EQS-News: UMP Signed Agreement with Phoenix Healthcare Group to Establish a Joint Venture Providing Comprehensive Healthcare Solutions in Beijing
Mittwoch, 18.03.2015 08:00 von DGAP
(EQS-News / 18/03/2015 / 14:53 UTC+8)
UMP Signed Agreement with Phoenix Healthcare Group
To Establish a Joint Venture Providing Comprehensive Healthcare Solutions
in Beijing
(18 March 2015, Hong Kong) The Joint Venture Signing Ceremony between
China's largest private hospital group, Phoenix Healthcare Group Co. Ltd
(stock code: 1515) ("Phoenix Healthcare") and a leading healthcare
management institution in Greater China, UMP Healthcare Holdings Limited
("UMP") was held at Mandarin Oriental Hong Kong today.
Due to significant demand for comprehensive healthcare solutions in China,
the two companies have decided to establish a joint venture, named as UMP
Phoenix Healthcare Limited ("UMP Phoenix") to provide a clinics network of
comprehensive family medicine and integrated specialists healthcare
services, and also to provide customised health management schemes to both
corporates and individuals.
UMP and Phoenix Healthcare will each hold a 50% interest in UMP Phoenix and
has committed to contribute no less than HK$100 million each into the joint
venture. UMP Phoenix will immediately establish three wholly owned clinics
in selected commercial and residential districts in Beijing. Both parties
expect that within the next three years, the total number of clinics will
increase to no less than 10 clinics (including both self-developed and
affiliated clinics). Both UMP and Phoenix also agree that, without the
prior written consent of the other party, they will not establish any
medical clinics / health management organisations in the
Beijing-Tianjin-Hebei region.
Mr. Liang Hongze, Chairman of Phoenix Healthcare Group Co. Ltd, said,
"Today marks another milestone for Phoenix. We see our cooperation with UMP
as a natural upstream extension of our healthcare services by getting
closer to our patients' day-to-day healthcare needs. To fully utilise UMP's
comprehensive strength and the value added services to be provided by Hong
Kong professionals, UMP and Phoenix Healthcare will jointly leverage on
their brands and their international network to attract and arrange Hong
Kong and foreign doctors, specialising in different fields, to practice
medicine in China and also conduct training for local medical staff. In
parallel with the establishment of the clinics network, UMP Phoenix will
begin marketing its health management plans to both corporates and
individuals in China. The health management plans are expected to provide
outpatient healthcare coverage to members and will be further customised
for our corporate clients based on their requirement. Enrolled members will
be able to obtain quality healthcare services at our clinics network upon
verification of their membership status. More importantly, we believe that
the development of clinics network and family medicine is in line with
government policies and will in turn encourage the development of private
commercial healthcare insurance in China."
"As the aging population grows, the central government is eager to advocate
the development of universal coverage of medical insurance in China.
Nevertheless, the universal coverage of medical insurance system requires
the participation and collaboration of private medical institutions.
Therefore, a number of favourable policies have been promulgated to
encourage investment of private capital in the healthcare industry, such as
sales tax exemption for private medical institutions and expanding the
scope of social medical insurance coverage, manifesting the government's
increasing efforts to advocate healthcare reform in China. On 5 March 2015,
Premier Le Keqiang's work report mentioned that in order to push forward
the comprehensive reform of primary care institutions, the (a) general
practitioner system / family medicine concept must strengthen further, (b)
multi-level healthcare system, where patients are diverted to the
appropriate primary / secondary / tertiary healthcare facilities, must
evolve and (c) doctors should be allowed to practice freely at multiple
sites."
"As the middle class continues to expand and seek more convenient and
quality healthcare, we believe that the combination of encouraging
government policies and macro trends provide favorable conditions for the
long-term development of UMP Phoenix. We look forward to our future
cooperation with UMP and we believe that by sharing our mutual resources,
Phoenix Healthcare and UMP will play an important role in delivering
quality healthcare services to all those in need."
