On October 28, OriginBio officially listed on the Science and Technology Innovation Board (STAR Market) with the stock code 688765 and an IPO price of 29.06 yuan per share. This marks the first listing of an unprofitable enterprise under the STAR Market's Fifth Set of Listing Criteria since China Securities Regulatory Commission Chairman Wu Qing announced the restart of this policy at the Lujiazui Forum on June 18. It not only signifies a substantial breakthrough in institutional innovation on the STAR Market but also rewrites the global
biopharmaceutical landscape with a single strain of rice.
Photo: Professor Yang Daichang (right), Founder and Chairman of OriginBio; Mr. Zhu Pai (left), CEO of Efung Capital
OriginBio's listing makes it the first "rice-derived hematopoietic" stock on the STAR Market. This is Efung Capital's third IPO harvest in 2025, following Bokang Vision Cloud (02592.HK) and Ascentage Pharma B (06855).
Photo: Mr. Song Ruilin (third from right), Senior President of the Chinese Pharmaceutical Innovation Promotion Association; Mr. Zhu Pai (second from left), CEO of Efung Capital; Mr. Ding Lieming (second from right), Chairman and CEO of Beta Pharma
Founded in 2006, OriginBio is a national high-tech enterprise specializing in the research and product development of plant-derived recombinant protein expression technology, led by a scientific research team headed by Professor Yang Daichang. Its core product, the plant-derived recombinant human serum albumin injection HY1001, is produced using a rice endosperm cell expression system. Through extraction and purification processes, it effectively addresses the purity and cost issues of recombinant human serum albumin, making it the world's first recombinant human albumin drug approved for marketing based on a plant expression system. This technology not only breaks China's long-standing dependence on imports in the serum albumin market but also fundamentally eliminates the risk of virus transmission, ensuring the safety of blood products.
Success from a Single Rice Stalk, Creating Glory Together
2016
September: Efung Capital made its first investment in OriginBio through the Ruiyi Fund.
2017
February:Efung Capital made a second investment in OriginBio via the Ruiyi Fund, with a cumulative amount exceeding 40 million yuan.
April: The plant-derived recombinant human serum albumin injection obtained clinical trial approval in China.
2018
January: Efung Capital invested 30 million yuan in OriginBio through the Ninth Phase Fund.
2020
July: The plant-derived recombinant human serum albumin injection completed the Phase I FIH clinical trial in the US and entered the international multi-center Phase II clinical study.
2022
March: Efung Capital facilitated Beta Pharma's strategic investment in OriginBio, completing a 500-million-yuan strategic investment.
December: The HY1001 project completed Phase II clinical trials, demonstrating favorable safety, tolerability, and therapeutic efficacy.
OriginBio formally submitted its IPO application to the STAR Market and received acceptance.
2023
November: The global multi-center Phase III clinical trial for HY1001 was launched.
2024
September: Beta Pharma further collaborated with OriginBio, signing the Regional Distribution Agreement for OriginBio Pharmaceuticals, granting Beta Pharma exclusive distribution rights to OriginBio's core product, Aofumin®.
November: General Secretary Xi Jinping inspected the Wuhan Institute of Industrial Innovation and Development, viewing successful cases of the scientific and technological innovation supply chain platform and scientific and technological innovation achievements, and listening to a report on the "rice-derived hematopoietic" technology.
The HY1001 project completed its clinical trial and met the primary endpoint.
2025
April: OriginBio was highlighted by CCTV, hailed as "a manufacturing miracle from rice to medicine."
July: OriginBio's STAR Market IPO application successfully passed the review.
OriginBio's independently developed plant-derived recombinant human serum albumin injection was approved for marketing.
Aofumin® was selected into the first batch of the 2024 List of Biomanufacturing Iconic Products by the Ministry of Industry and Information Technology.
August: The first shipment of Aofumin® was delivered. On August 23, doctors issued the first prescription, marking its first clinical use for patients with hypoalbuminemia caused by liver cirrhosis. This signifies Aofumin®'s official entry into clinical application, bringing hope to more patients.
September: OriginBio disclosed its prospectus, offering arrangements, and preliminary inquiry announcement on the Shanghai Stock Exchange website, officially launching the offering process.
October: OriginBio officially listed on the STAR Market.
Rooted in Fertile Soil, Waiting for Flowers to Bloom
As a companion and enabler, Efung Capital has witnessed OriginBio's journey from the laboratory to the capital market and to patients. Mr. Zhu Pai, CEO of Efung Capital, stated: "We sincerely congratulate OriginBio on its successful listing. As an investor that has long accompanied enterprises in their growth, we have always believed that the value of capital lies not only in discovery but also in creation. With its 'ten years of sharpening a sword' innovative perseverance, OriginBio has transformed an ordinary Chinese rice strain into a biopharmaceutical carrier for saving lives—a vivid testament to China's self-reliance and self-strengthening in biotechnology. We look forward to the continued growth of this 'rice-derived hematopoietic' technology, bringing more breakthrough therapies of Chinese origin to patients worldwide."
Looking back at Efung Capital's investment portfolio, from ChipScreen Biosciences securing the milestone of the first STAR Market biopharmaceutical IPO to OriginBio claiming the title of the first listed enterprise after the restart of the Fifth Set of Criteria, Yifeng Capital has accurately captured and powerfully propelled the golden era of China's innovative drugs through forward-looking layouts and long-term commitment as "patient capital."
The market has also witnessed the continuous blooming of Efung's investment philosophy: its portfolio company, Biosensors International, followed OriginBio to become the second enterprise to pass the STAR Market review under the restarted Fifth Set of Criteria. Meanwhile, its investment in Tenomab was accepted for STAR Market IPO by the Shanghai Stock Exchange in July this year, officially becoming the first enterprise accepted under the restarted Fifth Set of Criteria.
Looking ahead, Efung Capital will continue to deeply cultivate the healthcare sector, join hands with scientists and entrepreneurs, and walk with the times through professional investment and industrial empowerment, witnessing the dawn of more "Chinese miracles" in the life sciences field.