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Fund by alumnus for healthcare startups

A group of 24 entrepreneurs set up a healthcare industry alliance in Shanghai and launched a 1-billion-yuan (US$147 million) fund to finance high-growth companies in the industry.

The initiators include Chen Dongsheng, chairman of Taikang Group, Mao Zhenhua, founder of China Chengxin International Credit Rating Co and Lei Jun, founder and CEO of Xiaomi Inc, who are all alumnus of Wuhan University.

The alliance will enhance communication among Wuhan University alumnus and support development of start-up and small companies nationwide in the healthcare and pharmaceutical industries.

The alliance in a statement said preparation has been started to set up a 1 billion yuan fund aiming to develop a number of public-listed healthcare companies within five years.

The fund has won financial support from the Shanghai government and several initiators of the alliance, said Lawrence Tian, director of the alliance and founding partner of Yuanming Capital.

The fund will initially prioritize companies of Wuhan University alumnus and will roll out to cover other high-growth companies in the industry, Tian said.


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