Abstract

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China's national investment trends in healthcare saw a shift from traditional targets, such as medical examination centres and dental clinics to core business areas including hospitals, rehabilitation centres, and clinics from 2012 to 2015, according to PwC's latest data on M&A activity in the healthcare industry. The disclosed number of deals in hospitals increased steadily over the period, with domestic M&A deals identified as the most active category. In total, there were 122 domestic deals in hospitals, representing 54.5% of the overall amount while the total value reached CNY13.79 billion.

From 2012 to 2015, domestic M&A activities in hospitals were concentrated in regions where healthcare reforms were initiated, including Beijing, Jiangsu, Zhejiang, and Guangdong. Deals in these four locations accounted for over 50% of the total number and approximately 70% of the combined value. Data also showed that the increase in investments in general hospitals by both size and volume outpaced the growth of specialised hospitals in 2014. The upward trend was maintained in 2015. Over the year, a total of 27 deals involving general hospitals were recorded, with a value of CNY3.98 billion. In contrast, the disclosed value for specialised hospitals fell sharply in 2015 compared to 2014.​