Dacheng Advises Sunshine Insurance Group on Formation of First Insurer-supported Healthcare Industry Growth Fund
On January 23, 2015, China Insurance Regulatory Commission (“CIRC”) gave approval to Sunshine Insurance Group on the launching of Sunshine Ronghui Healthcare Industry Growth Fund, the first healthcare industry fund set up by an insurance company.
The fund is scheduled to raise a total of RMB5bln and the first phase raised RMB3bln. It would be managed by Sunshine Assets Management Co., Ltd., a subsidiary of Sunshine Insurance Group, in the form of equity investment. Organized as limited partnership, the fund would be tapped to purchase equity in growing businesses in the healthcare industry. In last April, CIRC approved Sunshine Insurance Group’s investment and holding status in Sunshine Union Hospital, the first large general hospital invested by an insurance company.
A Dacheng team led by senior partner Liu Xinde, who is also the chief legal counsel for Sunshine Insurance Group, advised Sunshine Insurance Group on investment in Sunshine Union Hospital and the formation of the healthcare industry fund. The team also included attorneys Ye Hongpo, Liu Yong, Hong Shaorong, Xu Jie, Lu Na, Li Qian and Li Wenjuan. The attorneys were responsible for conducting due diligence, drafting and reviewing legal documents and issuing attorneys’ opinion letter to CIRC.
The fund is scheduled to raise a total of RMB5bln and the first phase raised RMB3bln. It would be managed by Sunshine Assets Management Co., Ltd., a subsidiary of Sunshine Insurance Group, in the form of equity investment. Organized as limited partnership, the fund would be tapped to purchase equity in growing businesses in the healthcare industry. In last April, CIRC approved Sunshine Insurance Group’s investment and holding status in Sunshine Union Hospital, the first large general hospital invested by an insurance company.
A Dacheng team led by senior partner Liu Xinde, who is also the chief legal counsel for Sunshine Insurance Group, advised Sunshine Insurance Group on investment in Sunshine Union Hospital and the formation of the healthcare industry fund. The team also included attorneys Ye Hongpo, Liu Yong, Hong Shaorong, Xu Jie, Lu Na, Li Qian and Li Wenjuan. The attorneys were responsible for conducting due diligence, drafting and reviewing legal documents and issuing attorneys’ opinion letter to CIRC.