needs. With the rapid evolution of life sciences and biotechnology, treatment methods continue to improve. "Healthcare is a typical long-term value investment track, whose worth will not be altered by short-term capital sentiment."

Because of this, a few years ago when the industry cooled significantly and the market was filled with doubts like "Is it still worth investing in innovative drugs?" Panlin Capital's judgment became even more resolute.

"During those two years, people often asked me, 'Why are you still looking at innovative drugs?'" Li Yuping recalled, "In fact, our mindset was completely different – the return of valuations to rational levels and the fading of the hype actually created the best window for professional institutions to conduct thorough due diligence and select high-quality targets."

It was also at this stage that, after being the first to predict "the spring of investing in innovative drugs has arrived," Panlin Capital explicitly proposed the investment direction of "source innovation" and continued to increase its investment in the biopharmaceutical field.

After the exchange, one of Li Yuhui's viewpoints was impressive:"To some extent, the charm of VC lies in the genuine desire to help entrepreneurs succeed." It's not just about financial support, but also about providing judgment, resources, and patience at critical junctures, ensuring that worthwhile endeavors are ultimately not let down.。

Up and down, China's medical investment market has experienced the winter of the past cycle, and now finally shows some warmth. "Investment is a long-term practice," Li Yupeng said with deep feeling. "We are glad that we sowed the seeds ten years ago, but what excites us more is that the golden age of China's biopharmaceuticals may have just begun."

The lower the valley, the more determined you must be to act. The noisier the market, the more you need to stay calm. This might just be the only answer to navigating through cycles.