In 2015, PreferUS Healthcare and Zhejiang BangEr Orthopedic Hospital Group executed a Definitive Agreement that provides PreferUS key access into BangEr’s new 400-bed orthopedic hospital in Jiaxing City, located in the Zhejiang Province.
BangEr has 13 hospitals in surrounding provinces that will act as a “feeder system,” for high-end patients and complicated surgical procedures into the Jiaxing regional hub hospital.
In the new Jiaxing hospital, PreferUS built a 25-bed VIP International Center and brings an in-depth training forum, western management expertise, protocols and U.S. surgeons. The BangEr VIP Center also features prominent Chinese surgeons from China’s key cities. The premise behind the development of this center is to create a “flagship hospital” for BangEr and PreferUS serves as their dominant foreign partner in Jiaxing. The center introduces international standard clinical protocols and advanced hospital management to ensure the highest quality of care.
BangEr and Fidelity Growth Partners Asia have formed a partnership that focuses on developing BangEr’s future strategic plan. PreferUS believes this statement of trust and commitment is very important to both partners and expects to grow with BangEr as they build a presence in the China healthcare market. The VIP center opened in March 2016 to a strong market response which validated a key PreferUS premise that Chinese patients value western medical services.
Located just outside of Shanghai, Zhejiang BangEr Orthopedic Hospital Group, currently has 11 hospitals with a total of 2,500 beds, while performing over 20,000 surgeries annually, BangEr is positioned as a leader in the Chinese orthopedic healthcare market. It is the goal of BangEr to initially become a regional power and ultimately a national player in the orthopedic hospital sector.
By the end of 2016, Banger will have 14 hospitals as part of their healthcare group. BangEr demonstrates well-defined competitive strengths and represents a unique partnering opportunity among private orthopedic hospitals in China. Fidelity Growth Partners Asia has been significantly invested in Greater China for over 18 years, Fidelity Growth Partners Asia (“FGPA”), previously known as “Fidelity Asia Ventures”, is one of the earliest venture capital funds active in this region. Fidelity has investment teams in Beijing, Shanghai and Hong Kong and has established a firm presence in Greater China.
Fidelity has successfully invested in and provided years of strategic and tactical guidance to and exited from numerous portfolio companies including; Alibaba, WuXi PharmaTech, and AsiaInfo where they were, in each case, the earliest venture investors.