Qiming Venture Partners Portfolio Company Insilico Medicine Successfully Lists on Hong Kong Exchanges and Clearing Limited

Swipe Left for the English Version

On December 30, 2025 (Beijing time), Insilico Medicine, a Qiming Venture Partners portfolio company and global leader in AI-driven drug discovery, successfully listed on the Hong Kong Stock Exchange, marking the largest biotech IPO on the Hong Kong market in 2025. Insilico Medicine (03696.HK) priced its shares at HK$24.05, opened at HK$35.00, and reached a market capitalization of HK$19.51 billion.

In 2019, Qiming Venture Partners led Insilico Medicine's Series B round and continued to back the company through its Series C and D financings. Prior to the IPO, Qiming Venture Partners held approximately 7% of Insilico Medicine's shares, making it one of the company's most significant institutional investors.

Founded in 2014, Insilico Medicine's business model centers on its Pharma.AI platform, with a core focus on internal drug R&D powered by artificial intelligence. The company has gradually expanded Pharma.AI's applications to advanced materials, agriculture, nutritional products, veterinary medicine, and other industries. It has now built an efficient pipeline of over 30 innovative programs spanning high-demand therapeutic areas including oncology, immunology, fibrosis, and metabolism — and holds the world's most clinically advanced AI-discovered drug.

To date, 13 of the world's top 20 pharmaceutical companies by revenue have entered into software platform collaborations with Insilico Medicine. The company has also secured three pipeline licensing deals with global drugmakers including Exelixis and Menarini, representing up to $2 billion in potential revenue. Meanwhile, multiple leading pharmaceutical companies — including Sanofi, Eli Lilly and Company, and Fosun — have established drug discovery partnerships with Insilico Medicine.

Dr. Alex Zhavoronkov, Founder, CEO, and Chief Business Officer of Insilico Medicine, said: "Insilico Medicine is dedicated to extending human healthspan, and this listing will provide us with greater resources to advance that mission. In recent years, we have validated the end-to-end capabilities of our AI-empowered programs — from target discovery to molecular generation, through preclinical and clinical stages. Going forward, we will continue to increase investment in our AI platform and innovative pipeline, accelerate the advancement of globally differentiated programs into the clinic, and bring patients worldwide truly accessible, affordable, and breakthrough treatment options."

Dr. Kan Chen, Partner and Co-Head of Healthcare at Qiming Venture Partners, said: "Our investment in Insilico Medicine was rooted in a simple conviction — that AI would profoundly transform the path and efficiency of drug discovery. When we decided to invest in 2019, we were drawn to the team's pioneering work in generative AI before it became mainstream. Today, through preclinical validation and pipeline licensing, Insilico Medicine's value in AI-driven pharma is steadily materializing. Looking ahead, we expect AI to empower not just early-stage R&D, but to meaningfully accelerate clinical development, bringing new medicines to patients sooner."

---

Qiming Venture Partners' Insilico Medicine Successfully Lists on Hong Kong Stock Exchange

Insilico Medicine (03696.HK), a global leader in AI-driven drug discovery and a portfolio company of Qiming Venture Partners, today successfully listed on the Hong Kong Stock Exchange (HKEX). The listing marks the largest biotech IPO on the Hong Kong stock market in 2025. With an issue price of HK$ 24.05 per share, Insilico Medicine opened at HK$35.00 per share, representing a market capitalization of approximately HK$ 19.51 billion.

Qiming Venture Partners is one of Insilico Medicine's most important institutional investors. Qiming Venture Partners led the Company's Series B financing round in 2019 and continued its support in subsequent Series C and D rounds, with an about 7 percent stake in Insilico Medicine before its IPO.

Founded in 2014, Insilico Medicine employs a business model based on the Pharma.AI platform, focuses on internal drug research and development through artificial intelligence. It has gradually expanded the application of Pharma.AI to more industries such as advanced materials, agriculture, nutritional products, and veterinary drugs. It has now efficiently built a pipeline portfolio covering over 30 innovative projects in a wide range of fields with extensive demands, such as oncology, immunology, fibrosis, and metabolism, and owns the world's most advanced first-in-class AI-based drugs.

