On the morning of September 23, 2019, the Investors' Experience Sharing Forum of 2019 China BioMed Innovation and Investment Conference (2019 CBIIC) was successfully held at the Suzhou Jinji Lake International Convention Center. Representatives from Yuanming Capital, GTJA Investment Group, CMB International, Lilly Asia Ventures, CDH Investments, CHINA Securities, ANLONG Fund, EFung Capital, LYZZ Capital and many well-known investment institutions, investment banking partners and senior experts were invited to attend the Investors' Experience Sharing Forum. The forum focused on pharmaceutical investment trends, post-investment management, transitional development and investment opportunities in the pharmaceutical and health industry, new patterns and new trends in pharmaceutical investment, concerns of pharmaceutical investors, and issues including fund raising/investment/exit in the pharmaceutical primary market.

Ms. Feng Lan, Secretary-General of PhIRDA, chaired the forum

Two keynote speeches revealed the trends and opportunities in pharmaceutical investment in the new era

Dr. Lawrence Tian, Chairman of PhIRDA Pharmaceutical Innovation Investment Specialty Committee and the Founding Partner of YuanMing Capital, gave a keynote speech with the theme of 'Investment Trends in Healthcare and Experience Sharing of Post-Investment Management in the New Era'.

Taking the history of Yuanming Capital as an example, Dr. Lawrence Tian shared investment logic and post-investment management in Yuanming Capital. First, Dr. Lawrence Tian introduced the characteristics of his investment portfolio by reviewing the growth process of Yuanming Capital; then summed up the investment philosophy and investment logic of Yuanming Capital with the slogan of 'invest in the emerging areas, invest early, invest in good projects and invest in management'; Finally, the investment logic and post-investment management were detailed with three classic cases: Yuanming Capital's first investment in BeiGene, continuous lead investment in Ascentage Pharma, and ‘Investment + Management’ case in Mevion Medical.

Dr. Lawrence Tian gave a keynote speech

Hu Xuefeng, Managing Partner of GTJA Investment Group, gave a keynote speech entitled 'Development and Investment Opportunity of Healthcare industry in Transition'.

Mr. Hu said: due to the huge changes in market demand and supply, China's medical and health industry has undergone fundamental transformation and ushered in a critical period of transformation. Industrial transformation needs to start from three perspectives - improving quality, encouraging innovation, and facilitating circulation. In addition, Mr. Hu also pointed out that China's innovative antibody drug R&D companies have sprung up, but everyone is staring at those popular targets, so the track is very crowded; we expect the emerge of new targets and new antibodies based on it that are truly discovered by the Chinese. 

Mr. Hu Xuefeng gave a keynote speech

Three major themed panels on new concerns about pharmaceutical investment in the period of big change

After the keynote speech session, the forum invited some guests to participate in panels themed respectively on ‘New Situation and Trends for Pharmaceutical Investment’, ‘Target for Pharmaceutical Investors in the Dome of Pharmaceutical Reform’, and the ‘Collision of Fund Raising, Investment and Withdrawal in the Pharmaceutical Primary Market’.

The panel ‘New Situation and Trends for Pharmaceutical Investment’ was hosted by Mr. Li Kechun, Managing Partner of YuanMing Capital. Panelists agreed that, facing the development of medical technology and the changes in the global pharmaceutical investment environment, investors should keep learning and practicing, being aware, innovative, frontier, decisive and risk-taking. Only with that can investors to accurately invest in early stage innovative projects, invest in good projects, good companies, and get good returns.

From left to right:

Moderator:

 Li Kechun, Managing Partner of YuanMing Capital

Panelists:

Zhou Kexiang, Managing Director of CMB International;

Zhang Leidi, Managing Director of China Life Equity Investment;

Zhu Jinqiao, Founder & Chairman of Efung Capital;

Kevin Yuan, Founder of Jianxin Capital;

David Chen, Managing Director of BFC Group

Panel of 'Target for Pharmaceutical Investors in the Dome of Pharmaceutical Reform' was chaired by Darren Cai, Founder & Managing Partner of Sherpa Venture Capital. The panelists shared their own opinions around the topic. Some thought that the investors' ability, ambition and vision decided the future of companies, and some thought that the quality of projects was the key to the success. Different investment institutions have their own specialization, fund holdings, duration, etc., and their investment strategies are not the same. It is necessary to determine the most appropriate investment strategy according to their own strengths. At the end of the panel, panelists agreed that a successful investment firstly depended on the investors, plus a professional research team and detailed research projects. The perfect combination of those three factors will make a good company and that is the best investment choice for investors.

(From left to right)

Moderator:

Darren Cai, Founder & Managing Partner of Sherpa Venture Capital

Panelists:

Kevin Li, Managing Partner of LYZZ Capital;

Zhou Hao, Partner of Prudence Investment Management (Hong Kong) Limited.;

Stephen Lin, Partner of Lilly Asia Ventures;

Lily Zhang, Partner of Venture and Growth Fund of CDH Investments;

Song Gaoguang, Vice President of Northern Light Venture Capital

Panel of ‘Collision of Fund Raising, Investment and Withdrawal in the Pharmaceutical Primary Market’ was chaired by Zhao Chunlin, Founder and Managing Partner of ANLONG Fund. The panelists believed that the past achievements were very important, but the fund raising was mainly based on data, and it performed better in getting the favor of investors. In addition, panelists also believed that the launch of SSE STAR Market provided a new opportunity for the companies to withdraw from the primary market, but the valuation of the SSE STAR Market was relatively higher; Meanwhile, withdraw did not definitely end up with IPO, but perhaps M&A or cooperation with listed companies. 

(From left to right)

Moderator:

Zhao Chunlin, Founder and Managing Partner of ANLONG Fund;

Panelists:

 Duan Zheng, Partner of Beijing Enterprises Healthcare Industry Fund;

Ma Chenli, Managing Director of GTJA Innovation Investment;

He Juying, Pharmaceutical Chief Analyst of CHINA Securities;

Chen Lei, Founding Partner of Insight Capital;

Liu Ke, Chief Investment Officer & Managing Partner of Zhongyan Investment

The Investors' Experience Sharing Forum, taking the form of two themed keynote speeches and three panels, has many senior experts in the investment community share their valuable experience in the biopharmaceutical field over years, and to focus on new patterns and trends in the investment of healthcare industry. The hot topics of investment and investment management, such as investment opportunities and management, were deeply analyzed and discussed by the panelists, which benefited the participants a lot.

Investors’ Experience Sharing Forum