In the fast-evolving world of biotechnology and pharmaceuticals, few stories are as inspiring as that of Liu Geming, a 72-year-old entrepreneur who has not only weathered industry shifts but thrived through relentless innovation. On July 11, Liu celebrated yet another milestone: the Hong Kong IPO of InnoCare Pharma, marking his third successful listing and solidifying his status as a rare figure in China’s healthcare sector to lead three publicly traded companies.
With a combined market capitalization exceeding **70 billion yuan ($9.8 billion)**, Liu’s empire now spans traditional pharmaceuticals, antibiotic intermediates, and cutting-edge oncology research. His latest venture, InnoCare Pharma, listed on the Hong Kong Stock Exchange at HK$60.6 per share, closing its first trading day up 3.14%, with a valuation nearing HK$13.5 billion—surpassing its pre-IPO B-round valuation of RMB 10 billion.
👉 Discover how seasoned entrepreneurs turn challenges into breakthroughs—just like Liu Geming did.
From State-Owned Enterprise to “Infusion King”
Born in Huangpi, Wuhan, Hubei Province, Liu Geming began his career in a state-owned pharmaceutical company before embracing the wave of market reforms in 1992. He joined Sichuan Qili Pharmaceutical as a manager, but entrepreneurial ambition soon took hold.
In 1996, at age 46, he founded Sichuan Kelun Pharmaceutical with just RMB 1 million in borrowed funds, leasing equipment and厂房 (factory space) to launch operations. Over the next decade, Liu focused on intravenous (IV) solutions, capitalizing on high domestic demand. By 1999, after a GMP-compliant expansion, Kelun had built the largest IV production base in China.
Fourteen years later, in 2010, Liu achieved his first major milestone: Kelun药业 (Kelun Pharmaceutical) went public on the Shenzhen Stock Exchange. The company earned him the nickname “Infusion King,” and today still holds a market cap above RMB 40 billion.
But success brought new challenges.
Navigating Crisis: The Decade of Stagnation
The turning point came in 2012 with China’s “Antibiotic Restriction Order” (限抗令), which drastically reduced hospital use of IV antibiotics. As a result, Kelun’s core business plateaued. Revenue continued to grow, but profits stagnated—a phenomenon analysts describe as “growing without gaining.”
Financial strain followed:
- Total liabilities surged from RMB 2.53 billion in 2011 to RMB 17.23 billion in 2022.
- The debt-to-asset ratio climbed from 24.21% in 2011 to over 56% by 2021, remaining above 50% through 2022.
Faced with declining margins and mounting debt, Liu realized transformation was no longer optional—it was essential.
Second Act: Winning the “Chuan’ning Battle”
Liu pivoted along the pharmaceutical supply chain, launching Chuan’ning Biotech—a move he later described as facing his greatest professional challenge: the “Chuan’ning War.”
Chuan’ning focused on antibiotic intermediates, targeting global markets. Despite early struggles, including environmental compliance issues and fluctuating raw material costs, the company gradually gained traction.
By 2022, Chuan’ning reported full-year revenue of RMB 3.821 billion, an 18.21% year-on-year increase. Its successful Shenzhen listing made Liu one of the few Chinese entrepreneurs to helm two A-share companies valued over RMB 10 billion each.
This dual-listing achievement set the stage for his next leap: innovation-driven oncology therapeutics.
Third Venture: InnoCare Pharma and the ADC Revolution
While Kelun dominated generics and Chuan’ning secured upstream supply chains, InnoCare Pharma represented Liu’s boldest bet yet—on antibody-drug conjugates (ADCs), one of the most promising frontiers in cancer treatment.
ADCs combine monoclonal antibodies with cytotoxic drugs, delivering targeted chemotherapy directly to tumor cells while sparing healthy tissue. The technology demands deep expertise in antibody engineering, linker chemistry, payload design, and clinical development.
For years underfunded and overlooked in China, ADC research gained momentum thanks to returning overseas scientists and rising government support. InnoCare emerged as a leader by refining its proprietary ADC platform—particularly in site-specific conjugation and stable linker technologies, leading to improved safety and efficacy profiles.
A pivotal moment arrived in December 2022, when InnoCare entered an exclusive licensing agreement with Merck & Co. (known as MSD outside the U.S. and Canada). Under the deal:
- InnoCare granted Merck global or ex-China rights to seven preclinical ADC candidates.
- Potential total payments reached $1.18 billion, setting a record for Chinese innovative drug out-licensing.
This partnership validated InnoCare’s science and unlocked critical capital for further R&D investment.
Pipeline Progress and Market Potential
InnoCare’s lead candidate, A166 (a HER2-targeting ADC), has shown promise in treating breast and gastric cancers. On May 11, the National Medical Products Administration (NMPA) accepted its new drug application, bringing it closer to commercialization.
Other pipeline assets target emerging oncology markers such as:
- Trop2
- Nectin-4
- Claudin18.2
These align with global trends seen in drugs like Enhertu (by Daiichi Sankyo/AstraZeneca) and Trodelvy (Gilead), indicating InnoCare is positioning itself at the forefront of next-generation targeted therapies.
FAQs: Understanding Liu Geming’s Biotech Legacy
Q: How many companies has Liu Geming taken public?
A: Three—Kelun Pharmaceutical (SZSE), Chuan’ning Biotech (SZSE), and InnoCare Pharma (HKEX).
Q: What is Liu Geming’s core business strategy across his three companies?
A: Vertical integration—from generic IV solutions (Kelun) to antibiotic intermediates (Chuan’ning) and finally innovative oncology drugs (InnoCare).
Q: Why is the Merck deal significant for InnoCare?
A: It’s the largest ADC out-licensing deal from China to date, providing validation, funding, and access to global markets.
Q: Is InnoCare profitable?
A: Not yet. Like most biotech innovators, it prioritizes R&D; revenues were RMB 32.3 million (2021) and RMB 624 million (first nine months of 2022), with R&D expenses exceeding RMB 1.4 billion during that period.
Q: What are the key risks for InnoCare’s future?
A: High R&D costs, intense competition in the ADC space (from both domestic and international players), and regulatory hurdles in bringing new drugs to market.
Q: How does Liu Geming stand out among Chinese entrepreneurs?
A: His ability to pivot across generations of pharmaceutical innovation—from generics to intermediates to cutting-edge biologics—at an age when most retire.
The Road Ahead: Innovation Over Imitation
At 72, Liu Geming could have rested on his laurels. Instead, he’s betting on science-intensive innovation at a time when China’s pharma industry is shifting from imitation to original discovery.
With three listed entities under his belt and over four decades of experience navigating regulatory changes, financial pressures, and technological disruptions, Liu embodies resilience and strategic foresight.
Now, with IPO proceeds fueling InnoCare’s pipeline and partnerships expanding its global reach, the focus shifts from survival to sustainable innovation.
👉 Explore how visionary leaders build lasting impact—beyond exits and valuations.
Core Keywords
- Antibody-drug conjugates (ADCs)
- Biotech entrepreneurship
- Pharmaceutical innovation
- IPO strategy
- Oncology drug development
- Merck licensing deal
- Chinese healthcare startups
- Vertical integration in pharma
Liu Geming’s journey reminds us that age is no barrier to ambition—and that true legacy lies not in wealth or titles, but in transforming industries for future generations.