iKang Announces Changes to the Board of Directors
31 March 2015 - 11:29PM
iKang Healthcare Group, Inc. ("iKang" or the "Company")
(Nasdaq:KANG), today announced that the Company's Board of
Directors (the "Board") has appointed Mr. Gavin Zhengdong Ni as an
independent director and a member of the Audit Committee of the
Board, effective March 31, 2015.
Mr. Ni is the Founder, Chairman and CEO of Zero2IPO Group, a
leading integrated service provider and investment institution in
China's private equity industry. Mr. Ni is known as the most
informed VC/PE expert in China and honored as a representative of
the younger generation elites in China's venture capital sector. In
2007, Zero2IPO Group advised on the private equity financing for
iKang led by Merrill Lynch PE fund and joined the same round of
financing with its own fund. In 2010, Mr. Ni was recognized as one
of the "Top 10 CEOs in China 2010" by China Times and CEO Clubs
China. Mr. Ni graduated from Hunan University with a Bachelor's
Degree of Engineering and from Tsinghua University with a Master's
Degree of Engineering and obtained his doctor's degree in Business
Administration in Tsinghua University School of Economics and
Management.
Furthermore, the Company also announced the resignation of Ms.
Qing Liu as an independent director of the Company and the
resignation of Mr. Minjian Shi as a member of the Audit Committee
of the Board. Ms. Qing Liu tendered her resignation due to the
increasing time commitment required to serve as the president of
DiDi Taxi. With the appointment of Mr. Gavin Zhengdong Ni and the
resignation of Mr. Minjian Shi, the Audit Committee of the Board
currently consists of Mr. Daqing Qi, Ms. Ruby Lu and Mr. Gavin
Zhengdong Ni.
"I am delighted to welcome Mr. Gavin Ni and look
forward to drawing on his extensive investment experience in the
technology and other sectors to further broaden the diversity of
our board as we continue to strengthen our market leadership in
private preventive healthcare services in China," said Mr. Lee
Ligang Zhang, Chairman and Chief Executive Officer of iKang. "I
would like to take this opportunity to express our gratitude toward
Ms. Qing Liu for her immensely invaluable contributions as our
director in the past and wish her all the very best in her new
venture at Didi Taxi."
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 13.6% of market share in terms of
revenue in calendar year 2014.
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 served a total of 2.7
million customer visits under both corporate and individual
programs. For the nine months ended December 31, 2014, the Company
served a total of 3.1 million customer visits.
As of March 9, 2015, iKang's nationwide network consisted of 58
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, Changzhou and Shenyang, as well as Hong Kong. The Company
has also supplemented its self-owned medical center network by
contracting with approximately 400 third-party service provider
facilities in over 150 cities, 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 8599
Email: ir@ikang.com
Website: www.ikanggroup.com
FleishmanHillard
Ruby Yim
Email: ikang.ir@fleishman.com
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