Qiming Venture Partners’ portfolio company Rendu Biotechnology (SESH: 688193), a leader in RNA molecular diagnostics in China, today listed on the Science and Technology Innovation Board (the “STAR Market”) of the Shanghai Stock Exchange. The issue price is CNY 72.65 per share, representing a market cap of CNY 2.9 billion.
Qiming Venture Partners is the earliest investor in Rendu Biotechnology and led the company’s Series A financing round in 2013. Before the IPO, Qiming’s USD and RMB funds held a combined share of 24%, making it the largest institutional investor in Rendu. The successful listing of Rendu also marks the third IPO in Qiming’s portfolio in 2022.
Rendu Biotechnology is one of the first life science companies in China to focus on RNA molecular diagnostic technology, committed to developing innovative diagnostic technologies and products with unmet clinical needs. Leveraging its exclusive patented technology platform, RNA simultaneous amplification and testing (SAT), the company develops, manufactures, and sells integrated molecular diagnostic reagents and equipment, providing solutions for accurate diagnosis, effective prevention and control, and personalized treatment of pathogens in the fields of reproduction, respiration, digestion, blood, food, and environmental safety.
In addition, Rendu Biotechnology launched AutoSAT, the first fully automatic, high-throughput, and full-process integrated platform for nucleic acid detection in China’s molecular diagnostic space. The system has expanded the clinical application from traditional molecular diagnostic laboratories to a variety of scenarios including outpatient clinics, emergency clinics, hospitals, mobile testing vehicles and mobile cabin hospitals.
As the main force in combating COVID-19 pandemic, Rendu Biotechnology has quickly developed an accurate, fast, simple and high-throughput nucleic acid test kit, and granted emergency approval from the National Medical Products Administration (NMPA), making it the only RNA capture probe nucleic acid detection kit approved at that time. Amidst the ongoing pandemic, the AutoSAT system is now used in more than 300 medical institutions, customs, Center for Disease Control and Prevention (CDC) and other testing agencies.
It is worth noting that Rendu is also the first company in China to launch RNA-based nucleic acid testing reagents for reproductive tract, respiratory tract and hepatitis B testing. According to Frost & Sullivan’s report, the company’s reproductive tract products ranked first in terms of revenue in the field of molecular diagnosis of sexually transmitted infections, accounting for 28.5% of that market. Additionally, Rendu’s hepatitis B virus nucleic acid kit (RNA capture probe method), registered by the NMPA, is the world’s first HBV RNA product approved for the diagnosis and treatment of hepatitis B.
Jinliang Ju, Chairman of Rendu Biotechnology, said, “Our listing on the STAR Market is another important milestone and marks a new chapter of our journey. Rendu will continue to develop a series of innovative products with our own SAT technology platform to better meet clinical and patient needs.”
William Hu, Managing Partner of Qiming Venture Partners, said, “Qiming is pleased to have invested in Rendu more than 8 years ago and accompanied the company along the way. The growth of innovative companies is always challenging but extremely rewarding. We believe that Rendu’s core technology platform is very unique in the world, and the company will have the opportunity to develop more innovative products in the future, becoming a leading developer and supplier of molecular diagnostic products both in China and globally.”