42-year-old female PhD at the helm, Nolingen Biotech's IPO valuation at 1.65 billion

Rui Finance Yanming Hui On February 13, Nanjing Norling Biotechnology Co., Ltd. (hereinafter referred to as “Norling Bio”) submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with Jianyin International as the sole sponsor.

As a leading company in the global cardiopulmonary disease gas diagnosis and treatment field, Norling Bio focuses on the R&D and commercialization of the iNO therapy. To date, Norling Bio has built end-to-end technological capabilities covering nitric oxide generation, transmission, detection, storage, and clinical applications. Its five products have been commercialized and listed, and four products are under development as candidate products; all of them are independently developed products.

The product pipeline covers critical care, wards, outpatient services, and home disease management in the cardiopulmonary diagnosis and treatment field, including three product lines: iNO therapy, cardiopulmonary circulation support, and breath diagnostics. According to Frost & Sullivan, Norling Bio is one of the few companies globally that can achieve fully independent and controllable NO end-to-end technology, and it is also the only company globally that covers a comprehensive product line spanning both NO therapeutic and diagnostic applications.

Norling Bio’s revenue mainly comes from the sale of medical devices. In 2024 and January–September 2025 (collectively referred to as the “Reporting Period”), Norling Bio achieved operating revenue of RMB 45.55M and RMB 31.57M, respectively. Of this, revenue from medical device sales was RMB 41.06M and RMB 30.66M, accounting for 90.2% and 97.1%, respectively, contributing a substantial portion of total revenue.

From August 2021 to March 2025, Norling Bio completed five rounds of financing in total, raising RMB 418 million. Investors include Yangzhou Dingyi, Zhongshan Jintou, Yifeng Venture Capital, Xinqi Jishi, and others. The valuation increased 33 times over more than four years to RMB 1.65B, corresponding to a cost per share of RMB 196.07. During this period, Jingjie Technology actually controlled by Yang Minmin transferred 0.83% of its registered capital to Jiangbei TuanZhi at a price of RMB 5 million. As of the time of filing, Jingjie Technology also directly holds 5.89% of Norling Bio’s shares.

Currently, Mao Wen, Jing Ning Norling, Cao Guiping, and Lingxing Hainan together form Norling Bio’s single largest shareholder group, collectively holding and controlling 34.61% of the voting rights of Norling Bio. Among this, Mao Wen personally actually controls 29.26%, giving her absolute say in the company.

Mao Wen is the Chairman of Norling Bio’s Board of Directors and also the Chief Executive Officer. She jointly leads Norling Bio’s R&D work with Mr. Zhang Yuyan, Chief Technology Officer.

Mao Wen is 42 years old this year. She holds a bachelor’s degree in biology from Peking University and a Ph.D. in neuroscience from the University of Southern California. She previously served as R&D Director at Abbott in the United States and later worked at the World Economic Forum, where she was responsible for the precision medicine program.

Zhang Yuyan previously served for many years as the Director of System Design at General Electric Medical Systems (China) Co., Ltd. In November 2020, he joined Norling Bio, and also serves as an executive director, with Lingxing Hainan as a general partner.

In terms of compensation, in 2024 Zhang Yuyan’s annual salary was RMB 980k, higher than Mao Wen’s RMB 809k and the executive director Cao Guiping’s RMB 783k.

Among Norling Bio’s other shareholders, besides Eagle Alliance Capital holding 6.94% and Nanjing Nuoyikang holding 4.02%, both are independent third parties.