Minghui Pharmaceutical Raises $131M in Pre-IPO Round Co-Led by Qiming Venture Partners

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Recently, Minghui Pharmaceutical, a late-stage clinical biopharmaceutical company focused on oncology and autoimmune diseases, announced the completion of a USD 131 million Pre-IPO financing round. This round was co-led by Qiming Venture Partners.

The proceeds will be used to advance Minghui's clinical programs, with a particular focus on its PD-1/VEGF bispecific antibody and combination strategies with antibody-drug conjugates (ADCs). The funds will also support the planned commercial launch of Minghui's topical JAK inhibitor in China.

"This financing marks an important milestone in the company's development," said Dr. Guoqing Cao, Chief Executive Officer of Minghui Pharmaceutical. "We will continue to advance the development of a globally competitive pipeline and enter a new stage of growth. We are grateful for the recognition and support of all our investors, and we remain firmly committed to delivering innovative medicines that improve treatment outcomes for patients worldwide."

"Minghui Pharmaceutical has built a highly compelling pipeline of innovative drug candidates addressing unmet clinical needs," said Dr. Kan Chen, Partner and Co-lead of Healthcare at Qiming Venture Partners. "We are delighted to support the company in accelerating its development and bringing transformative therapies to patients around the world."

This round was co-led by new investors OrbiMed and Qiming Venture Partners. Existing investor TF Capital continued its investment, and seven new investors participated, including BioTrack Capital, New Day Fund, 5Y Capital, and Wider Link Enterprise Investment.

Minghui Pharmaceutical Announces USD 131 Million Pre-IPO Financing Co-Led by Qiming Venture Partners

Minghui Pharmaceutical ("Minghui"), a late-stage clinical biopharmaceutical company, announced the closing of a USD 131 million Pre-IPO financing co-led by Qiming Venture Partners. Representatives from Qiming Venture Partners will join the company's Board of Directors.

Proceeds will be used to advance the company's clinical programs, with a particular focus on its PD-1/VEGF bispecific antibody and combination strategies with antibody-drug conjugates (ADCs). The funds will also support the planned commercial launch of its topical JAK inhibitor in China.

"This financing marks an important milestone as we continue to advance a globally competitive pipeline and enter our next stage of growth," said Dr. Guoqing Cao, Chief Executive Officer of Minghui. "We're grateful for the confidence and support of our investors and remain committed to delivering innovative medicines that improve outcomes for patients worldwide."

"Minghui has built a compelling portfolio of novel drug candidates targeting critical unmet medical needs," said Dr. Kan Chen, Partner and Co-lead of Healthcare at Qiming Venture Partners. "We are pleased to support its continued growth and help bring transformative therapies to patients around the world."

This round is co-led by new investors OrbiMed and Qiming Venture Partners. Further support came from existing investor TF Capital, and seven new investors, including BioTrack Capital, New Day Fund, 5Y Capital, and Wider Link Enterprise Investment limited.

Past Highlights

Qiming View | Qiming Venture Partners' Kan Chen: China's Innovative Drug Exports Hit Record Highs — Where Is Innovative Drug Investment Headed? Qiming Stars | 5 Qiming Venture Partners Portfolio Companies Selected for BEYOND Awards Medical Technology and Healthcare Leadership Lists Qiming Honors | Qiming Venture Partners and Its Investors Named to 36Kr 2025 China Equity Investment Industry Annual Lists

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

To date, Qiming Venture Partners has invested in over 580 high-growth innovative companies. More than 210 of these 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 mergers and acquisitions. Over 80 companies have become recognized unicorns or super-unicorns in their respective industries.

Many of Qiming Venture Partners' portfolio companies have grown into the most influential companies in their fields, including Xiaomi (01810.HK), Meituan (03690.HK), Bilibili (NASDAQ:BILI, 09626.HK), Zhihu (NYSE:ZH, 02390.HK), Roborock (688169.SH), UBTECH (09880.HK), WeRide (NASDAQ:WRD), Insta360 (688775.SH), 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), Berry Genomics (000710.SZ), SinoCellTech (688520.SH), Yuanxin Technology, Insilico Medicine, MediLink Therapeutics, LaNova Medicines, Zhipu AI, StepFun, Biren Technology, and others.