China Life Insurance has participated in the medical clinic franchise's series D round, which is made up of almost equal debt and equity portions.

China-based medicine clinic operator Gu Sheng Tang has secured RMB1.01bn ($150m) in a series D round that included insurance firm China Life, China Money Network reported yesterday.

The round, which consisted of RMB510m in equity and RMB500m in debt, also featured financial services firm China Merchants Bank and state-owned entities including Capital Risk Investment Fund, China Orient Asset Management and two undisclosed government guidance funds.

Gu Sheng Tang runs 31 clinics across 13 Chinese cities which operate through a partnership…