Concord Medical Services Holdings Limited Announces The Acquisition Of Shanghai ProMed Cancer Center
Published: May 19, 2017
BEIJING, May 19, 2017 /PRNewswire/ -- Concord Medical Services Holdings Limited ("Concord Medical" or the "Company") (NYSE: CCM), a leading specialty hospital management solution provider and operator of the largest network of radiotherapy and diagnostic imaging centers in China, today announced that its subsidiary, Meizhong Jiahe Hospital Management Corp. Ltd ("MHM"), previously known as CMS Hospital Management Co., Ltd, jointly with Guofu Huimei Investment Management Limited Partnership ("Guofu Huimei"), proposed to acquire Shanghai ProMed Cancer Center ("ProMed"), LLC by purchasing existing, and subscribing for newly increased, registered capital of ProMed. The acquisition is pending necessary shareholder approval and governmental filings. MHM will hold 31.64% of the equity interest in ProMed after the completion of the acquisition.
ProMed is equipped with advanced medical equipment such as linear accelerators, CTs, MRIs, Mo-target mammography, CDFI and telepathology consultation systems. It is located at the campus of Shanghai Ruijin Hospital, Luwan Branch which conveniently provides a wealth of medical resources for patients. As an outpatient cancer clinic, ProMed medical services including diagnostic imaging, radiation oncology, medical oncology such as chemotherapy, targeted therapy and immunization therapy to its patients. In addition, ProMed is developing strategic cooperation with internationally renowned cancer treatment institutions to advance its service procedure, clinical skills, quality management and talent training system, aiming to improve patient cure rate and life quality. ProMed will provide high-end clinical tumor diagnosis and treatment services to public medical insured patients and business insured patients as well.
Dr. Jianyu Yang, Chairman and CEO of Concord Medical, commented, "The acquisition of ProMed is a critical point for the Company's long-term strategy of developing a specialized cancer hospital chain in China. The unique regional advantage, independent medical institution license and high-end equipment ensuresthat ProMed will be the flagship cancer center under Meizhong Jiahe brand. Besides, we will upgrade the service procedure, clinical skills, quality management and talent training system by cooperating with internationally renowned cancer treatment institutions, for providing better cancer diagnosis and treatment.
About Concord Medical
Concord Medical Services Holdings Limited is a leading specialty hospital management solution provider and operator of the largest network of radiotherapy and diagnostic imaging centers in China. As of April 30, 2017, the Company operated a network of 95 centers with 57 hospital partners that spanned 49 cities and 19 provinces and administrative regions in China. Under long-term arrangements with top-tier hospitals in China, the Company provides radiotherapy and diagnostic imaging equipment and manages the daily operations of these centers, which are located on the premises of its hospital partners. The Company also provides ongoing training to doctors and other medical professionals in its network of centers to ensure a high level of clinical care for patients. As part of its high-end cancer hospital development strategy and oversea business extension, the Company acquired Concord Cancer Hospital, a private hospital in Singapore in April, 2015. For more information, please see http://ir.concordmedical.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward- looking statement. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please contact:
Concord Medical Services
Mr. Ting Jia (Chinese and English)
+86 10 5903 6688 (ext. 809)
Mr. Mike H. Cheng (Chinese and English)
+86 10 5903 6688 (ext. 609)
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SOURCE Concord Medical