Dr. Sun Yiu Kwong, Chairman of UMP Healthcare Holdings Limited, added, "UMP
has always been paying attention to the development of the healthcare
market in China. We believe the current policies present a great
opportunity for UMP to expand our business model in China. For the past
year, we have been discussing in depth with Phoenix Healthcare on our
visions for the healthcare management market in China and we are delighted
that Phoenix Healthcare shares the same visions as us. Phoenix Healthcare
is an invaluable local partner to us, providing immediate access to vast
clinical resources, medical experts and immediate support for our clinics
network on all fronts. "
"Our decision to jointly invest, together with Phoenix Healthcare, to
establish a primary healthcare network in Beijing is in line with the
relevant government policies of promoting a pyramid multi-level healthcare
system, whereby patients suffering from minor illnesses, chronic diseases
and patients in need of health management can be diverted to the primary
healthcare network, and hence allowing larger scale general hospitals to
focus on delivering secondary and tertiary care support for more serious
illnesses. The expanded coverage of the primary healthcare network will
also lead to referrals of patients suffering from more serious illnesses to
Phoenix Healthcare's general hospital network, where Phoenix Healthcare's
medical team and their comprehensive suite of advanced medical facilities
can provide more value-added healthcare services."
"We are very excited about forming this joint venture with Phoenix. UMP
entered the China market 10 years ago through the establishment of our
first healthcare center in Chong Wen Men and we have always been looking
for opportunities to expand our presence. With the newly announced
government policies of encouraging private capital investments in the
healthcare industry and the government's commitment to developing the
commercial health insurance industry, we believe now is the perfect time
for UMP to deploy its expertise and know-how in healthcare management into
the China market."
"Our vision is to deliver quality healthcare solutions that are accessible
and affordable to all. We have done well in building UMP into one of the
leading healthcare management organisations in Greater China, and we are
confident that together with Phoenix Healthcare, UMP Phoenix will be able
to adapt and localise for the China market and deliver quality healthcare
solutions to our clients in China."
- End -
About Phoenix Healthcare Group Company Limited
Phoenix Healthcare Group Company Limited (Stock Code:1515) is the largest
private hospital group in the PRC. The Group's hospitals and clinics are
all located in Beijing. Its large general hospitals includes majority-owned
Beijing Jian Gong Hospital, and those operated under IOT model: Beijing Yan
Hua Hospital, Beijing Mentougou Hospital, Beijing Jing
Mei Hospital and Beijing Mentougou TCM Hospital.
The Group also manages a total of seven Grade I hospitals and 28 community
clinics. As a pioneer of China's public hospital reform, Phoenix Healthcare
has accumulated substantial experience in public hospital reform and
hospital group management. In the Group's hospital and clinic portfolio,
Beijing Jian Gong Hospital was the first privatization of State-owned
hospital; Beijing Yan Hua Hospital was the first Grade III general hospital
in Beijing undertaken reform; Beijing Mentougou Hospital was the first
State-owned hospital in Beijing to outsource its management through a
public-private partnership. Phoenix Healthcare was listed on the Main Board
of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") on 29
November 2013.
About UMP Healthcare Holdings Limited
UMP Healthcare Holdings Limited ("UMP") is a Hong Kong based healthcare
management organisation delivering diversified healthcare services in Hong
Kong, Macau, Beijing and Shanghai. UMP was established in 1990 by a group
of enthusiastic physicians who are dedicated to the mission of delivering
professional healthcare services. Together with its affiliates, UMP has
approximately 600 points of services including numerous outpatient,
specialists and dental clinics, laboratories and imaging centers throughout
Hong Kong, Macau and China. Through its years of experience, UMP has
established itself as one of the leading healthcare organizations in
Greater China, providing comprehensive healthcare management solutions to
corporates and individuals. UMP delivers more than 1.3 million outpatient
and dental consultations every year, serving a wide spectrum of industries,
government organisations and also providing third party administration
services to both local and international corporates and insurance
companies.
This press release is distributed on behalf of Phoenix Healthcare Group
Company Limited and UMP Healthcare Holdings Limited by Trinity
Communications Group Limited.
For further information, please contact:
Trinity Communications Group Limited
Jessica Fung 852-3758 2219 jessica.fung@tri-hk.com
Karl Cheung 852-3758 2284 karl.cheung@tri-hk.com
Kannie Lam 852-3758 2254 kannie.lam@tri-hk.com
End of Press Release
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Document: http://n.equitystory.com/c/fncls.ssp?u=WXETDEMLEV
Document title: UMP Signed Agreement with Phoenix Healthcare Group to
Establish a Joint Venture Providing Comprehensive Healthcare Solutions
in Beijing
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Key word(s): Contract
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