Weigao Group Advances Global Expansion with $10.2 Billion Strategic Investments and International Filing
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At the beginning of the New Year, the WEGO (Shanghai) International Research Institute project located in Huacao Town is under intense construction.
It is reported that this project is WEGO GroupFrom Weihai to Shanghai, from China to the InternationalAn important strategic base, which will becomeWEGO Yangtze River Delta (Shanghai) Management Headquarters, WEGO Capital Group, WEGO Materials Group, WEGO Overseas Division, as well as the R&D centers such as WEGO Orthopedics Group, WEGO Blood Purification Group, and WEGO Research Institute.
WEGO Group Chairman Chen Lin once revealed the WEGO (Shanghai) International Research Institute projectThe total investment is expected to be 2.3 billion yuan.The establishment of WEGO's Shanghai headquarters aims to leverage Shanghai's strategic advantages to quickly capture both the domestic and international markets, seize the high ground in technology, capital, and talent, and create conditions for the Group's next 30 years of development.
Since its commencement in 2021, the construction progress of WEGO (Shanghai) International Research Institute has drawn significant attention.Expected to be delivered for use by mid-2024.
In addition, regarding the international-oriented layout, on November 25, 2022, the Qingdao High-tech Zone Management Committee signed multiple cooperation agreements with WEGO Group.WEGO International Medical Device Industrial Park with a total investment of 5 billion yuanOfficially settled in Qingdao High-tech Zone. Qingdao High-tech Zone will accelerate the cultivation of a biopharmaceutical and medical device industrial cluster characterized by health care.Spare no effort to create "China Kangwan" with international influence and domestic competitiveness.
WEGO's International Layout
WEGO (Shanghai) International Research Institute Project, located at No. 499 Fangting Road, Minhang District, Shanghai, covers an area of approximately 61 mu and is expected to have 120,000 square meters of completed property.
In March 2021, at the groundbreaking ceremony of WEGO International Research Institute, Zhang Huawei, Chairman of the Board of Directors of WEGO Holdings, stated that the industrial layout planning of this project could be summarized as"One headquarters, one platform, four R&D centers, four operation centers, and one shared innovation center."In other words, under the unified deployment of the group, WEGO International Research Institute, WEGO Shanghai Financial Headquarters, WEGO Medical Commercial Center, WEGO International Operations Center, and their supporting facilities will be built in Shanghai. This also aligns with the group's strategy to move beyond Weihai, expand across China, and step onto the international stage.
According to the industrial layout plan, WEGO's business map in Shanghai will undertake strategic implementation related to high-end product R&D, advanced technology development, domestic and international market planning, investment and financing business expansion, and international business alignment. This will promote the R&D of domestically produced medical device products and import substitution, accelerating the establishment of China’s pharmaceuticals industry.
Zhao Wentao, the Office Director of Shanghai WEGO Shengji Medical Technology Co., Ltd., said: "The company chose Hongqiao for its location because of its excellent geographical position. With Hongqiao Airport and Hongqiao High-Speed Railway Station nearby, it's convenient to travel anywhere. It is also relatively close to the Weihai headquarters, making it easier to receive support from the head office. Moreover, this is the place closest to the world."WEGO needs a foothold to establish closer ties with overseas markets.”
Zhao Wentao further introduced: "The Research Institute is just the first step. After its completion, the four R&D centers will respectively targetCardiac Intervention, Orthopedics, Medical Robotics, and Blood Purification"Conduct professional research. Correspondingly, the four operation centers mainly support the work of the research and development center. On the platform provided by WEGO, we also welcome advanced scientific research teams to join us. We are highly looking forward to the industrial base playing a role in generating an industrial cluster effect after its completion, thereby forming a良性的、专业的生物医药商业生态圈 (benign and professional biomedical business ecosystem) here."
Currently, well-known pharmaceutical companies such as Yunnan Baiyao and Innovent Biologics have also settled in the Hongqiao area. WEGO International Research Institute has been established here.Become "neighbors" with competitors, upstream suppliers, and downstream customers.
