Hony Capital-backed Hospital Corp of China and Oriental Tally in M&A

City centre at night. Beijing, China. Photo: Dominik Vanyi/Unsplash

In an acquisition between two firms controlled by Chinese private equity firm Hony Capital, Hong Kong-listed Hospital Corporation of China Ltd (HCC) has entered into a share purchase agreement to buy Oriental Tally Holdings Ltd for RMB630 million ($98.3 million) via convertible bonds, as per its stock market filing.

Upon completion of the transaction, Oriental Tally will become a wholly-owned subsidiary of HCC. The latter is an investment holding company and owns two hospitals – Shanghai Fuhua Hospital and Shanghai Yangsi Hospital in China.

HCC is 70.19 per cent owned by Vanguard Glory, a subsidiary of Hony Fund V by Chinese private equity firm Hony Capital. The firm is backed by Legend Holdings. Meanwhile, Oriental Tally is managed by Hony Capital Fund VIII GP (Cayman) Limited. Both Hony Capital Fund V GP Limited and Hony Capital Fund VIII GP (Cayman) Limited are investment management companies of Hony Capital, as per the filing.

Oriental Tally currently owns 75 per cent in Guangsha Medical, which is one of the founders of Jinhua Hospital, Dongyang Hospital and Yongkang Hospital, and manages Jinhua Hospital.

Founded in 2003, Hony Capital focuses on buyouts and currently has $10 billion under its management. It has made over 100 investments in companies of various sectors including pharma and healthcare, media and entertainment, consumer products, food and beverage, as well as machinery and equipment manufacturing.

HCC was established in 2014 as Hony Capital’s investment and operation management platform.

Also read:

Hony Capital unit gets China mutual fund licence

Hony Capital-backed Hospital Corporation of China to raise $64m in HK IPO

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.