Singapore's OEL acquires 51% of Shanghai Longjian known for tumor, COVID-19 therapies

16, Jun. 2020

Photo by Anna Shvets from Pexels
Photo by Anna Shvets from Pexels

SINGAPORE, NNA – Singapore-based investment holding company OEL (Holdings) Ltd. has acquired a 51 percent stake in Shanghai Longjian Hospital Management Co. to promote cutting-edge tumor treatments using high-intensity focused ultrasound.

Shanghai Longjian is also known for using hydrogen generator technology in COVID-19 therapy at hospitals treating coronavirus patients in China.

The purchase of shares at an undisclosed amount was completed through AJJ Health Care Management Pte. Ltd.(AJJ), a wholly owned subsidiary of OEL, it announced in a statement on Sunday.

OEL is muscling into health as a growth strategy while keeping its property management arm after a recent restructuring.

With the takeover of Shanghai Longjian, AJJ will promote Hifu technology (high-intensity focused ultrasound) developed by the Shanghai Longjian medical team to tackle tumors that may lead to cancer in places such as Southeast Asia and the United States, said OEL whose chairman is Dr Zhang Jian.

Founded in Shanghai last year, Shanghai Longjian is engaged in the business of hospital management, medical technology, biotechnology development and health-management services.

On June 9, OEL announced that it had entered a joint venture agreement as a 80-percent stakeholder to partner Shanghai Suntec Co. to produce Hifu machines in Singapore and provide Hifu treatment services.

OEL also said Shanghai Longjian would enter into a contract with the JV company to provide medical services.

Dr Ye Wenzheng and his team of doctors in Shanghai Longjian have been tasked to work on products and protocols for COVID-19 therapy, medical clinical services for hydrogen generator, Hifu medical equipment as well as medical management services for old-age nursing homes based in Shanghai.

Ye, the founder of Shanghai Longjian, has continued to lead the medical team following OEL acquisition.

Formerly professor and chief physician of the hematology department in the Second Military Medical University in China, Ye and his team had used the technology of a hydrogen generator to carry out "expert guidance, clinical services and technical specification control" for COVID-19 patients at several hospitals during the coronavirus pandemic, the company had said.

Listed on Singapore Stock Exchange Catalist, OEL is in the business of health education for childcare, health care and property management. Since restructuring in December 2019, OEL has focused on ventures in the health industry.