Alibaba Invests RMB 200 Mln in Medical Equipment Maker Wandong
Wandong Medical, 6/08/15
Beijing-based medical equipment developer China Resources Wandong Medical Equipment (6000055.SH) has announced a plan to raise RMB 880 mln in funding through a private offering of an additional 24.96 mln shares to 7 designated investors. RMB 455 mln of the funding will be used for three projects to mass produce high efficiency MRI and CT machines, construct an online platform for medical imaging, and to build a sales service system. The remaining funds will be used to pay off debts and supplement working capital.
Among the designated investors is Shanghai-based Yunfeng Xinchuang Equity Investment Partners ("Yunfeng Capital"), a private equity firm founded by Alibaba Group (NYSE: BABA) chairman Jack Ma and Target Media founder Yu Feng, which has bid on 5.67 mln shares for RMB 200 mln. After dilution, Yunfeng will hold a 2.35% stake in Wandong.
Yunfeng will share its knowledge and experience in the online medical field with Wandong to aid in strategic design, and further provide technical assistance with information management systems.
Keywords: M&A Jack Ma Target Media hardware funding Alibaba Group BABA Wandong Medical David Feng Yu online healthcare 600055.SH Yunfeng Capital
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