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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 Limited (NYSE: CCM) announced that its Guangzhou Concord Cancer Center (GCCC) has become a designated medical institution for Social Healthcare Insurance, enhancing patient access to healthcare. The National Healthcare Security Administration supports this system, covering over 95% of China's population. In Guangzhou, it can pay up to 90% of medical services. GCCC also partnered with various insurance companies, ensuring extensive coverage for patients. Operating since 2010, GCCC provides comprehensive cancer services from prevention to recovery, supported by Meizhong Jiahe Medical Science & Technology Development Group.
Concord Medical Services Holdings Limited (NYSE: CCM) announced two projects shortlisted for the '5G+Healthcare' pilot project by China's Ministry of Industry and Information Technology. The projects include the Jiahe Cloud Imaging Remote Medical Information Diagnosis Platform, which offers solutions for remote diagnosis, and the Jiahe Feiyun Intelligent Radiotherapy Cloud Service Platform, providing comprehensive radiotherapy management services. This recognition highlights Concord's commitment to advancing cancer care in China through technology.
Concord Medical Services Holdings Limited (NYSE: CCM) filed its annual report on Form 20-F for the fiscal year ending December 31, 2020. The report is accessible on the Company's investor relations and SEC websites. Concord Medical specializes in cancer treatment and operates an extensive network of cancer hospitals and diagnostic centers across China. Additionally, the Company has established proton therapy facilities and focuses on advanced cancer care and medical equipment services. Shareholders can request a hard copy of the report free of charge.
Concord Medical Services Holdings Limited (NYSE: CCM) announced that its subsidiary, Shanghai Concord Cancer Center, has entered an agreement to purchase the Proteus Plus proton therapy system from CGN Medical Technology. Located in Shanghai, the center is under construction since September 2017 and aims to be a leading facility for cancer treatment, covering 70 acres with over 400 beds. The hospital will offer a multidisciplinary approach to cancer care and leverage advanced international technologies.
Concord Medical Services Holdings Limited (NYSE: CCM) announced an investment of RMB400 million (approximately US$62.2 million) in its subsidiary, Meizhong Jiahe Medical Science & Technology Development Group. The investment, led by WisdoMont Capital, aims to enhance the development and management of cancer hospitals and diagnostic centers in China. Meizhong Jiahe focuses on high-quality cancer care, including advanced proton therapy treatments in cities like Beijing, Shanghai, and Guangzhou. This funding solidifies Concord Medical's leadership in China's expanding cancer treatment market.
Concord Medical Services Holdings Limited (CCM) announced the opening of its Guangzhou Concord Cancer Center (GCCC), certified as a tertiary specialty hospital by the National Health Commission. Located in Sino-Singapore Guangzhou Knowledge City, GCCC meets the highest domestic medical standards and features advanced technologies like the Probeam proton system for precise cancer treatment. Operated by a subsidiary, GCCC aims to offer comprehensive cancer care, including prevention, diagnosis, and recovery services. This milestone enhances Concord Medical's capabilities within the growing cancer treatment market in China.
Concord Medical Services Holdings Limited (NYSE: CCM) announced a delay in filing its 2020 Annual Report with the SEC, originally due by May 17, 2021. The late filing was communicated via Form 12b-25 on April 30, 2021. The NYSE notified Concord Medical that it is not compliant with its listing requirements due to this delay, and the company is under review for up to six months. If the report is not filed within this timeframe, delisting could occur. As of now, the anticipated filing date remains unknown.
On May 21, 2021, Concord Medical Services Holdings Limited (NYSE: CCM) announced changes in its Board of Directors. Mr. Denny Lee resigned as independent director and chair of the audit committee, while Mr. Qing Pan also stepped down. Both affirmed no disagreements with the Board. New appointments include Mr. Boxun Zhang as independent director and chair of the audit committee, and Mr. Yue Yu as a director. Zhang brings experience from Jiaxin Jinhe Investment Management, while Yu comes from WisdoMont Asset Management, enhancing the Board's financial expertise.
Concord Medical Services Holdings Limited (NYSE: CCM) has announced the sale of a 90% equity interest in Concord Healthcare Singapore Pte Ltd for approximately SG$52.2 million. The transaction, finalized in November 2020, relinquishes Concord Medical's management control over Concord International Hospital (CIH). The company's board believes the sale price reflects fair market value, supported by an independent appraisal. This divestment allows Concord Medical to focus on developing cancer hospitals in China, including the upcoming Guangzhou Concord Cancer Center set to open in early 2021.
Concord Medical Services Holdings Limited (NYSE: CCM) has announced its 2020 annual general meeting of shareholders, scheduled for December 21, 2020, at 10:00 a.m. in Beijing. The meeting will not include proposals for shareholder approval but aims to discuss company affairs with management. The shareholder record date is December 1, 2020. Concord Medical specializes in advanced cancer care, operating a network of hospitals and diagnostic centers across China, including 27 centers in 20 cities as of June 30, 2020.
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