(Yicai Global) July 13 -- Shares of Joincare Pharmaceutical Group Industry jumped to a five-year-high today after the Chinese drugmaker said that Hillhouse Capital Management, which has invested in Uber and Tencent Holdings, will buy a stake in it.

Joincare's stock price [SHA: 600380] rose 10 percent to CNY18.37 (USD2.60) this morning, the highest since June 2015.

The medical firm will issue no more than 169.4 million shares, priced at CNY12.83 apiece, for the investment company to buy via private placement, expecting to gain CNY2.2 billion (USD310.4 million), the Shenzhen-based target firm said in a statement yesterday. That results in about an 8 percent stake, based on the company's market cap.

Hillhouse, which has offices in Beijing, Hong Kong, and Singapore, has taken stakes in many Chinese internet and tech companies, such as Baidu and JD.Com.

The latest partnership has two directions. First, Hillhouse will assist the drugmaker to come up with innovative products such as chimeric antigen receptor T cell therapy, a type of cancer treatment that uses altered T cells to fight tumors.

Second, the investment company is looking to help Joincare to expand its sales channels of drugs, including treatments against respiratory and chronic diseases, via a Hillhouse-backed digital pharmacy platform.

Editor: Emmi Laine