Shang Hai Zheng Quan Bao·2025-10-29 17:57Core Insights - He Yuan Bio became the first project to be approved after the resumption of the fifth set of standards on the Sci-Tech Innovation Board, officially listing on October 28 [1] - The investment firm Yifeng Capital has been supporting He Yuan Bio for over nine years since its investment in 2016, focusing on the development of innovative drugs in the medical health sector [1][2] - Yifeng Capital's CEO, Zhu Pai, emphasizes the importance of value investment and patience in supporting companies through various cycles, particularly in the context of China's pharmaceutical industry [1][6] Company Development - He Yuan Bio has developed a recombinant human serum albumin extraction technology from rice, successfully transitioning from pilot production to commercialization [2][3] - The company faced significant challenges during its industrialization phase, including financial pressure and sales difficulties, which are common in the "valley of death" for tech startups [2][3] - After nine years of support, He Yuan Bio achieved significant milestones, including the approval of its core product in July 2025 and its listing on the Sci-Tech Innovation Board in October [3] Investment Strategy - Yifeng Capital has invested in over a hundred projects, focusing on innovative drugs and high-end medical devices, avoiding investments in heavy asset hospitals and ordinary consumables [4][5] - The firm employs a professional team with extensive experience in the medical field, enabling it to identify trends and assess project value effectively [4] - Zhu Pai outlines three key dimensions for selecting investment projects: technological and clinical progress, innovation in drug formulation, and sustained R&D capabilities [5] Industry Trends - The Chinese pharmaceutical industry is experiencing a surge in collaboration with major global pharmaceutical companies, leading to explosive growth in overseas licensing deals [6] - Chinese pharmaceutical companies are increasingly recognized in the global market, enhancing their competitiveness and profitability through international expansion [6] - Yifeng Capital remains optimistic about the long-term development opportunities in the Chinese pharmaceutical sector, focusing on value investment and supporting companies in their R&D breakthroughs [6]