To date, 13 of the world's top 20 pharmaceutical companies by revenue have entered into software platform collaborations with Insilico Medicine. Insilico Medicine has also reached licensing agreements on three pipelines with global drugmakers such as Exelixis and Menarini, bringing a potential revenue of USD2 billion for the company. The Company has also established drug R&D partnerships with other internationally renowned pharmaceutical firms including Sanofi, Lilly, and Shanghai Fosun Pharmaceutical (Group) Co., Ltd.

"Insilico is dedicated to extending human productive longevity and this listing provides us with more resources to advance our mission. Over the past few years, we set very clear industry benchmarks demonstrating that AI can help make drug discovery faster, cheaper, and deliver higher success rates in preclinical and early clinical development. We have validated the end-to-end capabilities of AI-empowered programs from novel target discovery to molecular generation, and then to preclinical and clinical stages. Going forward, we will continue to increase investment in our AI platform and innovative pipeline, accelerate the advancement of differentiated innovative programs into clinic, and bring truly accessible, affordable, and breakthrough treatment solutions to patients worldwide." said Alex Zhavoronkov, PhD, Founder and CEO, Chief Business Officer of Insilico Medicine.

"We invest in Insilico Medicine based on a simple belief that 'AI will profoundly change the pathway and efficiency of drug development.' We decided to invest in Insilico Medicine in 2019 because of its research in frontier areas when generative AI was not yet popularized. Now the value of Insilico Medicine in the field of AI pharmaceuticals is gradually being realized through preclinical validation and pipeline licensing. We expect AI to not only empower early-stage research and development but also effectively accelerate the clinical stage process in the future to enable new drugs to benefit patients earlier," Dr. Chen Kan, Partner and Healthcare Co-Lead at Qiming Venture Partners, said.

往 期 回 顾

Qiming Perspectives | Kan Chen: AI's Transformation of Biopharma Is Already Visible Dialogue | William Hu in Conversation with Insilico Medicine's Ren Feng: How AI Is Driving the Next Generation of Drug Discovery Qiming Honors | Five Qiming Venture Partners Investors Named to 2025 Forbes China Midas List

Founded in 2006, Qiming Venture Partners currently manages 11 USD funds and 7 RMB funds, with total assets under management of $9.5 billion. Since its inception, the firm has focused on investing in outstanding early- and growth-stage companies in technology and healthcare.

To date, Qiming Venture Partners has invested in over 580 high-growth innovative enterprises. More than 210 of these have gone public on the New York Stock Exchange, NASDAQ, Hong Kong Stock Exchange, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through M&A. Over 80 portfolio companies have become recognized unicorns or super-unicorns.

Many Qiming Venture Partners portfolio companies have grown into the most influential players in their respective fields, including Xiaomi (01810.HK), Meituan (03690.HK), Bilibili (NASDAQ:BILI, 09626.HK), Zhihu (NYSE:ZH, 02390.HK), Roborock (688169.SH), Hesai Technology (NASDAQ:HSAI, 02525.HK), UBTECH (09880.HK), WeRide (NASDAQ:WRD, 00800.HK), HyperStrong (688411.SH), Insta360 (688775.SH), Unisound (09678.HK), Gan & Lee Pharmaceuticals (603087.SH), Tigermed (300347.SZ, 03347.HK), Zai Lab (NASDAQ:ZLAB, 09688.HK), CanSino Biologics (688185.SH, 06185.HK), Schrödinger (NASDAQ:SDGR), MicroPort EP MedTech (688617.SH), Sanyou Medical (688085.SH), Amoy Diagnostics (300685.SZ), SinoCellTech (688520.SH), Insilico Medicine (03696.HK), Hohobio, Yuanxin Technology, MediLink Therapeutics, LaNova Medicines, Zhipu AI, StepFun, Biren Technology, and others.