Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Entity Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Concord Medical Services Holdings Ltd |
Entity Central Index Key | 0001472072 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Trading Symbol | CCM |
Entity Common Stock, Shares Outstanding | 130,178,377 |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 404,742 | $ 58,867 | ¥ 98,191 |
Restricted cash | 421,990 | 61,376 | 563,986 |
Accounts receivable (net of allowance of RMB12,969 and RMB3,585 (US$521) and including amounts due from related parties amounting to RMB11,425 and RMB5,099 (US$742) as of December 31, 2017 and 2018, respectively) | 86,868 | 12,634 | 131,952 |
Inventories | 3,356 | 488 | 6,284 |
Prepayments and other current assets (net of reserve of RMB4,798 and RMB14,798 (US$2,152) and including amounts due from related parties amounting to RMB13,879 and RMB15,572 (US$2,264) as of December 31, 2017 and 2018, respectively) | 227,714 | 33,120 | 264,723 |
Net investment in direct financing leases, current portion | 29,638 | 4,311 | 18,900 |
Short-term investment | 50,000 | 7,272 | 0 |
Assets held-for-sale | 4,384 | 638 | 27,100 |
Total current assets | 1,228,692 | 178,706 | 1,111,136 |
Non-current assets: | |||
Prepaid land lease payments | 438,323 | 63,751 | 447,933 |
Property, plant and equipment, net | 1,219,309 | 177,341 | 793,571 |
Goodwill | 165,171 | 24,023 | |
Intangible assets, net | 456,844 | 66,445 | 7,799 |
Deposits for non-current assets (net of reserve of RMB30,860 and RMB30,860 (US$4,488) as of December 31, 2017 and 2018) | 637,838 | 92,770 | 266,180 |
Net investment in direct financing leases, non-current portion | 42,977 | 6,251 | 54,052 |
Long-term investments | 388,364 | 56,485 | 754,327 |
Other non-current assets | 7,876 | 1,143 | 30,392 |
Total non-current assets | 3,356,702 | 488,209 | 2,354,254 |
Total assets | 4,585,394 | 666,915 | 3,465,390 |
Current liabilities (including amounts of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB77,862 and RMB46,013 (US$6,692) as of December 31, 2017 and 2018, respectively): | |||
Short-term bank and other borrowings | 396,520 | 57,671 | 512,222 |
Long-term bank and other borrowings, current portion (including loan from related party of RMB162,297 and nil as of December 31, 2017 and 2018, respectively) | 44,068 | 6,409 | 197,139 |
Accounts payable | 5,438 | 791 | 4,563 |
Accrued expenses and other liabilities (including loan from related party of nil and RMB15,985(US$2,324) and interest payable to related party of RMB5,523 and nil as of December 31, 2017 and 2018, respectively) | 418,006 | 60,796 | 385,919 |
Income tax payable | 3,762 | 547 | 5,990 |
Dividend payable | 2,471 | 359 | 2,338 |
Total current liabilities | 870,265 | 126,573 | 1,108,171 |
Non-current liabilities (including amounts of the consolidated VIE and its subsidiaries without recourse to the primary beneficiary of RMB404,597 and RMB454,424 (US$66,093) as of December 31, 2017 and 2018, respectively) | |||
Long-term bank and other borrowings, non-current portion (including loan from related party of RMB280,459 and nil as of December 31, 2017 and 2018, respectively) | 497,526 | 72,362 | 284,584 |
Deferred tax liabilities | 165,646 | 24,092 | 73,577 |
Long-term secured borrowings | 0 | 0 | 163,498 |
Mandatorily redeemable noncontrolling interest | 434,216 | 63,154 | 396,281 |
Amounts due to related parties, non-current portion | 222,518 | 32,363 | 350,969 |
Other long-term liabilities | 121,342 | 17,648 | 73,392 |
Total non-current liabilities | 1,441,248 | 209,619 | 1,342,301 |
Total liabilities | 2,311,513 | 336,192 | 2,450,472 |
Commitments and contingencies | |||
Contingently redeemable noncontrolling interest | 1,720,366 | 250,217 | 0 |
Equity: | |||
Treasury stock (12,261,555 and 12,175,155 shares as of December 31, 2017 and 2018, respectively) | (8) | (1) | (8) |
Additional paid-in capital | 1,758,937 | 255,827 | 1,860,763 |
Accumulated other comprehensive loss | (88,621) | (12,889) | (47,418) |
Accumulated deficit | (1,232,991) | (179,331) | (879,393) |
Total Concord Medical Services Holdings Limited shareholders' equity | 437,422 | 63,621 | 934,049 |
Noncontrolling interests | 116,093 | 16,885 | 80,869 |
Total equity | 553,515 | 80,506 | 1,014,918 |
Total liabilities, mezzanine equity and equity | 4,585,394 | 666,915 | 3,465,390 |
Common Class A [Member] | |||
Equity: | |||
Ordinary shares | 68 | 10 | 105 |
Common Class B [Member] | |||
Equity: | |||
Ordinary shares | ¥ 37 | $ 5 | ¥ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017CNY (¥)shares |
Accounts receivable, allowance | ¥ 3,585 | $ 521 | ¥ 12,969 |
Accounts receivable, due from related party | 5,099 | 742 | 11,425 |
Prepayments and other current assets | 14,798 | 2,152 | 4,798 |
Prepayments and other current assets, due from related party | 15,572 | 2,264 | 13,879 |
Deposits for non-current assets | 30,860 | 4,488 | 30,860 |
Long-term Debt and Other Borrowings, Related Parties, Current | 162,297 | ||
Accrued expenses and other liabilities, interest payable to related party | 5,523 | ||
Long-term bank and other borrowings, non-current portion, loan from related party | ¥ 280,459 | ||
Treasury stock, shares | 12,175,155 | 12,175,155 | 12,261,555 |
Current liabilites | ¥ 870,265 | $ 126,573 | ¥ 1,108,171 |
Non-current liabilities | (1,441,248) | (209,619) | (1,342,301) |
Accrued Expenses and Other Liabilities Related Party Current | 15,985 | 2,324 | |
VIE and Subsidiaries | |||
Current liabilites | 46,013 | 6,692 | 77,862 |
Non-current liabilities | ¥ 454,424 | $ 66,093 | ¥ 404,597 |
Common Class A [Member] | |||
Ordinary shares, par value per share | $ / shares | $ 0.0001 | ||
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Ordinary shares, shares issued | 142,353,532 | 142,353,532 | 142,353,532 |
Ordinary shares, shares outstanding | 84,390,429 | 84,390,429 | 130,091,977 |
Common Class B [Member] | |||
Ordinary shares, par value per share | $ / shares | $ 0.0001 | ||
Ordinary shares, shares authorized | 45,787,948 | 45,787,948 | 45,787,948 |
Ordinary shares, shares issued | 45,787,948 | 45,787,948 | 0 |
Ordinary shares, shares outstanding | 45,787,948 | 45,787,948 | 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares | Dec. 31, 2016CNY (¥)¥ / sharesshares | |
Revenues, net of business tax, value-added tax and related surcharges | ¥ 190,898 | $ 27,765 | ¥ 330,977 | ¥ 455,042 |
Equipment leasing revenues | 76,723 | 11,159 | 239,569 | 379,559 |
Services and other revenues | 114,175 | 16,606 | 91,408 | 75,483 |
Cost of revenues | (171,136) | (24,891) | (232,979) | (286,543) |
Gross profit | 19,762 | 2,874 | 97,998 | 168,499 |
Operating expenses: | ||||
Selling expenses | (21,718) | (3,159) | (43,608) | (70,093) |
General and administrative expenses | (291,854) | (42,448) | (237,646) | (205,908) |
Impairment of long-lived assets | (5,433) | (790) | (28,600) | (61,124) |
Operating loss | (299,243) | (43,523) | (211,856) | (168,626) |
Interest expense (including interest expense to related party amounting to RMB15,073, RMB46,355 and RMB7,150 (US$1,040) for the years ended December 31, 2016, 2017 and 2018, respectively) | (46,232) | (6,724) | (89,959) | (89,327) |
Foreign exchange gain, net | 36,531 | 5,313 | 4,023 | 13,472 |
(Loss) gain on disposal of long-lived assets | 4,711 | 685 | (31,437) | (7,619) |
Interest income | 14,168 | 2,061 | 12,077 | 27,982 |
Changes in fair value of derivatives | 0 | 0 | 0 | 713 |
Income (loss) from equity method investments | (20,747) | (3,018) | 1,454 | 616 |
Gain on disposal of subsidiaries | 3,341 | 486 | 58,913 | 0 |
Other income, net | 34,206 | 4,975 | 2,890 | 18,191 |
Gain on disposal of an equity method investment | 48,019 | 6,984 | 0 | 0 |
Loss before income tax | (225,246) | (32,761) | (253,895) | (204,598) |
Income tax expenses | (34,051) | (4,953) | (31,789) | (60,486) |
Net loss | (259,297) | (37,714) | (285,684) | (265,084) |
Net loss attributable to noncontrolling interests | (24,422) | (3,552) | (1,364) | (3,217) |
Net loss attributable to Concord Medical Services Holdings Limited | ¥ (234,875) | $ (34,162) | ¥ (284,320) | ¥ (261,867) |
Loss per share for Class A and Class B ordinary shares: | ||||
Basic and diluted | (per share) | ¥ (2.76) | $ (0.40) | ¥ (2.19) | ¥ (2) |
Weighted average number of class A and class B ordinary shares outstanding: | ||||
Basic and diluted | 130,104,787 | 130,104,787 | 130,091,977 | 130,631,867 |
Other comprehensive (loss) income, net of tax of nil | ||||
Foreign currency translation, net tax of nil | ¥ (41,203) | $ (5,993) | ¥ 40,550 | ¥ (41,394) |
Total other comprehensive (loss) income, net of tax | (41,203) | (5,993) | 40,550 | (41,394) |
Comprehensive loss | (300,500) | (43,707) | (245,134) | (306,478) |
Comprehensive (loss) income attributable to noncontrolling interests | (22,902) | (3,331) | 2,485 | (6,740) |
Comprehensive loss attributable to Concord Medical Services Holdings Limited | ¥ (277,598) | $ (40,376) | ¥ (247,619) | ¥ (299,738) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Revenues, net of business tax, value-added tax and related surcharges, financing lease income from related party | ¥ 9,141 | $ 1,330 | ¥ 10,695 | ¥ 7,988 |
Interest expense to related party | ¥ 7,150 | $ 1,040 | ¥ 46,355 | ¥ 15,073 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss | ¥ (259,297) | $ (37,714) | ¥ (285,684) | ¥ (265,084) |
Adjustments to reconcile net loss to net cash generated from (used in) operating activities: | ||||
Share-based compensation (note 23) | 11,139 | 1,620 | 11,641 | 8,400 |
Depreciation of property, plant and equipment (note 10) | 40,855 | 5,942 | 83,224 | 117,051 |
Amortization of intangible assets (note 12) | 4,161 | 605 | 6,229 | 10,760 |
Amortization of prepaid land lease payments (note 11) | 9,610 | 1,398 | 5,256 | 1,195 |
(Income)loss from equity method investments | 20,747 | 3,018 | (1,454) | (616) |
Loss/ (gains) on disposal of long-lived assets | (4,711) | (685) | 31,437 | 7,619 |
Deferred tax expense (benefits) | 7,502 | 1,091 | 12,703 | 22,115 |
Allowance for doubtful accounts, net | 10,605 | 1,542 | 14,840 | 23,446 |
Impairment of long-lived assets | 5,433 | 790 | 28,600 | 61,124 |
Impairment of Inventories | 1,702 | 248 | 0 | 0 |
Changes in fair value of derivatives | 0 | 0 | 0 | (713) |
Interest and consultation expenses | 46,232 | 6,724 | 125,290 | 0 |
Gains on disposal of subsidiaries (note 4) | (3,341) | (486) | (58,913) | 0 |
Gains from disposal of an equity method investment (note 15) | (48,019) | (6,984) | 0 | 0 |
Gains from revaluation of previously held equity interests (note 4) | (28,846) | (4,195) | 0 | 0 |
Changes in operating assets and liabilities net of effects of acquisition and disposals: | ||||
Accounts receivable | 48,384 | 7,037 | 43,406 | 9,922 |
Prepayments and other current assets | (9,876) | (1,436) | (4,205) | (36,545) |
Inventories | 1,803 | 262 | (554) | (1,923) |
Other non-current assets | 41,081 | 5,975 | 7,057 | 14,249 |
Deposits for land use rights | 0 | 0 | (11,379) | (13,225) |
Accounts payable | 530 | 77 | 5,057 | 6,967 |
Accrued expenses and other liabilities | 51,879 | 7,545 | 11,234 | (12,758) |
Deferred revenue | 13,269 | 1,930 | 3,022 | 1,791 |
Income tax payable | (45,719) | (6,650) | (6,504) | (34,991) |
Accrued unrecognized tax benefit | 46,286 | 6,732 | 6,429 | 3,138 |
Net cash (used in) generated from operating activities | (38,591) | (5,614) | 26,732 | (78,078) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchase of short-term investments | (252,250) | (36,688) | 0 | 0 |
Redemption of short-term investments | 202,250 | 29,416 | 0 | 0 |
Prepayment for operating license | 0 | 0 | (6,705) | (3,025) |
Disposal of short-term investment | 0 | 0 | 0 | 60,000 |
Investments in equity method investees | (15,000) | (2,182) | (97,799) | 0 |
Prepayments in long-term investments | 0 | 0 | 0 | (181,500) |
Acquisitions of business, net of cash acquired (note 4) | (528,740) | (76,902) | 0 | 26,198 |
Disposals of subsidiaries, net of cash disposed (note 4) | 0 | 0 | (17,528) | 0 |
Acquisitions of property, plant and equipment | (165,596) | (24,085) | (91,260) | (78,920) |
Acquisitions of intangible assets | (1,779) | (259) | (749) | (960) |
Deposits for the purchases of property, plant and equipment | (598,800) | (87,092) | (197,843) | (39,068) |
Refund from deposits for the purchases of property, plant and equipment | 9,844 | 1,432 | 42,640 | 0 |
Advance from disposal of associate company | 0 | 0 | 0 | 12,999 |
Proceeds from disposal of an equity method investment (note 15) | 212,855 | 30,958 | 0 | 0 |
Proceeds from disposal of property, plant and equipment | 112,955 | 16,429 | 38,103 | 11,951 |
Proceeds from disposal of intangible assets | 2,563 | 373 | 0 | 0 |
Proceeds from principal portion of direct financing leases | 9,717 | 1,413 | 61,904 | 108,121 |
Net investment in direct financing leases | 0 | 0 | (50,000) | 0 |
Cash distribution from equity method investments (note 15) | 11,626 | 1,691 | 6,227 | 9,357 |
Net cash used in investing activities | (1,000,355) | (145,496) | (313,010) | (74,847) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from short-term bank borrowings | 726,746 | 105,701 | 292,847 | 497,577 |
Proceeds from long-term bank and other borrowings | 472,607 | 68,738 | 280,459 | 16,500 |
Proceeds from private offerings of subsidiary shares (note 1) | 0 | 0 | 0 | 139,972 |
Proceeds from long-term investment advance (note 1) | 0 | 0 | 0 | 528,896 |
Borrowings from related parties (note 24) | 174,314 | 25,353 | 350,969 | 0 |
Repayment of secured borrowings | (243,268) | (35,382) | (81,000) | (86,000) |
Refund of deposit for marketable securities | 0 | 0 | 2,156 | 3,661 |
Deposit for marketable securities (note 19) | 0 | 0 | (22,557) | 0 |
Repayment of short-term bank and other borrowings | (864,251) | (125,700) | (317,867) | (691,261) |
Repayment of long-term bank and other borrowings | (504,792) | (73,419) | (87,387) | (201,048) |
Redemption of mandatorily redeemable noncontrolling interests (note 1) | 0 | 0 | (97,106) | 0 |
Payment for interest and consultation expenses | 0 | 0 | (143,415) | 0 |
Dividends paid to ordinary shareholders | 0 | 0 | 0 | (285,829) |
Repurchase of ordinary shares | 0 | 0 | 0 | (30,402) |
Purchase of subsidiary shares from noncontrolling interests | (58,314) | (8,481) | 0 | (12,130) |
Proceeds from sales of subsidiary shares to noncontrolling interests | 0 | 0 | 0 | 2,142 |
Capital injection from a noncontrolling interests in a subsidiary | 0 | 0 | 12,800 | 0 |
Proceeds from issuance of contingently redeemable noncontrolling interests of a subsidiary | 1,500,000 | 218,166 | 174,000 | |
Net cash (used in) generated from financing activities | 1,203,042 | 174,976 | 189,899 | (117,922) |
Effect of foreign exchange rate changes on cash and cash equivalent and restricted cash | 459 | 67 | 157 | (11,240) |
Net (decrease) increase in cash | 164,555 | 23,933 | (96,222) | (282,087) |
Cash and cash equivalents and restricted cash at beginning of the year | 662,177 | 96,310 | 758,399 | 1,040,486 |
Cash and cash equivalents and restricted cash at end of the year | 826,732 | 120,243 | 662,177 | 758,399 |
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets | ||||
Cash and cash equivalents | 404,742 | 58,867 | 98,191 | 189,905 |
Restricted cash, current portion | 421,990 | 61,376 | 563,986 | 518,494 |
Restricted cash, non-current portion | 0 | 0 | 0 | 50,000 |
Total cash and cash equivalents and restricted cash | 662,177 | 96,310 | 758,399 | 1,040,486 |
Supplemental schedule of major cash flows information: | ||||
Income tax paid | (36,559) | (5,317) | (21,581) | (60,639) |
Interest paid | (59,492) | (8,653) | (89,959) | (81,486) |
Supplemental schedule of major non-cash activities: | ||||
Acquisition of Beijing Century Friendship and BPMC through utilization of prepayment for investment (note 4) | 0 | 0 | 0 | 100,600 |
Acquisition of investment in Guofu Huimei through utilization of prepayment of long-term investment (note 1) | 0 | 0 | 174,000 | 0 |
Acquisition of investment in CMCC included in accrued expense and other liabilities (note 18) | 0 | 0 | 116,939 | 0 |
Acquisition of property, plant and equipment, construction in progress and other intangible assets through utilization of deposits | 205,816 | 29,935 | 4,914 | 19,424 |
Acquisition of property, plant and equipment, construction in progress and other intangible assets through utilization included in accrued expense and other liabilities | 22,747 | 3,308 | 42,067 | |
Mandatorily redeemable noncontrolling interest through advance from long-term investment | ¥ 0 | $ 0 | ¥ 521,396 | ¥ 0 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands | CNY (¥)shares | USD ($)shares | Ordinary share [Member]CNY (¥)shares | Ordinary share [Member]USD ($)shares | Treasury stock [Member]CNY (¥) | Treasury stock [Member]USD ($) | Additional paid-in capital [Member]CNY (¥) | Additional paid-in capital [Member]USD ($) | Accumulated other comprehensive loss [Member]CNY (¥) | Accumulated other comprehensive loss [Member]USD ($) | Accumulated deficit [Member]CNY (¥) | Accumulated deficit [Member]USD ($) | Noncontrolling interests [Member]CNY (¥) | Noncontrolling interests [Member]USD ($) | Contingently redeemable noncontrolling Interest [Member]CNY (¥) | Contingently redeemable noncontrolling Interest [Member]USD ($) |
Balance at Dec. 31, 2015 | ¥ 1,433,788 | ¥ 105 | ¥ (6) | ¥ 1,774,330 | ¥ (46,574) | ¥ (336,329) | ¥ 42,262 | ¥ 0 | ||||||||
Balance, shares at Dec. 31, 2015 | shares | 132,994,201 | 132,994,201 | ||||||||||||||
Net loss | (265,084) | ¥ 0 | 0 | 0 | 0 | (261,867) | (3,217) | 0 | ||||||||
Other comprehensive income (loss) | (41,394) | 0 | 0 | 0 | (41,394) | 0 | (3,523) | 0 | ||||||||
Share-based compensation | 8,400 | 0 | 0 | 8,400 | 0 | 0 | 0 | 0 | ||||||||
Share repurchase | ¥ (30,402) | ¥ 0 | (2) | (30,400) | 0 | 0 | 0 | 0 | ||||||||
Share repurchase, shares | shares | (967,408) | (967,408) | (2,902,224) | (2,902,224) | ||||||||||||
Changes in ownership of MHM | ¥ 129,985 | ¥ 0 | 0 | 99,915 | 0 | 0 | 30,070 | 0 | ||||||||
Balance at Dec. 31, 2016 | 1,231,770 | ¥ 105 | (8) | 1,852,245 | (87,968) | (598,196) | 65,592 | 0 | ||||||||
Balance, shares at Dec. 31, 2016 | shares | 130,091,977 | 130,091,977 | ||||||||||||||
Cumulative adjustments for changes in accounting principles | 0 | ¥ 0 | 0 | (3,123) | 0 | 3,123 | 0 | 0 | ||||||||
Net loss | (285,684) | 0 | 0 | 0 | 0 | (284,320) | (1,364) | 0 | ||||||||
Other comprehensive income (loss) | 40,550 | 0 | 0 | 0 | 40,550 | 0 | 3,849 | 0 | ||||||||
Contribution from Noncontrolling interest | 12,800 | 0 | 0 | 0 | 0 | 0 | 12,800 | 0 | ||||||||
Share-based compensation | 11,641 | 0 | 0 | 11,641 | 0 | 0 | 0 | 0 | ||||||||
Disposal of subsidiaries | (8) | 0 | 0 | 0 | 0 | 0 | (8) | 0 | ||||||||
Balance at Dec. 31, 2017 | 1,014,918 | ¥ 105 | (8) | 1,860,763 | (47,418) | (879,393) | 80,869 | 0 | ||||||||
Balance, shares at Dec. 31, 2017 | shares | 130,091,977 | 130,091,977 | ||||||||||||||
Cumulative adjustments for changes in accounting principles | 5,632 | ¥ 0 | 0 | 0 | 0 | 5,632 | 0 | 0 | ||||||||
Net loss | (259,297) | $ (37,714) | 0 | 0 | 0 | 0 | (234,875) | (24,422) | 0 | |||||||
Other comprehensive income (loss) | (41,203) | (5,993) | 0 | 0 | 0 | (41,203) | 0 | 1,527 | 0 | |||||||
Accretion of contingently redeemable noncontrolling interests | (120,366) | (124,355) | 3,989 | 120,366 | ||||||||||||
Share-based compensation | 11,139 | 0 | 0 | 11,139 | 0 | 0 | 0 | 0 | ||||||||
Contribution from contingently redeemable noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,500,000 | ||||||||
Acquisition of additional shares of non-wholly owned subsidiary | (58,315) | 0 | 0 | (35,770) | 0 | 0 | (22,545) | 0 | ||||||||
Restricted shares vested | 0 | ¥ 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Restricted shares vested (in shares) | shares | 86,400 | 86,400 | ||||||||||||||
Acquisition of noncontrolling interests | 99,480 | ¥ 0 | 0 | 0 | 0 | 0 | 99,480 | 0 | ||||||||
Modification of noncontrolling interests | (100,000) | 0 | 0 | (77,195) | 0 | 0 | (22,805) | 100,000 | ||||||||
Balance at Dec. 31, 2018 | ¥ 553,515 | $ 80,506 | ¥ 105 | $ 15 | ¥ (8) | $ (1) | ¥ 1,758,937 | $ 255,827 | ¥ (88,621) | $ (12,889) | ¥ (1,232,991) | $ (179,331) | ¥ 116,093 | $ 16,885 | ¥ 1,720,366 | $ 250,217 |
Balance, shares at Dec. 31, 2018 | shares | 130,178,377 | 130,178,377 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | 1. ORGANIZATION AND BASIS OF PRESENTATION The accompanying consolidated financial statements include the financial statements of Concord Medical Services Holdings Limited (the “Company”) and its subsidiaries, consolidated variable interest entity (the “VIE”) and subsidiaries of the VIE, which are collectively referred to as the “Group”. The Company was incorporated under the laws of the Cayman Islands on November 27, 2007. The Group is principally engaged in the leasing of radiotherapy and diagnostic imaging equipment, and the provision of management services to hospitals. Starting April 2015, the Group is also engaged in hospital operations as a result of the acquisition of Concord Healthcare Singapore Pte. Ltd. (note 4). (a) As of December 31, 2018, subsidiaries of the Company and its consolidated variable interest entities included the following entities: Entities Date of establishment/acquisition Place of establishment Percentage of ownership by the Company Principal activities Subsidiaries Ascendium Group Limited (“Ascendium”) September 10, 2007 British Virgin Islands (“BVI”) 100 % Investment holding Concord Medical Investment Management Ltd. October 28, 2016 BVI 100 % Investment holding Our Medical Services Limited (“OMS”) August 22, 1996 BVI 100 % Investment holding Medstar Overseas Ltd. (“Medstar Overseas”) September 22, 2011 BVI 100 % Investment holding Cyber Medical Networks Limited (“Cyber”) May 26, 2006 Hong Kong 100 % Investment holding China Medical Services Holdings Limited (“CMS Holdings”) July 18, 2008 Hong Kong 100 % Investment holding King Cheers Holdings Limited (“King Cheers”) May 18, 2001 Hong Kong 100 % Investment holding Shenzhen Aohua Medical Technology Development Co., Ltd. (“Aohua Technology ”) February 21, 2008 PRC 60 % Leasing of medical equipment and provision of management services Medstar (Shanghai) Leasing Co., Ltd. (“Shanghai Medstar”) ** March 21, 2003 PRC 100 % Leasing of medical equipment and provision of management services Beijing MeizhongJiahe Hospital Management Co., Ltd. (“MHM”) * July 23, 2008 PRC 60 % Provision of management services Beijing Yundu Internet Technology Co., Ltd. (“Yundu”) July 26, 2007 PRC 60 % Provision of management services Tianjin Concord Medical Technology Limited (“Tianjin Concord Medical”) April 22, 2010 PRC 100 % Leasing of medical equipment and provision of management services Guangzhou Jinkangshenyou Investment Co., Ltd. (“JKSY”) August 12, 2010 PRC 100 % Leasing of medical equipment Guangzhou Concord Cancer Center (“Guangzhou Concord Cancer Hospital”) June 29, 2011 PRC 48 % Group’s medical treatment and service business CCM (Hong Kong) Medical Investments Limited (“CCM (HK)”) June 03, 2013 Hong Kong 85.71 % Investment holding Entities Date of establishment/acquisition Place of establishment Percentage of ownership by the Company Principal activities Shenzhen Concord Medical Investment Limited (“SZ CMS”) January 10, 2014 PRC 60 % Investment holding Shanghai Concord Cancer Center Co., Ltd (“SHC”) March 17, 2014 PRC 60.26 % Group’s medical treatment and service business Global Medical Imaging (HongKong) Ltd. (“GMI”) May 26, 2014 Hong Kong 100 % Investment holding Datong Meizhong Jiahe Cancer Center (“DTMZ”) October 23, 2014 PRC 60 % Group’s medical treatment and service business Wuxi Concord Medical Development Ltd. ("Wuxi Concord”) December 29, 2015 PRC 100 % Group’s medical treatment and service business Concord Hospital Management Group Ltd. (“CHMG”) July 7, 2015 Hong Kong 100 % Group’s medical treatment and service business Beijing Concord Medical Technology Ltd.(“BJCMT”)** January 4, 2016 PRC 100 % Provision of management services Shanghai Taifeng Medical Technology Ltd (“Taifeng”) ** March 30, 2016 PRC 60 % Group’s medical treatment and service business Taizhou Concord Leasing Co., Ltd.** April 20, 2016 PRC 100 % Group’s medical treatment and service business Guofu Huimei (Tianjin) Investment Management Partnership Firm (LP) (“Guofu Huimei”) (note 4) October 8, 2018 PRC 100 % Investment holding Beijing Century Friendship Science & Technology Development Co., Ltd (“Beijing Century Friendship”) (note 4) October 8, 2018 PRC 60 % Group’s medical treatment and service business Beijing Proton Medical Center Co., Ltd (“BPMC”) (note 4) October 8, 2018 PRC 58 % Group’s medical treatment and service business Shanghai Meizhong Jiahe Cancer Center Co., Ltd. (“CMCC”) (note 4) October 8, 2018 PRC 55.42 % Group’s medical treatment and service business VIE ZR ConcordHealthcare Investment Fund SP (“SP”) November 2016 Cayman Islands 25 % Investment holding Subsidiaries of VIE US Proton Therapy Holdings Limited (“Proton BVI”) May 16, 2011 BVI 25 % Investment holding US Proton Therapy Holdings Limited (“US Proton”) June 29, 2011 United States of America 25 % Investment holding Concord Medical Services (International) Pte. Ltd. (“China Medstar”) (formerly known as China Medstar Pte. Limited) August 8, 2003 Singapore 25 % Investment holding Concord Healthcare Singapore Pte. Ltd. (“CHS”) April 1, 2015 Singapore 25 % Group’s medical treatment and service business * On August 27, 2015, the Group changed the name of CMS Hospital Management Co., Ltd. (“CHM”) to Beijing MeizhongJiahe Hospital Management Co., Ltd. (“MHM”), providing management service to the Group’s existing network. On September 29, 2016, MHM completed its first-round private offering of additional 926,000 ordinary shares to five institutional investors with a consideration of RMB41,670, among which one investor thereafter transferred all the shares acquired back to the Group in the secondary market. In November 2016, the Group transferred 1,483,000 ordinary shares to and bought 10,000 ordinary shares from other existing shareholders in the secondary market. On December 30, 2016, MHM completed its second-round private offering of additional 6,666,666 ordinary shares to two new institutional investors with a consideration of RMB100,000. In March 2018, two wholly-owned subsidiaries, Shanghai Medstar and BJCMT subscribed about 66,073,984 and 40,500,000 new issued shares of MHM at a consideration of RMB229,276 (US$ 33,347 20,440 On March 26, 2018 and July 10, 2018, the Company entered into agreements with CICC Capital Management Company Limited (“CICC Capital”), a wholly-owned subsidiary of China International Capital Corporation Limited (“CICC”), and six other investors (“Other Investors”). Pursuant to the agreements, CICC Capital and Other Investors make a strategic investment and subscribe new issued 100,000,000 shares of the Company’s subsidiary MHM, with total consideration of RMB1,500,000 (US$ 218,166 After the completion of all transactions mentioned above, the Group’s equity shares in MHM had been diluted from 85.34% to 60%. Pursuant to the agreement, CCIC Capital and Other Investors can request the Company to redeem their interests in MHM upon the occurrence of certain events (ie, failure to complete a qualified IPO by June 30, 2024). The same right is also given to the existing noncontrolling interest shareholder. Given these events are not solely within the control of MHM, the noncontrolling interests of CCIC Capital and Other Investors are contingently redeemable noncontrolling interests and are classified as mezzanine equity. The noncontrolling interests of other existing noncontrolling interests’ holders are also reclassified from permanent equity to mezzanine equity as contingently redeemable noncontrolling interests. The Company accounts for the changes in accretion to the redemption value in accordance with ASC Topic 480, Distinguishing Liabilities from Equity. **On January 4, 2016, the Group set up BJCMT for the purpose to provision of management services. On March 30 and April 20, 2016, the Group set up Shanghai Taifeng Medical Technology Ltd and Taizhou Concord Leasing Ltd. for the purpose to develop Group’s medical treatment and service business. On September 26, 2016, Shanghai Medstar introduced a new shareholder called Shanghai Huifu Technology Development Co., Ltd. (“Shanghai Huifu”), but Shanghai Huifu has not paid the subscribed captial. Therefore, the equity interest in Shanghai Medstar owned by the Group was still 100%. (b) Establishment of Onshore Fund and Offshore Fund In November 2016, the Company entered into a framework agreement with Zhongrong Guofu Investment Management Company Limited (“ZR Guofu”) to establish an offshore fund, namely SP, for the purpose of acquiring several hospital businesses of the Company, including 100% shares of CHS through China Medstar, 70% shares of Guangzhou Concord Cancer Hospital through CMS Holdings and 59.51% shares of PTC-Houston Management, LP (“PTC”) through Proton (BVI), collectively the “CCM Hospital Business”. ZR Guofu will provide management and consultation services on the funds and the Group will continue to manage the CCM Hospital Businesses. ZR Guofu subscribes Class A shares of SP with a consideration of RMB521,396, while the Group subscribes Class B shares of the SP using 1) creditor’s rights of RMB166,299 due from CCM Hospital Business and 2) RMB7,500 cash as consideration. During the year ended December 31, 2016, the Group and ZR Guofu had injected RMB7,500 and RMB521,396, respectively, into the SP which was then granted as loans to the CCM Hospital Business. In addition, the Group and ZR Guofu established an onshore fund, namely Guofu Huimei Investment Management Limited Partnership (“Guofu Huimei”). The registered capital of Guofu Huimei is RMB1,009,000, of which RMB746,001and RMB262,999 were subscribed by ZR Guofu and the Group, for 73.93% and 26.07% equity interest, respectively. General partners of the Guofu Huimei are Shanghai Medstar and ZR Guofu. During the year of 2016, the Group has injected RMB174,000 into Guofu Huimei. As of December 31, 2016, SP has been established but changes of registration of shareholders and the articles of association of the CCM Hospital Businesses were still in process. As a result, the cash injected by the Group to the SP and Guofu Huimei amounting to RMB181,500 was recorded as “prepayment for long-term investments” under non-current assets and the loans received by the CCM Hospital Business amounted to RMB528,896 was recorded as “advances from long-term investment” under non-current liabilities in the consolidated balance sheet as of December 31, 2016. In addition, the Group has prepaid RMB53,141 to ZR Guofu for the interest expense and consultation expense as of December 31, 2016 which was recorded in “prepayments and other current assets” on the consolidated balance sheet. In April 2017, the change in register members of Proton (BVI) and China Medstar to SP was completed. Further in April 2017, the Group and ZR Guofu entered into a supplemental contract to the framework agreement, pursuant to which, Guofu Huimei will be used as the platform to