Nov 10, 2023

09 November, 2023 Bang-Er Orthopaedic, which invests in and operates a orthopaedic hospital chain, has snapped over 800 million yuan ($109.8 million) in a pre-IPO funding round led by state-affiliated Xiamen C&D Emerging Industry Equity Investment. The round roped in local investment firms including Lake Bleu Capital, October Capital, and GY Capital as participating investors, while two Hong Kong-listed insurers including Sunshine Insurance Group and China Pacific Insurance Company also joined the round via their subsidiaries, according to a company release on Thursday. The proceeds will help the hospital chain accelerate its digital transformation, expand its market presence in China, and ramp up hires, among others. Bang-Er Orthopaedic, which also goes by its legal name Zhejiang Boner Medical Investment Management, currently oversees 17 medical facilities, with 16 of those set up according to Grade II and III hospital standards. China’s hospitals can be classified into a three-tier system — Grade I hospitals are community health centres that offer medical care, prevention, and rehabilitation services, while Grade II hospitals are mostly regional or district-level medical facilities that provide comprehensive medical services. Grade III, or the tertiary hospitals, offers high-level and specialised medical services. With over 20 years of history, the Hangzhou-registered firm bagged 300 million yuan ($46 million) in a Series D funding round joined by Fortune Capital and Cenova Capital. It also counts Qiming Venture Partners, Eight Roads Ventures China, and GP Capital, among some of its backers.