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    Sherpa Investment Ouyang Xiangyu: Professionalism And Focus Are The Key To Good Health Care Investment

    2021/9/19 13:28:00 51

    Ouyang Xiangyu

    The medical and health industry has always been known as "evergreen tree" in the field of investment. In recent years, due to the aging of the population, the improvement of residents' awareness of health consumption, the release of industry policy dividend and other factors, the medical and health industry is ushering in new development opportunities, and it has attracted more and more venture capital institutions to take it as the main track of investment layout.

    Sherpa investment, established in 2018, is a new fund focusing on health care. Although established for a short time, Sherpa's investment team has accumulated rich investment experience in the field of health care.

    Ouyang Xiangyu, founder partner of the fund, and Cai Daqing, another co-founder, worked with a well-known venture capital institution in China, responsible for medical investment, including Xinda biology, Beirui gene, nuohui health, Suzhou Paige biology, Suzhou gairui, Suzhou Xingtong Medical Technology Co., Ltd.

    Later, the two jointly founded a new fund in 2018, named "Sherpa". In fact, it has a great implication: Sherpas live on both sides of the Himalayas for a long time, providing mountain guidance, rescue and logistical support for Everest climbers. They are symbols of loyalty and strength, and they are universally recognized as indispensable symbols of mountaineering. "Sherpa" as the name of the company also represents Sherpa's determination to help entrepreneurs climb the new peak of the medical industry.

    After three years of hard work, the strength of Sherpa investment is gradually verified. This year, Sherpa investment has listed three projects in Hong Kong and Nasdaq, namely, Novo health, Xinwei medical and cytek bioscience.

    At the same time, Sherpa investment also continues to get the trust of LP. On September 6, Sherpa investment officially announced that the second phase of RMB fund was over raised and completed the raising according to the upper limit of the target financing amount. The fund will continue to focus on early to growing healthcare investment opportunities, covering biotechnology / biopharmaceuticals, medical devices / diagnostics and medical services.

    "The most important thing to do medical investment is to be professional and dedicated," Ouyang Xiangyu, summarizing his investment experience in the field of health care for more than ten years, told the 21st century economic report with great care.

    He further explained that because there are certain thresholds in the medical field, only with sufficient professionalism and deep understanding and cognition of the industry, technology and industry can we identify and invest in good companies in the early stage of technology explosion. At the same time, investment is the realization of cognition. Only by focusing on long-term accumulation, can we form deep cognition and truly do well in medical investment.

    We are optimistic about the new technology of biomedicine, cell therapy and gene therapy

    In the past few years, Sherpa has invested in biotechnology / biopharmaceuticals, medical devices / diagnostics and medical services, with biotechnology / biopharmaceutical sector accounting for the largest proportion of the portfolio. On the one hand, this is related to the industrial structure of China's medical and health industry. In the overall national medical investment and residents' medical consumption every year, medicine is the largest part. On the other hand, biomedicine, cell therapy, gene therapy and other new technologies in the pharmaceutical field are developing rapidly. Sherpa team is very optimistic about the investment opportunities.

    In different areas of medicine, the gap between domestic and foreign countries will be different, which also determines the different investment strategies of Sherpa. For example, in cell therapy and gene therapy, the gap between China and foreign countries is not as big as that in the fields of chemical medicine and biological medicine. Chinese enterprises play the role of parallel competition. Sherpa team has invested in representative companies such as Yimiao Shenzhou group, Huida gene and faith biology.

    In the field of biomedicine, Chinese enterprises play a role of fast catching up. Sherpa team is committed to investing in companies that can replace imported enterprises, among which Cinda bio is a representative enterprise.

    It is understood that Cai Daqing first contacted Xinda biology in 2014. At that time, Xinda biological was in the critical period of transformation from the early biological imitation medicine to innovative medicine. In the process of communication with the founder Dr. Yu Dechao, Cai Daqing clearly felt the feelings and aspirations of Yu Dechao. He has lofty goals and hopes to become the best biomedical enterprise in China and make a good medicine that Chinese people can afford.

    From the external environment, at that time, the proportion of Chinese biomedicine in the whole medicine was still very low. Seven or eight of the top ten drugs with the largest sales volume in foreign countries were all biological medicine, but there was no biological medicine in the top ten domestic medicines.

    Considering the huge gap at home and abroad and the urgency of the demand, as well as the strength and ambition of Cinda team, Cai Daqing team invested in the c-round financing of Xinda bio at the end of 2014 and served as the director until the beginning of 2018. In October 2018, Cinda bio was officially listed on the main board of the Hong Kong stock exchange. Its share price rose from HK $13.98 to about HK $60 at present, and the market value of the company is close to HK $100 billion.

    Behind the growth of Xinda bio, there is investment support from venture capital institutions, and it is inseparable from the cultivation of Suzhou Industrial Park. It is understood that Suzhou Industrial Park has been the main innovation base for cultivating the development of biotechnology industry in China. It has also gone out of Baiji Shenzhou, cornerstone pharmaceutical, Yasheng pharmaceutical and other well-known listed companies.

