iKang Announces Two Acquisitions in Tianjin to Continue Its Nationwide Network Expansion
04 March 2015 - 01:37AM
iKang Healthcare Group, Inc. ("iKang" or the "Company")
(Nasdaq:KANG) , today announced that it had completed the
acquisitions of Tianjin Hexi Kangmeng Hezhong Clinic Co., Ltd. and
Tianjin Hedong District REMAHO Clinic Co., Ltd., which were set up
in 2008 and 2009, respectively. Each of them operates a
well-established medical center in Tianjin which provides medical
examination services. After the acquisitions, iKang's nationwide
network has expanded to include 56 self-owned medical centers in
operation across China.
Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of
iKang, commented on the acquisitions. "Tianjin is one of our key
target cities. The two new medical centers will be integrated into
our solid nationwide network, expanding our self-owned medical
centers in Tianjin from one to three. The acquisitions allow iKang
to continue leading the industry while expanding our product and
service offerings in Tianjin and further consolidate our leading
position in second and third tier cities in China."
He continued, "The acquisitions also amplify our commitment to
expand and strengthen our leadership position as the largest player
in the preventive healthcare services market in China. I strongly
believe the addition of the talented medical and service teams in
these centers also further enhances our best-in-class brand
reputation and I look forward to welcoming the teams to the iKang
family."
About iKang Healthcare Group, Inc.
iKang Healthcare Group, Inc. is the largest provider in China's
fast growing private preventive healthcare services market,
accounting for approximately 12.3% of market share in terms of
revenue in 2013.
Through iKang's integrated service platform and established
nationwide network of medical centers and third-party service
provider facilities, the Company provides comprehensive and high
quality preventive healthcare solutions, including a wide range of
medical examinations services and value-added services including
disease screening and other services. iKang's customers are
primarily corporate customers who contract the Company to provide
medical examination services to their employees and clients, and
pay for these services at pre-negotiated prices. iKang also
directly markets its services to individual customers. In the
fiscal year ended March 31, 2014, the Company delivered its
services to approximately 2.7 million individuals across China.
As of November 19, 2014, iKang's nationwide network consisted of
53 self-owned medical centers covering 16 of the most affluent
cities in China, namely Beijing, Shanghai, Guangzhou, Shenzhen,
Chongqing, Tianjin, Nanjing, Suzhou, Hangzhou, Chengdu, Fuzhou,
Changchun, Jiangyin, Shenyang and Changzhou, as well as Hong Kong.
The Company has also supplemented its self-owned medical center
network by contracting with approximately 300 third-party service
provider facilities, which include selected independent medical
examination centers and hospitals across all of China's provinces,
creating a nationwide network that allows iKang to serve its
customers in markets where it does not have self-owned medical
centers.
Forward-looking Statements
This press release contains forward-looking statements. These
statements, including management quotes and business outlook, 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 terminology such as "will,"
"estimate," "project," "predict," "believe," "expect,"
"anticipate," "intend," "potential," "plan," "goal" and similar
statements. iKang may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Such
statements involve certain risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in the forward-looking statements. These forward-looking statements
include, but are not limited to, statements about: the Company's
goals and strategies; its future business development, financial
condition and results of operations; its ability to retain and grow
its customer base and network of medical centers; the growth of,
and trends in, the markets for its services in China; the demand
for and market acceptance of its brand and services; competition in
its industry in China; relevant government policies and regulations
relating to the corporate structure, business and industry;
fluctuations in general economic and business conditions in China.
Further information regarding these and other risks is included in
iKang's filing with the Securities and Exchange Commission. iKang
undertakes no duty to update any forward-looking statement as a
result of new information, future events or otherwise, except as
required under applicable law.
CONTACT: IR Contact:
iKang Healthcare Group, Inc.
Christy Xie
Director of Investor Relations
Tel: +86 10 5320 6688
Email: IR@iKang.com
Website: www.ikanggroup.com
FleishmanHillard
Ruby Yim
Email: ikang.ir@fleishman.com
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