CCB Wins Approval for 5 Bln Yuan Health Care PE Fund
04-30 09:02 Caijing
Some of the fund's investment targets coincide with the direction of the new medical reform launched this month.
By staff reporters Li Weiao and Liu Jingjing
(Caijing.com.cn) A China Construction Bank unit has
won approval to set up a 5 billion yuan private equity health care fund, the
first of its kind, a company official said.
Xu Xiaolin, executive general
manager of CCB International Ltd, confirmed the approval at a medical investment
forum in Zhengzhou on April 24.
Chinese media reported earlier that the
CCB International Medical Care Equity Investment Fund obtained approval from the
National Development and Reform Commission, China’s economic planning agency, on
April 6.
On April 6, the government also announced details of its
healthcare reform program, with the central and local governments planning to
spend 850 billion yuan to achieve universal coverage by 2011.
This fund
will be co-managed by CCB International and Tongren Hospital, which also
produces medicine and medical equipment.
It is one of seven PE funds to
win approval in April, the first batch since the government suspended the
approval process in last August.
In the first phase, fund managers plan
to raise up to 5 billion yuan and invest in pharmaceutical companies, medical
equipment manufacturers, and institutions that provide health care and
rehabilitation.
Some of these targets coincide with the direction of the
medical reform, which emphasizes research, development, and patenting of
prescription drugs.
Full article in Chinese: http://www.caijing.com.cn/2009-04-28/110155124.html
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