Hong Kong Asia Medical receives $150m from General Atlantic
Hong Kong Asia Medical, a privately-owned Chinese cardiology hospital operator, has received a $150 million investment from General Atlantic amid escalating interest from global investors toward China’s biotech and healthcare industry.
Prior to this round of financing, the health care services provider raised several hundred million RMB from Sequoia China in 2017. Further financial details of that round have not been revealed.
Founded in 1999 in Wuhan, Asia Medical currently operates two heart hospitals in Wuhan and Xinjiang, and co-manages four additional heart centers. The company opened a co-managed heart center in Hong Kong and completed an acquisition of a Japanese heart center this year. Its second hospital in Wuhan, Wuhan Asia General Hospital, will commence operation in November 2018.
As cardiovascular disease is the most prevalent chronic non-infectious disease in China and the leading cause of death according to China’s National Center for Cardiovascular Diseases, private cardiology hospital operators like Asia Medical are hoping to carve out market share from public hospitals, which still dominate the space. In a bid to expand in the sector, the operator plans to further develop its hospital management systems and advance its medical technologies, including transcatheter aortic valve replacement. The company will also expand internationally, partly through acquisitions.
“With the increasing demand for high-end healthcare services in China, we are optimistic that medical groups with outstanding management will grow rapidly to meet the needs for consumption, technology, and service upgrade,” said Lefei Sun, principal and head of healthcare for China at General Atlantic. “General Atlantic plans to continue to partner with visionary companies in the healthcare value chain in China and support them to grow into the leading companies in the industry.”
Established in 1980, General Atlantic has been investing in China since 1999. It has backed over 300 growth stage companies over the past three decades and focuses on investments across the consumer, financial services, healthcare, and technology sectors. The firm has $28 billion in assets under management.
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