Participated · Series C · Mar 2022

Founded in 2014, SJSemi focuses on 12-inch mid-end wafer production and end-to-end wafer-level advanced packaging and testing services, including multi-die integration and chiplet solutions. The company serves smartphones, 5G, high-performance computing, data centers, automotive and other electronics markets. SJSemi has invested heavily in R&D, notably debuting a 3x reticle TSV interposer technology in May 2024 and pursuing ultra-high density 3D multi-die integration. According to Yole and CIC Insight Consulting, SJSemi saw top revenue growth among global OSATs in 2023, and ranks No.1 in mainland China for 12-inch bumping, 12-inch WLCSP market share and wafer testing/chip probing revenue. As of 2024 it is the only provider in mainland China capable of mass-producing silicon-based 2.5D packaging solutions. The company is progressing an IPO application and is expanding its one-stop multi-die integration offerings via continued investment. SJ Semiconductor (SJSemi) is a pioneer of 12-inch MEOL foundry services in China, known for high-density bumping, WLCSP and testing. It offers advanced packaging using bumping and RDL technologies, and provides silicon interposer, fan-out wafer and substrate solutions. The company serves IC customers domestically and overseas across smartphones, networking, data center, AI and automotive markets. SJSemi leverages front-end fab management and quality systems to deliver high-performance advanced packaging. Financially, the company has completed a $340M Series C+ tranche that pushes total capital raised above $1 billion and valuation close to $2 billion. Management has indicated it will remain open to additional US dollar funding and will close an RMB tranche after required ODI approvals. SJSemi is a Jiangyin, China-based MEOL foundry founded in August 2014. The company provides Middle-End-Of-Line manufacturing and testing services and develops advanced bumping and 3D Multi-Die Integration technology and solutions. Its core capabilities focus on advanced bumping and 3D multi-die integration for semiconductor packaging. SJSemi closed a $300M Series C that brings its total equity raised to $630M, strengthening its balance sheet. The company says the funding will enable it to continue growing according to its business plan and strengthen its position in advanced packaging. Backers on the round included CMBI, CICC Capital, Oriza Rivertown, Oriza Hua Capital, Walden CEL, CCB PE, CCB Trust, Growth, Country Garden Venture, HTPE, SCGC, CITIC Securities, GP Capital and others.

Participated · Series A · Feb 2022

HemaCell develops cell therapeutics centered on the platelet lineage, with a flagship product described as the world's first megakaryocyte injection and a pipeline of platelet injection candidates. The company aims to address blood supply shortages and reduce adverse consequences associated with blood transfusions, while pursuing platelet-derived therapeutics for aging-related indications. HemaCell is advancing multiple clinical trials for its lead program and plans to use recent Series B proceeds to support those trials and pipeline development. Management has signaled plans for a pre-IPO fundraising within the year to build manufacturing bases and expand production capacity. Founder Zhu Fangfang stated the company will continue steady, market- and clinic-driven development and rapidly pursue capital market milestones to enable eventual product launches.

Led · Series D · Feb 2022

Hong Kong Asia Medical Group is a cardiovascular specialty medical group founded in 1999 that operates hospitals and services across mainland China, Hong Kong and Japan. The group traces its origins to Wuhan Asia Heart Hospital and has treated about 5 million patients over 22 years. It emphasizes clinical care alongside research and education and has built an internationalized management and talent-development system. The group cites strengths in clinical service capabilities, hospital management replication, clinical innovation translation, and joint talent training. Financially, the company recently completed a $400 million Series D financing. Management says proceeds will support service innovation, continued expansion, and the goal of becoming an international first-class integrated cardiac medicine group combining treatment, patient care, research and education.

Participated · Series B · Jan 2022

Bluepha is a Beijing-based firm that develops biomaterials. The company is backed by Tencent and has been operating from Beijing. It has completed an extended Series B fundraising round. Bluepha raised 400 million yuan (about $58.3 million) in the extension. The round was led by Zhong Ping Capital. The financing is described as an extended Series B equity round, indicating an extension of a prior Series B. Bluepha, founded in 2016 by Dr. Zhang Haoqian and Dr. Li Teng, focuses on molecular and material innovation using synthetic biotechnology. Its core products include biodegradable polyhydroxyalkanoates (PHA) and other bio-based molecules; a 25,000-ton annual-output PHA “super factory” began construction on January 1, 2022 in Binhai County, Yancheng City, Jiangsu Province. The company claims extensive technical reserves and IP across the PHA value chain—strain R&D, biotransformation, separation and purification, and material modification. Bluepha reports product performance verified by multiple Fortune 500 customers and has signed strategic cooperation agreements in major countries and regions to expand PHA’s global market. It is developing and deploying an industrial 4.0 SynBio_OS R&D platform to capture and reuse process data and engineering experience. The firm plans to use new funds to build and operate at-scale PHA production facilities and to advance R&D and commercialization of new pipelines such as regenerative medical materials and engineered probiotics. Bluepha is a Chinese synthetic biology firm that develops products and technologies in synthetic biology. The company has secured $66 million in funding. The capital is intended to accelerate its product development. The raise was reported in a China Digest roundup that also noted Space Transportation's $46 million close. The article does not provide operating metrics or further commercial details. No investor names or financing instrument details were disclosed in the coverage.

Participated · Series B · Aug 2021

SVOLT is an EV battery manufacturer led by Chairman and CEO Yang Hongxin that develops battery systems including cobalt-free chemistries. The company operates seven R&D centers in Japan, South Korea, the US, India, Wuxi, Baoding and Shanghai and has applied for more than 2,400 patents, including ~800 invention patents and 50 PCT international patents. SVOLT has secured 25 sales points with domestic and international mainstream automakers and more than 10 models powered by its battery system have been announced, including the ORA Cherry Cat using its cobalt-free battery. The company won a large purchase order of 16 billion yuan from Stellantis and is entering high-end markets in Europe and the US. SVOLT plans rapid capacity expansion with new bases in Changzhou, Suining, Huzhou, Ma’anshan, Nanjing and Europe and expects production capacity to exceed 200 GWh in 2025. The Series B proceeds will be used mainly for R&D of new technologies and construction of new factories.