Beijing-based CapitalBio nets over $113m ahead of STAR Market IPO

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.