Latest news with #GaorongVentures
South China Morning Post
11 hours ago
- Business
- South China Morning Post
MingMed seeks Hong Kong listing to fund research and launch Botox alternative
MingMed Biotechnology is seeking a Hong Kong listing this year to raise funds to research and market a genetically engineered alternative to Botox in China. The drug developer, based in the Nansha district of Guangzhou, said it would set up an incubation centre in the Hong Kong Science and Technology Park in the third quarter. 'Hong Kong has many good universities and research institutes, but it [does not have] a lot of innovative biotech firms,' said MingMed CEO Zhang Yan in an interview on Friday. 'We aim to [turn] early-stage research discoveries at the city's universities into commercial products.' He said Hong Kong was a good platform for fundraising , early-stage drug research and global commercialisation, while Nansha was an ideal location for research and manufacturing. MingMed has raised 1.75 billion yuan (US$243.7 million) from multiple private fundraisings, Zhang said, adding that its largest institutional investor was Beijing-based Gaorong Ventures. The company filed a Hong Kong listing application in 2022, but let it lapse due to unfavourable global market conditions for biotech stocks, he said. Last year, MingMed completed a late-stage, phase-three clinical trial on a genetically manipulated alternative to Botox, which is used to reduce wrinkles. Botox is made from a naturally occurring botulinum toxin, a protein produced by a bacterium. Genetically engineered products could lower production costs and enhance product safety, Zhang said.
Yahoo
14-02-2025
- Business
- Yahoo
HashKey Group Gets $30M Investment From Chinese VC Gaorong Ventures: Report
Gaorong Ventures, a prominent Chinese venture capital firm known for its early backing of internet giants in the country, has invested $30 million into the operator of Hong Kong's largest licensed crypto exchange, HashKey Group, according to a Bloomberg report. The backing came at a pre-money valuation of over $1 billion, according to the report. A HashKey spokesperson reportedly said that the post-money valuation was close to $1.5 billion. China has banned cryptocurrencies a number of times. Its latest crackdown came in 2021 saw various crypto platforms leave the country, yet Chinese investors are upping their bets on the cryptocurrency space. Tencent Holdings, for example, has recently invested in crypto market maker Wintermute, the outlet reports. Early last year, HashKey Group raised a $100 million Series A at a $1.2 billion post-money valuation. The Hong Kong-based HashKey, established in 2018, operates the region's first two licensed cryptocurrency exchanges and engages in venture funding and asset management.
Bloomberg
14-02-2025
- Business
- Bloomberg
China's Gaorong Ventures Invests $30 Million in Crypto Unicorn
Gaorong Ventures has invested $30 million in the operator of Hong Kong's biggest licensed crypto exchange, a rare example of a Chinese venture powerhouse dabbling into the $3 trillion digital asset arena. Gaorong — the early backer of Chinese internet firms including Meituan and PDD Holdings Inc. — invested in HashKey Group at a pre-money valuation above $1 billion, according to people familiar with the matter. The valuation remains little changed from a year ago, when Hashkey raised $100 million and reached unicorn status, the people said, asking not to be identified discussing private information.
