Shanghai Industrial Investment plans $7.3B biomedical fund

Shanghai Industrial Investment (Holdings) Co. Ltd. (Shanghai, China) plans to launch a $7.3 billion biomedical direct investment fund. It expects to begin raising the fund's first $1.5 billion tranche in January. President Jun Zhou announced the fund at the ninth State-owned Assets Summit in Shanghai on Dec. 27.

The Shanghai state-owned conglomerate focuses on five fields including medicine, financial investment, infrastructure, real estate, and consumer products. The company is the major shareholder in Shanghai Pharmaceuticals Holding Co. Ltd. (SSE:601607; HKSE:2607)...