As healthcare heats up on HKEX, Qiming sets up $500M fund dedicated to public companies
Since its founding in 2006, the partners at Qiming have built a rep for themselves as prescient venture investors, offering capital to startups like Zai Lab at a time when it was far from certain whether China’s nascent biopharma industry would ever take off.
But it did, and now Qiming has gathered $500 million to branch out.
The VC firm is now launching a public equities unit dubbed Springhill Fund, which will invest in listed companies in a variety of healthcare subsectors with an initial regional focus in Greater China and Asia, Endpoints News has learned.
Hong Kong’s 2018 reform of its stock listing rules allowing pre-revenue biotechs to go public on the HKEX has enabled growth throughout the ecosystem, something Qiming now wants to capitalize on, according to people familiar with the matter. The city has become the second-largest venue for biotech IPOs, as more Chinese biotechs jump to the public market at a faster pace.
Qiming’s past track record may offer a hint on where the new money will go. Now onto its seventh fund (which closed at $1.2 billion), it counts some 370 health and tech companies in the portfolio. On top of the bigger names like Zai Lab, Tigermed and CanSino, the biotech bench features a slate of cancer players like InventisBio, Abbisko and Jacobio, as well as rare disease specialist CANbridge.
Through its newer US arm, Qiming has also joined top-tier US bets on the hottest ideas stateside, from in vivo CAR-T to virus-like particle “soccer balls.”
Editor’s Note: This story has been updated to clarify details about the fund.