Chinese life science solutions provider CapitalBio Technology has secured over 800 million yuan ($113 million) in financing ahead of a planned initial public offering (IPO) on the country’s Nasdaq-style STAR Market.
The investment will help CapitalBio “further consolidate a leading position in the genetic testing and biochip areas,” ahead of a planned shareholding restructuring and an application for an IPO on Shanghai’s STAR Market, said the company in a statement on late Thursday.
Beijing-based CapitalBio did not provide more information on its listing plans or a timeframe. The company did not immediately respond to DealStreetAsia’s email seeking comment.
Its pre-IPO funding was led by Guangzhou Boyi Architectural Design Institute, an architectural design organization backed by Hong Kong-listed property developer Country Garden. The lead investor injected 400 million yuan ($57 million) in the new round, according to the statement.
Other investors include Sinopec Capital, a 10-billion-yuan ($1.41 billion) investment platform created by Chinese oil and gas enterprise Sinopec Group in 2018, Shenzhen-listed healthcare services provider Meinian Onehealth and New Alliance Capital, which mainly invests in healthcare and TMT industries.
Chinese investment companies Red Horse Investments Group and Xin Ding Capital, as well as an investment joint venture backed by Suzhou-based private equity fund Friend Capital, and other investors also participated in the transaction.
Founded in August 2012, CapitalBio develops and commercialises healthcare solutions including a range of innovative biochip-related products for genomic, proteomic and celomic research, bio-safety testing, as well as clinical applications, per the company website.
The company’s products include microarray and microfluidic chips as well as related instruments, software and databases, reagents, and consumables for basic and translational research, drug development, clinical diagnostics, biosafety and food safety, and molecular breeding. It serves clients such as biomedical researchers and healthcare professionals.
CapitalBio will use the fresh proceeds to accelerate the research and development of new products, expand its biochip production line, and improve its offerings in the fields of reproductive health, infectious disease, and oncology.
The company also plans to recruit more sales specialists and further enhance the promotion of its brand and products in an attempt to further expand into the overseas market.