invest and provide loans to some domestic entities engaging in hospital business. During 2017, Guofu Huimei acquired 78.31% equity interest of Beijing Century Friendship Science & Technology Development Co., Ltd. ("Beijing Century Friendship”) which holds 55% equity interest of BPMC at consideration of RMB388,500, 54.8% equity interest of Shanghai Meizhongjiahe Cancer Centers Co., Ltd. at consideration of RMB182,100, 28.77% equity interest of Tianjin Jiatai Entity Management limited Partnership (“Tianjin Jiatai”) at consideration of RMB106,500 and established Shanghai Rongchi Medical Management Limited (“SH Rongchi”) with share capital of RMB695,305. Guofu Huimei also provided loans of RMB17,900 to CMCC and loans of RMB300,000 to Guangzhou Concord Cancer Hospital Pursuant to the supplemental contract, the 75% RMB521,396. ZR Guofu is also entitled to an annual premium at 15% for its capital contribution of RMB521,396 in SP in the form of interest expense and consultation expense. In addition, the Group’s share in Beijing Century Friendship (note 15), certain construction in progress (note 10) and certain prepaid land lease payments (note 11) are pledged to secure the capital contribution from ZR Guofu. On December 20, 2017, the Company repaid a loan with principal of RMB97,106 to ZR Guofu, and repurchased 100% equity interest of CMS Holdings at a consideration of US$1. Upon completion, the shares in CMS Holdings was pledged to ZR Guofu by the Company. In June 2018, MHM entered into agreements with Guofu Huimei to purchase its 78.31% equity interests in Beijing Century Friendship which holds 55% equity interest of BPMC and 54.8% equity interest in CMCC at a consideration of RMB388,500 and RMB182,100 respectively. Meanwhile, ZR Guofu and Guofu Huimei reached an agreement according to which ZR Guofu will withdraw its original investments in Guofu Huimei, amounting to RMB746,000. Therefore, MHM hold 100% equity interest of Beijing Century Friendship, 80% equity interest of BPMC and 90% equity interests of CMCC upon execution and closing of the agreement and the Group became the sole shareholder of Guofu Huimei (note4). After the withdrawal, ZR Guofu is no longer part of the onshore fund Guofu Huimei, and the domestic hospital businesses. Meanwhile, on November 29, 2018, the PTC business had been disposed by Proton (BVI) (note 15). As of December 31, 2018, only CHS was retained in the CCM Hospital Business. The offshore fund SP is determined as a variable interest entity as the cash injection from ZR Guofu of RMB521,396 was not equity at risk. As the Company maintains the power to direct the activities that most significantly affect SP’s economic performances through supplemental contracts agreed terms and absorbs the expected losses of SP, the Company is the primary beneficiary of SP and consolidates SP and its subsidiaries under by ASC 810-10 Consolidation: Overall . The 75% equity interest held by the ZR Guofu in SP is accounted for as a liability recorded as “Mandatorily redeemable noncontrolling interests” in the Company’s consolidated balance sheets as a result of the mandatory redemption feature and is carried at the redemption value at the end of each reporting date as determined in accordance with the contract terms from the day of on which control is transferred to the Company. The 15% annual premium is accrued as an interest expense and consultation expense during each reporting period. RMB396,281 and RMB434,216 (US$ 63,154 (c) VIE disclosures Creditors of the VIE and its subsidiaries have no recourse to the general credit of the primary beneficiaries of the VIE and its subsidiaries, and such amounts have been parenthetically presented on the face of the consolidated balance sheets. The VIE and its subsidiaries operate the hospital business are recognized in the Company’s consolidated financial statements. The Company has not provided any financial or other support that it was not previously contractually required to provide to the VIE and its subsidiaries during the periods presented. The following tables represent the financial information of the VIE and its subsidiaries as of December 31, 2017 and 2018 and for the years ended December 31, 2017 and 2018 before eliminating the intercompany balances and transactions between the VIE and its subsidiaries and other entities within the Group: As at December 31, As at December 31, 2017 2018 2018 RMB RMB US$ ASSETS Current assets: Cash 13,161 15,935 2,318 Restricted cash, current portion 42 - - Accounts receivable (net of allowance of RMB 73 11 3,985 4,494 654 Inventories 1,399 1,946 283 Prepayments and other current assets 1,988 1,986 289 Amount due from inter-companies* - 80,523 11,711 Total current assets 20,575 104,884 15,255 Non-current assets: Property, plant and equipment, net 279,240 281,395 40,927 Intangible assets, net 202 100 15 Deposits for non-current assets 172 - - Long-term investments 195,040 31,496 4,581 Other non-current assets 481 464 67 Total non-current assets 475,135 313,455 45,590 Total assets 495,710 418,339 60,845 As at December 31, As at December 31, 2017 2018 2018 RMB RMB US$ Current liabilities: Accounts payable 1,978 462 67 Accrued expenses and other liabilities 21,321 42,681 6,208 Income tax payable - 2,870 417 Amount due to inter-companies* 54,563 - - Total current liabilities 77,862 46,013 6,692 Non-current liabilities: Deferred tax liabilities 8,316 - - Accrued unrecognized tax benefits & surcharge, non current portion - 20,208 2,939 Mandatorily redeemable noncontrolling interests 396,281 434,216 63,154 Total non-current liabilities 404,597 454,424 66,093 Total liabilities 482,459 500,437 72,785 * Amount due from/to inter-companies represented receivable/payable balances of VIE and its subsidiaries due from/to other subsidiaries within the Group. As at December 31, As at December 31, 2017 2018 2018 RMB RMB US$ Net revenues 28,673 41,350 6,014 Net loss (141,188 ) (95,788 ) (13,931 ) As at December 31, As at December 31, 2017 2018 2018 RMB RMB US$ Net cash used in operating activities (54,113 ) (260,884 ) (37,944 ) Net cash (used in) generated from investing activities (5,582 ) 221,130 32,162 Net cash generated from financing activities 56,787 41,886 6,092 Exchange rate effect on cash, net 748 600 87 (Decrease) increase in cash and cash equivalents (2,160 ) 2,732 397 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in the Company’s financial statements include, but are not limited to, purchase price allocation, allowance for doubtful accounts, impairment of long-lived assets, useful lives of property, plant and equipment and intangible assets, realization of deferred tax assets, share-based compensation expenses, unrecognized tax benefits, accrued liabilities, the valuation of the Company’s acquired equity investments and derivative instruments and the determination of fair value of the retained investments in the subsidiary which is deemed to be disposed. Actual results could materially differ from those estimates. Principles of consolidation The consolidated financial statements of the Group include the financial statements of the Company, its subsidiaries and the VIE and its subsidiaries for which the Company or a subsidiary of the Company is the primary beneficiary. All transactions and balances between the Company, subsidiaries and VIE and its subsidiaries have been eliminated upon consolidation. Results of acquired subsidiaries and its VIE and its subsidiaries are consolidated from the date on which control is transferred to the Company. Foreign currency translation and transactions The Company’s PRC subsidiaries determine their functional currencies to be the Chinese Renminbi (“RMB”) based on the criteria of ASC 830, Foreign Currency Matters (“ASC 830”). The Company uses the RMB as its reporting currency. Generally, the Company and other subsidiaries incorporated outside PRC use their local currency as functional currency. The Company and the subsidiaries whose functional currency is not RMB use the monthly average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in accumulated other comprehensive loss, a component of shareholders’ equity. Transactions denominated in foreign currencies are remeasured into the functional currency at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are remeasured at the exchange rates prevailing at the balance sheet date. Exchange gains and losses are included in the consolidated statements of comprehensive loss. Accumulated other comprehensive loss represents the cumulative foreign currency translation adjustments at each balance sheet date. Convenience translation Amounts in U.S. dollars are presented for the convenience of the reader and are translated at the noon buying rate of RMB6.8755 to US$1.00 on December 31, 2018 as published on the website of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. Business combination and noncontrolling interests The Company accounts for business combinations using the purchase method of accounting in accordance with ASC 805, Business Combinations The Company derives estimates of the fair value of assets acquired and liabilities assumed using reasonable assumptions based on historical experiences and on the information obtained from management of the acquired companies. Critical estimates in valuing certain of the intangible assets and pre-existing agreements included but were not limited to the following: deriving estimates of future expected cash flows from the acquired business, the determination of an appropriate discount rate, deriving assumptions regarding the period of time that the related benefits would continue and the initial measurement and recognition of any contingent consideration arrangements and the evaluation of whether contingent consideration arrangement is in substance compensation for future services. Unanticipated events may occur which may affect the accuracy or validity of such assumptions or estimates. In a business combination achieved in stages, the Company re-measures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated income statements. For the Company's non-wholly owned subsidiaries, a noncontrolling interest is recognized to reflect portion of equity that is not attributable, directly or indirectly, to the Company. When the noncontrolling interest is contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Company, the noncontrolling interest is classified as mezzanine equity. The Company accretes changes in the redemption value over the period from the date that it becomes probable that the mezzanine equity will become redeemable to the earliest redemption date using the effective interest method. When the noncontrolling interest is mandatory redeemable on a fixed or determinable date, the noncontrolling interest is classified as liabilities. If a transaction does not meet the definition of a business, the transaction is recorded as an asset acquisition. Accordingly, the identifiable assets acquired and liabilities assumed are measured at the fair value of the consideration paid, based on their relative fair values at the acquisition date. Acquisition-related costs are included in the consideration paid and capitalized. Any contingent consideration payable that is dependent on the purchaser’s future activity is not included in the consideration paid until the activity requiring the payment is performed. Any resulting future amounts payable are recognized in profit or loss when incurred. No goodwill and no deferred tax asset or liability arising from the assets acquired and liabilities assumed are recognized upon the acquisition of assets. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, Cash and cash equivalents Cash and cash equivalents consist of cash on hand and demand deposits placed with banks which are unrestricted as to withdrawal and use and have original maturities less than three months. All highly liquid investments with a stated maturity of 90 days or less from the date of purchase are classified as cash equivalents. Restricted cash Restricted cash represents cash pledged to financial institutions as collateral for the Group’s short-term and long-term borrowings, and was recorded under current and non-current on the classification of the underlying bank borrowings (note 17) . Such restricted cash is not available to fund the general liquidity needs of the Group. The Company adopted Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, (“ASU 2016-18”), effective January 1, 2018 using the restrospective transition method and included all restricted cash with cash and cash equivalent when reconciling beginning-of-period and end-of-period total amount presented in the consolidated statements of cash flows. Short-term investments All highly liquid investments with original maturities of greater than three months, but less than 12 months, are classified as short-term investments. Investments that are expected to be realized in cash during the next 12 months are also included in short-term investments. The Company accounts for debt securities in accordance with ASC Topic 320, Investments—Debt Securities Long-term investments The Company’s long-term investments consist of equity investments without readily determinable fair value and equity method investments. Prior to adopting ASC Topic 321, Investments-Equity Securities Investments-Other: Cost Method Investments, Management regularly evaluates the impairment of equity investments without readily determinable fair value based on the performance and financial position of the investee as well as other evidence of market value. Such evaluation includes, but is not limited to, reviewing the investee’s cash position, recent financing, projected and historical financial performance, cash flow forecasts and financing needs. An impairment loss is recognized in earnings equal to the excess of the investment’s cost over its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value would then become the new cost basis of the investment. The Company adopted ASC 321 on January 1, 2018 and the cumulative effect of adopting the new standard on opening accumulated deficit is nil. Pursuant to ASC 321, equity investments, except for those accounted for under the equity method and those that result in consolidation of the investee and certain other investments, are measured at fair value, and any changes in fair value are recognized in earnings. For equity securities without readily determinable fair value and do not qualify for the existing practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures Investments in equity investees represent investments in entities in which the Company can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC Subtopic 323-10, Investments-Equity Method and Joint Ventures: Overall Goodwill Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. In accordance with ASC Topic 350, Goodwill and Other Intangible Assets In accordance with ASC 350, the Company assigned and assessed goodwill for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment. As of December 31, 2017, and 2018, the Company has three reporting units, consisting of network business, overseas hospital business and domestic hospital business. Goodwill that has arisen as a result of the acquisitions of subsidiaries during the year was assigned to domestic hospital business reporting unit. The Company early adopted ASU No. 2017-04, Simplifying the Test for Goodwill Impairment The Company elected to perform qualitative assessments on its goodwill which is entirely assigned to the domestic hospital business. As of December 31, 2018, the Company completed its annual impairment test for goodwill that has arisen out of its acquisitions. Based on the requirements of ASC 350-20, the Company evaluated all relevant factors including, but not limited to, macroeconomic conditions, industry and market conditions and financial performance of the Company. The Company weighed all factors in their entirety and concluded that fair value of the reporting unit exceeds the carrying value of the reporting unit, goodwill is not impaired and the Company is not required to perform further testing. Accounts receivable and allowance for doubtful accounts The Group considers many factors in assessing the collectability of its receivables due from its customers, such as, the age of the amounts due, the customer’s payment history and credit-worthiness. An allowance for doubtful accounts is recorded in the period in which uncollectability is determined to be probable. The Group routinely evaluates the collectability of accounts receivable of each customer on a specific identification basis. At the time when the Group becomes aware of circumstances that may impair a specific customer’s ability to meet its financial obligations, the Group records a specific allowance against amounts due, and thereby reduces the net recognized receivable to the collectible amount. Accounts receivable balances are written off after all collection efforts have been exhausted. Inventories Inventories, consisting of medicine, medical supplies and low-value consumables, are accounted for using the first-in first-out method, and are valued at the lower of cost or market. Lease obligations In accordance with ASC 840, Leases Operating lease expenses are recognized on a straight-line basis over the applicable lease term. Net investment in direct financing leases Net investment in direct financing leases represents leases of medical equipment arising from sale and leaseback and direct financing lease transactions. For leases where the Group is the lessor, a transaction is accounted for as a direct financing lease if the transaction satisfies one of the four capital lease conditions as discussed under the lease obligations section of this note, the collectability of the minimum lease payments is reasonably predictable, and there are no important uncertainties surrounding the amount of unreimbursable costs yet to be incurred by the Group under the lease. The net investment in the direct financing leases consists of the minimum lease payments, net of executory costs and profits thereon, unguaranteed residual value, accruing to the benefit of the Group and initial direct costs less unearned income. Over the period of a lease, each lease payment received is allocated between the repayment of the net investment in the lease and financing lease income based on the effective interest method so as to produce a constant rate of return on the balance of the net investment in the lease. The leased property is collateralized against the lease payments and is transferred to the lessee upon the maturity of the lease. There are no executory costs and profits thereon and unguaranteed residual value with respect to such leased equipment for the periods presented. Property, plant and equipment, net Property, plant and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated useful life Estimated residual value Buildings 20-50 years - Medical equipment* 5-20 years - Electronic and office equipment 3-5 years - Motor vehicles 5 years - Leasehold improvement and building improvement shorter of lease term or 5 years - * The cost of the asset is amortized over the estimated useful life. However, if ownership is transferred at the end of the lease term, the cost of the asset is amortized over the shorter of customer contract or the useful life of the asset which ranges from 5-20 years. Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extends the useful lives of property, plant and equipment is capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. Costs incurred in constructing new facilities, including progress payment, interest and other costs relating to the construction are capitalized and transferred to fixed assets upon completion. During the years ended December 31, 2016, 2017 and 2018, total interest costs incurred amounted to RMB91,283, RMB128,492 and RMB101,717 (US$14,793), respectively, in which interest costs capitalized amounted to RMB 1,956 38,533 55,485 Intangible assets, net Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets acquired in a business combination were recognized initially at fair value at the date of acquisition. The operating license relates to the medical business qualification and permission for medical equipment operation. The favorable leases relate to favorable lease terms as lessee based on market conditions that exist on the date of acquisition and are amortized over the remaining term of the leases. The customer relationship assets relate to the ability to sell existing and future services to existing customers and have been estimated using the income method. Operating leases relate to favorable operating lease terms based on market conditions that exist on the date of acquisition and are amortized over the remaining term of the leases. The estimated useful life for the intangible assets is as follows: Estimated useful life Operating license 20 Favorable leases 12 Customer relationship 5 16 Operating leases 9 16 Software 3 5 Prepaid land lease payments Prepaid land lease payments represent amounts paid for the right to use land in the PRC and are recorded at purchase cost less accumulated amortization. Amortization is provided on a straight-line basis over the terms of the land use rights agreement of 50 years. Impairment of long-lived assets The Group evaluates its long-lived assets or asset group including acquired intangibles with finite lives for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of a group of long-lived assets may not be fully recoverable. When these events occur, the Group evaluates the impairment by comparing the carrying amount of the assets to future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the asset group over its fair value, generally based upon discounted cash flows or market prices. Impairment loss on long-lived assets of RMB 61,124 28,600 5,433 790 Treasury stock The Company has share repurchase programs where the shares are acquired and subject to cancellation. Cost of the Group’s shares acquired is treated as a deduction from shareholders’ equity. Upon cancellation, any excess of purchase price over par value is charged directly to additional paid-in capital. Fair value of financial instruments Financial instruments include cash and cash equivalents, restricted cash, accounts receivable, short-term investments, finance lease receivables, short-term and long-term bank and other borrowings, accounts payables and amounts due to related parties and mandatorily redeemable noncontrolling interest. The carrying amounts of the Group’s cash and cash equivalents, restricted cash, accounts receivable, balances with related parties and accounts payable approximate fair value because of their short maturities. The short-term investments are recorded at fair value based on the quoted published price. The carrying amounts of the Group’s short-term and long-term bank and other borrowing and secured borrowings mostly bear interest at floating rates and therefore approximate the fair value of these obligations. For those bank borrowings and mandatorily redeemable noncontrolling interest with fixed interest rates, management uses the discounted cash flow technique based on market interest rate for similar instruments at the balance sheet date and concludes that the carrying value approximates the fair value. Deferred revenue Deferred revenue arises from upfront cash payment where the related services have not been rendered and the revenue recognition criteria have yet been fulfilled. Assets held for sale Assets (disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the long-lived asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Assets (disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Revenue recognition On January 1, 2018, the Group adopted ASU No. 2014-09, Revenue from Contracts with Customers, Revenue Recognition Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements or elements of an arrangement within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Group only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Group reviews the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. The Group recognizes revenue based on the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied or as it is satisfied. The Group is a principal and records revenue on a gross basis when the Group is primarily responsible for fulfilling the service, has discretion in establish pricing and controls the promised service before transferring that service to customers. Otherwise, the Group records revenue at the net amounts as commissions. The Group is subject to sales taxes such as business tax, VAT and goods and service tax on the revenue. The Group has recognized revenues net of these taxes and related surcharges. Such taxes and related surcharges for the years ended December 31, 2016, 2017 and 2018 were approximately RMB5,854, RMB2,439 and nil, respectively. If revenue recognition is deferred to a later period, the related tax and other surcharges are also deferred and will be recognized only upon recognition of the deferred revenue. For the Years Ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Network revenue: Operating lease income* 365,459 232,015 71,864 10,452 Management services and technical services 49,079 46,143 50,291 7,315 Direct financing lease income* 14,100 7,554 4,859 707 Brand royalty fees 9,435 6,604 5,189 754 Consumables sales 5,456 7,005 5,867 853 443,529 299,321 138,070 20,081 Hospital revenue: Medicine income and medical service 11,513 31,656 52,828 7,684 11,513 31,656 52,828 7,684 455,042 330,977 190,898 27,765 * Operating lease income and direct financing lease income were recognized under ASC 840. (1) Network revenue i. Lease and management services Lease and management service arrangements typically include the purchase and installation of diagnostic imaging and/or radiation oncology system (“medical equipment”) at the hospitals, and the full-time deployment of a qualified system technician who is responsible for certain management services related to the radiotherapy or diagnostic services being performed by the hospital centers’ doctors to their patients. The term of the Group’s leases and management service arrangements with independent hospitals range from 5 to 20 years. Pursuant to these arrangements, the Group receives a portion of the hospital’s profits from delivering the diagnostic imaging and / or radiation oncology services to patients, based the profit sharing formula predetermined in the contracts. Pursuant to ASC 840, the Group determined that the lease and management service arrangements contain a lease of medical equipment. The hospital has the ability and right to operate the medical equipment while obtaining more than a minor amount of the output. The arrangements also contain a non-lease deliverable being the management service. The Group allocates the total arrangement consideration between the lease element (including related executory costs) and non-lease elements on a relative standalone selling price basis. The Group applies the measurement and recognition principles under ASC 840 for the lease component and the measurement and recognition principles under ASC 606 to the non-lease components. The Group’s variable rent payments are fully constrained at inception of the contract. Variable fees are included in the arrangement transaction price when significant reversal is not expected to occur, which is the time when the hospital calculates the profit sharing under the arrangement and agreed upon by both parties. The Group then allocates the consideration between lease and non-lease components and recognizes revenue upon receipt of the monthly revenue settlement statements. ii. Management services and technical services The Group provides stand-alone management and technical services to certain hospitals which already possess radiotherapy and diagnostic equipment. Management services typically include the provision of diagnosis and treatment techniques, expert support, advertising and promotion as well as comprehensive operational management services. Technical services mainly include maintenance and upgrade of the radiotherapy and diagnostic equipment. The fees for management and technical services are calculated based on a predetermined percentage of monthly revenue generated by the hospital unit or in limited instances on a fixed monthly fee. Variable fees are fully constrained at contract inception due to the uncertainty of the hospital units’ monthly revenue. Variable fees are included in the transaction price when a significant reversal of revenue recognized is not expected to occur, typically upon receipt of the monthly revenue statement from hospitals. Fixed monthly fees are recognized ratably over the service term. iii. Direct financing lease income The Group purchases hospital equipment from third party equipment manufacturers which is installed at various hospitals throughout the PRC. The hospital utilize the hospital equipment radiotherapy or diagnostic services being performed by the hospital centers’ doctors to their patients. These lease arrangements include either title transfer upon maturity of the lease term or bargain purchase option held by the hospital. The Group receives fixed monthly rental payments from the hospital, which on a discounted basis does not give rise to any dealer profit. Pursuant to ASC 840, the Group records revenue attributable to direct financing leases so as to produce a constant rate of return on the balance of the net investment in the lease. iv. Consumables sales Consumable sales represented the sales of supplies to certain hospitals in the PRC. The Group acts primarily as a reseller, and does not have pricing authority or have title to the inventory prior to delivery to the hospital. The Group is an agent and records revenue related to consumables sales on a net basis when the equipment is delivered to the customer and the sales price is determinable. v. Brand royalty fees Brand royalty fees represented the right to use the brand of Meizhong Jiahe by several newly set-up specialty cancer hospitals since the year of 2016, on a fixed annual fee. Fixed annum fees are recognized ratably over the service term. (2) Hospital revenue Hospital revenue consists of medicine income and medical service income. Medicine income includes medicine prescribed to patients during or after treatment by the doctors. Medical service income include revenue generated from outpatients, which mainly consist of activities for physical examinations, treatments, surgeries and tests, as well as that generated from inpatients, which mainly consist of activities for clinical examinations and treatments, surgeries, and other fees such as room charges and nursing care. The Group is a principal as it is primarily responsible for providing medical services to the income, controls the promised services before transferring to patients, and has pricing discretion. The Group generally records hospital revenue on a gross basis. In limited instances, the patient services are provided by visiting consultants, who are not considered Group employees. As the visiting consultants have the discretion to take their patients to other hospital for the required treatment and set their own consultation fee charged to patients, the Group is an agent in such arrangement. The Group collects fees on behalf of the visiting consultants and records revenue at the net amounts as commissions. Cost of revenue Network costs mainly consist of the amortization of acquired intangibles, depreciation of medical equipment purchased, installed and operated in the network of centers and other costs, including salaries and material costs of medical supplies. (1) Costs relating to lease and management service arrangement Cost of medical equipment that is leased under an operating lease is included in property, plant and equipment in the balance sheet. The medical equipment is depreciated using the Group’s depreciation policies. The cost of the management service component is recognized as an expense as incurred. (2) Cost of management services and technical services Cost of management services and technical services mainly include labor costs, and, where applicable, medical consumables and maintenance expenses which are expensed as incurred. (3) Cost of consumables sales Cost of equipment sales, recorded net against the related revenue, includes the cost of the consumables purchased and other direct costs involved in the consumables sales. Hospital costs mainly include medicine costs, medical consumables, labor costs of doctors, nurses and other staff involved in the care or treatment of patients, depreciation, hospital buildings rental fee, utilities as well as other related costs incurred in the normal business of a hospital. Advertising expenditure Advertising costs are expensed when incurred and are included in selling expenses in the consolidated statements of comprehensive loss. For the years ended December 31, 2016, 2017 and 2018, the 353 respectively. Income taxes The Group follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Group records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rate is recognized in tax expense in the period that includes the enactment date of the change in tax rate. The Group adopted ASC 740, Income Taxes ( “ASC 740” ), which clarifies the accounting and disclosure for uncertainty in income taxes. Interests and penalties arising from underpayment of income taxes shall be computed in accordance with the applicable tax laws. The amount of interest expense is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized and the amount previously taken or expected to be taken in a tax return. Interests and penalties recognized in accordance with ASC 740 is classified in the financial statements as a component of income tax expense. In accordance with the provisions of ASC 740, the Group recognizes in its financial statements the impact of a tax position if a tax return position or future tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Group’s estimated liability for unrecognized tax positions which are included in the “accrued expenses and other liabilities” account and “accrued unrecognized tax benefits and surcha |
