Ribo Life Science Successfully Lists on HKEX Main Board (Stock Code: 6938.HK), Supported by Panlin Capital Through Six Rounds Over a Decade

January 9, 2026The main pioneer of small nucleic acid technology in China, and a leading company in the global small nucleic acid pharmaceuticals field."Ribo Life Science"(Suzhou Ribo Life Science Co., Ltd.)Officially listed on the Main Board of the Hong Kong Stock Exchange (Stock Code:6938.HK）。Ribo Life Science opened at HK$75. As of the time of writing, its market value has exceeded HK$11 billion.Compared with the post-A-round investment valuation of Panlin Capital, the current market value of Ribo Life Science has achieved approximately 30 times growth.。

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

Right: Dr. Gan Liming, Co-CEO of Ribo Life Science and President of Global R&D

As an early investor who began supporting Ribo Life Science in its first round of external financing in 2015,After ten years and six rounds of leading investments or significant follow-ons, Panlin Capital has become the external investment institution that has invested in Ribo Life Science the most times, and is also one of the two institutions with the largest investment amount, making it "patient capital" in the truest sense.. It is worth mentioning that,Panlin Capital was also the investment institution that provided the most critical financial support to Ribo Life Science at a time when the small nucleic acid industry faced setbacks and enterprises needed funding the most, offering “timely assistance” that helped the company achieve a crucial leap forward.。

Ribo Life Science Successfully Lists on the Hong Kong Stock Exchange; Panlin Capital's Decade-long Commitment Reaps Rewards. This marks Panlin Capital's second successful IPO on the Hong Kong market following the listing of GenFleet Therapeutics (02595.HK) in September 2025.Another landmark achievement in the VC stage investment, and a classic case of Panlin Capital "finding entrepreneurs among scientists" in the biopharmaceutical field, as well as a milestone event for Panlin Capital to support the long-term development of China's innovative drug industry.。

Professor Zicai Liang, founder and chairman of Ribo Life Science, stated in his speech at the listing ceremony:Expressed the most sincere gratitude to investors, governments at all levels, and friends who have long trusted and supported the company.. HeSaid: "Thank you to all the teams for their hard work, and thank all Ribo people for their long-term focus and persistence.The listing is an important milestone in the development process of Ribo Life Science. We are committed to the development of small nucleic acid drugs and have made remarkable progress. This connection with global capital markets through the Hong Kong Stock Exchange will inject strong momentum into the company's accelerated growth.Small nucleic acid pharmaceuticals are leading the third pharmaceutical revolution. Ribo Life Science will focus on unmet clinical needs, continue to innovate, and bring Ribo's small nucleic acid drugs to patients worldwide as soon as possible.”

Speech by Liang Zicai, Founder and Chairman of Ribo Life Science

Director of Ribo Life Science, Founding Managing Partner of Panlin CapitalLi YuhuiExpressed: "Warm congratulations to Ribo Life Science on its successful listing on the Hong Kong Stock Exchange under the leadership of Professor Liang Zicai, entering a new stage of development. As the earliest established small nucleic acid research and development company in China in the true sense, the listing of Ribo Life Science marks a further step forward for China’s small nucleic acid pharmaceutical industry into the wave of the 'Third Drug Revolution.' We are delighted that Panlin has been able to walk alongside Professor Liang over the past decade. Following the ups and downs of the global small nucleic acid industry, we have personally witnessed Professor Liang, the founder of China's small nucleic acid industry, successfully advancing the pipeline research and development of Ribo Life Science and moving towards internationalization with the conviction of a Chinese scientist."

Left: Professor Zicai Liang, Founder of Ribo Life Science

Right: Li Yuhui, Founding Managing Partner of Panlin Capital

Ribo Life Science was founded in 2007 and isA global leader in the research and development of small nucleic acid (siRNA) drugs, and one of the pioneers in this field in China.Ribo Life Science benchmarks the innovative frontier of international small nucleic acid technology, committing to the iterative research and development of small nucleic acid chemical modification and drug delivery technologies. It has established a self-controlled, fully integrated small nucleic acid drug R&D platform that supports all stages of research for small nucleic acid drugs from early development to industrialization. Professor Zicai Liang, the founder, is the scientist who first introduced siRNA technology to China and named it "small nucleic acid."

