Leju Finance Deng Rufei Shulan Medical Management Co., Ltd. (hereinafter referred to as “Shulan Healthcare”) submitted a listing to the Hong Kong Stock Exchange in August. The co-sponsors are CICC and CITIC Securities.
Behind Shulan Medical's IPO, there is a beautiful love story.
In 1947, Li Lanjuan was born in Xialuqiao Village, Xialu Town, Shaoxing County, Zhejiang Province. After graduating from high school, she went home to become a “barefoot doctor.” Until 1970, Li Lanjuan, 23, was recommended for further studies at Zhejiang Medical University. Here, she met Zheng Shusen, who was also recommended as a “barefoot doctor” to further her studies.
Zheng Shusen was born in 1951 in Mohuan Township, Longyou County, Zhejiang Province. He aspired to be a doctor since childhood. The same experience and the same major suddenly brought the two closer together. Through contact and understanding, they fell in love with each other.
The union of the two can be described as being made in heaven. Their “love topic” is almost nothing other than medicine, but the academic discussion, which is boring in the eyes of others, is the most moving love story for them. In terms of career, the two encouraged each other, and the couple, known as “medical fanatics,” are competing in the medical community.
After graduating from Zhejiang Medical University, the two stayed at the university to teach. Subsequently, Zheng Shusen obtained a master's degree from Zhejiang Medical University and a doctorate degree from West China Medical University, and was elected an academician of the Chinese Academy of Engineering in 2001, while Li Lanjuan was elected an academician of the Chinese Academy of Engineering in 2005.
The husband and wife also have their own strengths in medicine. Li Lanjuan is mainly engaged in research on infectious diseases and infectious diseases, and undertakes research tasks on the diagnosis and treatment of infectious diseases such as SARS, hand, foot and mouth disease, and post-earthquake epidemic prevention. In particular, she has achieved many original results in research on the prevention and treatment of human infection with H7N9 avian influenza. Zheng Shusen is a well-known domestic hepatobiliary and pancreatic scientist and medical educator, a pioneer in organ transplantation and multi-organ combined transplantation in China, and an academic leader.
Having been doctors for decades, Li Lanjuan and Zheng Shusen have adhered to the purpose of being kind to healers. Not only that, they are also committed to cultivating outstanding medical talents and donating funds to establish the “Shusen Lanjuan Academician Talent Fund”, which is the predecessor of Shulan Medical.
In 2013, Shulan Medical was formally established. Li Lanjuan served as the company's chairman for a long time, and Zheng Shusen was the director. It wasn't until December 2020, after the company completed the shareholding system reform, that Li Lanjuan stepped down as chairman and withdrew from the board of directors. After that, Zheng Jie, son of the two, took over as chairman and general manager of the company.
However, Zheng Jie, 47, is not from medicine. He graduated from Zhejiang University majoring in computer science and engineering in June 1998 and obtained a master's degree in business administration from Tsinghua University in January 2010. He has demonstrated his professional advantages in digital health care, is good at using capital to operate hospitals, and has rich experience in entrepreneurship and investment.
The hospital, founded by two academicians, is growing very rapidly. In 2015, Shulan Medical's flagship hospital, Shulan (Hangzhou) Hospital, began operation. Over the next five years, Hangzhou Hospital developed into a third-class hospital, and became an international hospital certified by JCI in 2017.
In the past two years, Shulan Medical has expanded. Two of its other self-operated hospitals — Shulan (Anji) Hospital and Shulan (Quzhou) Hospital — have begun operations, and Shulan (Boao) Hospital is also under construction.
In addition, Shulan Medical also exports professional capabilities to provide partner hospitals with management services such as professional personnel training, medical technology improvement, and digitalization.
The medical background of academicians of the Chinese Academy of Engineering has undoubtedly enhanced the influence and market recognition of Shulan Medical, and has also attracted the attention of many investors. The company's portfolio of investors is quite luxurious.
Since its establishment, Shulan Medical's investors include Sequoia China, China Life Insurance Capital, Yuanhai Minghua, PricewaterhouseCoopers, Galaxy Yuanhui, Qisi Asset, Junci Investment, Haigao Holdings, Yida Capital, Ruili Investment, Yuanchuang Investment, Ruijian Capital, and Suzhou Qiyuan.
From 2014 to 2016, Shulan Medical received 50 million yuan in angel round financing, 150 million yuan in series A financing, and 215 million yuan in series B financing respectively. Subsequently, Series C financing of 280 million yuan and Series D financing of 200 million yuan were completed in 2020 and 2021, respectively. Shulan Medical raised a total of 895 million yuan, and the post-investment valuation rose from 250 million yuan in the Angel Round to 8 billion yuan in the D round.
It is worth mentioning that Shulan Medical's valuation after completing Series A financing in October 2016 was 600 million yuan. When it completed Series B financing in December of the same year, its valuation increased to 3.215 billion yuan, and the company's valuation increased by 435.83% in just two months.