WuXi Biologics, Shiyao Group, Rongchang Venture Capital, Kangfang Bio and Connois are strategic investors.
This article is an original IPO Early Know
Author | Robin
According to IPO Early Know, Shanghai Duoning Biotechnology Co., Ltd. (hereinafter referred to as "Doning Biotechnology") officially submitted the prospectus instruction manual to the Hong Kong Stock Exchange on September 29, with Morgan Stanley , Bank of America Securities and Huatai International as the joint sponsors.
Doning Bio was established in 2005 to provide one-stop solutions for biopharmaceutical customers, focusing on process equipment, consumables and services from development to commercial production of biotechnology, and providing related products and services for laboratory research. Customers include pharmaceutical companies, CRP/CDMO and scientific research institutions.
According to Frost & Sullivan, the top ten biopharmaceutical companies in China based on annual revenue in 2021 are all customers of Doning Bio.
Donin Bio is the only bioprocess solution provider in China whose product portfolio covers all major steps of biological process. The product portfolio covers all upstream to downstream steps (including from cell resuscitation and cell culture to purification and filtration) . Based on the revenue of bioprocess solution products in 2021, Duoning Bio ranked fourth among local bioprocess solution providers in China, with a market share of approximately 1.6%.
Donin Bio has made breakthroughs in key products in the Chinese bioprocess solution market such as cell culture medium, disposable products, bioreactor , nanopharmaceutical preparation system, chromatography filler, laboratory pure water system, etc. For example, Doning Biotechnology is the first bioprocess solution provider in China to engage in the development and commercialization of serum-free culture medium ; it is also the first bioprocess solution provider in China to successfully develop and manufacture bioreactors required for large-scale industrial cell culture, breaking the dominance of multinational companies in China for such products.
In addition, Doning Bio has also expanded its product service portfolio through strategic acquisitions. Since 2019, Duaning Biotechnology has acquired Qizhi Bioengineering, Lianghei Technology, Jinke Filtration, Ximai Testing, Antuos, Lefeng Biotechnology, Chubo Biotechnology, Salus Bioscience and Chuyi Biotechnology to accelerate the integration of upstream and downstream processes of biological processes, enhance technical capabilities, and broaden sales channels.
2019 to 2021, Duaning Bio cooperated with 928, 1,178 and 1,682 customers respectively; from 2019 to 2021, about 80% to 90% of the main customers continued their business relationship the following year.
As of now, Doning Bio has completed multiple rounds of financing, introducing strategic investors such as Wareon Biologics, Shiyao Group, Rongchang Venture Capital, Kangfang Bio, Connoya and institutional investors such as Qingchi Capital, Sequoia China, and Zhouling Capital.
2019 to 2021 and the first half of 2022, Duoning Bio's revenue recorded RMB 99.7 million, RMB 193.3 million, RMB 596.1 million and RMB 174.6 million. During the same period, the adjusted net profit was RMB 6.6 million, RMB 22.7 million, RMB 139.7 million and RMB 49.2 million.
