China Digest: BSBE, National Pharmaceutical to buy MXB; Fosun backs Mingxun

BSBE has teamed up with National Pharmaceutical Investment to acquire MXB for $371 million. In a separate development, new material company Mingxun Hi-Tech Material Joint-Stock has raised ‘tens of millions of US dollars’ in a new funding round from Fosun, Addor Capital and Cowin Capital.

BSBE, National Pharmaceutical to buy MXB for $371m

SZ-listed in-vitro diagnostics (IVD) service provider Beijing Strong Biotechnologies Inc (BSBE) has tied up with state-owned China National Pharmaceutical Investment to pick up an aggregate of 95.55 per cent stake in MXB Biotechnologies for 2.6 billion yuan ($371 million), according to a company filing with Shenzhen Stock Exchange.

Both parties inked an agreement with MXB on June 12 to buy stake from ten majority shareholders including alternative investment fund manager CDH Investments,  Taikang Insurance Group, GL Capital Group, GL Instrument Investment L.P., and GZ Yingding Industrial Investment, among others.

BSBE will buy 65.55 per cent stake for 1.8 billion yuan ($254.56 million), while National Pharmaceutical Investment will take the remaining.

BSBE, which is backed by China Construction Bank, Huagai Capital and Ruifeng Capital, produces and distributes IVD products and services for disease diagnosis. Its top strategic partners include Abbott, Roche, Hitachi, Mindray and Weigo. BSBE got listed on GEM in Shenzhen in 2014.

China National Pharmaceutical Investment, on the other hand, is an investment vehicle of state-owned China National Pharmaceutical Group with 20 billion yuan ($2.8 billion) in assets under management.

BSBE claims the acquisition will help spruce up its IVD reagents and products, innovate its R&D capacities and consolidate market development.

Fosun backs Mingxun in a new round 

New material company Mingxun Hi-Tech Material Joint-Stock Co., Ltd has raised ‘tens of millions of US dollars’ in a new round of funding, according to a company statement.

Long Capital, Fosun International Limited, Addor Capital and Cowin Capital have participated in the funding round.

The corpus raised will help support Mingxun’s product innovations and business developments, Long Capital said in a statement.

Founded in 2006, Mingxun designs and manufactures optical polymeric films, waterproof products and electronic adhesive tapes, among others. Its products are widely used in the sectors across consumer electronics, clean energy and eco saving.

Previously, in January 2019, Mingxun raised funding in what was categorized as a strategic investment by Beijing Hongshi Capital.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.