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Bao Zhiming and Han Wei

Fosun’s Hospital Unit Secures $41 Million Funding With IPO Promise

Fosun Pharma Shanghai

What’s new: Shanghai Fosun Pharmaceutical Co. Ltd. (600196.SH) said its hospital business unit has secured 300 million yuan ($41.4 million) in fresh funding from a government-backed investor, a step toward a plan to spin off the unit for a separate listing.

Shanghai Fosun Health Technology Group Co. Ltd., a unit of the Shanghai, Hong Kong-listed drugmaker, sold 2.86% of its equity stake to an investment company controlled by the Chancheng district government of Foshan city. The transaction valued the company at 10.2 billion yuan, Fosun Pharma said in a filing.

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