CONCENTRATION OF RISKS
CONCENTRATION OF RISKS | 12 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF RISKS | 3. CONCENTRATION OF RISKS Concentration of credit risk Assets that potentially subject the Group to significant concentration of credit risk primarily consist of cash, restricted cash, accounts receivable, advances made to suppliers, loans receivables advance made to and receivables form disposal of medical equipment from hospital customers. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. As of December 31, 2018, substantially all of the Group’s cash and restricted cash were deposited in financial institutions located in the PRC, Hong Kong, United States of America and in Singapore, which management believes are of high credit quality. Accounts receivable are typically unsecured and are derived from revenue earned from hospitals in the PRC. The risk with respect to accounts receivable is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring of outstanding balances. Advances made to suppliers are typically unsecured and arise from deposits paid in advance for future purchases of medical equipment. Due to the Group’s concentration of advances made to a limited number of suppliers and the significant prepayments that are made to them, any negative events or deterioration in financial strength with respect to the Group’s suppliers may cause material loss to the Group and have a material adverse effect on the Group’s financial condition and results of operations. The risk with respect to advances made to suppliers is mitigated by credit evaluations that the Group performs on its suppliers prior to making any advances and the ongoing monitoring of its suppliers’ performance. With respect to advances made to and receivables form disposal of medical equipment from hospital customers hospital customers, the Group conducts periodic credit evaluation of its customers but does not require collateral or other security from its hospital customers. Concentration of customers The Group currently generates a substantial portion of its revenue from a limited number of customers. As a percentage of revenues, the top five customers accounted for 27.7%, 32.7% and 35.0% for the years ended December 31, 2016, 2017 and 2018, respectively. The loss of revenue from any of these customers would have a significant negative impact on the Group’s business. However, arrangements with customers are mostly long-term in nature. Due to the Group’s dependence on a limited number of customers and the profit sharing received by the Group depends on the performance of the hospitals that the Group does not control, any negative events with respect to the Group’s customers may cause material fluctuations or declines in the Group’ revenue and have a material adverse effect on the Group’s financial condition and results of operations. Concentration of suppliers A significant portion of the Group’s medical equipment and construction is sourced from its five largest suppliers who collectively accounted for 72%, 95% and 90% Current vulnerability due to certain other concentrations The Group’s operations may be adversely affected by significant political, economic and social uncertainties in the PRC. Although the PRC government has been pursuing economic reform policies for more than 20 years, no assurance can be given that the PRC government will continue to pursue such policies or that such policies may not be significantly altered, especially in the event of a change in leadership, social or political disruption or unforeseen circumstances affecting the PRC’s political, economic and social conditions. There is also no guarantee that the PRC government’s pursuit of economic reforms will be consistent or effective. The Group transacts most of its business in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the PRC government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the People’s Bank of China (the “PBOC”). However, the unification of the exchange rates does not imply that the RMB may be readily convertible into United States dollars or other foreign currencies. All foreign exchange transactions continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. Additionally, the value of the RMB is subject to changes in central government policies and international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. A medical-related business is subject to significant restrictions under current PRC laws and regulations. Currently, the Group conducts its operations in China through contractual arrangements entered into with hospitals in the PRC. The relevant regulatory authorities may find the current contractual arrangements and businesses to be in violation of any existing or future PRC laws or regulations. If so, the relevant regulatory authorities would have broad discretion in dealing with such violations. Foreign currency exchange rate risk The Company’s exposure to foreign currency exchange rate risk primarily relates to cash and restricted cash denominated in the US$. On June 19, 2010, the People’s Bank of China announced the end of the RMB’s de facto peg to US$, a policy which was instituted in late 2008 in the face of the global financial crisis, to further reform the RMB exchange rate regime and to enhance the RMB exchange rate flexibility. On April 16, 2012, the People’s Bank of China announced a policy to expand the maximum daily floating range of RMB trading prices against the U.S. dollar in the inter-bank spot foreign exchange market from 0.5% to 1%. On March 17, 2014, the People’s Bank of China announced a policy to further expand the maximum daily floating range of RMB trading prices against the U.S. dollar in the inter-bank spot foreign exchange market to 2. The depreciation (appreciation) of the RMB against US$ was 7.2%, (6.3%) and 5.7% during the years ended December 31, 2016, 2017 and 2018, respectively. In the long term, the RMB may appreciate or depreciate more significantly in value against the U.S. dollar or other foreign currencies, depending on the market supply and demand with reference to a basket of currencies. |
ACQUISITIONS AND DISPOSALS
ACQUISITIONS AND DISPOSALS | 12 Months Ended |
Dec. 31, 2018 | |
ACQUISITIONS AND DISPOSALS [Abstract] | |
ACQUISITIONS AND DISPOSALS | 4. ACQUISITIONS AND DISPOSALS For the year ended December 31, 2016 Acquisition of Beijing Century Friendship and BPMC On December 18, 2007, the Group entered into a framework agreement with Chang'an Information Industry (Group) Co., Ltd. (“Chang’an Information”) and China-Japan Friendship Hospital to set up Beijing Proton Medical Center Co., Ltd. (“BPMC”), a proton treatment center in Beijing. Pursuant to the framework agreement, the Group paid a deposit of to Beijing Century Friendship Science & Technology Development Co., Ltd. (“Beijing Century Friendship”), an entity set up by Chang'an Information, to be used for the construction of the proton treatment center. BPMC was legally set up on July 6, 2012. On May 24, 2015, the Group entered into a transfer agreement with Chang’an Information to acquire 100% equity interest of Beijing Century Friendship at a cash consideration of RMB70,000. The closing of the acquisition of Beijing Century Friendship is subject to the condition that Beijing Century Friendship obtains 55% interest of BPMC. The Group fully paid the consideration of RMB70,000 and paid an additional for the future operations of BPMC as of December 31, 2015. The acquisition was completed on January 27, 2016 when Beijing Century Friendship obtained 55% equity interest in BPMC, at a total consideration of RMB100,600. Upon the completion, the Group holds 100% equity interests of Beijing Century Friendship and indirectly holds 80% equity interest of BPMC. The transaction did not meet the definition of a business acquisition and was accounted for as an asset acquisition under ASC 805. The purpose of the acquisition is to obtain the license to operate the proton treatment center from the Ministry of Health of China upon the completion of construction of the proton treatment center in BPMC. The major asset acquired was the prepayment for operating license of RMB99,851, with other insignificant financial assets acquired and financial liabilities assumed. For the year ended December 31, 2017 Disposal of Beijing Century Friendship and BPMC On April 6, 2017, Guofu Huimei, an equity method investee of the Group, made a capital injection of RMB388,500 (note 1) in cash to Beijing Century Friendship to obtain 78.31% of its equity interest. Before the capital injection, Beijing Century Friendship was a wholly owned subsidiary of the Group and held 55% equity interest in BPMC. Upon the capital injection from Guofu Huimei, the Group’s effective interest in Beijing Century Friendship was diluted to 42.1% with a direct interest of 21.69% held by two subsidiaries of the Company and an indirect interest of 20.41% through Guofu Huimei. The Group lost control in Beijing Century Friendship and BPMC on April 6, 2017 and accounted for it as a deemed disposal and recognized a gain of RMB58,854 in accordance with ASC 810-10-40. The gain was measured as the difference between the fair value of the retained noncontrolling interest at the date of deconsolidation and the carrying amount of the former subsidiaries’ net assets. The direct interest held in Beijing Century Friendship and BPMC by the Group was accounted for as equity method investment (note 15). The carrying value of assets and liabilities of Beijing Century Friendship and BPMC as of April 6, 2017 (the date of disposal), are as follows: RMB Current assets 18,035 Deposit for operating license 109,581 Other non-current assets 45 Current liabilities (35,152 ) Noncontrolling interests (8 ) Net assets disposed 92,501 The Group, with the assistance of an independent third-party valuation firm, determined the fair value of the retained noncontrolling interest of Beijing Century Friendship and BPMC based on a discounted cash flow model. As a result of the disposal, the Group recognized a gain on the deemed disposal of Beijing Century Friendship and BPMC as summarized below: RMB Fair value of retained noncontrolling investment 151,355 Disposition of net assets 92,501 Gain on disposal of Beijing Century Friendship and BPMC 58,854 Disposal of Allcure Medical Holdings Ltd. (BVI) (“Allcure BVI”) On October 18, 2017, the Group entered into a share transfer agreement with Bluestone Holdings Limited (“Bluestone”), a related party controlled by a director of the Company, to transfer 100% interest of a subsidiary, Allcure BVI with its subsidiary Beijing Allcure Medical Technology Ltd. at consideration of RMB3. A disposal gains of RMB59 was recognized in consolidated financial statements of comprehensive loss for the year ended December 31, 2017. For the year ended December 31, 2018 Acquisition of Guofu Huimei, Beijing Century Friendship, BPMC and CMCC In June 2018, MHM, a subsidiary of the Group entered into separate agreements with Guofu Huimei, an equity investee of the Group, to purchase all its 78.31% equity interests in Beijing Century Friendship which holds 55% equity interest of BPMC and 54.8% equity interests of CMCC at consideration of RMB 388,500 and RMB182,100 respectively. The consideration was paid in June 2018 and July 2018 and related commercial registration was completed on July 26, 2018 and October 8, 2018 respectively. Meanwhile, ZR Guofu and Guofu Huimei reached an agreement, according to which ZR Guofu will withdraw its original investments in Guofu Huimei, amounting to RMB746,000, then the Group became the sole shareholder of Guofu Huimei after the investment withdrawn in July 2018 and commercial registration completed on September 3, 2018. The Group previously held 21.69% equity interest in Beijing Century Friendship, 25% directly interest in BPMC, 35.2% equity interest of CMCC and 26.06% equity interests of Guofu Huimei prior to the transactions mentioned above. Upon the completion, the Group will hold 100% equity interest of Beijing century Friendship, 55% equity interests of BPMC and 90% equity interest of CMCC through MHM, 25% equity interests of BPMC through King Cheers and 100% equity interests of Guofu Huimei through Shanghai Medstar and BJCMT. The Group account for it as a single transaction and obtained control of Guofu Huimei, Beijing Century Friendship BPMC and CMCC on October 8, 2018. The fair value of the gross assets acquired during the acquisition is not concentrated in a single identifiable asset or a group of similar identifiable assets and it meets the definition of a business and was accounted for as business acquisition under ASC 805. The Company has completed the valuations necessary, with the assistance of an independent third-party valuation firm, to assess the fair values of the tangible and intangible assets acquired, liabilities assumed and the noncontrolling interest, resulting a goodwill was recognized as of the acquisition date. The valuation utilized generally accepted valuation methodologies including the income, market and cost approaches. The following table summarizes the estimated fair values of the assets acquired, liabilities assumed and the noncontrolling interest as of October 8, 2018, the date of acquisition: RMB Current assets 47,827 Property, plant and equipment, net 17,297 Intangible assets* 454,013 Long term investments 300,504 Other non-current assets 108,322 Deferred tax assets 185 Goodwill 165,171 Current liabilities (61,454 ) Non-current liability (165,436 ) Deferred tax liabilities (113,340 ) Non-controlling interests (99,480 ) Total 653,609 RMB Total purchase price is comprised of: - Cash consideration 570,600 - fair value of previously hold equity interests 520,625 - effective extinguishment of loans from the acquisition (437,616 ) Total 653,609 * Acquired amortizable intangible assets primarily include two operating licenses of hospitals of RMB164,440 and RMB272,910 respectively and a favorable lease contract of RMB16,010. The operating license have estimated amortization periods of 20 years and the favorable lease contract have estimated amortization periods of 12 years The following unaudited supplemental pro forma consolidated financial information for the years ended December 31, 2017 and 2018 are presented as if the acquisition had occurred at the beginning of the periods presented. These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what the combined company’s operating results would have been had the acquisition taken place on January 1, 2017, nor do they project the future results of operations of the combined company. The actual results of operations of the combined company may differ significantly from the pro forma adjustments reflected here due to many factors. Unaudited Supplemental Pro Forma For the year ended December 31, 2017 2018 2018 RMB RMB US$ Net revenues 4,569 12,056 1,753 Net loss (70,018 ) (63,159 ) (9,186 ) The results of operations of Guofu Huimei, Beijing Century Friendship, BPMC and CMCC since the acquisition date included in the consolidated statement of comprehensive loss of the Company for the year ended December 31, 2018 is as follows: For the Years Ended December 31, 2018 RMB US$ Net revenues 4,827 702 Net loss (5,639 ) (820 ) The aggregate purchase price allocation includes acquisition of certain acquirees, which were equity method investees of the Company prior to the acquisitions. In aggregate, a re-measurement gain relating to the Company’s pre-existing equity interest of RMB28,846 was recognized in other income in the consolidated income statement for the year ended December 31, 2018. The Company applied the equity method of accounting by recognizing its share of the profit or loss in these equity method investees up to their respective dates of acquisition. The fair value of the previously held equity interests was estimated based on the purchase price per share as of the acquisition date. The Company expects the acquisition to support its strategy to facilitate the Group’s long-term goal to develop specialized hospital chains in cancer / oncology treatment services including diagnostic imaging, radiation oncology treatment and medical oncology treatment. Goodwill arising from this acquisition was attributable to the synergies expected from the combined operations of proton hospitals, the assembled workforce and their knowledge and experience in the PRC. The goodwill recognized was not expected to be deductible for income tax purpose. Disposal of CMS Radiotherapy Holdings Limited (“CMS (USA)” ) On January 25, 2016, Ascendium entered into an agreement to transfer 100% interest of CMS (USA), a BVI company previously incorporated by Ascendium in October 2013, to Beijing Allcure Medical Technology Co., Ltd. (“JWYK”), a related party, with consideration of RMB8,594(US$1,250). The purchase consideration was paid on November 10, 2016, while the transfer registration was completed on May 3, 2018. A gain on disposal of subsidiary of RMB3,341 (US$486) was recognized in consolidated financial statements of comprehensive loss for the year ended December 31, 2018. |
SHORT TERM INVESTMENT
SHORT TERM INVESTMENT | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
SHORT TERM INVESTMENT | 5. SHORT TERM INVESTMENT As of December 31, 2018, the Company’s short-term investments comprised of available-for-sale debt securities including wealth management products issued by commercial banks and other financial institutions. During the year ended December 31, 2018, no unrealized gains or losses was recorded in “Accumulated other comprehensive loss”. There was no other-than-temporary impairment for the year ended December 31, 2018. As of December 31, 2018 Cost or Amortized cost Gross unrealized gains Gross unrealized losses Fair value RMB RMB RMB RMB Short-term investment Available-for-sale debt securities 50,000 - - 50,000 |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | 6. ACCOUNTS RECEIVABLE As at December 31, 2017 2018 2018 RMB RMB US$ Accounts receivable 144,921 90,453 13,155 Allowance for doubtful accounts (12,969 ) (3,585 ) (521 ) Accounts receivable, net 131,952 86,868 12,634 The movement in the allowance for doubtful accounts were as follows: For the Years Ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Balance at the beginning of the year 1,781 57 12,969 1,886 Provisions for the year 1,066 14,840 1,303 189 Reversal of provisions from prior periods due to subsequent cash collection during the year - - (709 ) (103 ) Amounts written off during the year (2,790 ) (1,928 ) (9,989 ) (1,453 ) Foreign exchange gain or loss - - 11 2 Balance at the end of the year 57 12,969 3,585 521 Provisions for allowance for doubtful debts are recorded in “general and administrative expenses” in the consolidated statements of comprehensive loss. Accounts receivable with carrying value of RMB13,164 and nil were used to secure bank borrowings of RMB 20,100 |
PREPAYMENTS AND OTHER CURRENT A
PREPAYMENTS AND OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAYMENTS AND OTHER CURRENT ASSETS | 7. PREPAYMENTS AND OTHER CURRENT ASSETS Prepayments and other current assets consist of the following: As at December 31, Notes 2017 2018 2018 RMB RMB US$ Due from suppliers i) 23,243 10,751 1,564 Due from hospitals ii) 1,179 576 84 Loan receivables iii) 114,456 151,139 21,982 Advances to employees iv) 4,383 1,056 154 Receivables from disposal of medical equipment v) 90,324 69,410 10,096 Deferred expenses 111 50 7 Interest receivable 5,100 3,680 535 Dividend receivable 766 766 111 Others 29,959 5,084 739 269,521 242,512 35,272 Reserve for unrecoverable deposits (4,798 ) (14,798 ) (2,152 ) 264,723 227,714 33,120 Provisions are recorded in “general and administrative expenses” in the consolidated statements of comprehensive loss. i) Amounts due from suppliers represent prepayments made for orders and returnable deposits of cancelled orders. The risk of loss arising from non-performance by or bankruptcy of suppliers is assessed prior to the order of the equipment. The Group has provided reserve amounting to RMB4,798 and RMB4,798 (US$698) on amounts due from suppliers as at December 31, 2017 and 2018, respectively. ii) Amounts due from hospitals represent interest-free advances to hospitals and the compensation to be received from hospitals for early termination. The Group has assessed the impact of such advances on revenue recognition at the outset of the arrangement and has concluded that they do not affect revenue recognition. The risk of loss arising from any failure of hospital customers to fulfill their financial obligations is assessed prior to making the advances and is monitored for recoverability on a regular basis by management. iii) Loan receivables represented the loans to other parties, including loans to related parties such as the Xi’an JiangyuanAndike Ltd. (“JYADK”), Beijing Allcure Medical Information Technology Co., Ltd. (“Allcure Information”), Shanghai Meizhongjiahe Imaging Diagnostic Center Co. Ltd. (“SH MJZH”) and Wuxi Meizhongjiahe Cancer Centre(“Wuxi MZJH”) of total amount of RMB13,658 and RMB15,118 (US$2,199) 19,783 RMB221 and RMB454(US$66) iv) The advances to employees represent interest-free advance held by the Company’s employees to cover expenses of hospital customers. The risk of loss is assessed prior to making the advances and is monitored on a regular basis by management. Historically, the Group has not experienced any loss of such advances. v) Receivables from disposal of medical equipment represented the consideration to be received from several hospitals, which the Group entered into termination contracts with and disposed all leasing equipment to. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 8. INVENTORIES As at December 31, 2017 2018 2018 RMB RMB US$ Medicine 4,103 2,196 319 Medical equipment 104 90 13 Low-value consumables 2,077 1,580 230 6,284 3,866 562 Less: inventory provision - (510 ) (74 ) 6,284 3,356 488 |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 12 Months Ended |
Dec. 31, 2018 | |
Assets Held-for-sale, Not Part of Disposal Group [Abstract] | |
ASSETS HELD FOR SALE | 9. ASSETS HELD FOR SALE During the year ended December 31, 2017 and 2018, the Group received termination notices from several hospitals to early terminate the equipment leasing arrangements with the Group. Pursuant to the cooperation agreements, the hospitals should acquire the medical equipment from the Group upon early termination. Property, plant and equipment, with carrying amounts of RMB27,100 and RMB 4,384 (US$638) were classified as assets held-for-sale on the consolidated balance sheets as of December 31, 2017 and 2018, respectively, which are expected to be disposed within one year. Impairment loss of nil, RMB6,526 and RMB664 (US$96) |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | 10. PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consist of the following: As at December 31, 2017 2018 2018 RMB RMB US$ Buildings 230,273 254,577 37,027 Medical equipment 668,169 404,050 58,767 Electronic and office equipment 16,864 19,564 2,845 Motor vehicles 2,361 2,993 435 Leasehold improvement and building improvements 14,771 14,050 2,043 Construction in progress 329,259 823,361 119,753 Total 1,261,697 1,518,595 220,870 Less: accumulated depreciation (407,964 ) (275,627 ) (40,088 ) Impairment charges (60,162 ) (23,659 ) (3,441 ) 793,571 1,219,309 177,341 Depreciation expenses were RMB117,051, RMB83,224 and RMB40,855 (US$5,942) for the years ended December 31, 2016, 2017 and 2018, respectively. Impairment loss of RMB47,827, RMB21,476 and RMB4,418 (US$643) For the years ended December 31, 2016, 2017 and 2018, RMB4,360, RMB27,906 and RMB41,272 (US$6,003) As at December31, 2017 and 2018, certain of the Group's property, plant and equipment with a total net book value of RMB37,481 and nil were pledged as collaterals for bank borrowings of RMB29,725 and nil, respectively (note17). As at December 31, 2017 and 2018, certain of the Group's construction in progress with a total net book value of RMB206,244 and RMB633,444 (US$92,131) were pledged to secure bank and other borrowings of RMB280,459 and RMB501,789 (US$72,982), respectively (note17) and mandatorily redeemable noncontrolling interest of RMB396,281 As at December 31, 2017 and 2018, the Group held equipment under operating lease contracts with customers with an original cost of RMB519,426 and RMB205,279 (US$29,857) and accumulated depreciation of RMB312,853 and RMB133,130 (US$ 19,363), respectively. |
PREPAID LAND LEASE PAYMENTS
PREPAID LAND LEASE PAYMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
PREPAID LAND LEASE PAYMENTS | 11. PREPAID LAND LEASE PAYMENTS As at December 31, 2017 2018 2018 RMB RMB US$ Prepaid land lease payments 456,823 456,823 66,442 Less: accumulated amortization (8,890 ) (18,500 ) (2,691 ) Net carrying value 447,933 438,323 63,751 Amortization expenses for the years ended December 31, 2016, 2017 and 2018 were RMB1,195, RMB5,256 and RMB9,610 (US$ 1,398 As at December 31, 2017 and 2018, certain of the Group's prepaid land lease payments with a total net book value of RMB48,273 and RMB425,743 (US$ 61,922 501,789 72,982 The estimated annual amortization expenses for the prepaid land leases for each of the five succeeding years are as follows: Amortization RMB US$ 2019 9,462 1,376 2020 9,462 1,376 2021 9,462 1,376 2022 9,462 1,376 2023 9,462 1,376 |
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET | 12 Months Ended |
Dec. 31, 2018 | |
INTANGIBLE ASSETS, NET [Abstract] | |
INTANGIBLE ASSETS, NET | 12. INTANGIBLE ASSETS, NET Intangible assets consist of the following: Customer relationship intangibles Operating lease intangibles Operating License intangibles Favorable lease intangibles Others Total RMB RMB RMB RMB RMB RMB Intangible assets, net at January 1, 2017 14,285 801 - - 2,102 17,188 Addition of software - - - - 749 749 Disposal of centers (3,117 ) (194 ) - - - (3,311 ) Amortization expenses (4,399 ) (301 ) - - (1,529 ) (6,229 ) Intangible asset impairment (598 ) - - - - (598 ) Intangible assets, net at December 31, 2017 6,171 306 - - 1,322 7,799 Acquisition of subsidiaries (note 4) - - 437,350 16,010 653 454,013 Addition of software - - - - 1,779 1,779 Disposal of centers (2,586 ) - - - - (2,586 ) Amortization expenses (558 ) (52 ) (2,056 ) (318 ) (1,177 ) (4,161 ) Intangible assets, net at December 31, 2018 3,027 254 435,294 15,692 2,577 456,844 Intangible assets, net at December 31, 2018, in US$ 440 37 63,311 2,282 375 66,445 At December 31, 2018 Intangible assets, cost 45,460 14,732 437,350 16,010 16,179 529,731 Less: accumulated amortization (41,835 ) (14,478 ) (2,056 ) (318 ) (13,602 ) (72,289 ) Less: intangible asset impairment (598 ) - - - - (598 ) Intangible assets, net at December 31, 2018 3,027 254 435,294 15,692 2,577 456,844 i) Amortization expenses for intangibles were RMB , (US$ 605 , 598 December 31, 2016, 2017 and 2018, respectively. The estimated annual amortization expenses for the above intangible assets for each of the five succeeding years are as follows: Amortization RMB US$ 2019 11,162 1,623 2020 22,000 3,200 2021 23,794 3,461 2022 23,348 3,396 2023 23,140 3,366 |
DEPOSITS FOR NON-CURRENT ASSETS
DEPOSITS FOR NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
DEPOSITS FOR NON-CURRENT ASSETS [Abstract] | |
DEPOSITS FOR NON-CURRENT ASSETS | 13. DEPOSITS FOR NON-CURRENT ASSETS Deposits for non-current assets consist of the following: As at December 31, 2017 2018 2018 RMB RMB US$ Deposits for purchases of property, plant and equipment* 297,040 668,698 97,258 Reserve for unrecoverable deposits (30,860 ) (30,860 ) (4,488 ) 266,180 637,838 92,770 * The amount represented interest-free non-refundable partial payments to suppliers of medical equipment. The remaining contractual obligations associated with these purchase contracts are approximately RMB 426,293 60,758 96,103 As at December31, 2017 and 2018, certain of the Group's deposits for non-current asset with a total net book value of nil and RMB13,800(US$2,007) were pledged for bank borrowings of nil and RMB10,731(US$1,561), respectively (note17). |
NET INVESTMENT IN DIRECT FINANC
NET INVESTMENT IN DIRECT FINANCING LEASES | 12 Months Ended |
