Ruipeng Pet Healthcare Group Co., Ltd. was delisted on the New OTC Market (August 15).


One of the most important things in the pet medical industry recently is the?2018 China Pet Medical Talent Summithosted by Ruipeng and published by its own media CHOICE, Guests include veterinary bureau, animal science colleges of several agricultural universities, global animal protection animal protection giant Zoetis, Boehringer-Ingelheim, Police Dog Research Institute of the Ministry of Public Security, Former Dean of Taiwan University, China Agricultural University, etc.



The event has gathered the scarcest resources in the medical industry. It is likely to be the leader of the industry. However, as a wholly-owned Dr. Pets platform of Hillhouse, it can be evenly matched with Ruipeng in terms of scarce resources. The partners of Dr. Pets include China Agricultural University, Shandong Agricultural University, Northeast Agricultural University, Nanjing Agricultural University; pharmaceutical brands as Boehringer-Ingelheim, IDEXX, MSD, Bayer; association institutions as Pet Clinic Branch of Chinese Veterinary Medical Association, Beijing Pet Industry Association, Beijing Daxing Dog Association, Liaoning Veterinary Association, Liaoning Pet Physician Club, Sichuan Animal Husbandry and Veterinary Medicine Association, Chengdu Center for Animal Disease Prevention and Control, etc.


How can Hillhouse Capital, as the one which has the deepest layout for and the most meticulous research on the domestic pet industry, even the pet industry, obtain the dividend of Chinese pet industry??Perhaps we can get a glimpse from the global layout of the pet industry in recent years.



After its establishment in 2005, Hillhouse Capital has developed rapidly. At present, the publicly announced scale of assets under management (AUM) is 30 billion US dollars. Hillhouse has always been known for its value investment in the industry, and has in-depth research on the industry and investment targets.



For the pet industry, public data show that Hillhouse has invested in several overseas targets. In October 2016, it acquired Gimborn, a German pet brand with more than 50 years of history. Main products of Gimborn include pet snacks and cat litter, which is very helpful for Hillhouse to develop high-end snack market in Asia, especially in China. Just in this year, the GIMBORN brand officially entered Chinese market, and has begun to conduct business through the channels of big trade and pet hospitals.


German old pet brand GIMBORN



Internationally, another potential company in pet industry is called Vet First Choice, which was established in 2010. Not surprisingly, by the end of the year, it will be merged with Henry Schein Animal Health (one of the Fortune 500 companies, NASDAQ: HSIC) and become a new listed company as "Vets First Corp."

国际上,另外一家宠物行业潜力股叫Vet First Choice,这家公司于2010年成立,不出意外,到年底,将与Henry Schein Animal Health(财富500强公司,纳斯达克股票代码:HSIC)合并,合并后以“Vets First Corp.”成为一家新上市公司。

Just in last July, Hillhouse took the lead to invest in this company. In addition, Sequoia Heritage, the partner with the most cooperation in the primary market, also conducted a follow-up investment with a total amount of US$223 million. Sequoia Heritage is a service provider for pet hospitals to improve communication between veterinarians and pet owners. Its ability in improving the communication efficiency of veterinarians and pet owners has been proven in the United States.

就在去年7月,高瓴领投了这家公司,除此以外,一级市场合作最多的伙伴红杉(Sequoia Heritage),也进行了跟投,融资金额共2.23亿美金,这是一家为宠物医院提供技术的服务商,在提升兽医和宠主沟通效率方面,已经在美国经过验证。

In addition, one thing that has to be mentioned is that its founder, Ben Shaw, is the son of David Shaw, CEO of IDEXX, the global leader in veterinary diagnostics, which has also gave a biggest endorsement to the success of this startup. After the investment was completed, Zhang Lei also made it clear that “investing in this company is mainly for international business, and the most important market is in China.”

另外,不得不提到的一点是,其创始人Ben Shaw,是目前全球兽医诊断行业领导者爱德士(IDEXX)CEO David Shaw的儿子,这也给这家创业公司的成功,做了最大的背书。在投资完成之后,张磊也明确表示,“投资这家公司主要是为了开展国际业务,最重要的市场就是中国。”


In addition to equity investment, actually Hillhouse also participates in a large number of secondary market investments, a considerable part of which is in US stock market. According to the US SEC 13F document, as of March 31, 2018, Zhang Lei's Hillhouse Capital holds a total of 48 US stock listed companies with a market capitalization of 5.668 billion US dollars. Among them, there is the IDEXX mentioned above, with a totaling of 6.389 million US dollars (33,400 shares); Jingdong is still the one holding the largest position (1.42 billion US dollars). Jingdong, as a limited partner of Hosen Capital, also participated in the largest acquisition of China's pet industry last year - acquiring Australian pet food company Real Pet Food with 5 billion US dollars.

高瓴除了股权投资,实际上还参与了大量二级市场的投资,其中相当大的一部分在美股。美国SEC 13F文件显示,截止2018年3月31日,张磊的高瓴资本共持有48家美股上市公司的股票,市值达56.68亿美元。其中包括持有上文提到的爱德士(IDEXX)共638.90万美元(3.34万股),持仓最大的还是京东(14.2亿美元,京东作为厚生资本的LP也参与了去年中国宠物行业最大宗收购案——50亿收购澳洲宠物食品公司Real Pet Food。

As of March 31, 2018,48 US stock listed companies held by Hillhouse Capital.