Currently, the company has independently established China's most comprehensive small nucleic acid drug technology platform around small nucleic acids, covering all key aspects of small nucleic acid drug development. From drug delivery, chemical modification, multi-target drug design to model-guided drug development and production, it provides full lifecycle support from early research to commercialization. Among these, Ribo Life Science is on par with international standards in the key technology of small nucleic acid delivery. Based on the RiboGalSTARTM platform, which utilizes proprietary intellectual property and clinically validated GalNAc delivery technology, Ribo Life Science has built a rich product pipeline in cardiovascular, metabolic, liver, kidney, and other therapeutic areas, advancing multiple products into Phase II and Phase III clinical trials.

Among them,Core Product RBD4059(siRNA Targeting FXI)It is a clinical-stage siRNA drug for the treatment of thrombotic diseases, and is the world's first of its kind. It has completed patient enrollment for all subjects in the Phase IIa clinical trial.RBD5044 (siRNA targeting APOC3) for the treatment of hypertriglyceridemia ("HTG")Has been approved by the European Union to conduct Phase II clinical trials, making it the second siRNA drug globally to enter the clinical stage that targets APOC3 (a protein involved in lipid metabolism);RBD7022 (siRNA Targeting PCSK9) for the Treatment of HypercholesterolemiaThe Phase 1 clinical trial in China was completed in March 2025. The Greater China rights for this product were licensed to Qilu Pharmaceutical at the end of 2023. Qilu Pharmaceutical initiated the Phase 2 clinical trial at the end of 2024 and completed the enrollment of all Phase 2 subjects in May 2025.

Especially inHepatology Field, Ribo Life Science has developed a product based on the RiboGalSTARTM liver-targeting delivery technology, focusing onRBD1016The leading pipeline of liver disease products, this drug is mainly used to treat patients with chronic hepatitis B virus ("HBV") infection, including those co-infected with hepatitis D virus ("HDV"). It has now entered Phase II clinical trials and has been granted Orphan Drug Designation (ODD) by the European Medicines Agency (EMA). The global multi-center Phase II clinical trial for the treatment of hepatitis B is proceeding smoothly and is expected to be completed by the end of 2025.

In addition to its clinical product pipeline, Ribo Life Science also maintains over 20 preclinical projects planned to advance into the clinical development stage.

In the global pharmaceutical innovation landscape, globalization has become a core competitiveness for China's innovative drug companies. Ribo Life Science deeply integrates local R&D advantages with international advanced experience, building a world-class small nucleic acid drug development system, providing strong support for participating in global market competition. Currently, Ribo Life Science, with its highly forward-looking global strategic layout,In Kunshan, Suzhou, Beijing, and Europe, multiple R&D centers and a globally integrated small nucleic acid drug development system have been established.。

In July this year, Ribo Life Science's overseas R&D center, Ribocure, located in Mölndal, Sweden, successfully completed a $33 million equity financing. Ribocure is Ribo Life Science's global clinical development and business development base, equipped with a professional team possessing international vision and global clinical development capabilities. It also has clinical trial sites and laboratories, leading and driving the global clinical trials and business development of innovative small nucleic acid drugs.

In addition to capital boost,Ribo Life Science also explores its revenue sources and commercial pathways through BD transactions.In December 2023, Ribo Life Science entered into a licensing and cooperation agreement with Qilu Pharmaceutical (a supplementary agreement was further signed on June 12, 2024). According to the agreement, Ribo Life Science granted Qilu Pharmaceutical the rights to develop, manufacture, and commercialize RBD7022, a small nucleic acid drug targeting PCSK9 (proprotein convertase subtilisin/kexin type 9) for the treatment of hypercholesterolemia, in Greater China (mainland China, Hong Kong, and Macao). Ribo Life Science received an upfront payment and milestone payments totaling over 700 million RMB, as well as royalty rates in the high double digits.

In the same year and month,Ribo Life Science also signed a cooperation and license agreement with Boehringer Ingelheim.(Revised from time to time). Through this collaboration, the two parties will utilize Ribo Life Science's proprietary RiboGalSTAR™ technology to jointly develop innovative small nucleic acid therapies for treating non-alcoholic or metabolic dysfunction-associated steatohepatitis (NASH/MASH). According to the terms of the collaboration, in addition to receiving an upfront payment, Ribo will be entitled to milestone payments based on the conduct of clinical studies, drug registration, and commercial success, as well as tiered sales royalties for marketed products. The total value of the deal exceeds 2 billion US dollars.

