China’s largest private preventive healthcare provider, iKang Healthcare Group, Inc. has declared that it has entered in a joint collaboration with the past shareholders of the healthcare companies Weifang Kuiwen Ciming Clinic, Weihai Ciming Clinic, and Yantai Ciming Laishan Clinic, in the three economy- and population-wise highly important cities Weifang, Weihai, and Yantai, respectively of China.
A new medical centre in Yantai is also under construction. The medical centers were previously a part of Ciming Checkup Group, a private company operating in the private preventive healthcare service field in the country. With the joint collaboration, iKang will now hold 70% equity in the joint venture, which was, till now, under the 100% possession of the company Shandong Ciming Centers.
The acquisition represents the third time in less than a year’s time that Ciming franchisees have parted ways with the parent group and have gone in favor of iKang. These centers, now among the toal seven in China’s top five cities, are some of the best performers in the entire Ciming franchises.
Also now, iKang will operate with its five medical centers in major cities in the Shandong province of the country.
Chairman and CEO of iKang, Lee Ligang Zhang, stated regarding the acquisition that the company is delighted to welcome the new acquisitions. He said that Shandong has now become a key strategic market for the company because of the province’s prominent economy and large population. The acquisition of these medical centers will help the company to quickly expand its coverage in this important market that caters to mid as well as high end customers.
The further expansion of the company in tier-3 cities such as Weifang, Weihai, and Yantai will also allow the company to continue enhancing its competiveness and bolster its footprints across the eastern part of the country.