Welcome to our dedicated page for Concord Medical Services Holding news (Ticker: CCM), a resource for investors and traders seeking the latest updates and insights on Concord Medical Services Holding stock.
Concord Medical Services Holding Limited (NYSE: CCM) is a leading healthcare provider in China, specializing in oncology services, including cancer diagnosis, treatment, education, and prevention. Through its subsidiaries, the company operates an extensive network of radiotherapy and diagnostic imaging centers across various provinces and administrative regions in China. Concord Medical's core services include linear accelerators external beam radiotherapy, gamma knife radiosurgery, diagnostic imaging services, and other advanced treatments.
The company's network consists of radiotherapy centers, diagnostic imaging centers, and specialized centers offering electroencephalography for epilepsy diagnosis, thermotherapy for pain relief post-radiotherapy and chemotherapy, high-intensity focused ultrasound therapy for cancer treatment, stereotactic radiofrequency ablation for Parkinson's Disease, and ophthalmic condition diagnosis services such as refraction and tonometry.
Recently, Concord Medical has made significant strides in expanding its operations and improving its financial performance. In the first half of 2023, the company reported a nearly 100% growth in revenue for both its hospital and network business segments. The flagship hospital, Guangzhou Concord Cancer Center, has completed patient treatment clinical trials for its proton therapy equipment, marking a major milestone towards its official launch. The company continues to enhance its market presence by expediting the completion of existing orders and executing its expansion plans.
Financially, Concord Medical achieved net revenues of RMB158.7 million (US$21.9 million) from its hospital business and RMB125.8 million (US$17.3 million) from its network business in the first half of 2023. The company's gross loss from the hospital business saw significant improvement, demonstrating effective cost management and increased revenue. Additionally, the listing of a minority stake in its subsidiary, Concord Healthcare Group Co., Ltd., on the Hong Kong Stock Exchange, raised approximately US$72.2 million, further strengthening its financial position.
Concord Medical is committed to advancing cancer care by equipping its hospitals with cutting-edge technology such as proton therapy systems and fostering partnerships with leading medical institutions. The company's efforts aim to improve the accessibility and quality of oncology services through its network of self-owned and partnered hospitals across China.
Concord Medical Services Holdings (NYSE: CCM) announced that China's National Medical Products Administration has approved the Registration Certificate for Medical Device for their proton therapy equipment on December 6, 2024. The company's Guangzhou Concord Cancer Center completed the proton equipment installation in September 2020, began clinical trials in November 2022, and obtained the large medical equipment procurement license in September 2024. With this final approval, the center plans to commence proton therapy treatment services soon.
The news was also announced by Concord Healthcare Group, CCM's subsidiary listed on the Hong Kong Stock Exchange (2453.HK) since January 9, 2024.
Concord Medical Services Holdings (NYSE: CCM) announced its 2024 annual general meeting of shareholders, scheduled for December 27, 2024, at 10:00 a.m. (Beijing Time) in Beijing, China. The meeting's primary purpose is to amend the company's memorandum and articles of association to reflect changes in the ratio of American depositary shares (ADSs) to Class A ordinary shares, effective July 30, 2024. Shareholders of record as of November 27, 2024, will be eligible to attend and discuss company affairs with management.
Concord Medical Services Holdings (NYSE: CCM) reported its financial results for the first half of 2024. Total net revenues decreased by 23.1% to RMB218.8 million (US$30.1 million) compared to the same period last year. The company experienced a gross loss of RMB41.6 million (US$5.7 million) and a net loss attributable to ordinary shareholders of RMB172.3 million (US$23.7 million). The hospital business saw a 13.2% decrease in net revenues, while the network business experienced a 35.6% decrease. Despite these challenges, Concord Medical's Guangzhou Hospital obtained a license for proton equipment, which is expected to boost future revenue. The company remains optimistic about its growth potential in the oncology care sector.
Concord Medical Services Holdings (NYSE: CCM) has announced that its subsidiary, Guangzhou Concord Cancer Center, has obtained a large medical equipment procurement license for its proton therapy equipment. This development follows the completion of equipment installation in September 2020 and the commencement of clinical trials in November 2022. The license, granted by the National Health Commission of the PRC on September 14, 2024, allows Guangzhou Hospital to offer proton therapy treatment services.
Additionally, Concord Healthcare Group Co., , a subsidiary of Concord Medical listed on the Hong Kong Stock Exchange (2453.HK), made a similar announcement on September 15, 2024. This news marks a significant step for Concord Medical in expanding its cancer treatment services in China.
Concord Medical Services Holdings (NYSE: CCM), a Chinese healthcare provider specializing in cancer treatment, research, education, and prevention, has regained compliance with the New York Stock Exchange's (NYSE) minimum price requirement. The company received a Compliance Notice on August 6, 2024, confirming that it is no longer below the NYSE's continued listing criterion of a minimum average share price of US$1.00 over a 30 trading-day period.
This development follows a previous notification from the NYSE on February 12, 2024, which had informed Concord Medical that it was below compliance standards due to the trading price of its American Depositary Shares. With this latest update, Concord Medical has successfully addressed the compliance issue and is no longer considered below the NYSE Minimum Price Requirement.
Concord Medical (NYSE: CCM) announced plans to change the ADS Ratio of its American depositary shares (ADS) from 1 ADS representing 3 Class A ordinary shares to 1 ADS representing 30 Class A ordinary shares. This change is expected to be effective on July 30, 2024. The ADS holders must surrender and exchange every 10 existing ADSs for 1 new ADS. JPMorgan Chase Bank will manage the exchange process. No fractional new ADSs will be issued; fractional entitlements will be sold, and proceeds will be distributed to ADS holders. This ratio change is anticipated to proportionally increase the ADS trading price, but cannot guarantee it will be ten times the previous trading price.
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