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Hillhouse to pick stake in Shanghai-listed drug maker Joincare for $310m

By Dealstreet Asia / Jul 15, 2020 11:54 AM / Finance

Photo: VCG

Photo: VCG

Shanghai-listed Chinese drug maker Joincare Pharmaceutical Group Industry has entered into an agreement to raise up to 2.17 billion yuan ($310 million) from Asia-focused Hillhouse Capital Management through a private placement.

Shenzhen-based Joincare will issue no more than 169.35 million shares, or an 8 per cent stake in the company, at a price of 12.83 yuan ($1.83) apiece, it said in a filing with the Shanghai Stock Exchange (SSE) on Monday.

Hillhouse intends to settle the payment through the Hillhouse China Value Fund. The company’s stock price stood at 20.21 yuan ($2.89) as the closing price on Tuesday, the highest since June 2015. The number marks a 21.16 per cent increase compared to the closing price of 16.68 yuan ($2.38) on July 10, the last trading day before the agreement.

Joincare was established in 1992 as a provider of Taitai Oral Liquid, a liquid healthcare product based on traditional Chinese medicine for women.

The company entered into the pharmaceutical field in 1995 and acquired domestic drug maker Shenzhen Haibin Pharmaceutical two years later. In an attempt to further lift its capacity, it bought out Hong Kong-listed Livzon Pharm, engaged in R&D, production and sales of pharmaceutical products, in 2002.

Joincare’s business now spans across a wide range of areas, such as chemical materials and intermediates, chemical agents, health products, traditional Chinese medicines, diagnostic reagents and equipment, among others.

It raised 1.7 billion yuan ($243 million) in an initial public offering (IPO) in Shanghai in 2001.

Founded in 2005, Hillhouse has so far invested in 160 healthcare and medical treatment-related companies worldwide, including 100 domestic players and 60 companies outside of China. In the innovative medicine field alone, it has backed a total of 52 companies, according to investor details cited in the filing.

Related: Private Equity Giant Hillhouse Sets Up 10 Billion Yuan Venture Fund

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