# Bao Pharma

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/bao-pharma

- Industry: Biotechnology
- Headquarters: Shanghai, China
- Website: www.baopharma.com/
- Total disclosed funding: $100M
- Latest round: Series C (Jul 19, 2024)
- Investors on record: 11

## About

Based in Shanghai, China, and established in 2019, Shanghai Bao Pharmaceuticals Co., Ltd., trading as Bao Pharma, is a biopharmaceutical company that engages in R&D, and production of recombinant protein drugs and antibody drugs. The company has two R&D centres in Suzhou and Chengdu. The founder, Yanjun Liu, graduated from the Naval Medicine Department of Shanghai Second Military Medical University. Bao Pharma has applied for 51 invention patents. In December 2025, Bao Pharma raised HKD 1 billion in an IPO, selling 37.91 million shares at HKD 26.38 apiece on the Hong Kong Exchanges and Clearing (HKEX) under the ticker "2659".

Bao Pharma focuses on the R&D of recombinant human hyaluronate subcutaneous drug delivery technology and assisted reproduction drugs. It established a medical enzyme engineering technology platform, a glycoprotein drug engineering technology platform, and an antibody target enzyme engineering technology platform. Specific drugs include lyophilized powder for injection and pre-filled disposable injection. The company's product pipeline includes recombinant human hyaluronate, recombinant human follicle-stimulating hormone-CTP fusion protein and recombinant immunoglobulin degrading enzyme.

The company generates revenue by developing synthetic biology biopharmaceuticals.

## Funding rounds

- Series C, Jul 19, 2024 — Shanghai STVC Group, Center Laboratories, Inc., Shanghai Healthcare Capital, Baoshan Guotou
- Series B, Aug 23, 2022, $100M — Oriental Fortune Capital, Haitong Innovation Capital Management, Bat Capital, Center Laboratories, Inc., Shanghai Guosheng Capital Management
- Series A, Mar 10, 2021 — SmallVille Capital, Tiliang Capital, Xihao Capital

## Investors

- SmallVille Capital (https://capitalatlas.ai/funds/smallville-capital) — Series A
- Tiliang Capital — Series A
- Xihao Capital (https://capitalatlas.ai/funds/xihao-capital) — Series A
- Oriental Fortune Capital (https://capitalatlas.ai/funds/oriental-fortune-capital) — Series B
- Haitong Innovation Capital Management (https://capitalatlas.ai/funds/haitong-innovation-capital-management) — Series B
- Bat Capital (https://capitalatlas.ai/funds/bat-capital) — Series B
- Center Laboratories, Inc. — Series B, Series C
- Shanghai Guosheng Capital Management (https://capitalatlas.ai/funds/shanghai-guosheng-capital-management) — Series B
- Shanghai STVC Group (https://capitalatlas.ai/funds/shanghai-stvc-group) — Series C
- Shanghai Healthcare Capital (https://capitalatlas.ai/funds/shanghai-healthcare-capital) — Series C
- Baoshan Guotou — Series C