China stem cell storage firm launches $813m M&A fund
Zhongyuan Union Stem Cell Bio-engineering, a Chinese stem cell storage service operator, has partnered with China Yinhong Capital to launch an industry M&A fund with a target of RMB5 billion ($813 million).
According to a regulatory filing, Zhongyuan Union and Yinhong Capital will set up an entity - Zhongyuan Investment - with registered capital of RMB30 million to focus on M&A activities.
Zhongyuan Investment plans to invest up to RMB1 billion to set up several M&A funds, with a view to boosting its presence within the industry's supply chain. The capital will be raised by Zhongyuan Investment or other subsidiaries of the group, with a total target of RMB5 billion.
The fund is seeking investments through buyout, controlling and minority stakes strategies in onshore and overseas companies. It hopes to bring additional value to the group's existing business.
The fund will invest in high-growth enterprises specializing in developing stem-cell therapies for diseases, blood banking operators, and medical technology firms developing DNA diagnostics devices.
Last year, the Shanghai-listed Zhongyuan formed a joint venture with UK-based Cell Therapy to develop stem cell therapies in order to combat life-threatening ailments such as heart disease and diabetes. The two parties agreed to develop operational centers near Shanghai and Beijing.
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