Dec. 31, 2018 | |
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | |
NET INVESTMENT IN DIRECT FINANCING LEASES | 14. NET INVESTMENT IN DIRECT FINANCING LEASES The Group operates as a lessor in direct financing lease agreements for medical equipment, with hospitals and other companies that engage in ongoing cooperation agreements with hospitals. These leases have terms ranging generally from three to ten years. Net investment in direct financing leases is comprised of the following: As at December 31, 2017 2018 2018 RMB RMB US$ Total minimum lease payments to be received 88,973 83,079 12,083 Initial direct cost 86 - - 89,059 83,079 12,083 Unearned income (16,107 ) (10,464 ) (1,521 ) Net investment in direct finance leases 72,952 72,615 10,562 Current 18,900 29,638 4,311 Non-current 54,052 42,977 6,251 Total 72,952 72,615 10,562 Net investment in financing leases with carrying value of RMB24,224 and nil were pledged as collaterals for bank borrowings of RMB9,242 and nil as of December 31, 2017 and 2018, respectively (note 17). The future minimum lease payments to be received from such non-cancelable direct financing leases are as follows: Future minimum lease payments RMB US$ 2019 31,884 4,637 2020 16,204 2,357 2021 15,087 2,194 2022 13,969 2,032 2023 3,076 447 Above 5 years 2,859 416 |
LONG-TERM INVESTMENTS
LONG-TERM INVESTMENTS | 12 Months Ended |
Dec. 31, 2018 | |
LONG-TERM INVESTMENTS [Abstract] | |
LONG-TERM INVESTMENTS | 15. LONG-TERM INVESTMENTS The Company long-term investments consisted of the following: As at December 31, 2017 2018 2018 RMB RMB US$ Equity investments without readily determinable fair values 22,160 22,160 3,223 Equity method investments 732,167 366,204 53,262 754,327 388,364 56,485 Equity investments without readily determinable fair values: Equity interest owned by the Group As at December 31, Note 2017 2018 Allcure Information i) 20 % 9.6 % i) 20% 9.6%. Equity method investments: Equity interest owned by the Group As at December 31, Notes 2017 2018 Xi’an JiangyuanAndike Ltd. (“JYADK”) 29.70 % 29.70 % PTC i) 59.51 % 59.51 % Suzhou Shengshan Huiying Venture Capital Investment LLP. (“Suzhou Shengshan”) ii) 8.13 % 5.41 % Wuxi Meizhongjiahe Cancer Center (“Wuxi MZJH”) 10.00 % 10.00 % Suzhou Chorus Medical Technologies Co., Ltd. (“Suzhou Chorus”) iii) 36.00 % 36.00 % Global Oncology One, Inc. (“Global Oncology”) iii) 46.90 % - CMCC iv) 35.20 % - Guofu Huimei v) 26.07 % - BPMC vi) 25.00 % - Beijing Century Friendship vi) 21.69 % - Shanghai Meizhong Jiahe Imaging Diagnostic Center Co., Ltd. ("SH MZJH") vii) - 43.23 % Shanghai Rongchi Medical Management Co., Ltd. ("SH Rongchi") viii) - 24.40 % Tianjin Jiatai Enterprise Management Center (Limited Partnership) ("Tianjin Jiatai") viii) - 22.82 % DTAP Adam Road PTE.LTD. (“DTAP”) ix) - 49.00 % i) On December 28, 2012, the Group acquired 44.55% limited partner interests of PTC, a limited partnership in Texas, U.S.A., and 45% legal interest of PTC GP Management LLC, a limited liability company registered in Texas, U.S.A and the sole general partner of PTC with 1% interest of PTC, with a consideration of RMB 201,176 In accordance with PTC GP Management LLC’s regulation, the Group is only entitled to designate two out of the five managers and simply majority (more than 50%) amongst the managers is required to pass any resolution. Furthermore, the regulation can only be amended at the request by managers or super majority (more than 2/3) of member interest. Thus, the Group is not able to control PTC GP Management LLC. According to the partnership agreements, the Group has significant influence over PTC which can demonstrate control over MDA Proton by acting as the sole general partner. The Group accounts for its investment in PTC, and ultimately MDA Proton, under the equity method of accounting. The Group’s share of the net profit or loss of PTC, after accounting for the effect of the difference between the cost basis of the equity method investment and the underlying assets of the investee, was a gain of RMB127, RMB 17,697 9,357 6,227 On November 29, 2018, MDA Proton reached an agreement with UTMDACC to sell all its assets and liabilities to UTMDACC as well as terminating management service agreement between MDA Proton and PTC. The Group received a total consideration RMB212,855 (US$30,958) from PTC on dissolution between MDA Proton and PTC, leading to the disposal gain of RMB48,019 (US$6,984) in 2018, and the carrying amount of the equity investment remained RMB31,497 (US$4,581) as of December 31, 2018. ii) In 2017, JKSY, a subsidiary of the Group, entered into a partnership agreement to subscribe for 8.13% 4.57%. iii) In 2015, the Group entered into two share transfer agreements with JWYK, which was controlled by one of the Group's directors. Pursuant to the agreements, JWYK would acquire 36% equity interest in Suzhou Chorus and 100% interest in China Medstar, an oversea subsidiary of the Company who holds 46.9% equity interest in Global Oncology from the Group, at a consideration of RMB4,320 and RMB8,679 iv) In May 2017, the Group through its subsidiary Aohua Technology, acquired 31.64% equity interest of CMCC at a consideration of RMB 105 ,119 from the original shareholder. In December 2017, the Group, through its subsidiary CHMG, further acquired 3.56% 11,820 35.20% 54.8 182,100 v) In April 2017, the Group completed the capital injection and obtained 26.07 % in Guofu Huimei with a total subscribed capital of RMB 262,999 . In July 2018, the other shareholder of Guofu Huimei, ZR Guofu, withdraw all its original investments in Guofu Huimei, amounting to RMB 746,000 , then the Group became the sole shareholder of Guofu Huimei and consolidate Guofu Huimei as a subsidiary (note4). vi) In April 2017, Guofu Huimei injected RMB388,500 to Beijing Century Friendship which holds 55% of BPMC, leading to the dilution of the Group's interest and loss in control of Beijing Century Friendship and BPMC to 21.69% and 25%, respectively. On October 8, 2018, the Group acquired further 78.31% equity interest of Beijing Century Friendship with 55 vii) In January 2018, the Group through its subsidiaries MHM, Global Medical Imaging and an equity investee of the Group, Tianjin Jiatai established SH MZJH for the operations of hospital business. According to the article of corporation, the Group subscribes 29 43,500 6,327 15,000 2,182 43.23 viii) On October 8, 2018, the Group became the sole shareholder of Guofu Huimei while ZR Guofu withdraw all its investments, the acquired assets of Guofu Huimei include 24.40 22.82 71.32 ix) In December 2018, DTAP was set up and registered in Singapore by CHS and Republic Healthcare Holdings PTE.LTD, a third party of the Group. CHS subscribed to inject SG$ 0.49 0.36 49 |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
OTHER NON-CURRENT ASSETS | 16. OTHER NON-CURRENT ASSETS Other non-current assets consist of the following: As at December 31, 2017 2018 2018 RMB RMB US$ Deferred costs 1,066 267 39 Deposits – long-term* 20,747 2,719 395 Others** 8,579 4,890 709 30,392 7,876 1,143 * On June 21, 2011, the Group provided interest-free financing amounting to RMB23,608 to Changhai Hospital, a third party, for the purchase of a robotic radiosurgery 11,527 ** For the years ended December 31, 2017 and 2018, no impairment loss were provided for the balances. |
BANK AND OTHER BORROWINGS
BANK AND OTHER BORROWINGS | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
BANK AND OTHER BORROWINGS | 17. BANK AND OTHER BORROWINGS As at December 31, 2017 2018 2018 RMB RMB US$ Total bank and other borrowings 993,945 938,114 136,442 Comprised of: Short-term 512,222 396,520 57,671 Long-term, current portion 197,139 44,068 6,409 709,361 440,588 64,080 Long-term, non-current portion 284,584 497,526 72,362 993,945 938,114 136,442 Certain bank borrowings are secured by equipment with a net carrying value of RMB37,481 and nil (note 10), accounts receivable with a carrying value of RMB13,164 and nil (note 6), net investment in financing leases with carrying value of RMB24,224 and nil (note 14), certain prepaid land lease payment with a carrying value of and RMB425,742 (USD$61,922) construction in progress with a carrying value of and RMB893,087 (USD$129,894) RMB563,986 and RMB421,990 (US$61,376) (note 2), as of December 31, 2017 and 2018, respectively. As at December 31, 2017 and 2018, the short-term bank and other borrowing bore a weighted average interest of 2.45 % and 4.08% per annum, and the long-term bank and other borrowings bore a weighted average interest of 12.16% and 9.81% per annum, respectively. As at December 31, 2018, bank and other borrowings amounted to RMB31,083 (US$4,521) (2017: RMB546,519) and RMB907,031(US$131,922) (2017: RMB447,426) were denominated in US$ and RMB, respectively. As of December 31, 2018, the maturity profile of these long-term bank and other borrowings are as follows: RMB US$ Within one year 44,068 6,409 Between one and two years 11,098 1,614 Between two and three years 38,926 5,662 Between three and four years 102,057 14,844 Above four years 345,445 50,242 541,594 78,771 As of December 31, 2018, the Company had unutilized short-term bank credit lines and unutilized long-term bank credit lines amounted to RMB33,480 (US$4,869) and RMB1,060,000 (USD$154,171), respectively. |
ACCRUED EXPENSES AND OTHER LIAB
ACCRUED EXPENSES AND OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER LIABILITIES | 18. ACCRUED EXPENSES AND OTHER LIABILITIES The components of accrued expenses and other liabilities are as follows: As at December 31, 2017 2018 2018 RMB RMB US$ Accrued expenses 24,537 44,621 6,490 Salaries and welfare payable 8,183 8,612 1,253 Business and other taxes payable 12,253 11,400 1,658 Secured borrowings, current (note 19) 85,106 - - MD Anderson consulting fee payable 13,642 51,029 7,422 Acquisition payable for investment in CMCC 116,922 116,922 17,006 Consideration advance from JWYK (note 15) 12,453 4,320 628 Advance from customers 2,095 19,250 2,800 Other accruals 110,728 161,852 23,539 385,919 418,006 60,796 |
SECURED BORROWING
SECURED BORROWING | 12 Months Ended |
Dec. 31, 2018 | |
SECURED BORROWING [Abstract] | |
SECURED BORROWING | 19. Secured borrowing On December 8, 2015, the Company issued RMB417,000 of secured borrowings with an annual interest rate from 5.0% to 6.0% to third party investors through an underwriter, HengTai Securities Co., Ltd. (“HengTai”). The borrowings have maturity terms ranged from one to five years and are secured by the Group’s future leasing revenue from 14 network hospitals. The Company received net proceeds of RMB404,000, which was net of the refundable security deposit of RMB13,000 paid to HengTai. The Company incurred issuance cost of RMB7,506 which was capitalized as deferred expense and will be recognized as interest expense based on effective interest rate. For the years ended December 31, 2016 and 2017, the Group repaid the secured borrowings and related interest according to the payment schedule and the balance was RMB248,604 including the current portion of RMB85,106 as of December 31, 2017. For the year ended December 31, 2018, the Group repaid the remaining principal of RMB248,604 and settled asset-backed securities with HengTai. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | 20. SHAREHOLDERS’ EQUITY Ordinary Shares Our ordinary shares are divided into Class A ordinary shares and Class B ordinary shares. The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting and conversion rights. On January 27, 2015, the directors of the Company had resolved, subject to the adoption of the Amended M&A, to issue 45,787,948 Class B Ordinary Shares to Morgancreek Investment Holdings Limited (“Morgancreek”), in exchange of 45,787,948 Class A Ordinary Shares held by Morgancreek. During the year ended December 31, 2018, the 45,787,948 Class A ordinary shares of Morgancreek were converted to Class B ordinary shares. As of December 31, 2018, there were 84,390,429 Class A and 45,787,948 Class B ordinary shares outstanding, respectively. Share repurchase program On August 10, 2015, the Board of Director approved a share repurchase program pursuant to which, the Company is authorized to repurchase up to US$20,000 of its outstanding ADSs at a price not exceeding US$7.99 per ADS. During the year ended December 31, 2015 and 2016, the Company repurchased 614,033 and 967,408 ADSs, representing 1,842,099 and 2,902,224 ordinary shares, with a total consideration of US$3,111 and US$4,542 respectively. No ADS was repurchased in 2017 and 2018. Special dividend On December 11, 2015, the Board of Directors declared a special cash dividend of US$0.33 per ordinary share based on the number of ordinary shares outstanding as of September 30, 2015. The total amount of the special dividend was approximately RMB288,157, of which RMB285,829 has been paid in 2016. No special dividend was declared in 2017 and 2018. No other dividend has been declared for the years ended December 31, 2016, 2017 and 2018. |
RESTRICTED NET ASSETS
RESTRICTED NET ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Other Restricted Assets [Abstract] | |
RESTRICTED NET ASSETS | 21. RESTRICTED NET ASSETS The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Group’s PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries. In accordance with the PRC Regulations on Enterprises with Foreign Investment and their articles of association, a foreign invested enterprise established in the PRC is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A foreign invested enterprise is required to allocate at least 10% of its annual after-tax profit to the general reserve until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign invested enterprises. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. Additionally, in accordance with the company law of the PRC, a domestic enterprise is required to provide at least 10% of its annual after-tax profit to the statutory common reserve until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. A domestic enterprise is also required to provide discretionary surplus reserve, at the discretion of the board of directors, from the profits determined in accordance with the enterprise’s PRC statutory accounts. As a result of these PRC laws and regulations that require annual appropriations of 10% of after-tax income to be set aside prior to payment of dividends as general reserve fund, the Company’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. In addition, foreign exchange and other regulation in the PRC may further restrict the Company’s PRC subsidiaries from transferring funds to the Company in the form of dividends, loans and advances. The amount of net assets restricted was RMB3,790,974 (US$551,374) as of December 31, 2018. |
TAXATION
TAXATION | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
TAXATION | 22. TAXATION Enterprise income tax: Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. In addition, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. British Virgin Islands Under the current laws of the British Virgin Islands, subsidiaries in British Virgin Islands are not subject to tax on income or capital gains. In addition, upon payments of dividends by these companies to their shareholders, no British Virgin Islands withholding tax will be imposed. United States US Proton is incorporated in the State of Delaware, U.S.A. in 2011. The entity is subject to U.S. Federal and state Income Tax (graduated income tax rate up to 35 Singapore China Medstar is incorporated in Singapore and does not conduct any substantive operations of its own. CHS, incorporated in Singapore, was acquired in April 2015 and was in a loss position since its establishment. No provision for Singapore profits tax has been made in the consolidated financial statements as the companies have no assessable profits for the years ended December 31, 2016, 2017 and 2018. In addition, upon payments of dividends by China Medstar and CHS to its shareholder, no Singapore withholding tax will be imposed. Hong Kong Subsidiaries in Hong Kong do not conduct any substantive operations of their own. No provision for Hong Kong profits tax has been made in the consolidated financial statements as the Company has no assessable profits for the year presented. In addition, upon payment of dividends by these companies to their shareholders, no Hong Kong withholding tax will be imposed. China The applicable rate for China entities is subject to the PRC EIT at the rate of 25% for the period since 2012. Dividends paid by PRC subsidiaries of the Group out of the profits earned after December 31, 2007 to non-PRC tax resident investors would be subject to PRC withholding tax. The withholding tax would be 10%, unless a foreign investor’s tax jurisdiction has a tax treaty with China that provides for a lower withholding tax rate and the foreign investor is qualified as a beneficial owner under the relevant tax treaty. Loss before income taxes consists of: For the Years Ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Non – PRC (141,602 ) (193,212 ) (98,709 ) (14,357 ) PRC (62,996 ) (60,683 ) (126,537 ) (18,404 ) (204,598 ) (253,895 ) (225,246 ) (32,761 ) The current and deferred components of the income tax expense appearing in the consolidated statements of comprehensive loss are as follows: For the Year Ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Current tax expense 25,617 5,105 43,209 6,284 Deferred tax expense (benefit) 34,869 26,684 (9,158 ) (1,331 ) 60,486 31,789 34,051 4,953 A reconciliation of the differences between the statutory tax rate and the effective tax rate for EIT is as follows: For the Years Ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Loss before income taxes (204,598 ) (253,895 ) (225,246 ) (32,761 ) Income tax computed at the tax rate of 25% (51,150 ) (63,474 ) (56,309 ) (8,190 ) Effect of different tax rates in different jurisdictions 10,400 23,554 11,758 1,710 Non-deductible expenses 6,942 13,872 4,661 678 Non-taxable income - (1,942 ) (7,322 ) (1,065 ) Unrecognized tax positions 1,467 (2,942 ) 41,122 5,981 Changes of valuation allowance 73,847 48,089 45,112 6,561 Withholding tax 18,980 15,624 (4,971 ) (722 ) Effect of tax rate change - (992 ) - - 60,486 31,789 34,051 4,953 Deferred Tax The components of deferred taxes are as follows: As at December 31, 2017 2018 2018 RMB RMB US$ Deferred tax asset Net operating loss* 122,651 175,033 25,455 Depreciation and amortization 4,807 2,813 409 Property, plant and equipment impairment 17,395 8,750 1,273 Deposits for non-current assets 6,400 6,400 931 Allowance for net investment in financing lease 4,518 1,085 158 Allowance for doubtful accounts 1,004 4,453 648 Deferred revenue 1 - - Long term receivables 3,942 9,679 1,408 Intangible assets 795 - - Accrued expenses 5,434 9,032 1,314 Capital allowances - - - Others 495 527 77 Total deferred tax assets 167,442 217,772 31,673 less: Valuation allowance** (157,876 ) (217,076 ) (31,572 ) Net deferred tax assets 9,566 696 101 Deferred tax liabilities Withholding tax for PRC entities (50,876 ) (39,495 ) (5,745 ) Aohua Technology transfer Tianjin Concord Medical loss (5,632 ) - - Equity investment (8,317 ) - - Property, plant and equipment (2,681 ) (415 ) (60 ) Disposal of Beijing Century Friendship (13,758 ) (3,126 ) (454 ) Intangible assets (733 ) (113,590 ) (16,521 ) Deferred costs (67 ) (67 ) (10 ) Revenue generated from financing lease (731 ) - - Long-term deferred assets (348 ) - - Capitalized Interest - (9,649 ) (1,403 ) Total deferred tax liabilities (83,143 ) (166,342 ) (24,193 ) Deferred tax assets, net*** - - - Deferred tax liabilities, net*** (73,577 ) (165,646 ) (24,092 ) * As of December 31, 2018, the Group had net operating losses from several of its PRC and oversea entities of RMB225,246 (US$32,761), ** The Group records a valuation allowance on its deferred tax assets that is sufficient to reduce the deferred tax assets to an amount that is more likely than not to be realized. Future reversal of the valuation allowance will be recognized either when the benefit is realized or when it has been determined that it is more likely than not that the benefit in future earnings will be realized. *** On the face of balance sheet, as at December 31, 2017 and 2018, deferred tax assets of approximately RMB9,566 and RMB696 (US$101) have been offset against deferred tax liabilities. The movement of valuation allowance is as follows: For the Year Ended December 31, 2017 2018 2018 RMB RMB US$ Balance at the beginning of year (114,561 ) (157,876 ) (22,962 ) Change of valuation allowance in the current year (43,315 ) (59,200 ) (8,610 ) Balance at the end of year (157,876 ) (217,076 ) (31,572 ) As of December 31, 2018, the Group has net tax operating losses from its PRC subsidiaries and its Consolidated VIEs, as per filed tax returns, which will expire between 2019 to 2038. Unrecognized Tax Benefits The reconciliation of the beginning and ending amount of unrecognized tax benefits excluding the penalty and interest is as follows: For the Years Ended December 31, 2017 2018 2018 RMB RMB US$ Balance at the beginning of year 38,420 41,358 6,015 Additions based on tax positions related to the current year 4,263 30,043 4,370 Additions related to prior year tax position 3,658 9,676 1,407 Reversal related to prior year tax position (1,207 ) - - Decrease relating to expiration of applicable statute of limitation (3,079 ) (920 ) (134 ) Foreign currency translation (697 ) 843 123 Balance at the end of year 41,358 81,000 11,781 As of December 31, 2017 and 2018, the Group had recorded RMB70,992 and RMB118,943 (US$17,300) as an accrual for unrecognized tax benefit and related interest and penalties, respectively. At December 31, 2017 and 2018, there were RMB18,381 and RMB46,978 (US$6,833) of unrecognized tax benefits that if recognized would affect the annual effective tax rate. The final outcome of the tax uncertainty is dependent upon various matters including tax examinations, interpretation of tax laws or expiration of statute of limitations. However, due to the uncertainties associated with the status of examinations, including the protocols of finalizing audits by the relevant tax authorities, there is a high degree of uncertainty regarding the future cash outflows associated with these tax uncertainties. However, an estimate of the range of the possible change cannot be made at this time. The Company recognized an increase amounting to RMB1,467, RMB2,770 and RMB8,309 (US$1,208) in interest and penalties during the years ended December 31, 2016, 2017 and 2018, respectively. As of December 31, 2017 and 2018, the Company recognized RMB29,634 and RMB37,943 (US$5,519), respectively of interest and penalties. Uncertain tax benefits were recorded as other long-term liabilities. In general, for circumstances not being tax evasion, the PRC tax authorities will conduct examinations of the PRC entities’ tax filings of up to five years. Accordingly, the PRC entities’ tax years from 2013 to 2018 remain subject to examination by the tax authorities. Value-added taxes (“VAT”) Revenue earned from the provision of leasing and technical services was subject to 5% business tax prior to the pilot of VAT reform (e.g. Shanghai starts the VAT pilot on January 1, 2012). The final stage of VAT reform has come into effect on 1 May 2016, the pilot program of the collection of VAT in lieu of business tax has been promoted nationwide in a comprehensive manner. Under the current VAT regulation, for the contracts signed prior to the pilot of VAT reform or the movable property acquired prior to the pilot of VAT reform for operating leasing, the relevant rental income from leasing arrangement of movable property could adopt the simple tax calculation method and be subject to 3% VAT levy rate. Other than the above, if the contracts signed after the pilot of VAT reform, the rental income derived from movable property leasing arrangement is subject to VAT at 17%. After a new VAT reform came into effect on 1 May 2018, the rental income derived from movable property leasing arrangement is subject to VAT at 16%. The technical service income is subject to VAT at 6%. |
SHARE-BASED AWARDS
SHARE-BASED AWARDS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED AWARDS | 23. SHARE-BASED AWARDS On October 16, 2008, the Board of Directors adopted the 2008 Share Incentive Plan (the “2008 Share Incentive Plan”). The 2008 Share Incentive Plan provides for the granting of options, share appreciation rights, or other share based awards to key employees, directors or consultants, which was subsequently amended on November 17, 2009 and November 26, 2011 to increase the number of ordinary shares available for grant under the plan. The total number of the Company’s ordinary shares that may be issued under the 2008 Share Incentive Plan is up to 13,218,000 ordinary shares. Share options On February 18, 2014, the Company granted options to purchase 3,479,604 ordinary shares to its employees at an exercise price of $2.04 per share that have a contractual life of eight years and vest over four equal installments on the first, second, third, and fourth anniversary of the grant date. The Company recognizes the compensation expense on a straight-line basis over the requisite service period for the entire award. The Company calculated the estimated grant date fair value of the share options granted on February 18, 2014, using a Binomial Tree Model, with key assumptions as follows. February 18, 2014 Risk-free interest rate 2.33 % Dividend yield 5 % Exercise multiple 2.5 Expected volatility range 39.03 % The risk-free rate was based on the US Treasury bond yield curve in effect at the time of grant for periods corresponding with the expected term of the option. The dividend yield was estimated based on the average of historical dividend yields of the Company. The volatility assumption was estimated based on the historical price volatility of ordinary shares of comparable companies in the health care industry. The following table summarizes employee share options activities for the year ended December 31, 2018: Share Options Granted to Employees Number of Shares Weighted- Average Exercise Price Weighted Average Grant-date Fair Value Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, January 1, 2018 3,217,087 US$ 5.11 US$ 0.81 13.13 - Granted - - - - - Exercised - - - - - Forfeited (240,954 ) US$ 2.04 US$ 0.65 - - Outstanding, December 31, 2018 2,976,133 US$ 5.36 US$ 0.83 14.19 - Expected to vest, December 31, 2018 - - - - - Exercisable at December 31, 2018 2,976,133 US$ 5.36 US$ 0.83 14.19 - The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the fair value of the Company’s shares that would have been received by the option holders if all in-the-money options had been exercised on the issuance date. There were no options exercised for the years ended December 31, 2016, 2017 and 2018. As of December 31, 2018, unrecognized share-based compensation cost related to share options was nil. Restricted shares On February 18, 2014, July 1, 2014 and August 1, 2014, the Company granted 1,370,250, 21,132 and 69,564 restricted shares of the Company (“Restricted Shares”) to the employees of the Company, respectively. The Restricted Shares have a service condition where the grantees can remove restriction on 25% of total number of Restricted Shares on annual basis over a four-year period ending the fourth anniversary of the grant date. The Group did not grant any Restricted Shares in 2015 and 2016. On August 7, 2017, August 8, 2017, September 13, 2017 and October 2, 2018, the Company granted 1,453,950, 3,319,200, 45,000 Restricted Shares to the employees of the Company, respectively. The Restricted Shares have a service condition where the grantees can remove restriction on 25% of total number of Restricted Shares on annual basis over a four-year period ending the fourth anniversary of the grant date. Grant Date Number of Awards Fair Value per Share at the Grant date (US$) February 18, 2014 1,370,250 1.93 July 1, 2014 21,132 2.35 August 1, 2014 69,564 2.44 August 7, 2017 1,453,950 1.33 August 8, 2017 3,319,200 1.34 September 13, 2017 45,000 1.33 October 2, 2018 5,992,605 1.19 The Company recognizes the compensation expense on a straight-line basis over the requisite service period for the entire award. Restricted Shares activity for the year ended December 31, 2018 was as follows: Numbers of shares Weighted average grant date fair value RMB US$ Outstanding, January 1, 2018 6,041,847 1.17 Granted 5,992,605 1.34 Forfeited (374,250 ) 1.34 Vested (86,400 ) 1.16 Outstanding, December 31, 2018 11,573,802 0.64 Expected to vest, December 31, 2018 11,573,802 0.64 As of December 31, 2018, unrecognized share-based compensation cost related to Restricted Shares was RMB65,049 (US$9,461) which was expected to be recognized over a weighted-average vesting period of 3.3 years. The share-based compensation expense of the share options and Restricted Shares granted to employees for the years ended December 31, 2016, 2017 and 2018 is as follows: For the Years ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ General and administrative expenses 7,573 10,099 9,173 1,334 Selling expenses 827 1,542 1,966 286 8,400 11,641 11,139 1,620 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 24. RELATED PARTY TRANSACTIONS a) Related parties Name of Related Parties Relationship with the Group JYADK Equity investee of the Group Tianjin Jiatai Equity investee of the Group Wuxi MZJH Equity investee of the Group SH Rongchi Equity investee of the Group SH MZJH Equity investee of the Group Gopher Asset Management (“Gopher”) An entity controlled by a director of the Company Allcure Information An entity controlled by a director of the Company JWYK An entity controlled by a director of the Company Shanghai Huifu Technology Limited An entity controlled by a director of the Company Cherrylane Investment Limited An entity controlled by a director of the Company Guofu Huimei * Equity investee of the Group till October 7, 2018 CMCC * Equity investee of the Group till October 7, 2018 Beijing Century Friendship * Equity investee of the Group till October 7, 2018 * Guofu Huimei, CMCC and Beijing Century Friendship were equity investee of the Group previously, which have been acquired by the Group since October 8, 2018 and have become subsidiaries of the Group. b) The Group had the following related party transactions for the years ended December 31, 2016, 2017 and 2018. For the Years ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Loan to: JYADK 1,485 - - - Allcure Information 9,000 - - - Tianjin Jiatai - - 50 7 Wuxi MZJH - - 460 67 SH MZJH - - 1,000 145 10,485 - 1,510 219 Interest income from: JYADK 370 221 285 41 Loan from: Guofu Huimei - 300,000 - - Beijing Century Friendship - 218,104 30,551 4,443 CMCC - 41,010 13,408 1,950 Tianjin Jiatai - 91,855 - - Shanghai Huifu Technology Limited - - 22,000 3,200 Wuxi MZJH - - 1,850 269 SH Rongchi - - 18,820 2,737 SH MZJH - - 12,420 1,806 Cherrylane Investment Limited - - 12,720 1,850 - 650,969 111,769 16,255 Interest expense to: Tianjin Jiatai - - 193 28 Guofu Huimei * - 31,716 15,997 2,327 Gopher 15,073 14,639 6,957 1,012 15,073 46,355 23,147 3,367 Repayment to: Tianjin Jiatai - - 36,420 5,297 Gopher - - 176,906 25,730 Shanghai Huifu Technology Limited - - 20,285 2,950 Cherrylane Investment Limited - - 2,750 400 - - 236,361 34,377 Management service income from: Tianjin Jiatai 7,988 6,577 - - SH MZJH - - 4,810 700 CMCC - 4,118 4,331 630 7,988 10,695 9,141 1,330 Consultation service income from: JWYK 70 - - - * The interest expense paid to Guofu Huimei amounting to RMB15,997 (US$2,327) is capitalized in year 2018. c) The balances between the Company and its related parties as of D cember 31, 2017 and 2018 are listed below. As at December 31, 2017 2018 2018 RMB RMB US$ Due from related parties, current: JYADK 4,879 5,112 743 Allcure Information 9,000 9,000 1,309 Tianjin Jiatai 7,029 - - SH MZJH - 6,099 887 Wuxi MZJH - 460 67 CMCC 4,396 - - 25,304 20,671 3,006 Due to related parties, current Gopher (note 17) 167,820 - - Wuxi MZJH - 1,850 269 SH MZJH - 12,420 1,806 Shanghai Huifu Technology - 1,715 249 167,820 15,985 2,324 Due to related parties, non-current SH Rongchi * - 155,570 22,626 Cherrylane Investment Limited * - 9,969 1,450 Guofu Huimei 280,459 - - Beijing Century Friendship* 218,104 - - CMCC* 41,010 - - Tianjin Jiatai * 91,855 56,978 8,287 631,428 222,517 32,363 * As at December 31, 2017 and 2018, the balance due to related parties, non-current is recorded in “Amount due to related parties, non-current portion” on the consolidated balance sheet. |
