磐霖资本迎来收获季：连投6轮的明星企业上市了

Core Viewpoint - The article highlights the successful IPO of Reebio, a leading small nucleic acid drug company in China, marking a significant milestone in the country's innovative drug sector and the "third wave of drug revolution" [2][3]. Group 1: Company Overview - Reebio officially listed on the capital market at a price of HKD 57.97 per share, closing at HKD 82.1, a 41.6% increase, with a market capitalization of approximately HKD 136.1 billion [2]. - The company is recognized for its unique capabilities, being the only one in Asia with the GalNAc delivery platform, the only Chinese firm to partner with global leader IONIS, and the only local innovator to sign a USD 2 billion collaboration agreement with Boehringer Ingelheim [5]. - Reebio's success is attributed to strong technical barriers and international capabilities, supported by significant investments from notable institutions including Panlin Capital, which has invested across six rounds over ten years [5][11]. Group 2: Industry Context - The small nucleic acid technology was first proposed in 1995, with the first drug entering clinical trials in 2004. The industry faced a downturn after a major drug failure in 2009, but began to recover around 2013-2015 with advancements in delivery technology [7]. - Reebio emerged during the industry's low point, evolving from a pioneer to a leader in the small nucleic acid drug sector over nearly two decades [7][10]. Group 3: Investment Strategy - Panlin Capital's investment journey with Reebio began in 2015, during a challenging fundraising environment for small nucleic acid projects. The firm made its first investment after thorough due diligence, recognizing the potential of small nucleic acid drugs [13][15]. - Over the years, Panlin Capital has consistently supported Reebio through multiple funding rounds, including a critical USD 60 million investment during a downturn in 2019, which was pivotal for the company's growth [16][17]. - The investment philosophy of Panlin Capital emphasizes long-term commitment and value investment, with a focus on supporting projects through various stages of development [23][24].