Lynk Pharmaceuticals Completes C2 Financing Round with Total Series C Funding of RMB 322 Million and Files for Hong Kong IPO

Lynk Pharmaceuticals (Hangzhou) Co., Ltd. (“Lynk Pharmaceuticals”), an innovative drug R&D company, officially announced today the completion of its Series C2 financing round.This round of financing was jointly participated by the Shaoxing Binhai New Area Biopharmaceutical Industry Equity Investment Fund managed by Shengshi Investment, Haibang Investment, and Howbuy Fund of Funds. Existing shareholders Shanghai New Alliance Capital and Lilly Asia Ventures continued to increase their investments. This is the company’s latest financing following its C1 round on May 31, bringing the total amount raised in Series C to RMB 322 million to date. HAOYUE CAPITAL served as the exclusive financial advisor for this round.

Lynk Pharmaceuticals, established in 2018, is a leading company focused on the research and development of first-in-class (FIC) and best-in-class (BIC) drugs in the fields of autoimmune diseases, inflammation, and oncology.Leveraging the core team’s profound expertise in medicinal chemistry, biology, clinical development, and commercialization, along with an average of over 20 years of experience in new drug R&D, Lynk Pharmaceuticals prioritizes innovation and differentiation in its pipeline strategy. The company’s core pipeline focuses on the development of second-generation highly selective and third-generation tissue-specific JAK inhibitors, while also exploring the druggability of novel targets.

Since its establishment, efficient execution has continuously driven Lynk Pharmaceuticals to accelerate its forward development.Over the past three months, Phase II clinical trial data for LNK01001 in rheumatoid arthritis, atopic dermatitis, and ankylosing spondylitis have been successively released,The results consistently demonstrated significant therapeutic efficacy and a high safety profile, fully reflecting the characteristics of small-molecule JAK1 inhibitors, namely rapid onset of action and superior potency.The Company has recently submitted multiple applications for End-of-Phase II/Pre-Phase III meetings; several pipeline candidates are poised to enter Phase III clinical trials,Striving to benefit more patients at the earliest possible stage. Meanwhile,The Phase Ib clinical study of LNK01004 for psoriasis and atopic dermatitis has also enrolled its first patient.The early-stage clinical trial data for the company’s pipeline candidates, including LNK01002 and LNK01003, have been positive, and preclinical pipeline development is also advancing rapidly.

Lynk Pharmaceuticals’ innovative R&D and clinical development capabilities continue to be validated and strengthened, positioning the company at a critical stage of rapid value realization. According to Frost & Sullivan, the JAK1 inhibitor market alone is projected to reach $30.5 billion by 2030, indicating substantial future growth potential. Leveraging the vast markets in autoimmune diseases and oncology, the company’s future commercialization prospects are highly promising.

Dr. Wan Zhaokui, Chairman and CEO of Lynk Pharmaceuticalsstates: “SensWe extend our gratitude to the Series C investors—Shaoxing Binhai New Area Biopharmaceutical Industry Equity Investment Fund, New Alliance Capital, Haibang Venture, Howbuy Fund of Funds, and Lilly Asia Ventures—for their support and trust. We also thank the Series C1 investors, Tailong Investment and Liandong Investment, for jointly facilitating the successful completion of our Series C financing round. Lynk Pharmaceuticals is a company focused on autoimmune diseases and oncology, developing first-in-class (FIC) and best-in-class (BIC) innovative drugs with global competitiveness, and is committed to benefiting patients worldwide through differentiated innovative therapies. We are pleased to see that Lynk Pharmaceuticals continues to receive support from both existing and new shareholders, even amid the current “capital winter” in the biopharmaceutical sector, which fully demonstrates the capital market’s recognition of our team. Currently, Lynk Pharmaceuticals is in a stage of rapid growth. We will further integrate resources from various parties and continue to increase investment in clinical development, R&D teams, and technology platforms, striving to make safer and more effective innovative drugs available to more patients as soon as possible. HAOYUE CAPITAL served as the exclusive financial advisor for this financing round, and we express our appreciation for their professionalism and support.

Mr. Ding Yameng, Founding Managing Partner and Chief Operating Officer of HAOYUE CAPITALstated: “We are veryIt is our privilege to continue supporting Lynk Pharmaceuticals in completing this round of financing. The landscape of autoimmune diseases is diverse and complex, offering substantial room for indication expansion, with significant unmet clinical needs and differentiated innovation opportunities remaining. Lynk Pharmaceuticals boasts an innovative pipeline with international competitiveness, which is continuously gaining market validation and recognition. We look forward to seeing the company’s highly differentiated pipeline candidates demonstrate breakthrough potential in subsequent clinical trials, and we are confident that, under the leadership of a team with strong execution capabilities and a sense of mission, Lynk Pharmaceuticals will steadily navigate market cycles, embrace the vast blue-ocean market, and provide better treatment options for patients at an early date.

