启明星 | 中国过敏及自免领域创新药领军企业天辰生物成功登陆香港交易所 | Bilingual
2024年，启明创投领投了天辰生物的B2轮融资，后又于2025年联合领投的天辰生物的C轮融资
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北京时间2026年6月5日，启明创投投资企业、中国过敏及自免领域的创新药领军企业天辰生物成功登陆港交所，至此启明创投迎来开年第7个IPO。天辰生物（01779.HK）发行价为96.06港元/股，开盘价144.30港元/股，市值107亿港元。
2024年，启明创投领投了天辰生物B2轮融资，后又于2025年联合领投天辰生物C轮融资。IPO前，启明创投持有天辰生物4.27%的股份，为主要机构投资方之一。
天辰生物成立于2020年，主要专注于针对过敏性及自身免疫性疾病的生物药物的自主发现与开发。天辰生物创始团队拥有丰富的行业经验，在药物发现、临床开发和注册流程方面具有卓越表现。 天辰生物联合创始人孙乃超博士为奥马珠单抗的原研发明人，深耕过敏领域数十年，是过敏药物研发领域的"源头级" 科学家；天辰生物联合创始人、董事长兼CEO刘恒博士同样在生物制药的研发和商业化方面拥有超15年的经验，并在多个药物项目的国内外开发中发挥了关键作用。
目前，天辰生物已构建了针对鼻科、皮肤科、呼吸科、血液科、肾脏科及其他自身免疫性疾病的综合性生物制剂产品管线。 其中，天辰生物的核心产品LP-003是一种具有新型序列设计的抗IgE抗体，主要功能是阻断血液和组织中的游离IgE，从而抑制IgE介导的过敏反应的发生。根据已公布的顶线结果，在治疗CSU方面，LP-003展现出优于奥马珠单抗的显著疗效。同时，天辰生物的主要产品LP-005是一种全新设计及具有全球领先潜力的靶向C5及C3b补体的双功能抗体融合蛋白疾病病理机制，相比单靶点补体抑制剂显示出疗效潜力。
启明创投合伙人、医疗创新行业共同负责人陈侃博士表示："2024年，奥马珠单抗在美国顺利获批打开商业化空间，国内过敏性鼻炎、哮喘、慢性荨麻疹等过敏疾病患病率持续走高，基于临床需求、技术壁垒、团队实力和市场拐点四个角度，启明创投选择投资天辰生物。天辰生物顺利上市，是公司从实验室迈向商业化的关键里程碑，有望成长为中国过敏疾病领域的龙头企业。天辰生物也是启明创投在医疗资本寒冬阶段投资的源头创新，印证了启明创投穿越行业周期的韧性和对项目的独立判断能力。未来，启明创投会继续聚焦解决未满足的临床需求、始终追求具备全球竞争力的尖端医疗创新投资。"
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.
往 期 回 顾
启明观点 | 启明创投陈侃：NewCo模式深刻影响中国创新药全球价值
启明周报 | 启明创投投资企业要闻十条 Vol.17, 2026.5.26
启明创投成立于2006年。目前，启明创投旗下管理11只美元基金，7只人民币基金，已募管理资产总额达到95亿美元。自成立至今，专注于投资科技(Technology)、医疗创新(Healthcare)等行业早期和成长期的优秀企业。
截至目前，启明创投已投资超过580家高速成长的创新企业，其中有超过210家分别在美国纽交所、纳斯达克，香港交易所，上交所及深交所等交易所上市，或通过并购等方式退出，有80多家企业成为行业公认的独角兽或超级独角兽企业。
启明创投投资企业中，很多已经成长为各自领域中最具影响力的公司，包括小米集团（01810.HK）、美团（03690.HK）、哔哩哔哩（NASDAQ:BILI, 09626.HK）、知乎（NYSE:ZH, 02390.HK）、石头科技（688169.SH）、禾赛科技（NASDAQ：HSAI,02525.HK)、优必选（09880.HK）、文远知行（NASDAQ:WRD,0800.HK）、海博思创（688411.SH）、影石创新（688775.SH）、云知声（09678.HK）、壁仞科技（06082.HK）、智谱（02513.HK）、甘李药业（603087.SH）、泰格医药（300347.SZ, 03347.HK）、再鼎医药（NASDAQ:ZLAB, 09688.HK）、康希诺生物（688185.SH, 06185.HK）、Schrödinger（NASDAQ:SDGR）、惠泰医疗（688617.SH）、三友医疗（688085.SH）、艾德生物（300685.SZ）、神州细胞（688520.SH）、英矽智能（03696.HK）、浩博医药、圆心科技、宜联生物、礼新医药、阶跃星辰等。