Phoenix Healthcare Group Buys 20% Stake of Hong Kongâ€™s UMP
Published By : 14 Jul 2015 | Published By : QYRESEARCH
Phoenix Healthcare Group is the first hospital firm in the mainland to be listed in Hong Kong. The Healthcare Group made a formal announcement late on Monday, that it is gearing up to buy 20 per cent stake in the UMP Healthcare Holdings. The deal, according to reports is finalized for HK$180 million.
The reports are doing round in the healthcare community of China, that the deal is most likely to be finalized and completed on Thursday. True Point that is incorporated under the British Virgin Islands will continue dominance in UMP with 80% of its share. UMP delivers healthcare services across Beijing, Shanghai, Hong Kong, and Macau.
In addition to the report of Phoenix buying stake in UMP, there are news about the company entering into 50-50 joint venture with UMP in the Beijing-Tianjin-Hebei region in China. The venture will be spearheaded by the companies in coalition to establish contract medicine business, outpatient clinics, and other businesses which both the enterprises may agree upon. The information about the association was revealed in an official statement published at the Hong Kong Stock Exchange.
The companies intend to start their joint venture by setting up three self-owned clinics across Beijing, and then they have plans to build ten more such clinics within the next three years.
The Chinese Government has left no stones unturned to promote private capital investment and participation in the healthcare sector of the country. Phoenix association with UMP is believed to be in the same line with the policies adopted by the Chinese government. Phoenix is looking forward to establish a primary network of healthcare units that will eventually lead to referrals to the secondary and tertiary network of hospitals under the Healthcare Group.
This joint venture according to industry experts will provide a platform for future partnership, especially with the insurance companies across the mainland, since UMP is now a partner with insurance firms that provides services to both corporates and individuals, an inside source from Phoenix said.