It should be an easy bet. As China’s population ages and becomes wealthier, money will surely flow into healthcare. Yet there are few obvious ways for investors to benefit. Hong Kong-listed Phoenix Healthcare Group, mainland China’s largest private hospital operator by beds, is one.

这应该是一个胜算很大的赌注。随着中国人口老龄化且变得更为富有，资金肯定会流入医疗领域。然而，该领域没有几条明显能让投资者受益的途径。按床位计算的中国内地最大私立医院运营商、在香港上市的凤凰医疗集团(Phoenix Healthcare Group)是其中之一。

Yesterday Phoenix’s shares increased by a fifth after the company said that it would buy 50 medical institutions from state-owned enterprise China Resources Healthcare. The deal will double Phoenix’s bed count and almost triple its revenues (there have been no disclosure about the target’s profits).

昨日，凤凰医疗股价上涨五分之一，此前该公司表示，将从国有企业华润医疗(China Resources Healthcare)手中收购50家医疗机构。该协议将令凤凰医疗的床位数量增加一倍，营收将增至原有水平的近3倍（收购目标的利润数据至今未披露）。

Phoenix will pay $480m in new shares for the assets, making CRH the company’s largest shareholder with a stake of more than a third.

凤凰医疗将发行4.80亿美元的新股来收购这笔资产，华润医疗将成为凤凰医疗最大股东，持股超过三分之一。

The deal is as much about survival as growth. Phoenix owns a majority stake in just one hospital. It also generates government fees by operating nearly 60 publicly owned medical facilities. Its largest business, contributing more than half of gross profit, is managing hospitals’ supply chains. Purchasing power allows the company to benefit from discounts of about 25 per cent on various medical supplies, according to Bernstein.

该协议对于凤凰医疗的生存和增长都很重要。该公司目前仅拥有一家医院的多数股权。它还通过运营近60家公立医疗机构产生政府收入。凤凰医疗的最大业务是管理医院的供应链，占毛利的一半以上。根据伯恩斯坦(Bernstein)的数据，该公司的购买力较大，使其能够在各种医用耗材上享受约25%的折扣。

Regulations also allow hospitals a 15 per cent mark-up on listed drug prices.

监管规定还允许医院对目录药品价格加价15%。

This business is being eroded. China wants to reduce drug prices. Mark-ups are being phased out. To compensate hospitals, which derive as much as 40 per cent of their revenues from drug pricing, user fees will need to rise.

这项业务正受到侵蚀。中国希望降低药价。药品加成做法正逐步取消。为弥补医院损失，患者收费需要上调。目前医院40%的营收来自药品定价。

Owning more hospitals outright will enable Phoenix to move with this trend, while developing its brand. But patients attending most of the hospitals owned or operated by the company are funded by the state. As China tries to extend medical cover while holding down costs the company risks being caught between conflicting policies.

直接拥有更多医院将令凤凰医疗顺应这种趋势，同时发展其品牌。但到该公司拥有或运营的多数医院看病的患者是有国家医保的。中国正努力扩大医保范围，同时压低成本，该公司可能被互相冲突的政策夹在中间。

The scarcity of ways to invest in Chinese healthcare does not make Phoenix an easy choice. As in the west, healthcare investing requires a firm grasp of politics.

投资中国医疗行业途径的稀缺不会让凤凰医疗变成一个显而易见的投资选择。就像在西方一样，医疗投资需要紧紧把握政策。