"2018 has ended perfectly!" Qian Mingfei, founder and chairman of Yingke Capital, wrote in WeChat Moments after the news of the 100 million yuan Series B financing led by Shanghai Hanyu Medical was officially released.
In the past year, despite the overall pessimistic environment of the venture capital market, Yingke Capital has maintained good results in terms of fundraising, investment and exit: it raised 8 billion yuan in new capital, invested in nearly 60 projects, and exited 14 projects.
, IRR reaches 42.27%.
Compared with 2017, Yingke not only has an advantage in the total amount of investment raised, but also has made a huge leap in project quality, with more than 90% of its investments in star projects of strategic significance.
The medical and health field, which Qian Mingfei is proud of, is also experiencing an explosion.
As of December 2018, Yingke Capital's fourth-phase medical fund has a scale of nearly 5 billion, and has invested in more than 60 biomedical projects. In 2018 alone, the exit IRR reached 80%.
Kanghua Biotech, Zejing Biotech, Sanyou Medical, Weikang Biotech, Jiahe Biotech, Puris... these heavyweight projects in the biomedical industry have all been included in Yingke's territory.
Among them, Zejing Biotech and Puruis achieved partial exit in 2018, with IRRs of 58.92% and 157.51% respectively.
The outstanding performance of medical funds makes Qian Mingfei more confident in investing in 2019.
"Among similar funds that mainly invest in biomedicine in China, Yingke's performance is ranked first. Of course, this is an incomplete statistic. But we should have laid out all the heavyweight projects with strategic significance in the industry, and even some projects Yingke has
We have obtained the position of important shareholder," Qian Mingfei told the investment community.
Qian Mingfei, founder and chairman of Yingke Capital, showed his "trump card" and made rapid progress. It is no exaggeration to describe the investment in the medical and health field in 2018.
According to the Artery Network report, 1,410 investment and financing events occurred globally last year. After the continuous decline in the number of investment and financing events from 2016 to 2017, they bottomed out and exceeded the historical high; the total investment and financing amount was US$38.801 billion, a year-on-year increase
70.79%, maintaining the rapid growth trend of the past few years.
There are many people who enter the game, and there are many people who fail.
Yingke Capital is one of the few institutions that can seize the top projects in each segment.
Yingke Capital's investment in the medical and health field began in 2014.
At that time, China's medical and health expenditure accounted for only 5.56% of GDP, ranking 123rd among 150 countries and regions in the world, with huge room for growth.
Seizing the opportunity, Yingke Capital broke away from the initial mixed business model and gradually focused on including medical and health as one of the key layout areas. However, it only invested in a small number of scattered projects.
In 2015, Tigermed became the cornerstone shareholder of Yingke Capital. This well-known domestic CRO company not only invested capital but also brought a large amount of resources. Yingke began to carry out a comprehensive and industrial chain layout.
It is understood that Yingke Capital has taken advantage of Tiger's entrance advantage in the biomedical industry and has established multiple phases of biomedical funds of nearly 5 billion, investing in more than 60 projects in total, including more than 20 projects in 2018 alone.
Among the three major tracks of biomedicine, medical equipment, and medical services that Yingke Capital has bet on, some leading companies have already been born.
Kanghua Biological is the second manufacturer of diploid human rabies vaccine in the world and the only one in China. Qian Mingfei described it as "a medical company that masters core technologies. It is a project that benefits human health and is also a good investment."
Yingke Capital invested 230 million yuan in August 2016 to become an important shareholder. The company's profit that year was only 6 million yuan. In 2018, the net profit was nearly 200 million yuan, and it may double in 2019.
Yingke Capital invested in Zejing Biotech in April 2016. Zejing Biotech focuses on the research and industrialization of 8 new drugs for the treatment of tumors, bleeding and blood diseases. It has successfully created two distinctive core technology platforms and has undertaken 3 national projects.
The "Major New Drug Creation" project has obtained more than 40 invention patent authorizations from the United States, the European Union, China and other countries.
Weikang Bio, a high-tech enterprise specializing in the research, development, production, application and product services of probiotics and derivatives, has a resource library of more than 3,000 Chinese-characteristic probiotic strains with independent intellectual property rights.
Building an “entrance” For today’s Yingke Capital, tapping into these high-quality projects is based on laying out the entrance.
In Qian Mingfei’s view, when investing in the highly professional field of medical care, it is very important to master the “best entrance”.
With the entrance advantage, there will naturally be channel and information advantages.
As we all know, a new drug takes a long and complicated process from research and development to launch. It must go through three stages: preclinical research/clinical research, clinical trials, and approval for launch. Yingke’s entrance advantage in the biopharmaceutical industry is precisely through investment in clinical layout.
There are three major entrances: CRO, SMO (clinical trial site management organization), data statistics and registration.