How China Resources, Phoenix and CITIC build the largest medical group

In May, China Resources Medical and CITIC Medical, which are the two central enterprises investing in the medical and health industry, all invested in Phoenix Medical, and entered the Hong Kong stock market. After the “three in one”, they became the largest hospital group in Asia.

The announcement shows that through the backdoor, China Resources Medical will inject 47 medical institutions with a transaction amount of HK$3.72 billion. China Resources Medical will hold no less than 35.7% of the shares, becoming the single largest shareholder of Phoenix Medical and changing its stock name to “China Resources Phoenix”. . CITIC Medical injected the assets of two tertiary hospitals and 700-bed hospitals with a transaction value of 1.24 billion yuan, accounting for 13.54% of the shares, becoming the second largest institutional shareholder of China Resources Phoenix.

After the "three in one", there is a medical leading group led by the national team in the field of medical treatment in China. It operates a total of 109 medical institutions and 3 old-age care institutions, including nine tertiary hospitals, 12 secondary hospitals, and 34 The first-level hospitals and 54 community medical institutions, the total number of open beds in the total number of medical institutions is about 12,480, covering the national medical map, and is the largest hospital group in Asia according to the number of operating beds. CLSA, BNP Paribas, Bank of Communications International, Galaxy International, Morgan Stanley and many other institutions published research reports, all given a "buy" rating, optimistic about the prospects.

This trader is widely regarded as a model for medical capital securitization in the industry. "China Resources Medical and CITIC Medical are involved in the reform of public hospitals. Public hospital investment is characterized as non-profit, that is, the capital side can not participate in dividends, investment income can only be used for hospital reconstruction, and investment returns cannot be realized. At present, securitization It is the best exit channel for investors.” Zhao Wei, chairman of Shanghai Kangcheng Hospital Management Consulting Co., Ltd., who has participated in many hospital investment mergers and acquisitions and post-investment management, told Caixin reporter that compared with A-shares, Hong Kong stocks are required to be listed. Loose, and mainly based on institutional capital, “Phoenix Medical is the only medical concept stock. It will increase the size of the plate and can quickly improve its valuation. It is a win-win situation for all three.”

After the formation of "Big Mac", how will the three parties play a business synergy? Phoenix Medical's supply chain integration capability has a good profit performance, while the background of China Resources Medical and CITIC Medical's state-owned assets will bring about the possibility of resource expansion. Can such a strong joint model bring deep industry integration and thus drive the society? The change in the overall capital management pattern?

A hospital investor close to Phoenix Medical told Caixin reporter that complementary resources will definitely bring cooperation opportunities, but the integration effect may not be great.

"The three big scorpions have their own interests, capital integration is easy, and industrial integration is difficult." He believes that Peking University Medical, Fosun Pharma and other players, as well as many pharmaceutical companies, insurance companies, real estate companies are in the bureau, there is no The true recognized model has its own style of play.

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