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| A strategic move to enter the elderly care industry, providing Chinese citizens with quality services |
HONG KONG, May 13, 2016 - (ACN Newswire) - China Everbright Limited ("CEL", stock code: 165.HK) is pleased to announce an acquisition agreement with Beijing Huichen Nursing Home Management Co., Ltd. ("Huichen"), a leading company offering elderly health care services in China. CEL is now Huichen's largest controlling shareholder following its acquisition of 67.27% of Huichen's equities. After the acquisition, CEL will maintain the stability of the Huichen management team and take part in the company's operations and management.
 | | Chen Shuang, CEO of China Everbright Limited |
Established in 2007, Huichen is dedicated to providing integrated senior health care services including elderly health care, geriatric treatment, rehabilitation and community services. The company currently operates six apartment complexes for the elderly and one daily management center with over 3,000 beds, serving more than 10,000 senior citizens. Huichen is considered China's first high-end elderly care provider integrating medical services and financial innovation.
Chen Shuang, CEO of China Everbright Limited, said, "With this acquisition, CEL enters the elderly health care business which shows great potential and prospects. Huichen possesses the finest elderly health care management capability in China - and indeed the world. It has a seasoned and professional management team and is the best partner which gives CEL access to the elderly care industry. Further growth of Huichen is anticipated combining CEL's solid financial resources and networks with Huichen's professional management capability. We see huge opportunities with the government policies supporting the development of Chinese elderly care industry, and the growing aging population in China. As CEL's long-term quality asset, Huichen is expected to create lasting and stable returns on investment for CEL and the company's shareholders."
According to the first China Report on the Development of Livable Environment for the Elderly (2015), the elderly population in China is now 25 million. By 2030 it is expected to reach 371 million, accounting for 25.3% of the total population. China's aging population is growing rapidly, leading to an urgent need to enhance and improve services for the elderly community. In 2015, 10 ministries, including the Ministry of Civil Affairs and the Development and Reform Commission, jointly released Implementing Opinions on Encouraging Participation of Private Capital in the Development of the Elderly Service Industry, which opens a new development stage for China's elderly care industry. Elderly care is an emerging industry in China with strong prospect, pioneers with foresight and initiative would likely to capture the numerous opportunities in this industry.
CEL has long focused on cross-sector investments. Its sector funds cover areas such as real estate, new energy, infrastructure and health care. Investing in the elderly care industry is expected to create synergy with CEL's investment in sectors including health care, real estate and related industries, opening rooms for inter cooperation.
About China Everbright Limited
China Everbright Limited ("CEL", stock code: 165.HK) was established at Hong Kong in 1997, CEL persistently pursues its "Macro Asset Management" strategy, with specific focuses on cross-border asset management and investment business. Over the past years, CEL manages series of private equity funds, venture capital funds, sector focus funds, mezzanine funds, hedge funds and principal investment as operated via an international management platform, and provides overseas investors with opportunities to explore and invest in companies with fast growing potential in Mainland China. On the other hand, CEL also seeks investment opportunities from overseas and provides diversified financial services for its clients in Mainland China. As of 31 December 2015, CEL's total fundraising scale reached over HK$49 billion, with a total of 31 funds.
China Everbright Limited, being a member of China Everbright Group, is the second largest shareholder of Everbright Securities (stock code: 601788.SH), a strategic shareholder of China Everbright Bank (stock code: 601818.SH, 6818.HK), the single largest shareholder of the Hong Kong-listed China Aircraft Leasing Group Holdings Limited (stock code: 1848.HK) and the second largest shareholder of the Singapore-listed Ying Li International Real Estate Limited (stock code: 5DM. SGX).
After the launch of "Shanghai-Hong Kong Stock Connect" on 10 April 2014, CEL becomes one of the first batch of specific stocks listed on The Stock Exchange of Hong Kong which can be directly traded by Mainland investors.
Through upholding the philosophy of "Making Wealth Simple", CEL leverages on its own substantial financial strength, as well as the position and influence of China Everbright Group and its affiliated companies in the financial industry in China, and has successfully built huge cross-border social and business networks in Hong Kong and the Mainland, and established a reputable image in the market.
For more information, please visit: www.everbright165.com.
About Beijing Huichen Nursing Home Management Co., Ltd.
Established in 2007, Beijing Huichen Nursing Home Management Co., Ltd. (Huichen) is committed to building a management company in the senior health care service industry that integrates elderly support, care, medical treatment and rehabilitation with the nursing home as the system pillar, the medical care of seniors as the district core and community service as the basis for implementation. Elderly service consists of three areas: institution-based elderly service, community-based elderly service and visitant-style elderly service. Each area operates independently with mutual penetration so as to offer diversified services for the senior population.
Huichen offers comprehensive elderly service facilities that integrate senior apartment, medical rehabilitation, care and entertainment functions. It also focuses on care for those in the elderly population with dementia and disability, ensuring that they have reliable support with professional care and rehabilitation services.
Huichen was launched in Beijing and has since begun developing a chain of elderly service facilities across the country, with plans to cover areas including greater Beijing and Shandong Province. The company operates six retirement houses in Beijing, with another elderly service facility under development in 2016. Huichen has served more than 10,000 senior citizens, with 3,100 beds under management and nearly 500 employees.
Huichen is the first elderly service brand in China to apply socialised practices to achieve integration between medical care and financial innovation. By providing a family atmosphere, personalised service, as well as a professional and caring team, Huichen demonstrates its commitment to helping its senior residents lead healthy and colorful lives full of dignity and creating peace of mind for their children.
For more information, please visit: www.huichenlife.com.
For enquiries, please contact:
Golin
Jackie Cheung
Tel: +852 2501 7901
Email: jcheung@golin.com
Max Lau
Tel: +852 2501 7905
Email: mlau@golin.com
Topic: Press release summary
Source: China Everbright Ltd
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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