Participated · Series D · Sep 2017

固生堂中医 operates a nationwide TCM clinic and primary-care chain with more than 30–31 outpatient clinics across 13 important cities and service coverage in 56 cities. The group employs roughly 1,500 TCM experts and reported about 3 million outpatient visits in 2016. Its core offering is standardized, chain‑operated TCM outpatient services combining on‑site clinics, IT systems, centralized herb procurement/quality control, and online consultation to bind patients to family‑doctor style care. Management has launched a “中医合伙人” (doctor‑partner) program that lets doctors take 30% equity in single stores, with guaranteed exit, pledgeable shares, dividend sharing, and suggested 8–10x return potential over eight years. Financially, the company has completed multiple financing rounds from domestic and foreign investors and reported total funding to date of over RMB1.7 billion. 固生堂 emphasizes integration with insurance and hospital networks, and positions itself as a mixed‑ownership, state‑backed chain to support China’s primary‑care and TCM reform goals.

Participated · Equity · May 2017

Yixin is an online automotive transaction platform led by founder and CEO Andy Zhang. The platform facilitates automotive transactions by connecting consumers with automakers, auto dealers, financing and insurance partners, and aftermarket service providers. Yixin is to receive an equity investment of up to RMB4 billion from a group of strategic investors, including Tencent, Bitauto, China Orient AMC International, and SF Express founder Wei Wang. Upon closing, Bitauto will hold over 48% of Yixin’s outstanding share capital. The transactions are expected to close by the end of May 2017, subject to customary closing conditions. Yixin Capital Limited will change its name to Yixin Group Limited following the transaction.