Company News & Events
Concord Medical Services Holdings Limited ("Concord Medical" or the "Company") (NYSE: CCM), operates the largest network of radiotherapy and diagnostic imaging centers in China, measured by revenues and the number of centers in operation. As of June 30, 2017, the Company operated a network of 60 centers with 41 hospital partners that spanned 34 cities and 19 provinces and administrative regions in China. Cancer is the leading cause of death in China, and there is a relatively low penetration of radiotherapy and diagnostic imaging equipment compared to developed countries. We believe that our leading network and our experience and expertise uniquely position us to address the underserved market in China for radiotherapy and diagnostic imaging services.
Most of the centers in our network are established through long-term lease and management services arrangements entered into with our hospital partners. Each center is located on the premises of our hospital partners and is typically equipped with a primary unit of advanced radiotherapy or diagnostic imaging equipment, such as a linear accelerator, head gamma knife system, body gamma knife system, positron emission tomography-computed tomography scanner, or PET-CT scanner, or magnetic resonance imaging scanner, or MRI scanner. We provide clinical support services to doctors who work in the centers in our network, which include developing treatment protocols for doctors and organizing joint diagnosis between doctors in our network and clinical research.
To further enhance our reputation and to employ high quality doctors, we are in the process of establishing and operating specialty cancer hospitals and stand-alone centers in China. In the first quarter of 2011, we entered into a framework agreement with Sun Yat-Sen University Cancer Center and a third party to form a specialty hospital in Guangzhou for cancer diagnosis and treatment. In April 2014, we received the relevant government approval for the establishment of Shanghai Concord Cancer Hospital, a premium cancer hospital in Shanghai New Hongqiao International Medical Center. In May 2014, we engaged The University of Texas MD Anderson Cancer Center ("MD Anderson") as a consultant for our cancer hospital projects under planning in Shanghai and Beijing. In October of the same year, we received relevant government approvals to establish a free-standing radiotherapy cancer center, Datong Meizhong Jiahe Cancer Center in Datong City, Shanxi Province. We plan to establish and operate additional specialty cancer hospitals and stand-alone centers that will be majority owned by us.
As part of our high-end cancer hospital development strategy and oversea business extension, we acquired Fortis Surgical Hospital, a private hospital in Singapore in April, 2015. In May 2015, we expanded our cooperation with MD Anderson by signing multi-year strategic collaboration agreement with MD Anderson Cancer Center. The agreement, which is the first of its kind for MD Anderson in Asia, will be an exclusive collaboration at CCM's new cancer facilities in Shanghai and Beijing, and the collaboration exclusivity will cover most of the provinces in China, and in Singapore.
Concord Medical, as a leader in China's healthcare service sector, stands out with its strong reputation, professional expertise and clear track record. Our strengths lie within our long operating history as well as our strong and experienced management team. Our goal is to become the best-managed specialty cancer hospital group, with the most advanced equipment and reputable brand name, in China.