(Yicai Global) Nov. 1 -- Suzhou Quanyi Health Pharmacy Chain Co. has gained billions of yuan through series-B financing led by Hony Capital, which became the firm's second-largest shareholder after the investment, PEdaily.cn reported.

The pharmacy chain management startup recently acquired five pharmacy chain businesses -- among them Sichuan-based Baozhong Yihe Pharmacy Chain Co. and Chengdu Furong Pharmacies -- following a series of similar acquisitions over the past 12 months in Jiangsu, Zhejiang and Hebei provinces, the firm said in a statement.

After this financing round, Quanyi will acquire more regional market leaders, improve profit margins through 'lean' management, and transform into a leading pharmacy chain operator in regional markets with strong pricing power and a clear competitive edge in centralized procurement and business management, focusing on integrating acquired businesses in Jiangsu, Zhejiang and Sichuan, chief executive Yang Jianguo stated. The end goal is to Establish Quanyi as a well-structured and effectively-managed national chain brand with a strong presence in regional markets, he added.

The firm formed in April 2016 as a drug retail management platform. It is dedicated to developing a modern multi-dimensional pharmacy service system integrating bricks-and-mortar stores, pharmaceutical services, business-to-customer and Pharmacy Benefit Management (PBM) businesses, introducing a new 'product + service' business model centering on offline store operations.

By acquiring regional market leaders, Quanyi aims to become the only dominant pharmacy chain brand in the cities, its chairman Wu Xinghua declared.