EMPLOYEE DEFINED CONTRIBUTION P
EMPLOYEE DEFINED CONTRIBUTION PLAN | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
EMPLOYEE DEFINED CONTRIBUTION PLAN | 25. EMPLOYEE DEFINED CONTRIBUTION PLAN Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the PRC subsidiaries of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Group has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits, which were expensed as incurred, were RMB13,078 and RMB13,348 and RMB13,291 (US$1,933) for the years ended December 31, 2016, 2017 and 2018, respectively. Obligations for contributions to defined contribution retirement plans for full-time employees in Singapore are recognized as expense in the statements of comprehensive income (loss) as incurred. The total amounts for such employee benefits were approximately RMB265, RMB399 and RMB315 (US$46) for the years ended December 31, 2016, 2017 and 2018, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 26. COMMITMENTS AND CONTINGENCIES Operating lease commitments Future minimum payments under non-cancelable operating leases with initial terms in excess of one year consist of the following at December 31, 2018: RMB US$ 2019 18,913 2,751 2020 20,977 3,051 2021 13,122 1,909 2022 8,584 1,248 2023 8,629 1,255 Thereafter 53,993 7,852 124,218 18,066 Payments under operating leases are expensed on a straight-line basis over the periods of their respective leases. The terms of the leases do not contain material rent escalation clauses or contingent rents. For the years ended December 31, 2016, 2017 and 2018, total rental expenses for all operating leases amounted to RMB17,765, RMB16,436 and RMB15,457 (US$2,248) respectively. Purchase commitments The Group has commitments to purchase certain medical equipment of RMB426,293 (US$96,103) Income taxes As of December 31, 2018, the Group has recognized approximately RMB118,943 (US$17,300) as an accrual for unrecognized tax positions. The final outcome of the tax uncertainty is dependent upon various matters including tax examinations, interpretation of tax laws or expiration of status of limitation. However, due to the uncertainties associated with the status of examinations, including the protocols of finalizing audits by the relevant tax authorities, there is a high degree of uncertainty regarding the future cash outflows associated with these tax uncertainties. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | 27. SEGMENT REPORTING For the years ended December 31, 2016, 2017 and 2018, the Group had two operating segments, including network and hospital. The operating segments also represented the reporting segments. The Group’s CODM assess the performance of the operating segments based on the measures of revenues costs and gross profit (loss) by the network and hospital segment. Other than the information provided below, the CODM do not use any other measures by segments. Summarized information by segments for the years ended December 31, 2016, 2017 and 2018 is as follows: For the year ended December 31, 2018 Network Hospital Total RMB RMB RMB US$ Revenues from external customers 138,070 52,828 190,898 27,765 Cost of sales (79,266 ) (91,870 ) (171,136 ) (24,891 ) Gross profit (loss) 58,804 (39,042 ) 19,762 2,874 For the year ended December 31, 2017 Network Hospital Total RMB RMB RMB Revenues from external customers 299,321 31,656 330,977 Cost of sales (166,407 ) (66,572 ) (232,979 ) Gross profit (loss) 132,914 (34,916 ) 97,998 For the year ended December 31, 2016 Network Hospital Total RMB RMB RMB Revenues from external customers 443,601 11,441 455,042 Cost of sales (247,510 ) (39,033 ) (286,543 ) Gross profit (loss) 196,091 (27,592 ) 168,499 As at December 31, 2017 2018 2018 RMB RMB US$ Segment assets Network 2,113,756 2,103,569 305,948 Hospital 1,351,634 2,481,825 360,967 Total segment assets 3,465,390 4,585,394 666,915 Major Customers No single customer represented 10% or more of total net revenue for the years ended December 31, 2016 Changhai Hospital represented 12.5% of total net revenue for the year ended December 31, 2017. Geographic Information Net revenue by country is based upon the sales location that predominately represents the customer location. For the Years Ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Revenues from PRC 443,601 302,304 149,548 21,751 Revenues from Singapore 11,441 28,673 41,350 6,014 Total revenues 455,042 330,977 190,898 27,765 Total long-lived assets excluding financial instruments and deferred tax assets by country were as follows: As at December 31, 2017 2018 2018 RMB RMB US$ PRC 789,320 2,036,133 296,143 Singapore 279,615 281,495 40,942 Total long-lived assets 1,068,935 2,317,628 337,085 |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
LOSS PER SHARE | 28. LOSS PER SHARE A reconciliation of net loss attributable to the Company in the consolidated statements of comprehensive loss to the numerator for the computation of basic and diluted per share for the years ended December 31, 2016, 2017 and 2018 is as follows: For the Years Ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Net loss attributable to Concord Medical Services Holdings Limited (261,867 ) (284,320 ) (234,875 ) (34,162 ) Accretion of contingently redeemable noncontrolling interests - - (124,355 ) (18,087 ) Numerator for EPS computation (261,867 ) (284,320 ) (359,230 ) (52,249 ) For the Years Ended December 31, 2016 2017 2018 2018 Class A Class A Class B Class B RMB RMB RMB US$ RMB US$ Numerator: Net loss attributable to ordinary shareholders used in calculating loss per ordinary share – basic and diluted (261,867 ) (284,320 ) (28,402 ) (47,764 ) (30,827 ) (4,484 ) Denominator: Weighted average number of ordinary shares outstanding used in calculating loss per share – basic and diluted 130,631,867 130,091,977 118,940,054 118,940,054 11,164,733 11,164,733 Loss per share – basic and diluted (2.00 ) (2.19 ) (2.76 ) (0.40 ) (2.76 ) (0.40 ) The effects of share options and Restricted Shares have been excluded from the computation of diluted loss per share for the years ended December 31, 2016, 2017 and 2018 as their effects would be anti-dilutive. |
PARENT COMPANY ONLY CONDENSED F
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | 29. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION Condensed balance sheets As at December 31 2017 2018 2018 RMB RMB US$ ASSETS Current assets: Cash and cash equivalent 3,104 722 105 Amounts due from subsidiaries 414,692 503,087 73,171 Total current assets 417,796 503,809 73,276 Non-current assets: Investments in subsidiaries 2,027,530 1,623,996 236,201 Deferred cost, non-current 800 - - Total assets 2,446,126 2,127,805 309,477 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term bank borrowings 512,221 249,202 36,245 Accrued expenses and other liabilities 16,871 29,310 4,263 Amounts due to subsidiaries 982,985 1,411,871 205,348 Total current liabilities 1,512,077 1,690,383 245,856 Total liabilities 1,512,077 1,690,383 245,856 Shareholders’ equity: Class A ordinary shares (par value of US$0.0001per share; authorized shares-500,000,000; issued shares-142,353,532 as of December 31, 2017 and 2018; outstanding shares-130,091,977 and 84,390,429 as of December 31, 2017 and 2018, respectively) 105 68 10 Class B ordinary shares (par value of US$0.0001per share; authorized shares-45,787,948; issued shares-nil and 45,787,948 as of December 31, 2017 and 2018; outstanding shares- nil and 45,787,948 as of December 31, 2017 and 2018, respectively) - 37 5 Treasury stock (12,261,555 (8 ) (8 ) (1 ) Additional paid-in capital 1,860,763 1,758,937 255,827 Accumulated other comprehensive loss (47,418 ) (88,621 ) (12,889 ) Accumulated deficit (879,393 ) (1,232,991 ) (179,331 ) Total shareholders’ equity 934,049 437,422 63,621 Total liabilities and shareholders’ equity 2,446,126 2,127,805 309,477 Condensed statements of comprehensive loss For the Years Ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Revenues - - - - Cost of revenues - - - - General and administrative expenses (22,843 ) (24,431 ) (17,051 ) (2,480 ) Selling expenses (825 ) (1,802 ) (2,021 ) (294 ) Operating loss (23,668 ) (26,233 ) (19,072 ) (2,774 ) Equity in loss of subsidiaries (219,201 ) (250,696 ) (333,682 ) (48,532 ) Interest income - - 14 2 Interest expense (19,326 ) (7,554 ) (15,325 ) (2,229 ) Change in fair value of derivatives 713 - - - Foreign exchange gain 3,138 163 8,835 1,285 Net loss (258,344 ) (284,320 ) (359,230 ) (52,248 ) Other comprehensive (loss) income, net of tax of nil foreign currency translation adjustments (41,394 ) 40,550 (41,203 ) (5,993 ) Total other comprehensive (loss) income (41,394 ) 40,550 (41,203 ) (5,993 ) Comprehensive loss (299,738 ) (243,770 ) (400,433 ) (58,241 ) Condensed statements of cash flows For the Years Ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Net cash used in operating activities (5,230 ) (89,751 ) (5,024 ) (731 ) Net cash generated from (used in) investing activities 785,513 (21,452 ) 294,551 42,841 Net cash (used in) generated from financing activities (748,076 ) 127,106 (284,824 ) (41,426 ) Exchange rate effect on cash (11,757 ) (35,017 ) (7,085 ) (1,030 ) Net increase (decrease) in cash 20,450 (19,114 ) (2,382 ) (346 ) Cash at beginning of the year 1,768 22,218 3,104 451 Cash at end of the year 22,218 3,104 722 105 Basis of presentation For the presentation of the parent company only condensed financial information, the Company records its investment in subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments - Equity Method and Joint Ventures |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 30. FAIR VALUE MEASUREMENTS The Group applies ASC Topic 820, Fair Value Measurements and Disclosures ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Include other inputs that are directly or indirectly observable in the marketplace. Level 3 - Unobservable inputs which are supported by little or no market activity. ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. The Group apply fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Goodwill, intangible assets, and other long-lived assets are measured at fair value on a nonrecurring basis, only if impairment is indicated. The following table summarizes the nonrecurring fair value measurements for each class of assets as of and for the year ended December 31, 2018. As of December 31, 2018, we determined that certain equipment and long-lived assets related to the Group’s terminated centers were impaired. In accordance with ASC 360 Property, plant and equipment, long-lived assets held and used with a carrying amount of RMB7,885 (US$1,147) were written down to their fair value of RMB117 (US$17). The resulting impairment charge of RMB7,768 (US$1,130) was recorded in “impairment of long-lived assets” in the consolidated statements of comprehensive loss. The Group calculated the fair value of long-lived assets based on estimated future discounted cash flows based on a discount rate of 14% and expected remaining useful life of such assets, and classified the fair value as a Level 3 measurement due to the significance of unobservable inputs. Fair Value Measurement at the End of the Reporting Period Using Quoted Prices Significance As of Markets for Other Significant December 31, Assets Inputs (Level 2) Inputs (Level 3) Total RMB US$ RMB RMB RMB RMB Description Fair value measurements on a recurring basis: Available-for-sale debt investments 50,000 7,272 50,000 - - - Nonrecurring fair value measurements: Long-lived assets held and used 117 17 - - 117 (7,768 ) Fair Value Measurement at the End of the Reporting Period Using Quoted Prices Significance As of Markets for Other Significant December 31, Assets Inputs Inputs Total RMB US$ RMB RMB RMB Description Nonrecurring fair value measurements: Long-lived assets held and used 632 97 - - 632 (1,507 ) |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2018 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | 31. SUBSEQUENT EVENTS On February 28, 2019, China Medical Service Holdings Ltd.(HK), a subsidiary of the Group, entered into a shares purchase agreement to purchase 20 1) 20% of the total assets of Zhejiang Haiyang as of December 31, 2018 plus 20% of the audited net profit of Zhejiang Haiyang from January 1, 2019 to the completion day of the transaction, or 2) RMB170,000. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Basis of presentation | Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). |
Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in the Company’s financial statements include, but are not limited to, purchase price allocation, allowance for doubtful accounts, impairment of long-lived assets, useful lives of property, plant and equipment and intangible assets, realization of deferred tax assets, share-based compensation expenses, unrecognized tax benefits, accrued liabilities, the valuation of the Company’s acquired equity investments and derivative instruments and the determination of fair value of the retained investments in the subsidiary which is deemed to be disposed. Actual results could materially differ from those estimates. |
Principles of consolidation | Principles of consolidation The consolidated financial statements of the Group include the financial statements of the Company, its subsidiaries and the VIE and its subsidiaries for which the Company or a subsidiary of the Company is the primary beneficiary. All transactions and balances between the Company, subsidiaries and VIE and its subsidiaries have been eliminated upon consolidation. Results of acquired subsidiaries and its VIE and its subsidiaries are consolidated from the date on which control is transferred to the Company. |
Foreign currency translation and transactions | Foreign currency translation and transactions The Company’s PRC subsidiaries determine their functional currencies to be the Chinese Renminbi (“RMB”) based on the criteria of ASC 830, Foreign Currency Matters (“ASC 830”). The Company uses the RMB as its reporting currency. Generally, the Company and other subsidiaries incorporated outside PRC use their local currency as functional currency. The Company and the subsidiaries whose functional currency is not RMB use the monthly average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in accumulated other comprehensive loss, a component of shareholders’ equity. Transactions denominated in foreign currencies are remeasured into the functional currency at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are remeasured at the exchange rates prevailing at the balance sheet date. Exchange gains and losses are included in the consolidated statements of comprehensive loss. Accumulated other comprehensive loss represents the cumulative foreign currency translation adjustments at each balance sheet date. |
Convenience translation | Convenience translation Amounts in U.S. dollars are presented for the convenience of the reader and are translated at the noon buying rate of RMB6.8755 to US$1.00 on December 31, 2018 as published on the website of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. |
Business combination and noncontrolling interests | Business combination and noncontrolling interests The Company accounts for business combinations using the purchase method of accounting in accordance with ASC 805, Business Combinations The Company derives estimates of the fair value of assets acquired and liabilities assumed using reasonable assumptions based on historical experiences and on the information obtained from management of the acquired companies. Critical estimates in valuing certain of the intangible assets and pre-existing agreements included but were not limited to the following: deriving estimates of future expected cash flows from the acquired business, the determination of an appropriate discount rate, deriving assumptions regarding the period of time that the related benefits would continue and the initial measurement and recognition of any contingent consideration arrangements and the evaluation of whether contingent consideration arrangement is in substance compensation for future services. Unanticipated events may occur which may affect the accuracy or validity of such assumptions or estimates. In a business combination achieved in stages, the Company re-measures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated income statements. For the Company's non-wholly owned subsidiaries, a noncontrolling interest is recognized to reflect portion of equity that is not attributable, directly or indirectly, to the Company. When the noncontrolling interest is contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Company, the noncontrolling interest is classified as mezzanine equity. The Company accretes changes in the redemption value over the period from the date that it becomes probable that the mezzanine equity will become redeemable to the earliest redemption date using the effective interest method. When the noncontrolling interest is mandatory redeemable on a fixed or determinable date, the noncontrolling interest is classified as liabilities. If a transaction does not meet the definition of a business, the transaction is recorded as an asset acquisition. Accordingly, the identifiable assets acquired and liabilities assumed are measured at the fair value of the consideration paid, based on their relative fair values at the acquisition date. Acquisition-related costs are included in the consideration paid and capitalized. Any contingent consideration payable that is dependent on the purchaser’s future activity is not included in the consideration paid until the activity requiring the payment is performed. Any resulting future amounts payable are recognized in profit or loss when incurred. No goodwill and no deferred tax asset or liability arising from the assets acquired and liabilities assumed are recognized upon the acquisition of assets. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash on hand and demand deposits placed with banks which are unrestricted as to withdrawal and use and have original maturities less than three months. All highly liquid investments with a stated maturity of 90 days or less from the date of purchase are classified as cash equivalents. |
Restricted cash | Restricted cash Restricted cash represents cash pledged to financial institutions as collateral for the Group’s short-term and long-term borrowings, and was recorded under current and non-current on the classification of the underlying bank borrowings (note 17) . Such restricted cash is not available to fund the general liquidity needs of the Group. The Company adopted Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, (“ASU 2016-18”), effective January 1, 2018 using the restrospective transition method and included all restricted cash with cash and cash equivalent when reconciling beginning-of-period and end-of-period total amount presented in the consolidated statements of cash flows. |
Short-term investments | Short-term investments All highly liquid investments with original maturities of greater than three months, but less than 12 months, are classified as short-term investments. Investments that are expected to be realized in cash during the next 12 months are also included in short-term investments. The Company accounts for debt securities in accordance with ASC Topic 320, Investments—Debt Securities |
Long-term investments | Long-term investments The Company’s long-term investments consist of equity investments without readily determinable fair value and equity method investments. Prior to adopting ASC Topic 321, Investments-Equity Securities Investments-Other: Cost Method Investments, Management regularly evaluates the impairment of equity investments without readily determinable fair value based on the performance and financial position of the investee as well as other evidence of market value. Such evaluation includes, but is not limited to, reviewing the investee’s cash position, recent financing, projected and historical financial performance, cash flow forecasts and financing needs. An impairment loss is recognized in earnings equal to the excess of the investment’s cost over its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value would then become the new cost basis of the investment. The Company adopted ASC 321 on January 1, 2018 and the cumulative effect of adopting the new standard on opening accumulated deficit is nil. Pursuant to ASC 321, equity investments, except for those accounted for under the equity method and those that result in consolidation of the investee and certain other investments, are measured at fair value, and any changes in fair value are recognized in earnings. For equity securities without readily determinable fair value and do not qualify for the existing practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures Investments in equity investees represent investments in entities in which the Company can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC Subtopic 323-10, Investments-Equity Method and Joint Ventures: Overall |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. In accordance with ASC Topic 350, Goodwill and Other Intangible Assets In accordance with ASC 350, the Company assigned and assessed goodwill for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment. As of December 31, 2017, and 2018, the Company has three reporting units, consisting of network business, overseas hospital business and domestic hospital business. Goodwill that has arisen as a result of the acquisitions of subsidiaries during the year was assigned to domestic hospital business reporting unit. The Company early adopted ASU No. 2017-04, Simplifying the Test for Goodwill Impairment The Company elected to perform qualitative assessments on its goodwill which is entirely assigned to the domestic hospital business. As of December 31, 2018, the Company completed its annual impairment test for goodwill that has arisen out of its acquisitions. Based on the requirements of ASC 350-20, the Company evaluated all relevant factors including, but not limited to, macroeconomic conditions, industry and market conditions and financial performance of the Company. The Company weighed all factors in their entirety and concluded that fair value of the reporting unit exceeds the carrying value of the reporting unit, goodwill is not impaired and the Company is not required to perform further testing. |
Accounts receivable and allowance for doubtful accounts | Accounts receivable and allowance for doubtful accounts The Group considers many factors in assessing the collectability of its receivables due from its customers, such as, the age of the amounts due, the customer’s payment history and credit-worthiness. An allowance for doubtful accounts is recorded in the period in which uncollectability is determined to be probable. The Group routinely evaluates the collectability of accounts receivable of each customer on a specific identification basis. At the time when the Group becomes aware of circumstances that may impair a specific customer’s ability to meet its financial obligations, the Group records a specific allowance against amounts due, and thereby reduces the net recognized receivable to the collectible amount. Accounts receivable balances are written off after all collection efforts have been exhausted. |
Inventories | Inventories Inventories, consisting of medicine, medical supplies and low-value consumables, are accounted for using the first-in first-out method, and are valued at the lower of cost or market. |
Lease obligations | Lease obligations In accordance with ASC 840, Leases Operating lease expenses are recognized on a straight-line basis over the applicable lease term. |
Net investment in direct financing leases | Net investment in direct financing leases Net investment in direct financing leases represents leases of medical equipment arising from sale and leaseback and direct financing lease transactions. For leases where the Group is the lessor, a transaction is accounted for as a direct financing lease if the transaction satisfies one of the four capital lease conditions as discussed under the lease obligations section of this note, the collectability of the minimum lease payments is reasonably predictable, and there are no important uncertainties surrounding the amount of unreimbursable costs yet to be incurred by the Group under the lease. The net investment in the direct financing leases consists of the minimum lease payments, net of executory costs and profits thereon, unguaranteed residual value, accruing to the benefit of the Group and initial direct costs less unearned income. Over the period of a lease, each lease payment received is allocated between the repayment of the net investment in the lease and financing lease income based on the effective interest method so as to produce a constant rate of return on the balance of the net investment in the lease. The leased property is collateralized against the lease payments and is transferred to the lessee upon the maturity of the lease. There are no executory costs and profits thereon and unguaranteed residual value with respect to such leased equipment for the periods presented. |
Property, plant and equipment, net | Property, plant and equipment, net Property, plant and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated useful life Estimated residual value Buildings 20-50 years - Medical equipment* 5-20 years - Electronic and office equipment 3-5 years - Motor vehicles 5 years - Leasehold improvement and building improvement shorter of lease term or 5 years - * The cost of the asset is amortized over the estimated useful life. However, if ownership is transferred at the end of the lease term, the cost of the asset is amortized over the shorter of customer contract or the useful life of the asset which ranges from 5-20 years. Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extends the useful lives of property, plant and equipment is capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. Costs incurred in constructing new facilities, including progress payment, interest and other costs relating to the construction are capitalized and transferred to fixed assets upon completion. During the years ended December 31, 2016, 2017 and 2018, total interest costs incurred amounted to RMB91,283, RMB128,492 and RMB101,717 (US$14,793), respectively, in which interest costs capitalized amounted to RMB 1,956 38,533 55,485 |
Intangible assets, net | Intangible assets, net Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets acquired in a business combination were recognized initially at fair value at the date of acquisition. The operating license relates to the medical business qualification and permission for medical equipment operation. The favorable leases relate to favorable lease terms as lessee based on market conditions that exist on the date of acquisition and are amortized over the remaining term of the leases. The customer relationship assets relate to the ability to sell existing and future services to existing customers and have been estimated using the income method. Operating leases relate to favorable operating lease terms based on market conditions that exist on the date of acquisition and are amortized over the remaining term of the leases. The estimated useful life for the intangible assets is as follows: Estimated useful life Operating license 20 Favorable leases 12 Customer relationship 5 16 Operating leases 9 16 Software 3 5 |
Prepaid land lease payments | Prepaid land lease payments Prepaid land lease payments represent amounts paid for the right to use land in the PRC and are recorded at purchase cost less accumulated amortization. Amortization is provided on a straight-line basis over the terms of the land use rights agreement of 50 years. |
Impairment of long-lived assets | Impairment of long-lived assets The Group evaluates its long-lived assets or asset group including acquired intangibles with finite lives for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of a group of long-lived assets may not be fully recoverable. When these events occur, the Group evaluates the impairment by comparing the carrying amount of the assets to future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the asset group over its fair value, generally based upon discounted cash flows or market prices. Impairment loss on long-lived assets of RMB 61,124 28,600 5,433 790 |
Treasury stock | Treasury stock The Company has share repurchase programs where the shares are acquired and subject to cancellation. Cost of the Group’s shares acquired is treated as a deduction from shareholders’ equity. Upon cancellation, any excess of purchase price over par value is charged directly to additional paid-in capital. |
Fair value of financial instruments | Fair value of financial instruments Financial instruments include cash and cash equivalents, restricted cash, accounts receivable, short-term investments, finance lease receivables, short-term and long-term bank and other borrowings, accounts payables and amounts due to related parties and mandatorily redeemable noncontrolling interest. The carrying amounts of the Group’s cash and cash equivalents, restricted cash, accounts receivable, balances with related parties and accounts payable approximate fair value because of their short maturities. The short-term investments are recorded at fair value based on the quoted published price. The carrying amounts of the Group’s short-term and long-term bank and other borrowing and secured borrowings mostly bear interest at floating rates and therefore approximate the fair value of these obligations. For those bank borrowings and mandatorily redeemable noncontrolling interest with fixed interest rates, management uses the discounted cash flow technique based on market interest rate for similar instruments at the balance sheet date and concludes that the carrying value approximates the fair value. |
