毕马威-中国资本布局澳大利亚医疗市场（英文版）-2018.01-28页-2mb

Summary of "Demystifying Chinese Investment in Australian Healthcare"

Core Content

This report provides an in-depth analysis of Chinese outbound direct investment (ODI) in Australia's healthcare sector from 2015 to 2017. It highlights the nature, distribution, and motivations behind such investments, offering a detailed overview of the trends and key players involved.

Main Findings

• Total Investment: Chinese investment in Australia's healthcare sector reached AUD 5.48 billion between 2015 and 2017.
• Annual Growth: The sector saw an annual investment of AUD 2.55 billion in 2015, AUD 1.35 billion in 2016, and AUD 1.58 billion in 2017.
• Sector Focus: Investment was primarily concentrated in healthcare products and healthcare services, with no major investments in pharmaceuticals, biotechnology, or aged care.
• Geographic Distribution:
  • New South Wales (NSW): 49% of total investment
  • Victoria (VIC): 45% of total investment
  • Queensland (QLD): 6% of total investment
• Ownership Type:
  • Private companies accounted for 80% of the investment value.
  • State-owned enterprises (SOEs) represented 20% of the investment.
• Investment Trends:
  • There was a strong focus on export-oriented businesses.
  • Repeat investments were common, especially in 2016 (71% of deals).
  • Joint ventures were a preferred model for large acquisitions.

Key Viewpoints

• Australian Healthcare Attractiveness: Australia is attractive to Chinese investors due to its high-quality healthcare services, cutting-edge technology, and strong regulatory environment.
• Export Potential: Australian healthcare brands are well-regarded in China for their quality, and Chinese investors are looking to capitalize on export opportunities.
• Healthcare Reform in China: The 'Healthy China 2030' plan and the 13th Five-Year Plan highlight the importance of healthcare reform, including digital health, big data, and specialized services.
• Strategic Synergy: Chinese investors are seeking assets that can align with their domestic operations and capitalize on the 'China story'.
• Digital and Technology Focus: The digitization of healthcare services and the use of big data and AI are highly valued by Chinese investors, especially for operational management and service delivery.

Key Information

• Major Investments:
  • 2015: Acquisition of Healthe Care by Luye Medical Group (AUD 938 million), and Swisse Wellness by Biostime (AUD 1.38 billion).
  • 2016: Acquisition of GenesisCare by China Resources (Holdings) Co Ltd & Macquarie Capital Group Pty Ltd (AUD 383 million), and Vitaco Holdings Limited by Shanghai Pharmaceuticals Holding Co Ltd & Primavera Capital Fund II L.P (AUD 314 million).
  • 2017: Acquisition of Ansell Ltd Sexual Health Business by Humanwell Healthcare and CITIC Capital (AUD 800 million), and PRP Diagnostic Imaging Pty Ltd by Hengkang Medical Group (AUD 337 million), and Icon Cancer Care by QIC, Goldman Sachs Private Equity Group & Pagoda Investment (AUD 333 million).
• Export-Oriented Strategy: Chinese investors are interested in Australian companies with export capabilities, especially in the health supplements and healthcare services sectors.
• Digital Health: The use of big data and AI is a major factor in investment decisions, as it allows for better operational management and service delivery.
• Management Expertise: Australian healthcare companies are valued for their management expertise, technical know-how, and regulatory compliance.
• Partnerships: Many investments are structured as joint ventures, which enable knowledge sharing and market expansion.
• Future Outlook: The report suggests that investment is likely to broaden across all sectors in the next 3 to 5 years due to increased demand and strategic alignment with China's healthcare reforms.

Conclusion

Chinese investment in Australia's healthcare sector is driven by a combination of export potential, technological and managerial expertise, and strategic alignment with China's healthcare reforms. The focus on healthcare products and services, with no major investments in pharmaceuticals or biotechnology, reflects a preference for established and export-capable businesses. The concentration in NSW, VIC, and QLD and the predominance of private companies highlight the geographic and ownership trends in this investment landscape. With digital health and specialized services being key attractions, and joint ventures as a common model, the future of Chinese investment in Australian healthcare appears promising and aligned with both Australian and Chinese strategic interests.