The overseas acquisition conducted by Hillhouse is mostly for the domestic layout. In general, Hillhouse uses medical and food as its pointcut, and its research and layout are extremely deep.


In its domestic layout, it mainly uses Skyfield (Shanghai) Investment Co., Ltd. The company has a registered capital of 450 million US dollars.?Cexing is?one of the subsidiaries of Skyfield, focusing on the investment platform of the pet medical industry. Its investments include?Dr. Pets, Gaoyu , Tianjin Yuhui , Qingdao Ainuo (60%), Shanghai VET ANAN (Zhuhai Hillhouse Tiancheng34.48%+Skyfield31.39%),Yunchong(HillhouseTiancheng44.8%+Skyfield 30.7%+Huichong 2%), Nanjing Ai-Bi Pet (In July 2017, Hillhouse directly invested it, and in July 2018, Skyfield continued to increase its holdings), ShanghaiNaughtyFamilyPetCo.,?Ltd.?(In April 2017, Hillhouse directly invested it, and in May 2018, Skyfield continued to increase its holdings), Chongfuxin (publicly announced on April 16, 2018).


Hillhouse arranges the layout of pet industry platform



At present,petnosis (ID: petnosis)has made statistics based on the public data of official website and WeChat. At present, Dr. Pets has 171 pet hospitals; VET ANAN has 197 hospitals; Qingdao Ainuo has 22 hospitals; Yunchong Puppy Town has 82 hospitals; Abel has 72 hospitals; Chongfuxin has 20 hospitals; and Naughty Family has 3 hospitals. In this way, there are roughly 600 hospitals in total. In fact, considering the number of no updated and unfinished ones, the number of hospitals in the Hillhouse system should be around 800.



From the perspective of the location and characteristics of each hospital, Dr. Pets has the latest start but the fastest development; VET ANAN has an earlier development, has a more in-depth layout in Shanghai, currently mainly covering Jiangsu, Zhejiang and Shanghai; Ainuo is mainly concentrated in Shandong; Puppy Town focuses on Beijing, Guangzhou and Shenzhen, and is mainly based on specialized publicity; the old-fashioned chain Ai-Bi pet also ploughed from the Nanjing headquarters to the Yangtze River Delta and developed rapidly after receiving the support from Hillhouse; in addition, the hospitals of Chongfuxin which is acquired by Hillhouse are also located in Beijing; Naughty Family is a well-known old company in Shanghai.



Judging from the acquisition strategy, the Hillhouse system's acquisition of hospitals is basically holding shares in the earlier stage, and will obtain the control right of hospitals one year later.



In addition, it must be mentioned that Hillinsight, a high-data subsidiary of Hillhouse, currently has a data volume of 368,539,019 megabytes (as of August 15, 2018), which come from VET ANAN, Dr. Pets, Puppy Town and Kudi pets, etc. External data includes Amap, Taobao and 58. Partners include Jingdong Finance, Jingdong and dianping, etc. Hillinsight is also the core department of Hillhouse's data-driven investment. There are roughly 200 team members who could make convenient judgments for Hillhouse's investment in China. Most of Hillhouse's data insights into the pet industry come from here.



Referring to the pet store, Hillhouse also invested in theChongwujia, a pet store chain. At present, there are 17 stores in Beijing, mainly located in Chaoyang District, providing door-to-door and shop-to-store services for the pet owners. However, the Easy Item Preference shows that the project has now ceased to operate. Pet Home contacted the relevant personnel, knowing that the stores are still operating normally. We also queried its app version, and the last update was also normal, 3 weeks ago.


Kudi Pets of Hillhouse under Gao Liwei Technology of Hillhouse Tiancheng are not active enough in the market. Tuola Pets under Hillhouse did not continue to provide products for its small business volume. It can be seen that Hillhouse is retreating from financial leasing of the pet shop section and pet hospital.



At present, the outstanding projects carried out by the Hillhouse Group wish to gather the senior hospital directors and managers under the system for training. The main purpose is to emphasize the strict implementation of SOP, reflecting the advantages of the chain store: the increase in the number of stores under the capital support and the improvement of the floor effect. In addition, we also selected high-quality targets for key support.



Considering that Ruipeng, who is a listed company and has raised 500 million yuan in recent months, is currently delisted from the New OTC Market, we boldly judge that currently the best solution is to integrate the company's own system quality hospitals with Ruipeng Direct Hospital, so as to quickly realize the integration of the scarce resources, and package and market to seek secondary market realization.



After being listed, the status of pet medical leader will be strengthened through introducing, integrating the medical industry services. At the same time, Bridge, the pet staple food company invested by Hillhouse is going to be listed. GIMBORN has also entered the domestic market and is expected to have an increase in sales. Hillhouse will eventually complete the complete layout in the medical and pet food industry chain, and get the two most important entrances for consumers.



In this case, Hillhouse can enter and retreat. Further, after the listing, it is easier to establish a pet incubator similar to Mars, use its own huge ecological advantages to promote the innovation of the pet industry and enjoy the dividend of the Chinese pet innovation company.



Article / Mark Wu who indulges in 《はたらく細胞》











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