Chinese private medical firm Guangdong Jianxiang Hospital Group announced on Saturday that it has raised RMB110 million (US$15.99 million) in a new round of financing from the country’s healthcare-focused private equity firm Growing Capital.
Founded in 2005 in southern China’s Foshan city, Jianxiang is a chain medical services provider operating general hospitals, specialized hospitals, rehabilitation centers, and nursing homes to deliver healthcare services, nursing services, and home-based care services, among others.
The firm has recorded over 1,000 hospital beds across eight medical institutions with nearly RMB150 million (US$21.82 million) in annual revenue in 2018.
The service for the aged is a promising market in China because the public medical system can hardly meet the burgeoning market demand, said Growing Capital managing partner Deng Jihua in an interview with Chinese online publication VCBeat. Jianxiang’s successful exploration in combining medical services with nursing services is a valuable reference that is likely to become one of the most successful models in the country’s elderly care service industry, said Deng.
Founded in 2016, Guangzhou-based Growing Capital mainly invests in the medical service field with a focus on emerging segments of great development potentials, such as private medical care, primary medical care, specialized medical care, and companies powered by the medical internet of things (mIoT).