Deferred revenue | Deferred revenue Deferred revenue arises from upfront cash payment where the related services have not been rendered and the revenue recognition criteria have yet been fulfilled. |
Assets held for sale | Assets held for sale Assets (disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the long-lived asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Assets (disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. |
Revenue recognition | Revenue recognition On January 1, 2018, the Group adopted ASU No. 2014-09, Revenue from Contracts with Customers, Revenue Recognition Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements or elements of an arrangement within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Group only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Group reviews the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. The Group recognizes revenue based on the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied or as it is satisfied. The Group is a principal and records revenue on a gross basis when the Group is primarily responsible for fulfilling the service, has discretion in establish pricing and controls the promised service before transferring that service to customers. Otherwise, the Group records revenue at the net amounts as commissions. The Group is subject to sales taxes such as business tax, VAT and goods and service tax on the revenue. The Group has recognized revenues net of these taxes and related surcharges. Such taxes and related surcharges for the years ended December 31, 2016, 2017 and 2018 were approximately RMB5,854, RMB2,439 and nil, respectively. If revenue recognition is deferred to a later period, the related tax and other surcharges are also deferred and will be recognized only upon recognition of the deferred revenue. For the Years Ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Network revenue: Operating lease income* 365,459 232,015 71,864 10,452 Management services and technical services 49,079 46,143 50,291 7,315 Direct financing lease income* 14,100 7,554 4,859 707 Brand royalty fees 9,435 6,604 5,189 754 Consumables sales 5,456 7,005 5,867 853 443,529 299,321 138,070 20,081 Hospital revenue: Medicine income and medical service 11,513 31,656 52,828 7,684 11,513 31,656 52,828 7,684 455,042 330,977 190,898 27,765 * Operating lease income and direct financing lease income were recognized under ASC 840. (1) Network revenue i. Lease and management services Lease and management service arrangements typically include the purchase and installation of diagnostic imaging and/or radiation oncology system (“medical equipment”) at the hospitals, and the full-time deployment of a qualified system technician who is responsible for certain management services related to the radiotherapy or diagnostic services being performed by the hospital centers’ doctors to their patients. The term of the Group’s leases and management service arrangements with independent hospitals range from 5 to 20 years. Pursuant to these arrangements, the Group receives a portion of the hospital’s profits from delivering the diagnostic imaging and / or radiation oncology services to patients, based the profit sharing formula predetermined in the contracts. Pursuant to ASC 840, the Group determined that the lease and management service arrangements contain a lease of medical equipment. The hospital has the ability and right to operate the medical equipment while obtaining more than a minor amount of the output. The arrangements also contain a non-lease deliverable being the management service. The Group allocates the total arrangement consideration between the lease element (including related executory costs) and non-lease elements on a relative standalone selling price basis. The Group applies the measurement and recognition principles under ASC 840 for the lease component and the measurement and recognition principles under ASC 606 to the non-lease components. The Group’s variable rent payments are fully constrained at inception of the contract. Variable fees are included in the arrangement transaction price when significant reversal is not expected to occur, which is the time when the hospital calculates the profit sharing under the arrangement and agreed upon by both parties. The Group then allocates the consideration between lease and non-lease components and recognizes revenue upon receipt of the monthly revenue settlement statements. ii. Management services and technical services The Group provides stand-alone management and technical services to certain hospitals which already possess radiotherapy and diagnostic equipment. Management services typically include the provision of diagnosis and treatment techniques, expert support, advertising and promotion as well as comprehensive operational management services. Technical services mainly include maintenance and upgrade of the radiotherapy and diagnostic equipment. The fees for management and technical services are calculated based on a predetermined percentage of monthly revenue generated by the hospital unit or in limited instances on a fixed monthly fee. Variable fees are fully constrained at contract inception due to the uncertainty of the hospital units’ monthly revenue. Variable fees are included in the transaction price when a significant reversal of revenue recognized is not expected to occur, typically upon receipt of the monthly revenue statement from hospitals. Fixed monthly fees are recognized ratably over the service term. iii. Direct financing lease income The Group purchases hospital equipment from third party equipment manufacturers which is installed at various hospitals throughout the PRC. The hospital utilize the hospital equipment radiotherapy or diagnostic services being performed by the hospital centers’ doctors to their patients. These lease arrangements include either title transfer upon maturity of the lease term or bargain purchase option held by the hospital. The Group receives fixed monthly rental payments from the hospital, which on a discounted basis does not give rise to any dealer profit. Pursuant to ASC 840, the Group records revenue attributable to direct financing leases so as to produce a constant rate of return on the balance of the net investment in the lease. iv. Consumables sales Consumable sales represented the sales of supplies to certain hospitals in the PRC. The Group acts primarily as a reseller, and does not have pricing authority or have title to the inventory prior to delivery to the hospital. The Group is an agent and records revenue related to consumables sales on a net basis when the equipment is delivered to the customer and the sales price is determinable. v. Brand royalty fees Brand royalty fees represented the right to use the brand of Meizhong Jiahe by several newly set-up specialty cancer hospitals since the year of 2016, on a fixed annual fee. Fixed annum fees are recognized ratably over the service term. (2) Hospital revenue Hospital revenue consists of medicine income and medical service income. Medicine income includes medicine prescribed to patients during or after treatment by the doctors. Medical service income include revenue generated from outpatients, which mainly consist of activities for physical examinations, treatments, surgeries and tests, as well as that generated from inpatients, which mainly consist of activities for clinical examinations and treatments, surgeries, and other fees such as room charges and nursing care. The Group is a principal as it is primarily responsible for providing medical services to the income, controls the promised services before transferring to patients, and has pricing discretion. The Group generally records hospital revenue on a gross basis. In limited instances, the patient services are provided by visiting consultants, who are not considered Group employees. As the visiting consultants have the discretion to take their patients to other hospital for the required treatment and set their own consultation fee charged to patients, the Group is an agent in such arrangement. The Group collects fees on behalf of the visiting consultants and records revenue at the net amounts as commissions. |
Cost of revenue | Cost of revenue Network costs mainly consist of the amortization of acquired intangibles, depreciation of medical equipment purchased, installed and operated in the network of centers and other costs, including salaries and material costs of medical supplies. (1) Costs relating to lease and management service arrangement Cost of medical equipment that is leased under an operating lease is included in property, plant and equipment in the balance sheet. The medical equipment is depreciated using the Group’s depreciation policies. The cost of the management service component is recognized as an expense as incurred. (2) Cost of management services and technical services Cost of management services and technical services mainly include labor costs, and, where applicable, medical consumables and maintenance expenses which are expensed as incurred. (3) Cost of consumables sales Cost of equipment sales, recorded net against the related revenue, includes the cost of the consumables purchased and other direct costs involved in the consumables sales. Hospital costs mainly include medicine costs, medical consumables, labor costs of doctors, nurses and other staff involved in the care or treatment of patients, depreciation, hospital buildings rental fee, utilities as well as other related costs incurred in the normal business of a hospital. |
Advertising expenditure | Advertising expenditure Advertising costs are expensed when incurred and are included in selling expenses in the consolidated statements of comprehensive loss. For the years ended December 31, 2016, 2017 and 2018, the 353 respectively. |
Income taxes | Income taxes The Group follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Group records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rate is recognized in tax expense in the period that includes the enactment date of the change in tax rate. The Group adopted ASC 740, Income Taxes ( “ASC 740” ), which clarifies the accounting and disclosure for uncertainty in income taxes. Interests and penalties arising from underpayment of income taxes shall be computed in accordance with the applicable tax laws. The amount of interest expense is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized and the amount previously taken or expected to be taken in a tax return. Interests and penalties recognized in accordance with ASC 740 is classified in the financial statements as a component of income tax expense. In accordance with the provisions of ASC 740, the Group recognizes in its financial statements the impact of a tax position if a tax return position or future tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Group’s estimated liability for unrecognized tax positions which are included in the “accrued expenses and other liabilities” account and “accrued unrecognized tax benefits and surcharges, non-current portion” accounts are periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. The outcome for a particular audit cannot be determined with certainty prior to the conclusion of the audit and, in some cases, appeal or litigation process. The actual benefits ultimately realized may differ from the Group’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Group’s financial statements. Additionally, in future periods, changes in facts, circumstances, and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. On January 1, 2018, the Group adopted ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, which requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs using the modified retrospective adoption method. In 2015, Aohua Technology transferred 100% equity of Tianjin Concord Medical to Shanghai Medstar resulting in a deferred tax liability of RMB5,632 (US$819). Upon the adoption of ASU 2016-16, the deferred tax liability was reversed through an opening adjustment to accumulative dificit as of January 1, 2018. The cumulative effect of changes made to the Company’s consolidated balance sheet as of January 1, 2018 for the adoption of ASU 2016-16 was as follows: Balance at December Adjustments Due to Balance at January 1, RMB RMB RMB Liabilities: Deferred tax liabilities 73,577 (5,632 ) 67,945 Equity: Accumulated deficit (879,393 ) 5,632 (873,761 ) |
Share-based compensation | Share-based compensation Share-based awards and restricted shares granted to employees are accounted for under ASC 718, Compensation-Stock Compensation In accordance with ASC 718 , The Company adopted ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting |
Loss per share | Loss per share The Company computes earnings per Class A and Class B ordinary shares in accordance with ASC Topic 260, Earnings Per Share Loss per share is computed in accordance with ASC 260, Earnings Per Share The liquidation and dividend rights of the holders of the Company’s Class A and Class B ordinary shares are identical, except with respect to voting rights. As a result, and in accordance with ASC 260, the undistributed earnings for each year are allocated based on the contractual participation rights of the Class A and Class B ordinary shares as if the earnings for the year had been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. For the purposes of calculating the Company’s basic and diluted earnings per Class A and Class B ordinary shares, the ordinary shares relating to the options that were exercised are assumed to have been outstanding from the date of exercise of such options. |
Comprehensive Loss | Comprehensive loss Comprehensive loss is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income (“ASC 220”), requires that all items that are required to be recognized under current accounting standards as components of comprehensive loss be reported in a financial statement that is displayed with the same prominence as other financial statements. During the periods presented, the Group’s comprehensive loss includes net loss and foreign currency translation adjustments and is presented in the consolidated statements of comprehensive loss. |
Derivative Instruments | Derivative Instruments ASC topic 815 (“ASC 815”), Derivatives and Hedging , requires all contracts which meet the definition of a derivative to be recognized on the balance sheet as either assets or liabilities and recorded at fair value. Changes in the fair value of derivative financial instruments are either recognized periodically in earnings or in other comprehensive income (loss) depending on the use of the derivative and whether it qualifies for hedge accounting. Changes in fair values of derivatives not qualified as hedges are reported in earnings. The estimated fair values of derivative instruments are determined at discrete points in time based on the relevant market information. These estimates are calculated with reference to the market rates using industry standard valuation techniques. |
Segment reporting | Segment reporting In accordance with ASC 280, Segment Reporting (“ASC 280”), the Group’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who is also the executive chairman of the board of directors. The Group’s CODM evaluates segment performance based on revenues and profit by the network and hospital segments. |
Recent accounting pronouncement | Recent accounting pronouncement In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments Accounting Standards Update No. 2018-19—Codification Improvements to Topic 326, Financial Instruments—Credit Losses. In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Subsidiaries | (a) As of December 31, 2018, subsidiaries of the Company and its consolidated variable interest entities included the following entities: Entities Date of establishment/acquisition Place of establishment Percentage of ownership by the Company Principal activities Subsidiaries Ascendium Group Limited (“Ascendium”) September 10, 2007 British Virgin Islands (“BVI”) 100 % Investment holding Concord Medical Investment Management Ltd. October 28, 2016 BVI 100 % Investment holding Our Medical Services Limited (“OMS”) August 22, 1996 BVI 100 % Investment holding Medstar Overseas Ltd. (“Medstar Overseas”) September 22, 2011 BVI 100 % Investment holding Cyber Medical Networks Limited (“Cyber”) May 26, 2006 Hong Kong 100 % Investment holding China Medical Services Holdings Limited (“CMS Holdings”) July 18, 2008 Hong Kong 100 % Investment holding King Cheers Holdings Limited (“King Cheers”) May 18, 2001 Hong Kong 100 % Investment holding Shenzhen Aohua Medical Technology Development Co., Ltd. (“Aohua Technology ”) February 21, 2008 PRC 60 % Leasing of medical equipment and provision of management services Medstar (Shanghai) Leasing Co., Ltd. (“Shanghai Medstar”) ** March 21, 2003 PRC 100 % Leasing of medical equipment and provision of management services Beijing MeizhongJiahe Hospital Management Co., Ltd. (“MHM”) * July 23, 2008 PRC 60 % Provision of management services Beijing Yundu Internet Technology Co., Ltd. (“Yundu”) July 26, 2007 PRC 60 % Provision of management services Tianjin Concord Medical Technology Limited (“Tianjin Concord Medical”) April 22, 2010 PRC 100 % Leasing of medical equipment and provision of management services Guangzhou Jinkangshenyou Investment Co., Ltd. (“JKSY”) August 12, 2010 PRC 100 % Leasing of medical equipment Guangzhou Concord Cancer Center (“Guangzhou Concord Cancer Hospital”) June 29, 2011 PRC 48 % Group’s medical treatment and service business CCM (Hong Kong) Medical Investments Limited (“CCM (HK)”) June 03, 2013 Hong Kong 85.71 % Investment holding Entities Date of establishment/acquisition Place of establishment Percentage of ownership by the Company Principal activities Shenzhen Concord Medical Investment Limited (“SZ CMS”) January 10, 2014 PRC 60 % Investment holding Shanghai Concord Cancer Center Co., Ltd (“SHC”) March 17, 2014 PRC 60.26 % Group’s medical treatment and service business Global Medical Imaging (HongKong) Ltd. (“GMI”) May 26, 2014 Hong Kong 100 % Investment holding Datong Meizhong Jiahe Cancer Center (“DTMZ”) October 23, 2014 PRC 60 % Group’s medical treatment and service business Wuxi Concord Medical Development Ltd. ("Wuxi Concord”) December 29, 2015 PRC 100 % Group’s medical treatment and service business Concord Hospital Management Group Ltd. (“CHMG”) July 7, 2015 Hong Kong 100 % Group’s medical treatment and service business Beijing Concord Medical Technology Ltd.(“BJCMT”)** January 4, 2016 PRC 100 % Provision of management services Shanghai Taifeng Medical Technology Ltd (“Taifeng”) ** March 30, 2016 PRC 60 % Group’s medical treatment and service business Taizhou Concord Leasing Co., Ltd.** April 20, 2016 PRC 100 % Group’s medical treatment and service business Guofu Huimei (Tianjin) Investment Management Partnership Firm (LP) (“Guofu Huimei”) (note 4) October 8, 2018 PRC 100 % Investment holding Beijing Century Friendship Science & Technology Development Co., Ltd (“Beijing Century Friendship”) (note 4) October 8, 2018 PRC 60 % Group’s medical treatment and service business Beijing Proton Medical Center Co., Ltd (“BPMC”) (note 4) October 8, 2018 PRC 58 % Group’s medical treatment and service business Shanghai Meizhong Jiahe Cancer Center Co., Ltd. (“CMCC”) (note 4) October 8, 2018 PRC 55.42 % Group’s medical treatment and service business VIE ZR ConcordHealthcare Investment Fund SP (“SP”) November 2016 Cayman Islands 25 % Investment holding Subsidiaries of VIE US Proton Therapy Holdings Limited (“Proton BVI”) May 16, 2011 BVI 25 % Investment holding US Proton Therapy Holdings Limited (“US Proton”) June 29, 2011 United States of America 25 % Investment holding Concord Medical Services (International) Pte. Ltd. (“China Medstar”) (formerly known as China Medstar Pte. Limited) August 8, 2003 Singapore 25 % Investment holding Concord Healthcare Singapore Pte. Ltd. (“CHS”) April 1, 2015 Singapore 25 % Group’s medical treatment and service business * On August 27, 2015, the Group changed the name of CMS Hospital Management Co., Ltd. (“CHM”) to Beijing MeizhongJiahe Hospital Management Co., Ltd. (“MHM”), providing management service to the Group’s existing network. |
Schedule of financial information | The following tables represent the financial information of the VIE and its subsidiaries as of December 31, 2017 and 2018 and for the years ended December 31, 2017 and 2018 before eliminating the intercompany balances and transactions between the VIE and its subsidiaries and other entities within the Group: As at December 31, As at December 31, 2017 2018 2018 RMB RMB US$ ASSETS Current assets: Cash 13,161 15,935 2,318 Restricted cash, current portion 42 - - Accounts receivable (net of allowance of RMB 73 11 3,985 4,494 654 Inventories 1,399 1,946 283 Prepayments and other current assets 1,988 1,986 289 Amount due from inter-companies* - 80,523 11,711 Total current assets 20,575 104,884 15,255 Non-current assets: Property, plant and equipment, net 279,240 281,395 40,927 Intangible assets, net 202 100 15 Deposits for non-current assets 172 - - Long-term investments 195,040 31,496 4,581 Other non-current assets 481 464 67 Total non-current assets 475,135 313,455 45,590 Total assets 495,710 418,339 60,845 As at December 31, As at December 31, 2017 2018 2018 RMB RMB US$ Current liabilities: Accounts payable 1,978 462 67 Accrued expenses and other liabilities 21,321 42,681 6,208 Income tax payable - 2,870 417 Amount due to inter-companies* 54,563 - - Total current liabilities 77,862 46,013 6,692 Non-current liabilities: Deferred tax liabilities 8,316 - - Accrued unrecognized tax benefits & surcharge, non current portion - 20,208 2,939 Mandatorily redeemable noncontrolling interests 396,281 434,216 63,154 Total non-current liabilities 404,597 454,424 66,093 Total liabilities 482,459 500,437 72,785 * Amount due from/to inter-companies represented receivable/payable balances of VIE and its subsidiaries due from/to other subsidiaries within the Group. As at December 31, As at December 31, 2017 2018 2018 RMB RMB US$ Net revenues 28,673 41,350 6,014 Net loss (141,188 ) (95,788 ) (13,931 ) As at December 31, As at December 31, 2017 2018 2018 RMB RMB US$ Net cash used in operating activities (54,113 ) (260,884 ) (37,944 ) Net cash (used in) generated from investing activities (5,582 ) 221,130 32,162 Net cash generated from financing activities 56,787 41,886 6,092 Exchange rate effect on cash, net 748 600 87 (Decrease) increase in cash and cash equivalents (2,160 ) 2,732 397 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Information Relating to Property, Plant and Equipment | Property, plant and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated useful life Estimated residual value Buildings 20-50 years - Medical equipment* 5-20 years - Electronic and office equipment 3-5 years - Motor vehicles 5 years - Leasehold improvement and building improvement shorter of lease term or 5 years - * The cost of the asset is amortized over the estimated useful life. However, if ownership is transferred at the end of the lease term, the cost of the asset is amortized over the shorter of customer contract or the useful life of the asset which ranges from 5-20 years. |
Schedule of estimated useful life for the intangible assets | . The estimated useful life for the intangible assets is as follows: Estimated useful life Operating license 20 Favorable leases 12 Customer relationship 5 16 Operating leases 9 16 Software 3 5 |
Schedule of Deferred revenue Recognition | If revenue recognition is deferred to a later period, the related tax and other surcharges are also deferred and will be recognized only upon recognition of the deferred revenue. For the Years Ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Network revenue: Operating lease income* 365,459 232,015 71,864 10,452 Management services and technical services 49,079 46,143 50,291 7,315 Direct financing lease income* 14,100 7,554 4,859 707 Brand royalty fees 9,435 6,604 5,189 754 Consumables sales 5,456 7,005 5,867 853 443,529 299,321 138,070 20,081 Hospital revenue: Medicine income and medical service 11,513 31,656 52,828 7,684 11,513 31,656 52,828 7,684 455,042 330,977 190,898 27,765 * Operating lease income and direct financing lease income were recognized under ASC 840. |
ACQUISITIONS AND DISPOSALS (Tab
ACQUISITIONS AND DISPOSALS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Gain Realized on Disposal | RMB Fair value of retained noncontrolling investment 151,355 Disposition of net assets 92,501 Gain on disposal of Beijing Century Friendship and BPMC 58,854 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The Company has completed the valuations necessary, with the assistance of an independent third-party valuation firm, to assess the fair values of the tangible and intangible assets acquired, liabilities assumed and the noncontrolling interest, resulting a goodwill was recognized as of the acquisition date. The valuation utilized generally accepted valuation methodologies including the income, market and cost approaches. The following table summarizes the estimated fair values of the assets acquired, liabilities assumed and the noncontrolling interest as of October 8, 2018, the date of acquisition: RMB Current assets 47,827 Property, plant and equipment, net 17,297 Intangible assets* 454,013 Long term investments 300,504 Other non-current assets 108,322 Deferred tax assets 185 Goodwill 165,171 Current liabilities (61,454 ) Non-current liability (165,436 ) Deferred tax liabilities (113,340 ) Non-controlling interests (99,480 ) Total 653,609 RMB Total purchase price is comprised of: - Cash consideration 570,600 - fair value of previously hold equity interests 520,625 - effective extinguishment of loans from the acquisition (437,616 ) Total 653,609 |
Schedule of pro forma results | Unaudited Supplemental Pro Forma For the year ended December 31, 2017 2018 2018 RMB RMB US$ Net revenues 4,569 12,056 1,753 Net loss (70,018 ) (63,159 ) (9,186 ) |
JWYK [Member] | |
Schedule of Breakdown of Assets and Liabilities Attributed to Discontinued Operations | The carrying value of assets and liabilities of Beijing Century Friendship and BPMC as of April 6, 2017 (the date of disposal), are as follows: RMB Current assets 18,035 Deposit for operating license 109,581 Other non-current assets 45 Current liabilities (35,152 ) Noncontrolling interests (8 ) Net assets disposed 92,501 |
CHS [Member] | |
Schedule of actual results from acquisition date | For the Years Ended December 31, 2018 RMB US$ Net revenues 4,827 702 Net loss (5,639 ) (820 ) |
SHORT TERM INVESTMENT (Tables)
SHORT TERM INVESTMENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Available-for-sale [Table Text Block] | As of December 31, 2018 Cost or Amortized cost Gross unrealized gains Gross unrealized losses Fair value RMB RMB RMB RMB Short-term investment Available-for-sale debt securities 50,000 - - 50,000 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | As at December 31, 2017 2018 2018 RMB RMB US$ Accounts receivable 144,921 90,453 13,155 Allowance for doubtful accounts (12,969 ) (3,585 ) (521 ) Accounts receivable, net 131,952 86,868 12,634 The movement in the allowance for doubtful accounts were as follows: For the Years Ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Balance at the beginning of the year 1,781 57 12,969 1,886 Provisions for the year 1,066 14,840 1,303 189 Reversal of provisions from prior periods due to subsequent cash collection during the year - - (709 ) (103 ) Amounts written off during the year (2,790 ) (1,928 ) (9,989 ) (1,453 ) Foreign exchange gain or loss - - 11 2 Balance at the end of the year 57 12,969 3,585 521 |
PREPAYMENTS AND OTHER CURRENT_2
PREPAYMENTS AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepayments and Other Current Assets | Prepayments and other current assets consist of the following: As at December 31, Notes 2017 2018 2018 RMB RMB US$ Due from suppliers i) 23,243 10,751 1,564 Due from hospitals ii) 1,179 576 84 Loan receivables iii) 114,456 151,139 21,982 Advances to employees iv) 4,383 1,056 154 Receivables from disposal of medical equipment v) 90,324 69,410 10,096 Deferred expenses 111 50 7 Interest receivable 5,100 3,680 535 Dividend receivable 766 766 111 Others 29,959 5,084 739 269,521 242,512 35,272 Reserve for unrecoverable deposits (4,798 ) (14,798 ) (2,152 ) 264,723 227,714 33,120 Provisions are recorded in “general and administrative expenses” in the consolidated statements of comprehensive loss. i) Amounts due from suppliers represent prepayments made for orders and returnable deposits of cancelled orders. The risk of loss arising from non-performance by or bankruptcy of suppliers is assessed prior to the order of the equipment. The Group has provided reserve amounting to RMB4,798 and RMB4,798 (US$698) on amounts due from suppliers as at December 31, 2017 and 2018, respectively. ii) Amounts due from hospitals represent interest-free advances to hospitals and the compensation to be received from hospitals for early termination. The Group has assessed the impact of such advances on revenue recognition at the outset of the arrangement and has concluded that they do not affect revenue recognition. The risk of loss arising from any failure of hospital customers to fulfill their financial obligations is assessed prior to making the advances and is monitored for recoverability on a regular basis by management. iii) Loan receivables represented the loans to other parties, including loans to related parties such as the Xi’an JiangyuanAndike Ltd. (“JYADK”), Beijing Allcure Medical Information Technology Co., Ltd. (“Allcure Information”), Shanghai Meizhongjiahe Imaging Diagnostic Center Co. Ltd. (“SH MJZH”) and Wuxi Meizhongjiahe Cancer Centre(“Wuxi MZJH”) of total amount of RMB13,658 and RMB15,118 (US$2,199) 19,783 RMB221 and RMB454(US$66) iv) The advances to employees represent interest-free advance held by the Company’s employees to cover expenses of hospital customers. The risk of loss is assessed prior to making the advances and is monitored on a regular basis by management. Historically, the Group has not experienced any loss of such advances. v) Receivables from disposal of medical equipment represented the consideration to be received from several hospitals, which the Group entered into termination contracts with and disposed all leasing equipment to. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | As at December 31, 2017 2018 2018 RMB RMB US$ Medicine 4,103 2,196 319 Medical equipment 104 90 13 Low-value consumables 2,077 1,580 230 6,284 3,866 562 Less: inventory provision - (510 ) (74 ) 6,284 3,356 488 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | As at December 31, 2017 2018 2018 RMB RMB US$ Buildings 230,273 254,577 37,027 Medical equipment 668,169 404,050 58,767 Electronic and office equipment 16,864 19,564 2,845 Motor vehicles 2,361 2,993 435 Leasehold improvement and building improvements 14,771 14,050 2,043 Construction in progress 329,259 823,361 119,753 Total 1,261,697 1,518,595 220,870 Less: accumulated depreciation (407,964 ) (275,627 ) (40,088 ) Impairment charges (60,162 ) (23,659 ) (3,441 ) 793,571 1,219,309 177,341 |
