Sinovent lists on Shanghai's STAR Market, hits $2.5B valuation on $270M raise
What's the deal? Suzhou Sinovent PharmaceuticalsDealroom has a profile for this one. Try Dealroom → listed on the Shanghai Stock Exchange's STAR Market on September 16, 2026, raising US$247.5M. Shares priced at US$3.8 and closed the first day at US$5.52, giving the biotech a market value of US$2.41B.
Why now? The listing follows a financial turnaround built on a single deal. In May 2025, Sinovent licensed the global rights outside Greater China to its Claudin 18.2-targeting ADC drug XNW27011 to AstellasDealroom has a profile for this one. Try Dealroom → in an agreement worth up to $1.53 billion, including a $130 million non-refundable upfront payment.
By the numbers: That deal reshaped Sinovent's books. Revenue was zero in both 2023 and 2024, with net losses of US$58.7M and US$53.1M. In 2025, the company posted US$128.6M in revenue and US$27.9M in net profit — the Astellas payment accounted for 99.14% of the top line.
Who's backing it? Two investors stand out. Tencent bought in during the pre-IPO sprint, spending US$20.6M in February 2024 and adding shares in later deals to hold 5.76%. Zhengxin ValleyDealroom has a profile for this one. Try Dealroom →, via founder Lin Lijun's offshore fund LVCDealroom has a profile for this one. Try Dealroom → and onshore vehicles, has held stakes since 2018 and controls roughly 13% — the largest institutional group.
An unusual founder: Chairman Qiang Jing came from finance, serving as a managing director at CICC's research arm from 2010 to 2018 before running the company he founded in 2017. Though he directly owns just 0.82%, voting agreements give him control of 47.04% of Sinovent.
What could go wrong? Sinovent has yet to sell a single drug, and its accumulated losses reached US$199.4M before the IPO. To clear the STAR Market, Qiang and allied holders tied their share lock-ups to a strict timetable: a drug approval or a new licensing deal by 2027, added product approvals or US$27.5M in drug sales by 2028, and full profitability by 2029.
The supply-chain angle: CDMO leader AsymchemDealroom has a profile for this one. Try Dealroom → spent US$13.8M on pre-IPO shares for a 2.29% stake and is also a key supplier, handling manufacturing for two Sinovent drugs. Strategic placement drew further support, with Guotai HaitongDealroom has a profile for this one. Try Dealroom → investing nearly US$8.25M and New China LifeDealroom has a profile for this one. Try Dealroom → and China Pacific Life together taking over US$10.1M.
The signal: Sinovent shows how far a Chinese biotech can go on licensing income alone — reaching public markets without a commercial product by monetising its pipeline through overseas partners. The real test starts now, as the company works to build recurring revenue and hit its self-imposed 2029 profit deadline.
Read more: 36kr.com
Image credit: foteih
