(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 +++++ 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 18/03/2015 UTC+8 Dissemination of a Press Release, transmitted by EQS TodayIR - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com
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334293 18/03/2015 UTC+8
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Key word(s): Contract 18/03/2015 UTC+8 Dissemination of a Press Release, transmitted by EQS TodayIR - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com
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334293 18/03/2015 UTC+8