PREPAID LAND LEASE PAYMENTS (Ta
PREPAID LAND LEASE PAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of Prepaid Land Lease Payments | As at December 31, 2017 2018 2018 RMB RMB US$ Prepaid land lease payments 456,823 456,823 66,442 Less: accumulated amortization (8,890 ) (18,500 ) (2,691 ) Net carrying value 447,933 438,323 63,751 |
Schedule of Estimated Annual Amortization Expenses | Amortization RMB US$ 2019 9,462 1,376 2020 9,462 1,376 2021 9,462 1,376 2022 9,462 1,376 2023 9,462 1,376 |
INTANGIBLE ASSETS, NET (Tables)
INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
INTANGIBLE ASSETS, NET [Abstract] | |
Schedule of Acquired Intangible Assets | Intangible assets consist of the following: Customer relationship intangibles Operating lease intangibles Operating License intangibles Favorable lease intangibles Others Total RMB RMB RMB RMB RMB RMB Intangible assets, net at January 1, 2017 14,285 801 - - 2,102 17,188 Addition of software - - - - 749 749 Disposal of centers (3,117 ) (194 ) - - - (3,311 ) Amortization expenses (4,399 ) (301 ) - - (1,529 ) (6,229 ) Intangible asset impairment (598 ) - - - - (598 ) Intangible assets, net at December 31, 2017 6,171 306 - - 1,322 7,799 Acquisition of subsidiaries (note 4) - - 437,350 16,010 653 454,013 Addition of software - - - - 1,779 1,779 Disposal of centers (2,586 ) - - - - (2,586 ) Amortization expenses (558 ) (52 ) (2,056 ) (318 ) (1,177 ) (4,161 ) Intangible assets, net at December 31, 2018 3,027 254 435,294 15,692 2,577 456,844 Intangible assets, net at December 31, 2018, in US$ 440 37 63,311 2,282 375 66,445 At December 31, 2018 Intangible assets, cost 45,460 14,732 437,350 16,010 16,179 529,731 Less: accumulated amortization (41,835 ) (14,478 ) (2,056 ) (318 ) (13,602 ) (72,289 ) Less: intangible asset impairment (598 ) - - - - (598 ) Intangible assets, net at December 31, 2018 3,027 254 435,294 15,692 2,577 456,844 i) Amortization expenses for intangibles were RMB , (US$ 605 , 598 December 31, 2016, 2017 and 2018, respectively. The estimated annual amortization expenses for the above intangible assets for each of the five succeeding years are as follows: |
Schedule of Estimated Annual Amortization Expenses | Amortization RMB US$ 2019 11,162 1,623 2020 22,000 3,200 2021 23,794 3,461 2022 23,348 3,396 2023 23,140 3,366 |
DEPOSITS FOR NON-CURRENT ASSE_2
DEPOSITS FOR NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
DEPOSITS FOR NON-CURRENT ASSETS [Abstract] | |
Schedule of Deposits for Non-Current Assets | As at December 31, 2017 2018 2018 RMB RMB US$ Deposits for purchases of property, plant and equipment* 297,040 668,698 97,258 Reserve for unrecoverable deposits (30,860 ) (30,860 ) (4,488 ) 266,180 637,838 92,770 * The amount represented interest-free non-refundable partial payments to suppliers of medical equipment. The remaining contractual obligations associated with these purchase contracts are approximately RMB 426,293 60,758 96,103 As at December31, 2017 and 2018, certain of the Group's deposits for non-current asset with a total net book value of nil and RMB13,800(US$2,007) were pledged for bank borrowings of nil and RMB10,731(US$1,561), respectively (note17). |
NET INVESTMENT IN DIRECT FINA_2
NET INVESTMENT IN DIRECT FINANCING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | |
Schedule of Net Investment in Direct Financing Leases | As at December 31, 2017 2018 2018 RMB RMB US$ Total minimum lease payments to be received 88,973 83,079 12,083 Initial direct cost 86 - - 89,059 83,079 12,083 Unearned income (16,107 ) (10,464 ) (1,521 ) Net investment in direct finance leases 72,952 72,615 10,562 Current 18,900 29,638 4,311 Non-current 54,052 42,977 6,251 Total 72,952 72,615 10,562 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments RMB US$ 2019 31,884 4,637 2020 16,204 2,357 2021 15,087 2,194 2022 13,969 2,032 2023 3,076 447 Above 5 years 2,859 416 |
LONG-TERM INVESTMENTS (Tables)
LONG-TERM INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
LONG-TERM INVESTMENTS [Abstract] | |
Schedule Of Long Term Investments | The Company long-term investments consisted of the following: As at December 31, 2017 2018 2018 RMB RMB US$ Equity investments without readily determinable fair values 22,160 22,160 3,223 Equity method investments 732,167 366,204 53,262 754,327 388,364 56,485 |
Schedule Of Equity Investments Without Readily Determinable Fair Values | Equity investments without readily determinable fair values: Equity interest owned by the Group As at December 31, Note 2017 2018 Allcure Information i) 20 % 9.6 % |
Schedule of Equity Method Investments | Equity interest owned by the Group As at December 31, Notes 2017 2018 Xi’an JiangyuanAndike Ltd. (“JYADK”) 29.70 % 29.70 % PTC i) 59.51 % 59.51 % Suzhou Shengshan Huiying Venture Capital Investment LLP. (“Suzhou Shengshan”) ii) 8.13 % 5.41 % Wuxi Meizhongjiahe Cancer Center (“Wuxi MZJH”) 10.00 % 10.00 % Suzhou Chorus Medical Technologies Co., Ltd. (“Suzhou Chorus”) iii) 36.00 % 36.00 % Global Oncology One, Inc. (“Global Oncology”) iii) 46.90 % - CMCC iv) 35.20 % - Guofu Huimei v) 26.07 % - BPMC vi) 25.00 % - Beijing Century Friendship vi) 21.69 % - Shanghai Meizhong Jiahe Imaging Diagnostic Center Co., Ltd. ("SH MZJH") vii) - 43.23 % Shanghai Rongchi Medical Management Co., Ltd. ("SH Rongchi") viii) - 24.40 % Tianjin Jiatai Enterprise Management Center (Limited Partnership) ("Tianjin Jiatai") viii) - 22.82 % DTAP Adam Road PTE.LTD. (“DTAP”) ix) - 49.00 % i) On December 28, 2012, the Group acquired 44.55% limited partner interests of PTC, a limited partnership in Texas, U.S.A., and 45% legal interest of PTC GP Management LLC, a limited liability company registered in Texas, U.S.A and the sole general partner of PTC with 1% interest of PTC, with a consideration of RMB 201,176 In accordance with PTC GP Management LLC’s regulation, the Group is only entitled to designate two out of the five managers and simply majority (more than 50%) amongst the managers is required to pass any resolution. Furthermore, the regulation can only be amended at the request by managers or super majority (more than 2/3) of member interest. Thus, the Group is not able to control PTC GP Management LLC. According to the partnership agreements, the Group has significant influence over PTC which can demonstrate control over MDA Proton by acting as the sole general partner. The Group accounts for its investment in PTC, and ultimately MDA Proton, under the equity method of accounting. The Group’s share of the net profit or loss of PTC, after accounting for the effect of the difference between the cost basis of the equity method investment and the underlying assets of the investee, was a gain of RMB127, RMB 17,697 9,357 6,227 On November 29, 2018, MDA Proton reached an agreement with UTMDACC to sell all its assets and liabilities to UTMDACC as well as terminating management service agreement between MDA Proton and PTC. The Group received a total consideration RMB212,855 (US$30,958) from PTC on dissolution between MDA Proton and PTC, leading to the disposal gain of RMB48,019 (US$6,984) in 2018, and the carrying amount of the equity investment remained RMB31,497 (US$4,581) as of December 31, 2018. ii) In 2017, JKSY, a subsidiary of the Group, entered into a partnership agreement to subscribe for 8.13% 4.57%. iii) In 2015, the Group entered into two share transfer agreements with JWYK, which was controlled by one of the Group's directors. Pursuant to the agreements, JWYK would acquire 36% equity interest in Suzhou Chorus and 100% interest in China Medstar, an oversea subsidiary of the Company who holds 46.9% equity interest in Global Oncology from the Group, at a consideration of RMB4,320 and RMB8,679 iv) In May 2017, the Group through its subsidiary Aohua Technology, acquired 31.64% equity interest of CMCC at a consideration of RMB 105 ,119 from the original shareholder. In December 2017, the Group, through its subsidiary CHMG, further acquired 3.56% 11,820 35.20% 54.8 182,100 v) In April 2017, the Group completed the capital injection and obtained 26.07 % in Guofu Huimei with a total subscribed capital of RMB 262,999 . In July 2018, the other shareholder of Guofu Huimei, ZR Guofu, withdraw all its original investments in Guofu Huimei, amounting to RMB 746,000 , then the Group became the sole shareholder of Guofu Huimei and consolidate Guofu Huimei as a subsidiary (note4). vi) In April 2017, Guofu Huimei injected RMB388,500 to Beijing Century Friendship which holds 55% of BPMC, leading to the dilution of the Group's interest and loss in control of Beijing Century Friendship and BPMC to 21.69% and 25%, respectively. On October 8, 2018, the Group acquired further 78.31% equity interest of Beijing Century Friendship with 55 vii) In January 2018, the Group through its subsidiaries MHM, Global Medical Imaging and an equity investee of the Group, Tianjin Jiatai established SH MZJH for the operations of hospital business. According to the article of corporation, the Group subscribes 29 43,500 6,327 15,000 2,182 43.23 viii) On October 8, 2018, the Group became the sole shareholder of Guofu Huimei while ZR Guofu withdraw all its investments, the acquired assets of Guofu Huimei include 24.40 22.82 71.32 ix) In December 2018, DTAP was set up and registered in Singapore by CHS and Republic Healthcare Holdings PTE.LTD, a third party of the Group. CHS subscribed to inject SG$ 0.49 0.36 49 |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Schedule of Other Non-Current Assets | As at December 31, 2017 2018 2018 RMB RMB US$ Deferred costs 1,066 267 39 Deposits – long-term* 20,747 2,719 395 Others** 8,579 4,890 709 30,392 7,876 1,143 * On June 21, 2011, the Group provided interest-free financing amounting to RMB23,608 to Changhai Hospital, a third party, for the purchase of a robotic radiosurgery 11,527 ** For the years ended December 31, 2017 and 2018, no impairment loss were provided for the balances. |
BANK AND OTHER BORROWINGS (Tabl
BANK AND OTHER BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Instrument [Line Items] | |
Schedule of Bank and Other Borrowings | As at December 31, 2017 2018 2018 RMB RMB US$ Total bank and other borrowings 993,945 938,114 136,442 Comprised of: Short-term 512,222 396,520 57,671 Long-term, current portion 197,139 44,068 6,409 709,361 440,588 64,080 Long-term, non-current portion 284,584 497,526 72,362 993,945 938,114 136,442 |
Long-term Bank and Other Borrowings [Member] | |
Debt Instrument [Line Items] | |
Schedule of Maturities of Long-Term and Other Debt | RMB US$ Within one year 44,068 6,409 Between one and two years 11,098 1,614 Between two and three years 38,926 5,662 Between three and four years 102,057 14,844 Above four years 345,445 50,242 541,594 78,771 |
ACCRUED EXPENSES AND OTHER LI_2
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Liabilities | The components of accrued expenses and other liabilities are as follows: As at December 31, 2017 2018 2018 RMB RMB US$ Accrued expenses 24,537 44,621 6,490 Salaries and welfare payable 8,183 8,612 1,253 Business and other taxes payable 12,253 11,400 1,658 Secured borrowings, current (note 19) 85,106 - - MD Anderson consulting fee payable 13,642 51,029 7,422 Acquisition payable for investment in CMCC 116,922 116,922 17,006 Consideration advance from JWYK (note 15) 12,453 4,320 628 Advance from customers 2,095 19,250 2,800 Other accruals 110,728 161,852 23,539 385,919 418,006 60,796 |
TAXATION (Tables)
TAXATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) from Continuing Operations Before Income Taxes | For the Years Ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Non – PRC (141,602 ) (193,212 ) (98,709 ) (14,357 ) PRC (62,996 ) (60,683 ) (126,537 ) (18,404 ) (204,598 ) (253,895 ) (225,246 ) (32,761 ) |
Schedule of Income Tax Expense from Continuing Operations | For the Year Ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Current tax expense 25,617 5,105 43,209 6,284 Deferred tax expense (benefit) 34,869 26,684 (9,158 ) (1,331 ) 60,486 31,789 34,051 4,953 |
Reconciliation of Differences Between Statutory Tax Rate and Effective Tax Rate | For the Years Ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Loss before income taxes (204,598 ) (253,895 ) (225,246 ) (32,761 ) Income tax computed at the tax rate of 25% (51,150 ) (63,474 ) (56,309 ) (8,190 ) Effect of different tax rates in different jurisdictions 10,400 23,554 11,758 1,710 Non-deductible expenses 6,942 13,872 4,661 678 Non-taxable income - (1,942 ) (7,322 ) (1,065 ) Unrecognized tax positions 1,467 (2,942 ) 41,122 5,981 Changes of valuation allowance 73,847 48,089 45,112 6,561 Withholding tax 18,980 15,624 (4,971 ) (722 ) Effect of tax rate change - (992 ) - - 60,486 31,789 34,051 4,953 |
Schedule of Deferred Taxes | Deferred Tax The components of deferred taxes are as follows: As at December 31, 2017 2018 2018 RMB RMB US$ Deferred tax asset Net operating loss* 122,651 175,033 25,455 Depreciation and amortization 4,807 2,813 409 Property, plant and equipment impairment 17,395 8,750 1,273 Deposits for non-current assets 6,400 6,400 931 Allowance for net investment in financing lease 4,518 1,085 158 Allowance for doubtful accounts 1,004 4,453 648 Deferred revenue 1 - - Long term receivables 3,942 9,679 1,408 Intangible assets 795 - - Accrued expenses 5,434 9,032 1,314 Capital allowances - - - Others 495 527 77 Total deferred tax assets 167,442 217,772 31,673 less: Valuation allowance** (157,876 ) (217,076 ) (31,572 ) Net deferred tax assets 9,566 696 101 Deferred tax liabilities Withholding tax for PRC entities (50,876 ) (39,495 ) (5,745 ) Aohua Technology transfer Tianjin Concord Medical loss (5,632 ) - - Equity investment (8,317 ) - - Property, plant and equipment (2,681 ) (415 ) (60 ) Disposal of Beijing Century Friendship (13,758 ) (3,126 ) (454 ) Intangible assets (733 ) (113,590 ) (16,521 ) Deferred costs (67 ) (67 ) (10 ) Revenue generated from financing lease (731 ) - - Long-term deferred assets (348 ) - - Capitalized Interest - (9,649 ) (1,403 ) Total deferred tax liabilities (83,143 ) (166,342 ) (24,193 ) Deferred tax assets, net*** - - - Deferred tax liabilities, net*** (73,577 ) (165,646 ) (24,092 ) * As of December 31, 2018, the Group had net operating losses from several of its PRC and oversea entities of RMB225,246 (US$32,761), ** The Group records a valuation allowance on its deferred tax assets that is sufficient to reduce the deferred tax assets to an amount that is more likely than not to be realized. Future reversal of the valuation allowance will be recognized either when the benefit is realized or when it has been determined that it is more likely than not that the benefit in future earnings will be realized. *** On the face of balance sheet, as at December 31, 2017 and 2018, deferred tax assets of approximately RMB9,566 and RMB696 (US$101) have been offset against deferred tax liabilities. |
Schedule of Movement of Valuation Allowance | For the Year Ended December 31, 2017 2018 2018 RMB RMB US$ Balance at the beginning of year (114,561 ) (157,876 ) (22,962 ) Change of valuation allowance in the current year (43,315 ) (59,200 ) (8,610 ) Balance at the end of year (157,876 ) (217,076 ) (31,572 ) |
Reconciliation of Accrued Unrecognized Tax Positions | The reconciliation of the beginning and ending amount of unrecognized tax benefits excluding the penalty and interest is as follows: For the Years Ended December 31, 2017 2018 2018 RMB RMB US$ Balance at the beginning of year 38,420 41,358 6,015 Additions based on tax positions related to the current year 4,263 30,043 4,370 Additions related to prior year tax position 3,658 9,676 1,407 Reversal related to prior year tax position (1,207 ) - - Decrease relating to expiration of applicable statute of limitation (3,079 ) (920 ) (134 ) Foreign currency translation (697 ) 843 123 Balance at the end of year 41,358 81,000 11,781 |
SHARE-BASED AWARDS (Tables)
SHARE-BASED AWARDS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Assumptions Used | February 18, 2014 Risk-free interest rate 2.33 % Dividend yield 5 % Exercise multiple 2.5 Expected volatility range 39.03 % |
Schedule of Stock Options | The following table summarizes employee share options activities for the year ended December 31, 2018: Share Options Granted to Employees Number of Shares Weighted- Average Exercise Price Weighted Average Grant-date Fair Value Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, January 1, 2018 3,217,087 US$ 5.11 US$ 0.81 13.13 - Granted - - - - - Exercised - - - - - Forfeited (240,954 ) US$ 2.04 US$ 0.65 - - Outstanding, December 31, 2018 2,976,133 US$ 5.36 US$ 0.83 14.19 - Expected to vest, December 31, 2018 - - - - - Exercisable at December 31, 2018 2,976,133 US$ 5.36 US$ 0.83 14.19 - |
Summary of Restricted Shares | Grant Date Number of Awards Fair Value per Share at the Grant date (US$) February 18, 2014 1,370,250 1.93 July 1, 2014 21,132 2.35 August 1, 2014 69,564 2.44 August 7, 2017 1,453,950 1.33 August 8, 2017 3,319,200 1.34 September 13, 2017 45,000 1.33 October 2, 2018 5,992,605 1.19 The Company recognizes the compensation expense on a straight-line basis over the requisite service period for the entire award. Restricted Shares activity for the year ended December 31, 2018 was as follows: Numbers of shares Weighted average grant date fair value RMB US$ Outstanding, January 1, 2018 6,041,847 1.17 Granted 5,992,605 1.34 Forfeited (374,250 ) 1.34 Vested (86,400 ) 1.16 Outstanding, December 31, 2018 11,573,802 0.64 Expected to vest, December 31, 2018 11,573,802 0.64 |
Schedule of Share-Based Compensation Expense | For the Years ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ General and administrative expenses 7,573 10,099 9,173 1,334 Selling expenses 827 1,542 1,966 286 8,400 11,641 11,139 1,620 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | b) The Group had the following related party transactions for the years ended December 31, 2016, 2017 and 2018. For the Years ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Loan to: JYADK 1,485 - - - Allcure Information 9,000 - - - Tianjin Jiatai - - 50 7 Wuxi MZJH - - 460 67 SH MZJH - - 1,000 145 10,485 - 1,510 219 Interest income from: JYADK 370 221 285 41 Loan from: Guofu Huimei - 300,000 - - Beijing Century Friendship - 218,104 30,551 4,443 CMCC - 41,010 13,408 1,950 Tianjin Jiatai - 91,855 - - Shanghai Huifu Technology Limited - - 22,000 3,200 Wuxi MZJH - - 1,850 269 SH Rongchi - - 18,820 2,737 SH MZJH - - 12,420 1,806 Cherrylane Investment Limited - - 12,720 1,850 - 650,969 111,769 16,255 Interest expense to: Tianjin Jiatai - - 193 28 Guofu Huimei * - 31,716 15,997 2,327 Gopher 15,073 14,639 6,957 1,012 15,073 46,355 23,147 3,367 Repayment to: Tianjin Jiatai - - 36,420 5,297 Gopher - - 176,906 25,730 Shanghai Huifu Technology Limited - - 20,285 2,950 Cherrylane Investment Limited - - 2,750 400 - - 236,361 34,377 Management service income from: Tianjin Jiatai 7,988 6,577 - - SH MZJH - - 4,810 700 CMCC - 4,118 4,331 630 7,988 10,695 9,141 1,330 Consultation service income from: JWYK 70 - - - * The interest expense paid to Guofu Huimei amounting to RMB15,997 (US$2,327) is capitalized in year 2018. |
Schedule of Related Party Balances | The balances between the Company and its related parties as of D cember 31, 2017 and 2018 are listed below. As at December 31, 2017 2018 2018 RMB RMB US$ Due from related parties, current: JYADK 4,879 5,112 743 Allcure Information 9,000 9,000 1,309 Tianjin Jiatai 7,029 - - SH MZJH - 6,099 887 Wuxi MZJH - 460 67 CMCC 4,396 - - 25,304 20,671 3,006 Due to related parties, current Gopher (note 17) 167,820 - - Wuxi MZJH - 1,850 269 SH MZJH - 12,420 1,806 Shanghai Huifu Technology - 1,715 249 167,820 15,985 2,324 Due to related parties, non-current SH Rongchi * - 155,570 22,626 Cherrylane Investment Limited * - 9,969 1,450 Guofu Huimei 280,459 - - Beijing Century Friendship* 218,104 - - CMCC* 41,010 - - Tianjin Jiatai * 91,855 56,978 8,287 631,428 222,517 32,363 * As at December 31, 2017 and 2018, the balance due to related parties, non-current is recorded in “Amount due to related parties, non-current portion” on the consolidated balance sheet. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases | Future minimum payments under non-cancelable operating leases with initial terms in excess of one year consist of the following at December 31, 2018: RMB US$ 2019 18,913 2,751 2020 20,977 3,051 2021 13,122 1,909 2022 8,584 1,248 2023 8,629 1,255 Thereafter 53,993 7,852 124,218 18,066 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of segment information | Summarized information by segments for the years ended December 31, 2016, 2017 and 2018 is as follows: For the year ended December 31, 2018 Network Hospital Total RMB RMB RMB US$ Revenues from external customers 138,070 52,828 190,898 27,765 Cost of sales (79,266 ) (91,870 ) (171,136 ) (24,891 ) Gross profit (loss) 58,804 (39,042 ) 19,762 2,874 For the year ended December 31, 2017 Network Hospital Total RMB RMB RMB Revenues from external customers 299,321 31,656 330,977 Cost of sales (166,407 ) (66,572 ) (232,979 ) Gross profit (loss) 132,914 (34,916 ) 97,998 For the year ended December 31, 2016 Network Hospital Total RMB RMB RMB Revenues from external customers 443,601 11,441 455,042 Cost of sales (247,510 ) (39,033 ) (286,543 ) Gross profit (loss) 196,091 (27,592 ) 168,499 As at December 31, 2017 2018 2018 RMB RMB US$ Segment assets Network 2,113,756 2,103,569 305,948 Hospital 1,351,634 2,481,825 360,967 Total segment assets 3,465,390 4,585,394 666,915 |
Schdeule of net revenue by country based upon the sales location that predominately represents the customer location | Net revenue by country is based upon the sales location that predominately represents the customer location. For the Years Ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Revenues from PRC 443,601 302,304 149,548 21,751 Revenues from Singapore 11,441 28,673 41,350 6,014 Total revenues 455,042 330,977 190,898 27,765 |
Schdeule of total long-lived assets excluding financial instruments, intangible assets and deferred tax assets by country | Total long-lived assets excluding financial instruments and deferred tax assets by country were as follows: As at December 31, 2017 2018 2018 RMB RMB US$ PRC 789,320 2,036,133 296,143 Singapore 279,615 281,495 40,942 Total long-lived assets 1,068,935 2,317,628 337,085 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Income Per Share | A reconciliation of net loss attributable to the Company in the consolidated statements of comprehensive loss to the numerator for the computation of basic and diluted per share for the years ended December 31, 2016, 2017 and 2018 is as follows: For the Years Ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Net loss attributable to Concord Medical Services Holdings Limited (261,867 ) (284,320 ) (234,875 ) (34,162 ) Accretion of contingently redeemable noncontrolling interests - - (124,355 ) (18,087 ) Numerator for EPS computation (261,867 ) (284,320 ) (359,230 ) (52,249 ) For the Years Ended December 31, 2016 2017 2018 2018 Class A Class A Class B Class B RMB RMB RMB US$ RMB US$ Numerator: Net loss attributable to ordinary shareholders used in calculating loss per ordinary share – basic and diluted (261,867 ) (284,320 ) (28,402 ) (47,764 ) (30,827 ) (4,484 ) Denominator: Weighted average number of ordinary shares outstanding used in calculating loss per share – basic and diluted 130,631,867 130,091,977 118,940,054 118,940,054 11,164,733 11,164,733 Loss per share – basic and diluted (2.00 ) (2.19 ) (2.76 ) (0.40 ) (2.76 ) (0.40 ) The effects of share options and Restricted Shares have been excluded from the computation of diluted loss per share for the years ended December 31, 2016, 2017 and 2018 as their effects would be anti-dilutive. |
PARENT COMPANY ONLY CONDENSED_2
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Balance Sheets | Condensed balance sheets As at December 31 2017 2018 2018 RMB RMB US$ ASSETS Current assets: Cash and cash equivalent 3,104 722 105 Amounts due from subsidiaries 414,692 503,087 73,171 Total current assets 417,796 503,809 73,276 Non-current assets: Investments in subsidiaries 2,027,530 1,623,996 236,201 Deferred cost, non-current 800 - - Total assets 2,446,126 2,127,805 309,477 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term bank borrowings 512,221 249,202 36,245 Accrued expenses and other liabilities 16,871 29,310 4,263 Amounts due to subsidiaries 982,985 1,411,871 205,348 Total current liabilities 1,512,077 1,690,383 245,856 Total liabilities 1,512,077 1,690,383 245,856 Shareholders’ equity: Class A ordinary shares (par value of US$0.0001per share; authorized shares-500,000,000; issued shares-142,353,532 as of December 31, 2017 and 2018; outstanding shares-130,091,977 and 84,390,429 as of December 31, 2017 and 2018, respectively) 105 68 10 Class B ordinary shares (par value of US$0.0001per share; authorized shares-45,787,948; issued shares-nil and 45,787,948 as of December 31, 2017 and 2018; outstanding shares- nil and 45,787,948 as of December 31, 2017 and 2018, respectively) - 37 5 Treasury stock (12,261,555 (8 ) (8 ) (1 ) Additional paid-in capital 1,860,763 1,758,937 255,827 Accumulated other comprehensive loss (47,418 ) (88,621 ) (12,889 ) Accumulated deficit (879,393 ) (1,232,991 ) (179,331 ) Total shareholders’ equity 934,049 437,422 63,621 Total liabilities and shareholders’ equity 2,446,126 2,127,805 309,477 |
Condensed Statements of Comprehensive Income (Loss) | Condensed statements of comprehensive loss For the Years Ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Revenues - - - - Cost of revenues - - - - General and administrative expenses (22,843 ) (24,431 ) (17,051 ) (2,480 ) Selling expenses (825 ) (1,802 ) (2,021 ) (294 ) Operating loss (23,668 ) (26,233 ) (19,072 ) (2,774 ) Equity in loss of subsidiaries (219,201 ) (250,696 ) (333,682 ) (48,532 ) Interest income - - 14 2 Interest expense (19,326 ) (7,554 ) (15,325 ) (2,229 ) Change in fair value of derivatives 713 - - - Foreign exchange gain 3,138 163 8,835 1,285 Net loss (258,344 ) (284,320 ) (359,230 ) (52,248 ) Other comprehensive (loss) income, net of tax of nil foreign currency translation adjustments (41,394 ) 40,550 (41,203 ) (5,993 ) Total other comprehensive (loss) income (41,394 ) 40,550 (41,203 ) (5,993 ) Comprehensive loss (299,738 ) (243,770 ) (400,433 ) (58,241 ) |
Condensed Statements of Cash Flows | Condensed statements of cash flows For the Years Ended December 31, 2016 2017 2018 2018 RMB RMB RMB US$ Net cash used in operating activities (5,230 ) (89,751 ) (5,024 ) (731 ) Net cash generated from (used in) investing activities 785,513 (21,452 ) 294,551 42,841 Net cash (used in) generated from financing activities (748,076 ) 127,106 (284,824 ) (41,426 ) Exchange rate effect on cash (11,757 ) (35,017 ) (7,085 ) (1,030 ) Net increase (decrease) in cash 20,450 (19,114 ) (2,382 ) (346 ) Cash at beginning of the year 1,768 22,218 3,104 451 Cash at end of the year 22,218 3,104 722 105 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value measurements for each class of assets on nonrecurring basis | Fair Value Measurement at the End of the Reporting Period Using Quoted Prices Significance As of Markets for Other Significant December 31, Assets Inputs (Level 2) Inputs (Level 3) Total RMB US$ RMB RMB RMB RMB Description Fair value measurements on a recurring basis: Available-for-sale debt investments 50,000 7,272 50,000 - - - Nonrecurring fair value measurements: Long-lived assets held and used 117 17 - - 117 (7,768 ) Fair Value Measurement at the End of the Reporting Period Using Quoted Prices Significance As of Markets for Other Significant December 31, Assets Inputs Inputs Total RMB US$ RMB RMB RMB Description Nonrecurring fair value measurements: Long-lived assets held and used 632 97 - - 632 (1,507 ) |
ORGANIZATION AND BASIS OF PRE_3
ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Subsidiaries) (Details) | 12 Months Ended | |
Dec. 31, 2018 | ||
Ascendium Group Limited ("Ascendium") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Sep. 10, 2007 | |
Place of establishment | British Virgin Islands ("BVI") | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Investment holding | |
Concord Medical Investment Management Ltd [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Place of establishment | BVI | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Investment holding | |
Our Medical Services Limited ("OMS") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Aug. 22, 1996 | |
Place of establishment | BVI | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Investment holding | |
Medstar Overseas Ltd. ("Medstar Overseas") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Sep. 22, 2011 | |
Place of establishment | BVI | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Investment holding | |
Cyber Medical Networks Limited ("Cyber") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | May 26, 2006 | |
Place of establishment | Hong Kong | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Investment holding | |
China Medical Services Holdings Limited ("CMS Holdings") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Jul. 18, 2008 | |
Place of establishment | Hong Kong | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Investment holding | |
King Cheers Holdings Limited ("King Cheers") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | May 18, 2001 | |
Place of establishment | Hong Kong | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Investment holding | |
Shenzhen Aohua Medical Technology Development Co., Ltd. ("Aohua Technology ") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Feb. 21, 2008 | |
Place of establishment | PRC | |
Percentage of ownership by the Company | 60.00% | |
Principal activities | Leasing of medical equipment and provision of management services | |
Medstar (Shanghai) Leasing Co., Ltd. ("Shanghai Medstar") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Mar. 21, 2003 | [1] |
Place of establishment | PRC | [1] |
Percentage of ownership by the Company | 100.00% | [1] |
Principal activities | Leasing of medical equipment and provision of management services | [1] |
Beijing MeizhongJiahe Hospital Management Co., Ltd. ("MHM") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Jul. 23, 2008 | [2] |
Place of establishment | PRC | [2] |
Percentage of ownership by the Company | 60.00% | [2] |
Principal activities | Provision of management services | [2] |
Beijing Yundu Internet Technology Co., Ltd. ("Yundu") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Jul. 26, 2007 | |
Place of establishment | PRC | |
Percentage of ownership by the Company | 60.00% | |
Principal activities | Provision of management services | |
Tianjin Concord Medical Technology Limited ("Tianjin Concord Medical") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Apr. 22, 2010 | |
Place of establishment | PRC | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Leasing of medical equipment and provision of management services | |
