Tencent to pick up a 19.5% stake in Chinese medical device maker Xunjie for $41m

Tencent to pick up a 19.5% stake in Chinese medical device maker Xunjie for $41m

Photo: REUTERS/Jason Lee/File Photo

A subsidiary of Tencent Holdings is planning to invest almost 291 million yuan ($41.5 million) in Jiangsu Xunjie Medical Technology, an emergency medical aid firm, in the latest deal made by the Chinese tech giant despite its recent exits from a range of portfolio companies.

Xunjie, currently a wholly owned affiliate of China’s publicly listed medical device manufacturer Yuyue Medical, agreed to sell a 19.5% stake to Tencent for close to 291 million yuan at a pre-money valuation of 1.2 billion yuan ($171.1 million), the parent firm disclosed in a filing with the Shenzhen stock exchange on Monday evening.

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