BEIJING, July 28 (Xinhua) -- China's Ping An Insurance (Group) Company of China, Ltd. announced on Monday that it signed an agreement with Shionogi (Hong Kong) Company Ltd., a wholly owned subsidiary of Japan's Shionogi & Co., Ltd., to set up two joint ventures (JVs) in Shanghai and Hong Kong respectively.
According to Ping An, the establishment of new joint ventures is in line with the company's healthcare ecosystem strategy.
It is learned that Ping An is set to take up a 49 percent stake of the JV company in Shanghai, with an investment of 1.44 billion yuan, while Shionogi (Hong Kong) intends to invest 1.5 billion yuan, accounting for 51 percent of the whole stake.
Tutum Japan Healthcare Limited, an indirect subsidiary of Ping An, will invest 176 million HK dollars in the new JV registered in Hong Kong, accounting for 49 percent of the stake, while Shionogi (Hong Kong) owns the remaining 51 percent, with an investment of 184 million HK dollars.
Combining Shionogi's advantages in the development of new pharmaceuticals and Ping An’s strength in big data and artificial intelligence (AI) analytical technology, the joint ventures will set up R&D centers to effectively create innovative medicines and healthcare services and provide tailored solution for customers.
(Edited by Yang Yifan with Xinhua Silk Road, firstname.lastname@example.org)