Changsha, Hunan province-based Chinese eye hospital operator Aier Eye Hospital Group has launched an M&A fund with Shenzhen Qianhai Orient Venture Financial Holding to bringing about consolidation in the ophthalmology industry, according to Chinese media reports.
Orient Venture is a Qianhai-domiciled investment arm owned by China Orient Asset Management. Qianhai is a special economic zone in Shenzhen.
Aier Eye Hospital and Orient Venture will respectively invest RMB20 million and RMB6.67 million in the joint venture. The remaining capital will be raised by Orient Venture.
The fund, Shenzhen Qianhai Orient Aier Medical Industry M&A Fund, is targeting a total of RMB200 million ($32 million) and aiming at acquiring emerging eye-care technology businesses.
Founded in 2003, Shenzhen-listed Aier Eye Hospital operates 50 hospitals in 24 Chinese cities.
Founded in 1999, China Orient Asset Management is a wholly state-owned financial institution approved by the State Council and the People’s Bank of China, with businesses ranging from purchase, manage and dispose of the non-performing loans (NPLs) from the financial institutions to investment banking business.