Sequoia invests $139m in Chinese medical equipment maker
Sequoia Capital has acquired a 7% stake in Jiangsu Yuyue Medical Equipment & Supply, a Chinese medical equipment manufacturer, for RMB856 million ($139 million).
According to a regulatory filing, Jiangsu Yuyue's parent company, Yuyue Technology, has sold 37.21 million ordinary shares at RMB23 apiece to Sequoia Bright Investment, an entity domiciled in Shenzhen's Qianhai special economic zone. The price represents a discount of 20% on the previous close.
Yuyue Technology's interest in the compnay has fallen to 29.85% from 36.85%.
The investment is intended to improve Jiangsu Yuyue's management and operations, as well as to support overseas expansion and the exploration of new opportunities in internet healthcare, the company said.
Shenzhen-listed Jiangsu Yuyue produces a wide range of medical equipment devices, such as oxygen concentrators, blood pressure monitors and acupuncture needles. According to AVCJ Research, the company acquired industry peer Suzhou Medical Appliance Factory for RMB31 million in 2009. In April, the firm took a controlling stake in China Resources Wandong Medical Equipment for an undisclosed sum.
Sequoia Capital China has raised seven US dollar-denominated funds and three renminbi funds since it was launched in September 2005. It focuses on four sectors: technology, media and telecom, healthcare, consumer and new energy.
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