Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Mobile Browser Crackdown Ensnares Big Names
Chinese Biotech Startup Genecast Bags $149 Million in Series E Funding Round
Founder and CEO in ‘Divorce’ With Dating App Momo
Chinese Medical Rehabilitation Robot Maker Fourier Closes $15 Million Funding Round
Caixin Investigation Uncovers Shady Business In Myanmar
Tencent Bets Big on Chinese E-Sport Firm, Leading $100 Million Funding Round
Chinese Companies Line Up to Take Advantage of Huawei’s U.S. Troubles
Trending in China: Social Media Applauds Jack Ma’s Detailed Critique of China’s Financial Sector
Trending in China: Female Student Fights ‘Period-Shaming’ – Social Media Discusses the Pros and Cons
Chinese Auto Tech Startup Closes $194 Million Series A Funding Round Led by Baidu
iQiyi to Create Genre-Specific Content to Meet Different Audience Demands
Gaw Capital Inks JV With Manbang Group to Develop Smart Logistics Properties in China
Tesla Recalls Nearly 50,000 U.S.-Made Cars in China over Suspension Problems
Fintech Giant Lufax’s U.S. IPO Could Raise $2.36 Billion
WeChat Judge Won’t Pause Temporary Order Blocking Trump Ban
Mongolia Delivers First Batch of Donated Sheep to China
Signs of Stormy Weather Ahead for One of China’s Largest Semiconductor Makers
Trending in China: Finding Pleasure in the Pain of Everyday Life – China’s Youth Mock Their Own Reality
‘Double 11’ Shopping Fest Faces Covid-19 Supply Chain Pressures
Trending in China: Scalpers Take Advantage of Lack of New iPhone 12s in Stock in China
Chinese Biotech Firm Creative Biosciences Raises $88m From IDG, CDH, Others

By DealStreetAsia / Sep 28, 2020 02:24 PM / Finance

Chinese early-stage cancer screening solutions developer Creative Biosciences (Guangzhou) Co., Ltd, on Sunday announced that it has pocketed 600 million yuan ($88 million) in a Series C round led by healthcare-focused private equity firm Tsing Song Capital.

The fresh fundraising round was joined by a clutch of new investors including state-backed GDD Industry Fund Investment Group, Oceanpine Capital, Judu Investment, Linden Asset, Sharewin Capital, Guangzhou Jinkong Fund, and Think Real.

Returning backers IDG Capital and Chinese alternative asset firm CDH Investments also participated in the round, Creative Bioscience said on WeChat. IDG together with CDH, CDBI Partners, Jinhe Fund, and Jinheng Fund had seeded 300 million yuan ($44 million) in Creative Biosciences in April, 2019.

Chinese new-economy based China Renaissance facilitated the latest transaction.

With the proceeds, Creative Biosciences will aim to consolidate product innovation, expand its sales and marketing channel, and invest in talent enhancement.

The company, which was founded by Hongzhi Zhou, a professor at Sun Yat-Sen University in Guangzhou, delivers early-stage cancer screenings and other diagnostic kits that primarily cater to colorectal cancer. In addition, the five-year-old company has developed point-of-care testing (POCT) products for lung tumors, and liver cancer, among other diseases.

According to a press release in March this year, Creative Biosciences had acquired Helixgen (Guangzhou), a precision medicine player, which specialises in molecular diagnostics and POCT testing platforms, to advance the product lines and competitive capacities.

“Given the healthcare system reformation initiated by the Chinese government, we believe in the future of the niche and nascent cancer test segment,” said Dr. Song Zhang, managing partner, Tsing Song Capital.

Zhou is the largest shareholder in Creative Biosciences holding a 41.95 per cent stake, while YuanBio Venture Capital is the second-largest shareholder with a 15.72 per cent equity interest. The majority shareholders include CDH (9.17%), IDG (6.76%), and Sinopharm Capital (2.98%).

YuanBio Venture Capital had exclusively poured an undisclosed capital for Creative Biosciences’ Pre-A round of funding back in 2016. Subsequently, Sinopharm Capital had made a strategic investment in Creative Biosciences in August 2019.

Related: U.S. Drugmaker Invests in Potential of Chinese Cancer Fighting Drug

Share this article
Open WeChat and scan the QR code