About Lynk Pharmaceuticals

Lynk Pharmaceuticals, founded in 2018 by seasoned drug R&D experts and executives from Pfizer, Merck, and Johnson & Johnson, is a clinical-stage innovative drug development company. The company is dedicated to discovering and developing novel therapies for cancer, as well as immune and inflammatory diseases. Driven by a higher purpose, Lynk Pharmaceuticals aims to become a market leader by addressing unmet clinical needs through the development of innovative treatments. To date, Lynk Pharmaceuticals has developed multiple Class 1 new drugs through independent R&D and has launched multiple clinical trials globally, either independently or in collaboration with international partners. For more information about Lynk Pharmaceuticals, please visit: https://www.lynkpharma.com.

About Shengshi Investment

Established in Beijing in 2010, Shengshi Investment is a pioneer, leader, and evangelist in China’s fund-of-funds industry. Leveraging its nationwide resource layout and professional investment management capabilities, Shengshi Investment has built a diversified business portfolio encompassing funds of funds, S funds, direct investment funds, project-specific funds, as well as M&A and private placement transactions. It is committed to becoming a private equity investment management institution in China with superior expertise in management and exit strategies. Adhering to the principles of market orientation, professionalism, and industrialization, Shengshi Investment focuses deeply on key industries such as integrated circuits, next-generation information technology, healthcare, advanced manufacturing, new energy, and new materials. Its investments cover all stages, from angel and venture capital to private equity and mergers & acquisitions, driving industrial transformation and upgrading through innovation while empowering the high-quality development of the real economy. Over the years, Shengshi Investment has consistently practiced ESG investing to achieve a win-win scenario for economic, environmental, and social benefits, build long-term competitive advantages, and work with partners toward a sustainable future.

In August 2020, the Administrative Committee of Shaoxing Binhai New Area established the Shaoxing Binhai New Area Biopharmaceutical Industry Equity Investment Fund, with Shengshi Investment serving as the executive partner. The fund operates and is managed in accordance with the principles of “government guidance, market-oriented operation, scientific decision-making, and risk prevention,” fully implementing the economic development strategies of Shaoxing and the Binhai New Area. With a total size of RMB 10 billion, the fund primarily adopts an investment model combining “sub-funds and direct investments.” It conducts investment activities centered on building Shaoxing’s “10,000 Mu and 100 Billion Yuan” new industrial platform for the biopharmaceutical sector, supporting the growth and strengthening of emerging industries—primarily biopharmaceuticals—at both the municipal and district levels.

About New Alliance Capital

Shanghai New Alliance Investment Management Ltd., established in 2008, is a fund management company specializing in private equity and venture capital. Its primary investment focuses include the Technology, Media, and Telecommunications (TMT) sector as well as healthcare, covering enterprises at early, growth, and mature stages. To date, it has completed over 120 investments, including nearly 30 domestic and international listed companies, and has cultivated a group of industry leaders.

About Haibang Investment

Established in Hangzhou in 2010, Haibang Investment has consistently adhered to a specialized and refined investment strategy, focusing its sustained efforts on key sectors such as life and health, the digital economy, new materials, and high-end manufacturing. Through continuous exploration and synthesis in the investment and introduction of early-stage projects, the firm has gradually developed a distinctive “Technology + Talent” investment model that leverages its unique strengths. This approach has made significant contributions to attracting high-level talent, supporting entrepreneurial innovation among talented individuals, and facilitating the entry of talent-driven enterprises into the capital markets.

About Howbuy Fund of Funds

Howbuy Wealth, established in 2007, is a leading third-party wealth management firm. Howbuy Fund of Funds, the private equity fund-of-funds arm under Howbuy Wealth, manages multiple funds, including funds of funds, industry-specific funds, and co-investment funds, with assets under management nearing RMB 20 billion. Grounded in robust industry research, it strategically focuses on sectors such as healthcare, hard technology, TMT, and consumer goods, striving to become a partner that empowers entrepreneurs and helps build exceptional funds.

About Lilly Asia Ventures

Lilly Asia Ventures (LAV) is a leading life sciences and healthcare venture capital fund, with offices in Shanghai, Hong Kong, and Silicon Valley, USA. As one of the earliest biopharmaceutical-focused funds to establish a presence in China, LAV has been continuously investing in China’s healthcare industry for over a decade. LAV’s long-term vision is to build great companies that develop breakthrough products to conquer diseases and improve human health, and to serve as a trusted partner for outstanding entrepreneurs seeking smart capital.

About HAOYUE CAPITAL

HAOYUE CAPITALFounded in January 2014, HAOYUE CAPITAL is a leading industrial investment bank in China specializing in the healthcare sector. Headquartered in Shanghai, the firm maintains regional offices in Beijing and Shenzhen. Committed to empowering growth through capital and research-driven insights, HAOYUE CAPITAL facilitates the successful entry of outstanding Chinese healthcare enterprises into the capital markets, thereby creating value-added benefits for its clients. The partnership team comprises senior investment bankers with extensive experience in China’s healthcare sector, supported by a professional team of over 70 members. By closely monitoring market dynamics and investment trends in healthcare, HAOYUE CAPITAL covers a broad spectrum of sub-sectors, including innovative pharmaceuticals, innovative medical devices, IVD and life sciences, health services, and smart healthcare. In 2022, the firm completed more than 50 complex transactions involving private equity financing, M&A integration, and spin-offs of listed companies, with a total transaction value amounting to tens of billions of RMB, securing its leading position across various healthcare sub-sectors.