Shanghai Care Alliance Technology Co., Ltd. (hereinafter “Care Alliance”), a member of New Frontier Group, announced its completion of the acquisition of the rehabilitation business (hereinafter “target business”) of Zhejiang Hekang Medical Group Co., Ltd. (hereinafter “Hekang Medical”) today. The transaction was closed on December 31, 2019.
Shanghai, January 10, 2020– Shanghai Care Alliance Technology Co., Ltd. (hereinafter “Care Alliance”), a member of New Frontier Group, announced its completion of the acquisition of the rehabilitation business (hereinafter “target business”) of Zhejiang Hekang Medical Group Co., Ltd. (hereinafter “Hekang Medical”) today. The transaction was closed on December 31, 2019.
Hekang Medical’s overall rehabilitation business includes four rehabilitation hospitals in Hangzhou. These 4 hospitals included Hangzhou Hekang Rehabilitation Hospital Co., Ltd., Hangzhou Jianggan Hekang NO.2 Rehabilitation Hospital Co., Ltd., Hangzhou Kangxin Rehabilitation Hospital Co., Ltd. And Kangxiang Hospital Co., Ltd.
The acquisition is a new milestone for Care Alliance, particularly in its expansion towards Eastern China. The current rehabilitation business of Hekang Medical’s focuses on intensive rehabilitation and elderly rehabilitation, two areas that are synergistic to Care Alliance’s service portfolio. Care Alliance will continue to build on its expertise in neuro-rehabilitation, orthopedic rehabilitation, and cardiopulmonary rehabilitation.
The acquisition will propel Care Alliance to become the largest rehabilitation service providers in the country on a bed count basis.
Care Alliance is committed to delivering high quality rehabilitation service in China and will continue to grow through organic expansion and strategic acquisitions.
About Care Alliance
Care Alliance is the core post-acute healthcare platform under New Frontier Group with headquarter in Shanghai. Care Alliance is led by a group of entrepreneur, hospital management experts and professionals of rehabilitation. It is China’s first comprehensive rehabilitation healthcare service platform with full coverage to all stages of rehabilitation service , continuous medical service formats, and family health management services. There are currently over 6,000 beds in operation and under construction, covering Southwest, East China and Central China.
About New Frontier
New Frontier Group is a China-focused investment group that invests in, builds and operates diversified businesses in the Chinese new economy sectors. Its portfolio companies include Care Alliance, New Frontier Health / United Family Healthcare (NYSE: NFH), YD Care, Shenzhen Sanjiu Hospital, Heal Oncology, Best Unimed Physician Group, Precision Medical and Hellotoby.
About Hekang Medical and target business
Hekang Medical Group is a large hospital group headquartered in Hangzhou. . It is one of the most recognized private healthcare providers in Zhejiang. Hekang Medical currently manages and operates more than 15 hospitals in Eastern China , featuring trauma surgery, rehabilitation and medical services.
Hekang Medical Group has been ranked within the “Top 100 Most Influential Medical Groups in China” and “Top 10 Most Influential Enterprise in China’s Health Industry” in 2019; its Hangzhou Hekang Rehabilitation Hospital and Hangzhou Jianggan Hekang Rehabilitation Hospital has been awarded the “Top 100 Chinese Rehabilitation Hospitals” in 2018 (ranked 20th and 39th in China respectively).