In a move that seems to be defying the mass business halt caused by the coronavirus epidemic, Hillhouse Capital, one of Asia’s biggest investment institutions, announced Monday on its official WeChat account that the company would set up an RMB 10 billion (USD 1.34 billion) fund to support early-stage companies in China.
The fund, named GL Ventures, focuses on four sectors: biomedical and medical equipment, software services and primary technology innovation, consumer internet and technology, as well as emerging consumer brands and services, said its WeChat post.
Hillhouse has been betting on the medtech sector even before the coronavirus outbreak, which has turned the investment spotlight to China’s medical and biomedical industry. In the last quarter of 2019, the Beijing- and Hongkong-based investor shelled out for stakes in three listed medical & biomedical companies, including CBMG, Genmab, and Zai Lab.
With stakes in 16 unicorns, Hillhouse Capital ranks No.15 on Hurun World’s Best Unicorn Investors 2019.