Concord Medical Announces the Closing of Acquisition of Its Shares by CEO and COO from Other Shareholders

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Concord Medical Services Holdings Limited

Dec 06, 2013, 08:30 ET

BEIJING, Dec. 6, 2013 /PRNewswire/ -- Concord Medical Services Holdings Limited ("Concord Medical" or the "Company") (NYSE: CCM), a leading specialty hospital management solution provider and operator of the largest network of radiotherapy and diagnostic imaging centers in China and the parent of Chang'an Hospital, today announced that it has been informed that Mr. Jianyu Yang, the Company's Chairman and CEO, and Mr. Zheng Cheng, the Company's director, President and COO, have closed the transaction through which they have acquired ordinary shares and American depositary shares of the Company from certain other shareholders, pursuant to share purchase agreements (the "Share Purchase Agreements") entered into on August 15, 2013 and a share purchase agreement entered into on November 20, 2013.

The Company understands that Mr. Yang and Mr. Cheng have established a company under the laws of the British Virgin Islands as the purchaser and caused the purchaser to acquire an aggregate of 37,681,708 ordinary shares and 4,660,976 American depository shares, each representing three ordinary shares of the Company, from certain shareholders of the Company at a purchase price of US$6.10 per American depositary share and for a total consideration of US$105,051,427. The aggregate beneficial ownership of Mr. Yang and Mr. Cheng in the Company following the acquisition has increased to approximately 44.2%.

Mr. Yang and Mr. Cheng have jointly filed an amendment to Schedule 13D today with the SEC which can be accessed via www.sec.gov.

About Concord Medical

Concord Medical Services Holdings Limited operates the largest network of radiotherapy and diagnostic imaging centers in China, measured by revenues and the number of centers in operation and is the parent of Chang'an Hospital. As of September 30, 2013, the Company operated a network of 144 centers with 78 hospital partners that spanned 55 cities and 24 provinces and administrative regions in China. Under long-term arrangements with top-tier hospitals in China, Concord Medical provides radiotherapy and diagnostic imaging equipment and manages the daily operations of these centers, which are located on the premises of its hospital partners. The Company also provides ongoing training to doctors and other medical professionals in its network of centers to ensure a high level of clinical care for patients. For more information, please see http://ir.concordmedical.com.

For more information, please contact:

Concord Medical Services

Mr. Adam J. Sun (Chinese and English)
+86-10-5957-5266
[email protected]

Mr. Ting Jia (Chinese and English)
+86-10-5903-6688 (ext. 809)
[email protected]

Ms. Gloria Huang (Chinese and English)
+86-10-5903-6688 (ext. 639)
[email protected]

ICR Inc.

In China:
Ms. Rene Jiang
+86-10-6583-7521
[email protected]

In the United States:
Mr. William Zima
+1-203-682-8233
[email protected]

SOURCE Concord Medical Services Holdings Limited