CITIC Capital Completes $150 Million Convertible Bonds Purchase from Universal Medical

(VCBeat) Mar. 26, 2021 -- Xinchen Capital, CITIC Capital's private equity investment department, announced that it has completed the purchase of $150 Million convertible bonds from Genertec Universal Medical Group Co., Ltd. ("Universal Medical"). The maturity of this convertible bond is 5 years from the date of issuance, with a coupon of 2%. The investment will be used for the business development, financial and consulting business operation, and daily operation of Universal Medical, which will further empower the future service capacity and strategy of the company and help build a leading medical and healthcare group.

Universal Medical is a subsidiary of China General Technology (Group) Holding Co., Ltd ("Genertec"), one of the backbone SOEs directly supervised by the central government. Universal Medical, controlled by SOE and focusing on medical and healthcare, was listed in July 2015 in Hong Kong.

Focusing on healthcare service provision and based on financial services and advantage of modern management concepts, professionals, quality medical resources, solid financial strength and inclusive corporate culture, Universal Medical strives to build a reliable healthcare conglomerate and develop a healthcare ecosystem that can be shared by all and benefit all.

At present, Universal Medical has more than 50 medical institutions with more than 15,000 beds. In 2020, Universal Medical was selected as a typical case of SOE mixed reform by the State-owned Assets Supervision and Administration Commission. In the future, the company will focus on the innovation and development of financial business, the construction of core competence, digitalization and the expansion of healthcare services to seek breakthroughs, promote the strategy of "Healthy China", and make contribution to the healthcare industry in China.

CITIC Capital has a long history of cooperation with Universal Medical. Since it became a strategic shareholder of Universal Medical in 2012, CITIC Capital has been deeply involved in every stage of business development and strategic transformation of Universal Medical. With this strategic investment, CITIC Capital will leverage its rich resources and investment experience in healthcare and digital finance to support Universal Medical to build a leading healthcare group.

CITIC Capital is a global alternative investment management and advisory company. The firm manages over US$36 billion of capital from a diverse group of international institutional investors. Core businesses include Private Equity, Real Estate, Structured Investment and Finance, Special Situations, and Asset Management. CITIC Capital currently employs over 280 staff members throughout its offices in Hong Kong, Shanghai, Beijing, Shenzhen, Tokyo and New York.

Xinchen Capital is a new brand launched by the private equity arm of CITIC Capital, focused on controlling acquisition opportunities globally. To date, Xinchen Capital has completed more than 80 investments in China, Japan, the United States and Europe, with an AUM of US $7.7 billion.