BEIJING, May 18, 2015 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. ("iKang" or the "Company") (Nasdaq:KANG), China's largest private preventive healthcare services provider, today announced that it has acquired a 100% share of Ommay Health Management Co., Ltd., a middle to high-end private medical examination service center in Chengdu that was officially founded in June 2007.
Ommay Health Management is the very first private medical examination service center established in a prime location in Chengdu, and was built specifically for the mid to high-end market. Ommay serves both individual customers and corporate clients including Fortune 500 companies. Its equipment is mainly sourced from top international brands and its lab reagents are mainly supplied by Roche. Furthermore, many physicians working at Ommay come from third-grade A-level public hospitals with the title of associate chief physicians or above. As of today, physicians from third-grade A-level public hospitals are regarded as best trained and most experienced physicians in China. Ommay maintains a strong regional influence, and is well renowned for its high quality of service and stellar reputation.
Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the acquisition. "Chengdu is one of our key target markets, and by integrating Ommay Health Management into our solid nationwide network, we will expand our self-owned medical centers in Chengdu from 3 to 4. This acquisition allows iKang to continue leading the industry while expanding our product and service offerings in Chengdu, and further consolidate our leading position in second and third tier cities in China."
He continued, "This acquisition also amplifies our commitment to expand and strengthen our leadership position as the largest player in the preventive healthcare services market in China. I strongly believe the addition of the talented medical and service teams in these centers also further enhances our best-in-class brand reputation and I look forward to welcoming them into the iKang family."
About iKang Healthcare Group, Inc.
iKang Healthcare Group, Inc. is the largest provider in China's fast growing private preventive healthcare services market, accounting for approximately 13.6% of market share in terms of revenue in calendar year 2014.
Through iKang's integrated service platform and established nationwide network of medical centers and third-party service provider facilities, the Company provides comprehensive and high quality preventive healthcare solutions, including a wide range of medical examinations services and value-added services including disease screening and other services. iKang's customers are primarily corporate customers who contract the Company to provide medical examination services to their employees and clients, and pay for these services at pre-negotiated prices. iKang also directly markets its services to individual customers. In the fiscal year ended March 31, 2014, the Company served a total of 2.7 million customer visits under both corporate and individual programs. For the nine months ended December 31, 2014, the Company served a total of 3.1 million customer visits.
As of May 18, 2015, iKang's nationwide network consisted of 59 self-owned medical centers covering 16 of the most affluent cities in China, namely Beijing, Shanghai, Guangzhou, Shenzhen, Chongqing, Tianjin, Nanjing, Suzhou, Hangzhou, Chengdu, Fuzhou, Changchun, Jiangyin, Changzhou and Shenyang, as well as Hong Kong. The Company has also supplemented its self-owned medical center network by contracting with approximately 400 third-party service provider facilities in over 150 cities, which include selected independent medical examination centers and hospitals across all of China's provinces, creating a nationwide network that allows iKang to serve its customers in markets where it does not have self-owned medical centers.
Forward-looking Statements
This press release contains forward-looking statements. These statements, including management quotes and business outlook, are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "estimate," "project," "predict," "believe," "expect," "anticipate," "intend," "potential," "plan," "goal" and similar statements. iKang may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These forward-looking statements include, but are not limited to, statements about: the Company's goals and strategies; its future business development, financial condition and results of operations; its ability to retain and grow its customer base and network of medical centers; the growth of, and trends in, the markets for its services in China; the demand for and market acceptance of its brand and services; competition in its industry in China; relevant government policies and regulations relating to the corporate structure, business and industry; fluctuations in general economic and business conditions in China. Further information regarding these and other risks is included in iKang's filing with the Securities and Exchange Commission. iKang undertakes no duty to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.