Fidelity Asia invests $15m in Chinese orthopedic hospital operator
Fidelity Growth Partners Asia has invested RMB90 million ($15 million) in Zhejiang Banger Medical Management, a Chinese orthopedic hospital operator.
Established in 2012, Zhejiang Banger operates five hospitals. As of the end of last year, the group had seen 200,000 patients and proceeded with 12,000 surgeries.
Zhejiang Banger wants to become a leading privately-owned orthopedic hospital chain in China. It plans to use the new funding to open new facilities and expand its business into rehabilitation. Through the partnership with Fidelity, Zhejiang hopes to bring in advanced overseas medical technology.
Rebecca Lin, a healthcare-focused partner at Fidelity, sees a huge potential in China's medical market, according to a statement. The firm was attracted by Zhejiang Banger's business model and its specialized orthopedic capabilities.
Fidelity Growth Partners, previously known as Fidelity Asia Ventures, is a venture capital and private equity arm of FIL. Its Chinese portfolios include Alibaba, Wuxi PharmaTech, AsiaInfo and iSoftStone.
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