China Aier Eye Hospital invests in Qianhai M&A fund
Shenzhen-listed Aier Eye Hospital Group has launched an M&A fund with China Orient Asset Management with a view to bringing about consolidation in the ophthalmology industry.
According to a regulatory filing, the Shenzhen Qianhai Orient Aier Medical Industry M&A Fund is targeting a total of RMB200 million ($32 million). China Aier is serving as an anchor LP, committing RMB20 million. Shenzhen Qianhai Orient Venture Financial Holding, a Qianhai-domiciled investment arm owned by China Orient Asset Management, has invested RMB6.67 million.
The remaining capital will be raised from individuals and institutional investors by GP Shenzhen Qianhai Orient Venture.
The private equity fund aims to acquire emerging eye-care technology businesses.
Founded in 2003, China Aier operates 50 hospitals in 24 Chinese cities. In the first half of 2013, it posted RMB901 million in revenue, up from RMB742 million during the same period in 2012. Net profit rose 15% to RMB105 million during the period.
The company intends to open an extra 150 branches by 2020.
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