    "I first came into contact with Suzhou Industrial Park in 2006, when the park was still full of wasteland, far less prosperous and mature than it is now. It is very rare for local governments to continue to invest in biotechnology and give preferential policy support," Ouyang Xiangyu said.

    Suzhou Industrial Park attaches great importance to biomedicine, attracting more talents to set up business here, and Xinda biology, a leading biomedical enterprise, was born. With the continuous improvement of the upstream and downstream of the industrial chain, the industrial ecology is gradually formed, which further promotes the gathering of venture capital here. Ouyang Xiangyu said that the team had invested about 10 projects in Suzhou park in the past. Since the establishment of Sherpa, Suzhou park has naturally been regarded as the key area for project implementation. The local investment scale has reached hundreds of millions of yuan. It has invested in Faith Medicine, Jiangsu drop logic biology, Suzhou keyin biology, Suzhou Turing, Suzhou Chuanglan biology, Suzhou pilot biology, etc.

    "The forward-looking aspect of Suzhou park is that it is not satisfied with the established industrial foundation and advantages, but is constantly looking for the next breakthrough point," Ouyang Xiangyu added. For example, Suzhou park is keen to provide resource support for new track projects such as cell therapy and gene therapy. Sherpa investment is also very concerned about such cutting-edge track, hoping to tap more star projects. The tacit understanding between the two sides eventually promoted closer cooperation. Sherpa phase II RMB fund also chose to settle in dongshahu fund Town, Suzhou. BioBAY and Suzhou Zhongxin group are also LP of Sherpa phase II RMB fund.

    Talents, capital and industrial factors are constantly mature, and medical and health entrepreneurship is facing the golden cycle

    As an industry veteran, Ouyang Xiangyu has witnessed the great changes in the health care industry in the past decade. He lamented that with the improvement of the quality of entrepreneurs, the support brought by the capital market, and the continuous maturity of industrial supporting facilities, medical and health entrepreneurship is facing the golden cycle.

    First of all, the quality of entrepreneurs is getting higher and higher. Many entrepreneurs have doctorates and many years of experience in the industry. They have high professional standards. At the same time, there are more and more continuous entrepreneurs, which represents the continuous improvement of maturity, resource mastery ability and the continuous improvement of entrepreneurial threshold.

    Second, more and more policy and financial support can be obtained for entrepreneurship. "All kinds of preferential policies, incubators, accelerators help entrepreneurs to provide convenience. Moreover, I can feel that the investment funds in biomedicine have increased by more than 10 times than 10 years ago, or even 100 times. In the secondary market, the exit channel is more smooth than before," Ouyang Xiangyu said.

    Third, the industry chain ecology faced by entrepreneurship is gradually mature. Ten years ago, if a medical device company developed in the United States, entrepreneurs only needed to focus on technological innovation itself, and all other things could be helped by supporting suppliers. However, at that time, China's industrial chain was not perfect. While entrepreneurs were conquering core technologies, they still had many things to solve by themselves, which took a lot of time, and the standard was not necessarily able to meet the requirements.

    "Today's environment is completely different, which has something to do with the improvement of the national industrial foundation level and the maturity of the industrial chain. The external conditions supporting entrepreneurship are getting better and better, which shows that the efficiency will be higher," he said.

    With the help of many factors, the gap between China's health care industry and foreign countries is narrowing. First of all, in terms of basic research, many foreign leading technological innovations come from universities and research institutions, and China is catching up rapidly in terms of technological innovation. Ouyang Xiangyu said that he believed that in the next five or 10 years, more outstanding technological innovation enterprises could be seen. They are not only leading in China, but also in the world.

    Second, from the capital level, the science and technology innovation board provides a good exit channel to support innovative enterprises to go public without income and profit. "This is a good start, but it may take some time to cultivate mature investors. I believe that in the future, China's science and Technology Innovation Board will also be able to produce global leading technology companies like foreign countries," Ouyang Xiangyu said.

    When the threshold of entrepreneurship is raised, the supporting environment for entrepreneurship is gradually mature, and the requirements for investors are constantly improving. Ouyang Xiangyu believes that, in addition to providing enterprises with funds needed for operation, it is very important for investors to help enterprises find people. If we can find the key person to supplement in the key stage of enterprise development, it will be of great help to the enterprise. From the perspective of upstream and downstream industry chain synergy, it can help to find upstream suppliers, downstream channels and customers, and also can support the development of enterprises.

    At the same time, when the medical field has become a hot spot of investment, more and more investment institutions are participating in it. "There will always be competition, but it is impossible for any organization to invest in all projects, or to be in the most advantageous position in all project investments," Ouyang Xiangyu said.

    In his opinion, the most important thing for a mature entrepreneur is to choose the investor who knows him best. Therefore, it is very important to stick to the professionalism and concentration in the industry to bring help and mutual recognition to entrepreneurs. And valuation is only one of the factors to be considered in all competitions, not even the most important one.

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