It should be an easy bet. As China’s population ages and becomes wealthier, money will surely flow into healthcare. Yet there are few obvious ways for investors to benefit. Hong Kong-listed Phoenix Healthcare Group, mainland China’s largest private hospital operator by beds, is one.
Yesterday Phoenix’s shares increased by a fifth after the company said that it would buy 50 medical institutions from state-owned enterprise China Resources Healthcare. The deal will double Phoenix’s bed count and almost triple its revenues (there have been no disclosure about the target’s profits).
Phoenix will pay $480m in new shares for the assets, making CRH the company’s largest shareholder with a stake of more than a third.
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