Qiming Venture Partners Portfolio Company Tiachen Biologics, a Leader in Allergy and Autoimmune Innovative Drugs in China, Successfully Lists on Hong Kong Exchanges and Clearing Limited

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On June 5, 2026, Beijing time, LongBio Pharma, a Qiming Venture Partners portfolio company and a leading innovative drug developer for allergic and autoimmune diseases in China, successfully listed on the Hong Kong Stock Exchange — marking Qiming Venture Partners' seventh IPO this year. LongBio Pharma (01779.HK) priced its shares at HK$96.06 and opened at HK$144.30, reaching a market capitalization of HK$10.7 billion.

In 2024, Qiming Venture Partners led LongBio Pharma's Series B2 financing round, and in 2025, it co-led the company's Series C round. Prior to the IPO, Qiming Venture Partners held a 4.27% stake in LongBio Pharma, making it one of the company's major institutional investors.

Founded in 2020, LongBio Pharma focuses on the in-house discovery and development of biopharmaceuticals for allergic and autoimmune diseases. The company's founding team brings extensive industry experience and a strong track record in drug discovery, clinical development, and regulatory processes. Dr. Naichao Sun, co-founder of LongBio Pharma, is the original inventor of omalizumab and has dedicated decades to the allergy field, making him a "source-level" scientist in allergy drug R&D. Dr. Heng Liu, co-founder, Chairman, and CEO, also brings over 15 years of experience in biopharmaceutical R&D and commercialization, having played a pivotal role in the domestic and international development of multiple drug programs.

LongBio Pharma has built a comprehensive pipeline of biologic therapies targeting diseases in rhinology, dermatology, respiratory, hematology, nephrology, and other autoimmune conditions. Its core product, LP-003, is a novel anti-IgE antibody designed with an innovative sequence that blocks free IgE in blood and tissues, thereby inhibiting IgE-mediated allergic reactions. According to published top-line results, LP-003 demonstrated significantly superior efficacy compared to omalizumab in treating chronic spontaneous urticaria (CSU). Meanwhile, LP-005, another key product, is a newly designed bi-functional antibody-fusion protein targeting both C5 and C3b complement factors with globally leading potential, showing therapeutic promise over single-target complement inhibitors.

Dr. Kan Chen, Partner at Qiming Venture Partners and co-lead of the firm's healthcare investments, commented: "In 2024, omalizumab's approval in the United States opened up commercialization opportunities, while the prevalence of allergic diseases — including allergic rhinitis, asthma, and chronic urticaria — continues to rise in China. From the perspectives of clinical demand, technical barriers, team strength, and market inflection points, Qiming Venture Partners chose to invest in LongBio Pharma. The company's successful listing represents a critical milestone in its transition from laboratory to commercialization, with strong potential to become a leading enterprise in China's allergy disease sector. LongBio Pharma also exemplifies Qiming Venture Partners' commitment to original innovation during the medical capital winter, underscoring our resilience in navigating industry cycles and our independent judgment in selecting projects. Going forward, Qiming Venture Partners will continue to focus on addressing unmet clinical needs and pursue cutting-edge medical innovations with global competitiveness."

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China's Leading Innovative Drug Developer for Allergic and Autoimmune Diseases LongBio Pharma Lists on Hong Kong Stock Exchange

LongBio Pharma, a portfolio company of Qiming Venture Partners and a leading innovative drug developer for allergic and autoimmune diseases in China, listed on the Hong Kong Stock Exchange on June 5, 2026 Beijing time, marking the seventh IPO for Qiming Venture Partners this year. LongBio Pharma (01779.HK) issued its shares at a price of HK$96.06 per share and opened at HK$144.30 per share with a market capitalization of HK$10.7 billion.**

Qiming Venture Partners invested in the B2 round of financing of LongBio Pharma as the lead-investor in 2024 and invested in the C round as the co-lead-investor in 2025. Before the IPO, Qiming Venture Partners held a 4.27 percent stake in LongBio Pharma as one of its major institutional investors.

Founded in 2020, LongBio Pharma focuses on in-house discovery and development of biopharmaceuticals targeting on allergic and autoimmune diseases. Its founding team has rich experience in its field and has achieved outstanding results in discovery of drugs, clinical development, and registration procedures. Dr. Sun Naichao, co-founder of LongBio Pharma, is the key original inventor of omalizumab, the world's first pioneering anti-IgE antibody. He has been devoting himself to the allergic diseases for decades and is a pioneering scientist in development of drugs for allergic diseases. Dr. Liu Heng, co-founder, Chairman and CEO of the firm, has over 15 years of experience in research and development and commercialization of biopharmaceutical drugs and has played a pivotal role in both domestic and international programs of development of several innovative drugs.

LongBio Pharma has developed a comprehensive product pipeline for biologic treatments targeting rhinology, dermatology, respiratory, hematology, nephrology and other autoimmune diseases. The firm's core product LP-003 is a novel anti-IgE antibody. Its main function is to block free IgE in the blood and tissues and thus inhibit the occurrence of IgE-mediated allergic reactions. According to the top-line results, LP-003 exhibited significantly better efficacy than omalizumab in the treatment of chronic spontaneous urticaria (CSU). LP-005, a major product of LongBio Pharma, is a novel bi-functional complement antibody-fusion protein targeting both C5 and C3b, has leading potential globally, and shows therapeutic potential compared with single-target complement inhibitors.

"In 2024, omalizumab was approved in the United States, opening up commercialization opportunities. The prevalence of allergic diseases such as allergic rhinitis, asthma, and chronic urticaria has been rising in China. Based on clinical needs, technical barriers, team strength, and market inflection points, Qiming Venture Partners chose to invest in LongBio Pharma. The listing of LongBio Pharma is a key milestone for the company's transition from the laboratory to commercialization, and the firm is expected to grow into a leading enterprise in the field of allergic diseases in China. LongBio Pharma is also an original innovation investment made by Qiming Venture Partners during the medical capital winter, which confirms Qiming Venture Partners' resilience in navigating through industry cycles and its independent judgment ability for projects. Qiming Venture Partners will continue to focus on addressing unmet clinical needs and always pursue investments in cutting-edge medical innovation with global competitiveness," Dr. Kan Chen, a partner of Qiming Venture Partners and the co-lead of the Qiming's investments in the healthcare sector, said.

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Qiming Venture Partners was established in 2006. The firm currently manages 11 USD funds and 7 RMB funds, with total assets under management of $9.5 billion. Since its inception, Qiming Venture Partners 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 companies, of which more than 210 have gone public on the New York Stock Exchange, NASDAQ, Hong Kong Exchanges and Clearing Limited, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through M&A and other means. Over 80 portfolio companies have become recognized unicorns or super-unicorns.

Many of Qiming Venture Partners' portfolio companies have grown into the most influential companies 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, 0800.HK), HyperStrong (688411.SH), Insta360 (688775.SH), Unisound (09678.HK), Biren Technology (06082.HK), Zhipu (02513.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), HepBeron Therapeutics, Yuanxin Technology, MediLink Therapeutics, LaNova Medicines, StepFun, and others.