Antony Leung's New Frontier backs Shenzhen medical group
New Frontier, a private equity firm co-founded by Antony Leung (pictured), formerly Hong Kong's financial secretary, has invested in Best Unimed Medical Group, a Shenzhen-based third-party physicians group.
As part of the agreement, New Frontier will invest at least RMB1 billion ($145 million) in Best Unimed and become a major shareholder. The medical group previously received angel funding from Green Pine Capital Partners and New Vision Ventures.
Best Unimed, which was established a year ago, is the first company in China to have obtained a license to offer medical services through a group of third-party physicians under its platform. It has signed contracts with more than 300 Chinese licensed doctors from 34 specialties who are allowed to practice at multiple medical institutions.
Physician groups have emerged in China as a result of changes in government policy that allow doctors to wokr at different medical institutions, whereas previously they were full-time employees of individual hospitals. However, most physician groups operate as management firms and are not permitted to accept patients or offer medical services under their own brands.
Best Unimed currently works with six hospitals in Shenzhen and Huizhou, each of which serves as a base for member doctors to provide services. Following the new investment, the company plans to build two world-class hospitals and a network of clinics in Guangdong province, with a view to attracting international doctors to practice in China.
The Shenzhen medical group has been in touch with the Hong Kong government on potential cooperation on the Elderly Healthcare Voucher Scheme. Launched in 2009, the scheme subsidizes medical services for elderly Hong Kong residents and it can be used to access services in mainland China.
With offices in Hong Kong and Shanghai, New Frontier invests in healthcare, internet, education and financial services businesses across Asia. It was co-founded by Leung and Carl Wu, both of whom worked at The Blackstone Group. Leung was Blackstone’s Greater China chairman before becoming chairman and CEO of Hong Kong conglomerate Nan Fung Group in 2013. Nan Fung is a substantial investor in New Frontier.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.