BEIJING, July 11,
2024 /PRNewswire/ -- Concord Medical Services
Holdings Limited ("Concord Medical" or the "Company") (NYSE: CCM),
a healthcare provider specialized in cancer treatment, research,
education and prevention in China,
today announced that it plans to change the ratio of its American
depositary shares ("ADSs") to Class A ordinary shares (the "ADS
Ratio") from the current ADS Ratio of one (1) ADS representing
three (3) Class A ordinary shares to a new ADS Ratio of one (1) ADS
representing thirty (30) Class A ordinary shares. The Company
anticipates that the change in the ADS Ratio will be effective on
July 30, 2024 (U.S. Eastern
Time). The ADSs of Concord Medical will continue to be traded on
the New York Stock Exchange under the symbol "CCM."
For the ADS holders of Concord Medical, the change in the ADS
Ratio will have the same effect as a one-for-ten reverse ADS split.
Each ADS holder at the open of business on the date when the change
in ADS Ratio is effective will be required to surrender and
exchange every ten (10) existing ADSs then held for one
(1) new ADS. JPMorgan Chase Bank, N.A., as the depositary bank
for the ADS program of Concord Medical, will arrange for the
exchange of the current ADSs for the new ones.
No fractional new ADSs will be issued in connection with the
change in the ADS Ratio. Instead, fractional entitlements to new
ADSs will be aggregated and sold by the depositary bank, and the
net cash proceeds from the sale of the fractional ADS entitlements
(after deduction of fees, taxes, and expenses) will be distributed
to the applicable ADS holders by the depositary bank. The
change in the ADS Ratio will have no impact on the underlying
Class A ordinary shares of Concord Medical, and no
Class A ordinary shares will be issued or cancelled in
connection with the change in the ADS Ratio.
As a result of the change in the ADS Ratio, the ADS trading
price of Concord Medical is expected to increase proportionally,
although the Company can give no assurance that the ADS trading
price after the change in the ADS Ratio will be equal to or greater
than ten times the ADS trading price before the change.
About Concord Medical
Concord Medical Services Holdings Limited is a healthcare
provider featuring a full cycle of premium oncology services
including cancer diagnosis, treatment, education and prevention.
The Company focuses on providing multidisciplinary cancer care in
all aspects of oncology healthcare services in its cancer hospitals
and equipping them with technologically advanced equipment such as
the state-of-the-art proton therapy system. The Company is striving
to improve the quality and accessibility of cancer care through its
network of self-owned cancer hospitals and clinics as well as
partnered hospitals across China.
For more information, please see http://ir.ccm.cn.
About Concord Healthcare
Concord Healthcare is an oncology healthcare provider in
China. Concord Healthcare serves
both cancer patients through self-owned medical institutions and
third-party medical institutions through medical equipment,
software and related services. In its self-owned medical
institutions, Concord Healthcare provides a full spectrum of
oncology healthcare services to cancer patients across the entire
care continuum, leveraging its multidisciplinary team specialists
and diagnosis and treatment capabilities featuring precision
radiation therapy. Through its medical equipment, software and
related services, Concord Healthcare serves a widespread network of
enterprise customers, primarily hospitals, with integrated
oncology-related services, including primarily sales and installing
of medical equipment and software, management and technical
support, and operating lease.
Safe Harbor Statement
This announcement contains forward-looking statements. These
forward-looking statements can be identified by words or phrases
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar expressions.
Forward-looking statements are inherently subject to uncertainties
and contingencies beyond the Company's control and based upon
premises with respect to future business decisions, which are
subject to change. A number of important factors could cause actual
results to differ materially from those contained in any
forward-looking statement. The Company does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
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SOURCE Concord Medical Services Holdings Limited