Ribo Life Science Debuts on HKEX, Panlin Capital Reaps Billion-Dollar IPO Return

The Hong Kong Stock Exchange remains bustling.

Today (January 9), Ribo Life Science officially went public on the Hong Kong Stock Exchange, creating the first Chinese small nucleic acid drug stock, and also the first innovative drug IPO in Hong Kong this year. In this IPO, Ribo Life Science's offering price was HK$57.97 per share, opening with a surge of 29%, breaking through a market value of HK$12 billion.

Behind Ribo Life Science is a pair of scientist spouses. Liang Zicai and Zhang Hongyan met at Nankai University, and later both went abroad for further studies and teaching. Filled with passion, they returned to China and founded Ribo Life Science in 2007, thus beginning the exploration journey of China's small nucleic acid innovative drugs.

This is a fine story of VC's long-term companionship. Along the way, multiple investors have gathered behind Ribo Life Science, forming a formidable lineup. Among them, as an investment institution that has continuously supported since the Series A round, Panlin Capital has accompanied Ribo Life Science for a decade 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 Institute.

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. A few years later, this achievement won the Nobel Prize, also revealing a new possibility: drugs don’t have to only target proteins; they can intervene earlier at the gene expression level, theoretically opening the door to more "undruggable" targets.

It was a grand and elegant concept. Liang Zicai keenly recognized its potential and shifted his research focus to the field of small nucleic acids, becoming one of the earliest Chinese scientists to explore this area. What may be unknown to many 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 original innovation, Liang Zicai and his wife returned to China. He led the first 863 key project in China’s small nucleic acid field and joined the Peking University Institute of Molecular Medicine as a professor. The following year, Ribo Life Science was established in Suzhou, simultaneously setting up China’s first small nucleic acid base.

At that time, China's small nucleic acid field was still in the "no man's land," and there wasn't even a qualified CRO on the market to meet the synthesis of siRNA and preclinical research. 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 paint a picture of commercial prospects or market potential; instead, he spoke eloquently about technical principles, delivery pathways, and clinical needs, displaying 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 capable of turning complex technologies into products and leading 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."

From left: Professor Liang Zicai, founder and chairman of Ribo Life Science; 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 a variety of 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 notably, in 2023, Ribo Life Science reached a collaboration deal worth over $2 billion with German pharmaceutical giant Boehringer Ingelheim – marking the first export of China's small nucleic acid technology, as the value of Chinese innovation is gaining global recognition.

"From 2007 to today, it seems like a long journey," Liang Zicai reflected. "But looking globally, the breakthrough of any innovative technology requires such a period of gestation marked by accumulated efforts leading to eventual success."

Panlin Capital Invests 6 Rounds in a Row

The Longest-Accompanying Investor Behind Ribo Life Science

A Look Back at Ribo Life Science’s Growth Journey Reveals an Uncommon Detail:

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. Over the span of a decade, this 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) operations. From 2014, it gradually shifted its focus to early-stage investments driven by technology and identified healthcare as one of its core sectors. By 2015, the team had reached a clear conclusion: the future of China's innovative drug development lies not in rapid imitation but in breakthroughs originating from fundamental technological 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 discussions, Panlin Capital brought Ribo Life Science to the investment decision committee. Three factors influenced the decision to proceed at this time:

1. Early independent construction of the LNP delivery platform, mastering core technology; 2. Existing pipelines have entered clinical trials, verifying the feasibility of the technical pathway; 3. Liang Zicai combines research depth with organizational ability, 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 to the end. 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 interested investment institutions began to waver, and the company was in urgent need of funds.

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

"We had already established a clear understanding that if we didn't lead the investment, we would waste our insights and opportunities." Li Yuping later reviewed, true patient capital dares to stay at the table when companies are in their toughest times and the market is most perplexed.

Since then, Ribo Life Science has had almost all good 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 significant small nucleic acid drug, the track 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 camp. Market sentiment shifted from cold to hot in just a few months.

All the way through, Panlin Capital has consistently supported Ribo Life Science, investing six consecutive times prior to its IPO. This makes Panlin Capital 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 Suzhou Ribo Life Science Co., Ltd. Based on the post-Series A valuation, Ribo Life Science’s market value has now increased approximately 30-fold. Whether measured by multiples or scale, this represents a substantial return.

"Having cooperated with Panlin for many years, my deepest feeling can be summed up in three words: serious, professional, and prudent." 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 serves as a validation of Panlin Capital's long-term commitment — it confirms the path this institution has steadfastly followed for over a decade: early recognition, early positioning; long-term companionship, concentrated heavy investment; and at critical junctures of technological leaps, propelling "dark horses" to become "white horses." Regardless of market noise or downturns, this methodology has never wavered.

Ribo Life Science is not an isolated case. In September 2025, GenFleet Therapeutics was listed on the Hong Kong stock market, also as a result of Panlin Capital's continuous multi-round investment. From biopharmaceuticals to hard technology, projects such as Kangtai Pharmaceutical, Capricorn Biotech, PPIO, Ruiyun Cold Chain, and WoFly LongSky have followed a similar trajectory – making judgments before consensus forms and continuously supporting enterprises during their patient-building phase.

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 Yuping told the investment community, "Because true innovation has never been a linear progression, but a series of leaps. You must choose to continue 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 make significant investments at critical moments. This "belief" does not come out of thin air but is built upon 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, and its value 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 about whether innovative drugs were still worth investing in, Pulin Capital's judgment became even more resolute.

"During those two years, people often asked me, 'Why are you still looking at innovative drugs?'" Li Yupeng recalled, "In fact, our mindset was completely different – the return of valuations to rational levels and the fading of 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 exchanging views, one of Li Yuhui's perspectives left a deep impression: "To a certain extent, the charm of venture capital lies in the genuine desire to help entrepreneurs succeed." It is 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 planted seeds ten years ago, but what excites us more is that the golden age of China's biomedicine 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.

This article is sourced from Pedaily, authored by Wang Lu. Original text: https://news.pedaily.cn/202601/559681.shtml