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Medical Investment of the Year with Hardships / 2017 Performance Review of Tian Yuan Medical Team

2017-12-22

In 2017, the new medical reform still went forward in praise and criticism. The laws, regulations, policies and market practices in respect of all fields and all aspects, such as the detailed rules for the management of medical institutions, medical practitioner registration specifications, public hospital drug zero markup, two-vote system, drug consumables procurement mechanism, medical insurance payment system and so on, experienced quick or slow changes, but the investment enthusiasm of social capital on medical related industries kept unchanged. The government-run public hospitals and the private hospitals in good conditions were still the hot investment subjects in the market competed. Meanwhile, with the issuance of the State Council's Notice on Printing and Issuing 'the Work Plan to Spin-off of the Social Functions of State-owned Enterprises and Solve the Problems Left over from History' (GF [2016] No. 19) and the Guiding Opinion on Deepening the Reform of the Educational and Medical Institutions Run by State-Owned Enterprises (GZFGG [2017] No. 34) jointly issued by SASAC, Ministry of Finance and other ministries, the restructuring of corporate hospitals entered the countdown and became the new favorite of medical investment in 2017.

Tian Yuan is one of the first law firms in China to carry out medical-related business. It has rich experience in legal services and good industry reputation in respect of the investment, M&A, reform, restructuring and listing, antitrust, etc. of medical and related industries.

1. Review of Performance in Medical Investment, M&A, Reform and Restructuring

The medical team of Tian Yuan has provided full-process legal services for more than 100 projects involving the establishment, investment, M&A, reform and restructuring of medical institutions of many clients. These projects covered most of the provinces of China and the types of these projects were as follows: reform, restructuring, public-private partnership, etc. of government-run public hospitals and enterprise hospitals; establishment, acquisition of controlling shares, participation and investment of private hospitals, reform and restructuring of non-profit hospitals into profit hospitals, reform and restructuring of non-corporate profit hospitals into corporate hospitals; PPP; franchising; private hospitals supported by government; private hospitals established by government; community hospitals; combination of medical treatment and care; etc.. Tian Yuan is especially good at such complicated business types as the deep legal investigation of medical institutions, acquisition of the controlling interest of private hospitals, reforming and restructuring of public hospitals, transformation of profit-making nature of medical institutions, innovative transaction mode, etc..

The review of the performance of some businesses of the medical team of Tian Yuan in medical investment, M&A, reform and restructuring of medical institutions in 2017 was as follows:

  • On behalf of Horizon Healthcare Investment, a medical platform under Far East Horizon Co., Ltd listed in Hong Kong, Tian Yuan provided legal services for multiple hospital acquisition projects of Shanghai Horizon Healthcare Investment Holdings Co., Ltd in Yunnan, Zhejiang, Henan, Qinghai, Hubei, Heilongjiang, Sichuan, Guangdong, etc.. From 2013 to 2017, the medical team of Tian Yuan always accompanied Far East Horizon in strategic layout. At present, Far East Horizon has acquired 31 hospitals and opened more than 12,000 beds, forming a national hospital operation network covering the main geographical regions of China, with the operation scale of the profit-making beds ranking the first in China;

  • On behalf of PKU Healthcare Group, CITIC PE and many other local industry investors, Tian Yuan participated in the large and middle-sized corporate hospital reform and restructuring projects in Shandong, Anhui, Heilongjiang, Beijing, Henan, etc.. It has accumulated rich experience and unique understanding in the path exploration and innovation of corporate hospital reform and restructuring, the analysis and settlement of the relevant special hard legal problems, etc.;

  • Tian Yuan provided legal services for multiple medical investment projects of Capital Medical Health Industry Group Limited, including the Project of Establishing Capital Healthcare Orthopaedics Hospital and the Franchised Operation Cooperation with Public Hospital, the Project of Establishing Haidian Women and Children's Hospital and the Cooperation with Public Hospital, the Project of Establishing Sichuan Ophthalmologic Hospital and the Cooperation of the Medical Consortium of Public Hospitals and the acquisition of pharmaceutical enterprises;

  • Tian Yuan provided legal services for multiple well-known healthcare investors such as Tsinghua Tongfang Co., Ltd., Shiji Aiwan Investment Co., Ltd., Yuecheng Group Co., Ltd., Shanghai Joyhealthcare Corp.,Ltd, etc., in respect of the establishment, investment and M&A of private hospitals in multiple regions as well as community hospitals, combination of medical treatment and healthcare, hospitals established by government and run by civilian, etc.;

  • Tian Yuan provided legal services for such well-known institutions as Taikang Asset, Cinda Capital, Huarong Real Estate, etc. in their projects such as investment, M&A, industry fund, etc. in respect of medical and relevant industries;

  •  Tian Yuan provided legal services for the investment of Qiming Venture Partners in Xi'an Qiangsen Medical Group, Shanghai Tenry Pharmaceutical Co. Ltd and Zhejiang Bang Er Medical Management & Investment Co., Ltd.;

  • Tian Yuan provided legal services for the investment of OrbiMed in Sichuan Biokin Pharmaceutical Co., Ltd, Sichuan Credit Pharmaceutical Co., Ltd and Huanhui Medical;

  •  Tian Yuan provided legal services for the restructuring, investment, M&A, etc. of multiple hospitals, ChaoJu Hospital, Unisplendour Pharmaceutical, Yousun Pharmaceutical and other medical institutions/enterprises under Capital Healthcare Group.

2. Review of Performance in Medical Capital Market

  • Tian Yuan provided special legal services for the A-share IPO project of Wenzhou Kangning Hospital Co., Ltd., an H-share listed company, and provides continuous compliance advisory services for it as well;

  • Tian Yuan provided perennial legal services for the A-share listed company, Meinian Onehealth Healthcare Holdings Co., Ltd., and has provided legal services for several businesses of this company such as M&A, bond issuance and so on;

  •  Tian Yuan provided legal services for the reorganization and listing of many companies in the medical field which are proposed to be listed; and

  • Tian Yuan provided perennial legal services for Suzhou MedicalSystem Technology Co., Ltd., an A-share listed company.

3. Review of Performance in Medical Antitrust

In 2017, the fields of medicine and the medical devices remained the focus of China's antitrust law enforcement agencies. The services provided by Tian Yuan for the clients in the relevant industries included investigation & response, antitrust compliance audit, compliance training, distribution channel combing, special analysis of specific business issues or business models, and issuance of legal opinions. The clients in the medical industry served by Tian Yuan in the antitrust field included Siemens, AstraZeneca, Danone, Servier, Fresenius and Wyeth.

With the experience of many years, Tian Yuan has had medical business teams jointly established by several experienced cross-sector partner lawyers, including the investment and M&A team led by such partners as Zhu Xiaohui, Xiao Aihua, Song Juanjuan, Li Haijiang, etc., the securities business team led by such partners as Xu Ping, Fu Siqi, Li Yixing, etc., and the antitrust business team led by such partners as Huang Wei, etc.. Its business covers all segments of medical and related industries and it can provide clients with all-round, advanced, high-quality and efficient professional legal services.


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