On October 31, 2016, Phoenix Healthcare Group convened the extraordinary meeting of shareholders to vote the share purchase agreement of Guangxiong Co., Ltd., a wholly-owned subsidiary of CR Healthcare. Under this deal, only independent shareholders had voting rights. The number of shares available for voting was 590,000,000 while that of actually voted shares was 260,000,000. The agreement was finally adopted with all affirmative votes.

At the same time, all conditions under the agreement had been met and the share trading was conduced on October 31. So far, CR Healthcare had acquired 460,000,000 new shares of Phoenix Healthcare Group, accounting for 35.7% of the latter’s total, thus becoming its first majority shareholder. Phoenix Healthcare was therefore renamed as “China Resources Phoenix Healthcare Group Co., Ltd.” which has more than 100 medical institutions and 11,900 open beds, growing into China’s largest medical service platform.

The next 15 years will be an important period of strategic opportunities for the drive of building a healthy China. The newly built group shall get deeply involved in the structural reform on the supply front of the country’s medical service sector and fully capitalize on its platforms and resources to make the CR grand health industry stronger. The combined CR and Phoenix will fully integrate their brands, resources, experience and teams, improve the operation efficiency and service capacity of the current hospital network, and provide the masses with multi-layer, diversified medical services. At the same time, it will extend its reaches to key regions across the country, seek to scale up the grand health industry, and build a regionally integrated, coordinated medical system that offers high-quality, efficient services, thus setting a good example for investing in and operating hospitals with private capital and creating Chinese healthcare groups with international influence.