Ribo Life Science is the first biopharmaceutical project that marks Panlin Capital's transition from PE investment to VC investment.。

From Series A in 2015 to Series E2 in 2025,Panlin Capital has illustrated the essence of "Chinese-style patient capital" through a decade-long, precisely positioned six-round investment (A, B, C1, C+, E1, E2 rounds). As a result, Panlin Capital has become the external investment institution that has invested in Ribo Life Science the most times and is also one of the two institutions with the highest total investment amount.。

This long-term meticulous accompaniment aligns with the pulse of capital boosting enterprise development:

• 2015, Panlin Capital based on independent due diligence, in Ribo Life Science'sSeries AFirmly Betting in Financing; At that time, the first small nucleic acid drug Phase III clinical trial had failed, and large pharmaceutical companies such as Roche were exiting the field. The entire sector was just starting to recover from a low point, and the druggability of small nucleic acids remained unclear globally. Meanwhile, Panlin Capital was in the early stages of transitioning to venture capital (VC), having just built a professional VC investment team. It clarified its investment strategy: "Starting from demand, investing in innovative drug development enterprises for the prevention, diagnosis, and treatment of unmet major clinical diseases, as well as innovative medical device development enterprises," seeking "entrepreneurs among scientists." After receiving the project, Panlin Capital conducted independent due diligence and concluded that "delivery technology has made breakthroughs, and the future of small nucleic acid drugs looks promising," marking their first VC-stage investment in the biopharmaceutical field. In Panlin's view, small nucleic acid technology represents the "third wave" of modern pharmaceuticals following small molecules and antibody drugs. Its core advantage lies in targeting intracellular proteins that are difficult for traditional drugs to reach, precisely intervening at the mRNA level to address the root causes of diseases, theoretically holding the potential to meet numerous unmet clinical needs. More importantly, Liang Zicai, a scientist by background, demonstrated a strong willingness and ability to translate cutting-edge science into industrial applications, fitting the image of an "entrepreneur among scientists" as initially envisioned by Panlin Capital.

• 2017, Panlin Capital inSeries BContinued investment during financing has provided critical support for solidifying the core technology platform.

• 2019Is a critical turning point. At that time, although the investment enthusiasm for innovative drugs was rising, the market paid insufficient attention to true source innovation. Ribo Life Science was in the iteration period of its delivery technology platform, and the new generation platform had not yet fully taken shape. Against this backdrop, Panlin Capital provided the most crucial financial support to Ribo, decisively collaborating with 3E Bioventures.Led C1 Round, supporting its technological transformation. Trust also continues to deepen in the journey of development.

• 2021, Ribo Life Science completedC+ RoundInvestments from institutions such as Hillhouse Ventures and CICC have joined, the company's reputation and valuation have continued to rise, and Panlin Capital has remained committed to follow-up investments.

• 2022, Panlin Capital inE1 RoundThe additional investment in the financing round reflects confidence in Ribo Life Science's increasingly robust small nucleic acid delivery technology platform and clinical advancement of its product pipeline, as well as the initial formation of Ribo's global presence.

• 2025TheE2In this round of financing, Panlin Capital continued its support, assisting Ribo Life Science, which has established one of the world's largest siRNA drug pipelines, in making a final push towards the capital markets, until its successful IPO on the Hong Kong Stock Exchange. At this point, an innovative blueprint from scientists' laboratories to global capital markets is clearly revealed.

Behind this long-term companionship isPanlin Capital, driven by its long-term belief in the development of China's biopharmaceutical industry and based on a firm recognition of the founder, has never wavered regardless of the ups and downs of industry development or the favorable or adverse conditions of enterprise growth.。

As one of the serialized outcomes in Panlin Capital's VC investment portfolio, the investment practice in Ribo Life Science serves as one of the foundations for Panlin Capital's VC investment methodology. As of now,PPIO, a representative of the Panlin Multi-Round Investment, has submitted its listing application to the Hong Kong Stock Exchange. Subsequently, as multiple companies such as Yafei Biotech, Chuan Microelectronics, Woofly Aerospace, Ruiyun Cold Chain, ReNue Biotech, Goldschmidt Bio, Benyao Technology, Zhixin Haoteng, and Ebuy Industrial Products enter the IPO application process, the investment results of Panlin Capital's VC stage will gradually be validated.。