White & Case advises IFC and ADB on strategic equity investments in Fosun United Health Insurance
1 min read
Global law firm White & Case LLP has advised International Finance Corporation (IFC) and Asian Development Bank (ADB) on their strategic equity investments in Fosun United Health Insurance Company Limited (FUHI).
"The White & Case team advised on a deal with meaningful social impact, reinforcing our leading position in the market for social financing and impact-driven investments," said White & Case partner David Li, who led the Firm's deal team.
The transaction aims to expand commercial health insurance coverage and strengthen long term care services in the People's Republic of China (PRC). IFC and ADB each invested CNY270 million (approximately US$37.3 million), with Shanghai Fosun Pharmaceutical (Group) Co., Ltd. investing an equivalent amount. Proceeds of the equity investments will support FUHI – one of the PRC's seven specialized health insurance companies – in enhancing its solvency ratio and support its business expansion.
As part of its commitment to sustainable and inclusive development, FUHI will:
- Invest in green bonds, raising capital for projects with positive environmental and climate impacts.
- Upgrade its digital claims processing systems.
- Launch financial literacy programmes targeted at women.
- Implement workplace policies to promote gender equality and disability inclusion
- Develop innovative insurance products offering enhanced protections for children, women and the elderly, promoting social equity.
This transaction supports World Bank Group's 2024 ambition plan, which aims to extend health services to 1.5 billion people in 2030, and represents ADB's first ever direct equity investment in the insurance sector.
The White & Case team in Beijing which advised on the transaction was led by partner David Li and included associate Jeff Wang.
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