On November 25, 2022, the Qingdao High-tech Zone Management Committee and WEGO Group signed multiple cooperation agreements.WEGO International Medical Device Industrial Park with a total investment of 5 billion yuan has officially settled in Qingdao High-tech Zone.This signing includesWEGO International Medical and Health Industry Headquarters in Qingdao, Digital Low-Carbon China Headquarters, Medical and Health Industry Fund, and other projects, marking the achievement of an in-depth cooperation between WEGO Group and Qingdao High-tech Zone.
WEGO International Medical and Health Industry Headquarters in Qingdao
Among them, Phase I of the Qingdao WEGO International Medical and Health Industry Headquarters project covers an area of approximately 91 mu and mainly introduces projects invested in by industrial funds. These include the already invested Sino-Korean joint venture Reborn (Qingdao) Biotechnology Co., Ltd. project, Anhui Tongling Bionic Technology Co., Ltd. project, and other projects invested in by industrial funds.
Digital Low-Carbon China Headquarters
Digital Low-Carbon China Headquarters Project: In response to the national "Dual Carbon" strategy, the project relies on WEGO Group to build a Digital Low-Carbon China Headquarters that focuses on energy management and integrates R&D, production, operations, maintenance, and big data management.China's first digital low-carbon demonstration zone on the energy consumption side, establish a smart energy operation and maintenance center, set up a low-carbon technology research and development center, and build a digital low-carbon product innovation lab.
Qingdao University and WEGO Group Cooperation Project
Qingdao University and WEGO Group Cooperation Project. After the project is established in the High-tech Zone, it will rely on the outstanding advantages of Qingdao High-tech Zone in the development of medical and pharmaceutical industries, policy support, and business environment. It will also utilize the high-quality resources of Qingdao University in scientific research, talent cultivation, and discipline construction, as well as the unique strengths of WEGO Group in achievement transformation, application promotion, and market expansion, to jointly establish the Qingdao University WEGO Research Institute. The focus will be on carrying out technology research and development, achievement transformation, and commercial application in pharmaceuticals, medical devices, and rehabilitation medicine industries. A "production, education, research, and application" integrated industrial system will be built to lead and promote the high-quality development of the biomedical and medical device industry in Qingdao.
Healthcare Industry Fund
Healthcare Industry Fund Project, leveraging the advantages of WEGO Group in medical devices, biopharmaceuticals, and rehabilitation medicine, is a collaboration involving Qingdao Guiding Fund, High-Tech Zone Guiding Fund and Industrial Fund, WEGO Capital, and Pine Capital.Establish a 2 billion yuan medical health industry fund, introducing high-quality projects into the international medical industry park through industrial funds to achieve business attraction and capital-based investment promotion.
Deepen Overseas Expansion
In June 2023, at the "2023 (3rd) International Conference on Medical Device Supply Chain," Chen Min, Vice President of Weigao Group Co., Ltd., was interviewed and facedWhat is the current state of WEGO's business development in the Chinese and international markets? What are WEGO's future market layout and strategic plans?In response to the question, Chen Min replied:
"Recently, WEGO Group has just formulated a new medium and long-term strategy,The main content is to increase R&D efforts and deepen overseas expansion.”
"Innovation is the lifeblood of an enterprise, and the primary productive force comes from technological innovation."Due to the relatively complex supply chain of medical devices, WEGO relies more on international enterprises to drive related products and services in the Chinese market."The three-year pandemic has brought many changes to the medical device market. In the post-pandemic era, with叠加地缘政治等因素干扰的情况下, the supply chain in China's medical device sector is facing numerous challenges. Coupled with the dual demand for high quality and low prices of domestically produced medical devices, only by continuously innovating in product development and ensuring a stable supply chain can companies maintain high-quality growth."
She also stated: "To build an open dual-circulation pattern in China and internationally, going global is an inevitable path for medical device companies. First, we need to understand and gain insights into overseas markets, identify the right track, and make meticulous plans. Second, we must solidly strengthen our own capabilities, lay a good foundation, and ensure standardization."WEGO has made profound considerations for its overseas layout and will go global through a combined model of external cooperation, mergers and acquisitions, and the establishment of joint ventures.”
Under the guidance of this new strategy, what kind of international layout will WEGO have in the future? Medical Device News will continue to follow.
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