(Yicai Global) May 13 -- Shares in Shanghai Kinetic Medical soared to a record high today after the medical device maker landed CNY1.1 billion (USD155 million) in funding from Temasek Fullerton Alpha and Hillhouse Capital Management.

Its stock [SHE:300326] reached CNY28.89 (USD4.07) in morning trade, hitting the 10 percent daily up limit and ending the day at the same price.

Kinetic Medical has issued a private placement that gives Temasek 37.5 million shares at CN18.73 apiece and Hillhosue 21 million, it said in a statement yesterday, adding that the shares will remain locked up for 18 months. After the deal, Temasek will hold around 4.8 percent of Kelltytech and Hillhouse will hold nearly 7 percent, according to Yicai Global's calculations.

The firm, which mainly develops minimally invasive orthopedic medical instruments, will use the money raised to supplement working capital and repay bank loans, it added, saying the investment will not affect control of the company.

The two new shareholders will participate in director nomination and help Kinetic Medical improve its technology and build a brand overseas, the statement said.

The two new shareholders will participate in the firm’s management by nominating directors and promote technology upgrading and international brand building of its medical devices relying on their resources in the medical field and international perspectives, per the firm’s strategic cooperation agreements with the two investors.

Editor: James Boynton