Guangzhou Jinkangshenyou Investment Co., Ltd. ("JKSY") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Aug. 12, 2010 | |
Place of establishment | PRC | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Leasing of medical equipment | |
Guangzhou Concord Cancer Center ("Guangzhou Concord Cancer Hospital") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Jun. 29, 2011 | |
Place of establishment | PRC | |
Percentage of ownership by the Company | 48.00% | |
Principal activities | Group’s medical treatment and service business | |
CCM (Hong Kong) Medical Investments Limited ("CCM (HK)") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Jun. 3, 2013 | |
Place of establishment | Hong Kong | |
Percentage of ownership by the Company | 85.71% | |
Principal activities | Investment holding | |
Shenzhen Concord Medical Investment Limited ("SZ CMS") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Jan. 10, 2014 | |
Place of establishment | PRC | |
Percentage of ownership by the Company | 60.00% | |
Principal activities | Investment holding | |
Shanghai Concord Cancer Center Co., Ltd ("SHC") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Mar. 17, 2014 | |
Place of establishment | PRC | |
Percentage of ownership by the Company | 60.26% | |
Principal activities | Group’s medical treatment and service business | |
Global Medical Imaging (HongKong) Ltd. ("GMI") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | May 26, 2014 | |
Place of establishment | Hong Kong | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Investment holding | |
Datong Meizhong Jiahe Cancer Center ("DTMZ") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Oct. 23, 2014 | |
Place of establishment | PRC | |
Percentage of ownership by the Company | 60.00% | |
Principal activities | Group’s medical treatment and service business | |
Wuxi Concord Medical Development Ltd. ("Wuxi Concord") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Dec. 29, 2015 | |
Place of establishment | PRC | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Group’s medical treatment and service business | |
Concord Hospital Management Group Ltd. ("CHMG") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Jul. 7, 2015 | |
Place of establishment | Hong Kong | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Group’s medical treatment and service business | |
Beijing Concord Medical Technology Ltd.("BJCMT") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Jan. 4, 2016 | [1] |
Place of establishment | PRC | [1] |
Percentage of ownership by the Company | 100.00% | [1] |
Principal activities | Provision of management services | [1] |
Shanghai Taifeng Medical Technology Ltd ("Taifeng") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Mar. 30, 2016 | [1] |
Place of establishment | PRC | [1] |
Percentage of ownership by the Company | 60.00% | [1] |
Principal activities | Group’s medical treatment and service business | [1] |
Taizhou Concord Leasing Ltd. [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Apr. 20, 2016 | [1] |
Place of establishment | PRC | [1] |
Percentage of ownership by the Company | 100.00% | [1] |
Principal activities | Group’s medical treatment and service business | [1] |
Guofu Huimei (Tianjin) Investment Management Partnership Firm (LP) ("Guofu Huimei") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Oct. 8, 2018 | |
Place of establishment | PRC | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Investment holding | |
Beijing Century Friendship Science & Technology Development Co., Ltd ("Beijing Century Friendship") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Oct. 8, 2018 | |
Place of establishment | PRC | |
Percentage of ownership by the Company | 60.00% | |
Principal activities | Group’s medical treatment and service business | |
Beijing Proton Medical Center Co., Ltd ("BPMC") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Oct. 8, 2018 | |
Place of establishment | PRC | |
Percentage of ownership by the Company | 58.00% | |
Principal activities | Group’s medical treatment and service business | |
Shanghai Meizhong Jiahe Cancer Center Co., Ltd. ("CMCC") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Oct. 8, 2018 | |
Place of establishment | PRC | |
Percentage of ownership by the Company | 55.42% | |
Principal activities | Group’s medical treatment and service business | |
ZR ConcordHealthcare Investment Fund SP ("SP") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Nov. 30, 2016 | |
Place of establishment | Cayman Islands | |
Percentage of ownership by the Company | 25.00% | |
Principal activities | Investment holding | |
US Proton Therapy Holdings Limited ("Proton BVI") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | May 16, 2011 | |
Place of establishment | BVI | |
Percentage of ownership by the Company | 25.00% | |
Principal activities | Investment holding | |
US Proton Therapy Holdings Limited ("US Proton") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Jun. 29, 2011 | |
Place of establishment | United States of America | |
Percentage of ownership by the Company | 25.00% | |
Principal activities | Investment holding | |
Concord Medical Services (International) Pte. Ltd. ("China Medstar") (formerly known as China Medstar Pte. Limited) [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Aug. 8, 2003 | |
Place of establishment | Singapore | |
Percentage of ownership by the Company | 25.00% | |
Principal activities | Investment holding | |
Concord Healthcare Singapore Pte. Ltd. ("CHS") | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Apr. 1, 2015 | |
Place of establishment | Singapore | |
Percentage of ownership by the Company | 25.00% | |
Principal activities | Group’s medical treatment and service business | |
[1] | On January 4, 2016, the Group set up BJCMT for the purpose to provision of management services. | |
[2] | On August 27, 2015, the Group changed the name of CMS Hospital Management Co., Ltd. (“CHM”) to Beijing MeizhongJiahe Hospital Management Co., Ltd. (“MHM”), providing management service to the Group’s existing network. |
ORGANIZATION AND BASIS OF PRE_4
ORGANIZATION AND BASIS OF PRESENTATION (Schedule of financial information) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015CNY (¥) | ||
Current assets: | ||||||||
Cash | ¥ 404,742 | ¥ 98,191 | ¥ 22,218 | $ 58,867 | $ 451 | ¥ 1,768 | ||
Accounts receivable (net of allowance of RMB73 (US$11) as of December 31, 2018) | 86,868 | 131,952 | 12,634 | |||||
Inventories | 3,356 | 6,284 | 488 | |||||
Amount due to inter-companies | 20,671 | 25,304 | 887 | 0 | ||||
Total current assets | 1,228,692 | 1,111,136 | 178,706 | |||||
Non-current assets: | ||||||||
Property, plant and equipment, net | 1,219,309 | 793,571 | 177,341 | |||||
Deposits for non-current assets | 637,838 | 266,180 | 92,770 | |||||
Long-term Investments | 388,364 | 754,327 | 56,485 | |||||
Other non-current assets | 7,876 | 30,392 | 1,143 | |||||
Total non-current assets | 3,356,702 | 2,354,254 | 488,209 | |||||
Total assets | 4,585,394 | 3,465,390 | 666,915 | |||||
Current liabilities: | ||||||||
Accounts payable | 5,438 | 4,563 | 791 | |||||
Accrued expenses and other liabilities | 418,006 | 385,919 | 60,796 | |||||
Income tax payable | 3,762 | 5,990 | 547 | |||||
Amount due to inter-companies | 12,420 | 116,922 | 17,006 | $ 0 | ||||
Total current liabilities | 870,265 | 1,108,171 | 126,573 | |||||
Non-current liabilities: | ||||||||
Deferred tax liabilities | 165,646 | 73,577 | 24,092 | |||||
Mandatorily redeemable noncontrolling interests | 434,216 | 396,281 | 63,154 | |||||
Total non-current liabilities | 1,441,248 | 1,342,301 | 209,619 | |||||
Total liabilities | 2,311,513 | 2,450,472 | 336,192 | |||||
Net Revenues | 190,898 | $ 27,765 | 330,977 | 455,042 | ||||
Net loss | (259,297) | (37,714) | (285,684) | (265,084) | ||||
Net cash used in operating activities | (38,591) | (5,614) | 26,732 | (78,078) | ||||
Net cash (used in) generated from investing activities | (1,000,355) | (145,496) | (313,010) | (74,847) | ||||
Net cash provided by financing activities | 1,203,042 | 174,976 | 189,899 | (117,922) | ||||
Exchange rate effect on cash | 459 | 67 | 157 | (11,240) | ||||
(Decrease) increase in cash and cash equivalents | 164,555 | 23,933 | (96,222) | ¥ (282,087) | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Current assets: | ||||||||
Cash | 15,935 | 13,161 | 2,318 | |||||
Restricted cash, current portion | 0 | 42 | 0 | |||||
Accounts receivable (net of allowance of RMB73 (US$11) as of December 31, 2018) | 4,494 | 3,985 | 654 | |||||
Inventories | 1,946 | 1,399 | 283 | |||||
Prepayments and other current assets | 1,986 | 1,988 | 289 | |||||
Amount due to inter-companies | 80,523 | 0 | 11,711 | |||||
Total current assets | 104,884 | 20,575 | 15,255 | |||||
Non-current assets: | ||||||||
Property, plant and equipment, net | 281,395 | 279,240 | 40,927 | |||||
Intangible assets, net | 100 | 202 | 15 | |||||
Deposits for non-current assets | 0 | 172 | 0 | |||||
Long-term Investments | 31,496 | 195,040 | 4,581 | |||||
Other non-current assets | 464 | 481 | 67 | |||||
Total non-current assets | 313,455 | 475,135 | 45,590 | |||||
Total assets | 418,339 | 495,710 | 60,845 | |||||
Current liabilities: | ||||||||
Accounts payable | 462 | 1,978 | 67 | |||||
Accrued expenses and other liabilities | 42,681 | 21,321 | 6,208 | |||||
Income tax payable | 2,870 | 0 | 417 | |||||
Amount due to inter-companies | [1] | 0 | 54,563 | 0 | ||||
Total current liabilities | 46,013 | 77,862 | 6,692 | |||||
Non-current liabilities: | ||||||||
Deferred tax liabilities | 0 | 8,316 | 0 | |||||
Accrued unrecognized tax benefits & surcharge, non current portion | 20,208 | 0 | 2,939 | |||||
Mandatorily redeemable noncontrolling interests | 434,216 | 396,281 | 63,154 | |||||
Total non-current liabilities | 454,424 | 404,597 | 66,093 | |||||
Total liabilities | 500,437 | 482,459 | $ 72,785 | |||||
Net Revenues | 41,350 | 6,014 | 28,673 | |||||
Net loss | (95,788) | (13,931) | (141,188) | |||||
Net cash used in operating activities | (260,884) | (37,944) | (54,113) | |||||
Net cash (used in) generated from investing activities | 221,130 | 32,162 | (5,582) | |||||
Net cash provided by financing activities | 41,886 | 6,092 | 56,787 | |||||
Exchange rate effect on cash | 600 | 87 | 748 | |||||
(Decrease) increase in cash and cash equivalents | ¥ 2,732 | $ 397 | ¥ (2,160) | |||||
[1] | Amount due from inter-companies and amount due to inter-companies represented receivable balances of VIE and its subsidiaries due from other subsidiaries within the Group. |
ORGANIZATION AND BASIS OF PRE_5
ORGANIZATION AND BASIS OF PRESENTATION (Narrative) (Details) | Oct. 08, 2018CNY (¥) | Jun. 30, 2018CNY (¥) | Mar. 31, 2018CNY (¥)shares | Mar. 31, 2018USD ($)shares | Dec. 31, 2017CNY (¥) | Dec. 20, 2017USD ($) | May 31, 2017CNY (¥) | Apr. 30, 2017CNY (¥) | Nov. 30, 2016CNY (¥)shares | Sep. 29, 2016CNY (¥)shares | Jul. 10, 2018shares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥)shares | Dec. 31, 2015shares | Dec. 28, 2012CNY (¥) | Dec. 31, 2018USD ($) | Sep. 30, 2018 | Jul. 31, 2018USD ($) | Jun. 29, 2018 | Sep. 26, 2016 | Jan. 27, 2016 | Sep. 09, 2015 |
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Percentage of equity interest sold | 71.32% | |||||||||||||||||||||||
Capital injected amount | ¥ 1,500,000,000 | $ 218,166,000 | ¥ 174,000,000 | |||||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 926,000 | |||||||||||||||||||||||
Stock Repurchased During Period, Shares | shares | 967,408 | 614,033 | ||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||||||||||
Payments to Acquire Equity Method Investments | ¥ 15,000,000 | 2,182,000 | ¥ 97,799,000 | ¥ 0 | ||||||||||||||||||||
Percentage of Ownership in Equity Interest To Be Repurchased | 75.00% | 75.00% | ||||||||||||||||||||||
Consideration To Be Made on Acquisition of Equity Interest | ¥ 521,396,000 | |||||||||||||||||||||||
Annual Premium Percentage to be Paid | 15.00% | 15.00% | 15.00% | |||||||||||||||||||||
Equity Method Investments | ¥ 732,167,000 | ¥ 366,204,000 | 732,167,000 | 181,500,000 | $ 53,262,000 | |||||||||||||||||||
Due from Affiliate, Current | 53,141,000 | |||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 182,100,000 | 11,820,000 | ¥ 105,119,000 | ¥ 41,670,000 | 182,100 | 100,000,000 | ¥ 201,176,000 | |||||||||||||||||
Common Unit Value Authorized | 1,009,000,000 | |||||||||||||||||||||||
Percentage Of Interest In Partnership | 100.00% | |||||||||||||||||||||||
Payments to Acquire Businesses, Gross | 570,600,000 | |||||||||||||||||||||||
Allowance for Doubtful Accounts Receivable, Current | 12,969,000 | 3,585,000 | 12,969,000 | 521,000 | ||||||||||||||||||||
prepayment for investments [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Equity Method Investments | 528,896,000 | |||||||||||||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Allowance for Doubtful Accounts Receivable, Current | 73,000 | 11,000 | ||||||||||||||||||||||
CMSHK [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Payments to Acquire Equity Method Investments | $ | $ 1,000 | |||||||||||||||||||||||
Guofu Huimei Investment Management Limited Partnership [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Percentage of equity interest sold | 100.00% | 26.06% | ||||||||||||||||||||||
Equity Method Investments | ¥ 746,000,000 | $ 746,000 | ||||||||||||||||||||||
Partners' Capital Account, Contributions | ¥ 262,999,000 | |||||||||||||||||||||||
Percentage Of Interest In Partnership | 26.07% | |||||||||||||||||||||||
Proceeds from Loan Originations | 17,900,000 | |||||||||||||||||||||||
ZR Group [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Repayments of Debt | 97,106,000 | |||||||||||||||||||||||
Percentage of Ownership in Equity Interest To Be Repurchased | 75.00% | |||||||||||||||||||||||
Consideration To Be Made on Acquisition of Equity Interest | ¥ 521,396,000 | |||||||||||||||||||||||
Business Combination, Consideration Transferred | 521,396,000 | ¥ 7,500,000 | ||||||||||||||||||||||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | 434,216,000 | $ 63,154,000 | ||||||||||||||||||||||
ZR Guofu [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Partners' Capital Account, Contributions | ¥ 746,001,000 | |||||||||||||||||||||||
Percentage Of Interest In Partnership | 73.93% | 73.93% | ||||||||||||||||||||||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | 396,281,000 | 396,281,000 | ||||||||||||||||||||||
ZR Guofu [Member] | Guofu Huimei Investment Management Limited Partnership [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Partners' Capital Account, Contributions | ¥ 746,000,000 | |||||||||||||||||||||||
Shanghai Rongchi Medical Management Limited [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Percentage of equity interest sold | 24.40% | |||||||||||||||||||||||
Business Combination, Consideration Transferred | 388,500,000 | |||||||||||||||||||||||
Common Unit Value Authorized | ¥ 695,305,000 | ¥ 695,305,000 | ||||||||||||||||||||||
The Group [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Partners' Capital Account, Contributions | ¥ 262,999,000 | |||||||||||||||||||||||
Percentage Of Interest In Partnership | 26.07% | 26.07% | ||||||||||||||||||||||
Shanghai Meizhongjiahe ProMed Cancer Centers Co., Ltd [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Percentage of equity interest sold | 90.00% | 35.20% | ||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 54.80% | 55.00% | 54.80% | 55.00% | ||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 182,100,000 | |||||||||||||||||||||||
Tianjin Jiatai Entity Management limited Partnership [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Percentage of equity interest sold | 22.82% | |||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 28.77% | 78.31% | 28.77% | 78.31% | 78.31% | |||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 106,500,000 | |||||||||||||||||||||||
Partners' Capital Account, Contributions | $ | $ 78.31 | |||||||||||||||||||||||
Beijing Century Friendship Science and Technology Development Co., Ltd. [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Percentage of equity interest sold | 100.00% | 100.00% | 21.69% | |||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 388,500,000 | |||||||||||||||||||||||
CHS [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||||||||||
CCM (HK) [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Percentage of equity interests acquired | 85.71% | 85.71% | ||||||||||||||||||||||
CCM (HK) [Member] | Asendium [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Percentage of equity interests acquired | 85.71% | |||||||||||||||||||||||
Shanghai Huifu Technology Development Co., Ltd. [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Percentage of equity interest sold | 99.00% | |||||||||||||||||||||||
Zhongjin Jiatai [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Percentage of equity interests acquired | 60.00% | 60.00% | ||||||||||||||||||||||
Beijing Proton Medical Center Co Ltd [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Percentage of equity interests acquired | 58.00% | 58.00% | ||||||||||||||||||||||
Percentage of equity interest sold | 80.00% | |||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 55.00% | |||||||||||||||||||||||
Beijing Century Friendship Science and Technology Development Co., Ltd. [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Percentage of equity interest sold | 100.00% | |||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | ||||||||||||||||||||||
Beijing Century Friendship Science and Technology Development Co., Ltd. [Member] | Private Placement [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 1,483,000 | 6,666,666 | ||||||||||||||||||||||
Stock Repurchased During Period, Shares | shares | 10,000 | 10,000 | ||||||||||||||||||||||
Sale of Stock, Percentage of Ownership after Transaction | 85.34% | 85.34% | 60.00% | |||||||||||||||||||||
Shanghai Meizhong Jiahe Cancer Center Co Ltd [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Percentage of equity interest sold | 90.00% | |||||||||||||||||||||||
Guangzhou Concord Medical Cancer Hospital Co Ltd [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 70.00% | |||||||||||||||||||||||
Proceeds from Loan Originations | ¥ 300,000,000 | $ 46,109,000 | ||||||||||||||||||||||
PTC Houston Management [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 59.51% | |||||||||||||||||||||||
CCM Hospital Business [Member] | Cyber [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 7,500,000 | |||||||||||||||||||||||
CCM Hospital Business [Member] | Cyber [Member] | Common Class B [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Common Stock, Value, Subscriptions | 166,299,000 | |||||||||||||||||||||||
CCM Hospital Business [Member] | Wealth in International Holdings Limited [Member] | Common Class A [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Consideration To Be Made on Acquisition of Equity Interest | 521,396,000 | |||||||||||||||||||||||
Common Stock, Value, Subscriptions | ¥ 521,396,000 | |||||||||||||||||||||||
Beijing Meizhongjiahe Hospital Management Co., Ltd. ("MHM") [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 1,500,000,000 | ¥ 218,166,000 | ||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 100,000,000 | |||||||||||||||||||||||
Beijing Meizhongjiahe Hospital Management Co., Ltd. ("MHM") [Member] | Beijing Concord Medical Technology Ltd. [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 40,500,000 | 40,500,000 | ||||||||||||||||||||||
Payments to Acquire Businesses, Gross | ¥ 140,535,000 | $ 20,440,000 | ||||||||||||||||||||||
Beijing Meizhongjiahe Hospital Management Co., Ltd. ("MHM") [Member] | Medstar Shanghai Leasing Co., Ltd. Shanghai Medstar" [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 66,073,984 | 66,073,984 | ||||||||||||||||||||||
Payments to Acquire Businesses, Gross | ¥ 229,276,000 | $ 33,347,000 | ||||||||||||||||||||||
Beijing Meizhongjiahe Hospital Management Co., Ltd. ("MHM") [Member] | Shanghai Meizhongjiahe ProMed Cancer Centers Co., Ltd [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 182,100,000 | |||||||||||||||||||||||
Beijing Meizhongjiahe Hospital Management Co., Ltd. ("MHM") [Member] | CCIC Capital [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 60,000,000 | |||||||||||||||||||||||
Beijing Meizhongjiahe Hospital Management Co., Ltd. ("MHM") [Member] | Other Investor [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 40,000,000 | |||||||||||||||||||||||
Beijing Meizhongjiahe Hospital Management Co., Ltd. ("MHM") [Member] | Beijing Proton Medical Center Co Ltd [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Percentage of equity interests acquired | 55.00% | |||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 388,500,000 | |||||||||||||||||||||||
Beijing Meizhongjiahe Hospital Management Co., Ltd. ("MHM") [Member] | Beijing Century Friendship Science and Technology Development Co., Ltd. [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Percentage Of Interest In Partnership | 78.31% | |||||||||||||||||||||||
Beijing Meizhongjiahe Hospital Management Co., Ltd. ("MHM") [Member] | Shanghai Meizhong Jiahe Cancer Center Co Ltd [Member] | ||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||
Percentage of equity interests acquired | 54.80% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Information Relating to Property, Plant and Equipment) (Details) | 12 Months Ended | |
Dec. 31, 2018 | ||
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 0 years | |
Leasehold Improvement and Building Improvement [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | shorter of lease term or 5 years | |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Minimum [Member] | Electronic and Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Minimum [Member] | Medical Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | [1] |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 20 years | |
Maximum [Member] | Electronic and Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Maximum [Member] | Medical Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 20 years | [1] |
[1] | The cost of the asset is amortized over the estimated useful life. However, if ownership is transferred at the end of the lease term, the cost of the asset is amortized over the shorter of customer contract or the useful life of the asset which ranges from 5-20 years. |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Information Relating to Property, Plant and Equipment) (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life of the assets | 5 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life of the assets | 20 years |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of estimated useful life for the intangible assets) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Operating license [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 20 years |
Favorable leases [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 12 years |
Customer relationship [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 5 years |
Customer relationship [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 16 years |
Operating Lease [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 9 years |
Operating Lease [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 16 years |
Software [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 3 years |
Software [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 5 years |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of revenue recognized) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | ||
Revenue from Contract with Customer, Excluding Assessed Tax | ¥ 190,898 | $ 27,765 | ¥ 330,977 | ¥ 455,042 | |
Sales Channel, Through Intermediary [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 138,070 | 20,081 | 299,321 | 443,529 | |
Sales Channel, Through Intermediary [Member] | Operating Lease Income [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | [1] | 71,864 | 10,452 | 232,015 | 365,459 |
Sales Channel, Through Intermediary [Member] | Management Services and Technical Services [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 50,291 | 7,315 | 46,143 | 49,079 | |
Sales Channel, Through Intermediary [Member] | Direct Financing Lease Income [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | [1] | 4,859 | 707 | 7,554 | 14,100 |
Sales Channel, Through Intermediary [Member] | Brand Royalty Fees [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,189 | 754 | 6,604 | 9,435 | |
Sales Channel, Through Intermediary [Member] | Consumables Sales [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,867 | 853 | 7,005 | 5,456 | |
Sales Channel, Directly to Consumer [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 52,828 | 7,684 | 31,656 | 11,513 | |
Sales Channel, Directly to Consumer [Member] | Medicine Income and Medical Service [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | ¥ 52,828 | $ 7,684 | ¥ 31,656 | ¥ 11,513 | |
[1] | Operating lease income and direct financing lease income were recognized under ASC 840. |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Adoption of ASU) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Jan. 01, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Liabilities [Abstract] | ||||||
Deferred tax liabilities | [1] | ¥ 165,646 | $ 24,092 | ¥ 73,577 | ||
Equity [Abstract] | ||||||
Accumulated deficit | ¥ (1,232,991) | $ (179,331) | (879,393) | |||
Accounting Standards Update 2016-16 [Member] | ||||||
Liabilities [Abstract] | ||||||
Deferred tax liabilities | ¥ (5,632) | |||||
Equity [Abstract] | ||||||
Accumulated deficit | ¥ 5,632 | |||||
Previously Reported [Member] | ||||||
Liabilities [Abstract] | ||||||
Deferred tax liabilities | 73,577 | |||||
Equity [Abstract] | ||||||
Accumulated deficit | ¥ (879,393) | |||||
Restatement Adjustment [Member] | ||||||
Liabilities [Abstract] | ||||||
Deferred tax liabilities | ¥ 67,945 | |||||
Equity [Abstract] | ||||||
Accumulated deficit | ¥ (873,761) | |||||
[1] | On the face of balance sheet, as at December 31, 2017 and 2018, deferred tax assets of approximately RMB9,566 and RMB696 (US$101) have been offset against deferred tax liabilities. |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Noon buying rate | 6.8755 | 6.8755 | ||||||
Interest and other costs relating to construction capitalized | ¥ 55,485 | $ 8,070 | $ 38,533 | $ 1,956 | ||||
Impairment on long-lived assets | 5,433 | 790 | ¥ 28,600 | ¥ 61,124 | ||||
Taxes and related surcharges | 2,439 | 5,854 | ||||||
Advertising expenses | 2,429 | $ 353 | 2,910 | 7,378 | ||||
Deferred Tax Liabilities, Loss Transfer | ¥ 0 | 5,632 | $ 0 | $ 819 | ||||
Description of Items to be Classified as Cash Equivalents | 90 days | 90 days | ||||||
Interest Costs Incurred | ¥ 101,717 | $ 14,793 | ¥ 128,492 | ¥ 91,283 | ||||
Minimum [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Leases and management service arrangements, term | 5 years | 5 years | ||||||
Maximum [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Leases and management service arrangements, term | 20 years | 20 years | ||||||
Prepaid Land Lease Rights [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Leases and management service arrangements, term | 50 years | 50 years |
CONCENTRATION OF RISKS (Narrati
CONCENTRATION OF RISKS (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 16, 2012 | |
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 10.00% | |||
Foreign currency exchange rate risk | ||||
Appreciation and depreciation of the RMB against US dollar (as a percent) | 5.70% | 6.30% | 7.20% | |
Minimum [Member] | ||||
Foreign currency exchange rate risk | ||||
Daily floating range of RMB trading prices against the U.S. dollar (as a percent) | 0.50% | |||
Maximum [Member] | ||||
Foreign currency exchange rate risk | ||||
Daily floating range of RMB trading prices against the U.S. dollar (as a percent) | 1.00% | |||
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 35.00% | 32.70% | 27.70% | |
Supplier Concentration Risk [Member] | Cost of Goods, Total [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 90.00% | 95.00% | 72.00% |
ACQUISITIONS AND DISPOSALS (Sch
ACQUISITIONS AND DISPOSALS (Schedule of Assets and Liabilities of Beijing Century Friendship and Bpmc) (Details) ¥ in Thousands | Apr. 06, 2017CNY (¥) |
Major line items constituting pretax profit of discontinued operations: | |
Current assets | ¥ 18,035 |
Deposite for operating license | 109,581 |
Other non-current assets | 45 |
Current liabilities | (35,152) |
Noncontrolling interests | (8) |
Net assets disposed | ¥ 92,501 |
ACQUISITIONS AND DISPOSALS (S_2
ACQUISITIONS AND DISPOSALS (Schedule of Gain Realized on Deemed Disposal) (Details) ¥ in Thousands | Dec. 31, 2018USD ($) | Apr. 06, 2017CNY (¥) |
Major line items constituting pretax profit of discontinued operations: | ||
Fair value of retained noncontrolling investment | ¥ 151,355 | |
Disposition of net assets | 92,501 | |
Gain on disposal of Beijing Century Friendship and BPMC | $ 9,046 | ¥ 58,854 |
ACQUISITIONS AND DISPOSALS (S_3
ACQUISITIONS AND DISPOSALS (Schedule of purchase price as of the date of acquisition) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Current assets | ¥ 47,827 | ||
Property, plant and equipment, net | 17,297 | ||
Intangible assets | 454,013 | ||
Long term investments | 300,504 | ||
Other non-current assets | 108,322 | ||
Deferred tax assets | 185 | ||
Goodwill | 165,171 | $ 24,023 | $ 0 |
Current liabilities | (61,454) | ||
Non-current liability | (165,436) | ||
Deferred tax liabilities | (113,340) | ||
Non-controlling interests | (99,480) | ||
Total | 653,609 | ||
Total purchase price is comprised of [Abstract] | |||
- Cash consideration | 570,600 | ||
- fair value of previously hold equity interests | 520,625 | ||
- effective extinguishment of loans from the acquirees | (437,616) | ||
Total | ¥ 653,609 |
ACQUISITIONS AND DISPOSALS (S_4
ACQUISITIONS AND DISPOSALS (Schedule of Pro forma Results) (Details) - CHS [Member] ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | |
Business Acquisition [Line Items] | |||
Net revenues | ¥ 12,056 | $ 1,753 | ¥ 4,569 |
Net loss | ¥ (63,159) | $ (9,186) | ¥ (70,018) |
ACQUISITIONS AND DISPOSALS (S_5
ACQUISITIONS AND DISPOSALS (Schedule of Actual Results from Acquisition Date) (Details) - 12 months ended Dec. 31, 2018 - CHS [Member] ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Business Acquisition [Line Items] | ||
Net revenues | ¥ 4,827 | $ 702 |
Net loss | ¥ (5,639) | $ (820) |
ACQUISITIONS AND DISPOSALS (Nar
ACQUISITIONS AND DISPOSALS (Narrative) (Details) | Oct. 08, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Oct. 18, 2017CNY (¥) | May 31, 2017CNY (¥) | Apr. 30, 2017CNY (¥) | Sep. 29, 2016CNY (¥) | Jan. 27, 2016CNY (¥) | Jan. 25, 2016CNY (¥) | Jan. 25, 2016USD ($) | Dec. 18, 2007CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 28, 2012CNY (¥) | Dec. 31, 2018USD ($) | Sep. 30, 2018 | Jun. 30, 2018 | Jun. 29, 2018 | Dec. 20, 2017 | Oct. 18, 2017USD ($) | Apr. 06, 2017CNY (¥) | Jan. 25, 2016USD ($) | Dec. 31, 2015CNY (¥) | Jun. 30, 2015 |
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Voting interest acquired | 100.00% | ||||||||||||||||||||||||
Total consideration | ¥ 182,100,000 | ¥ 11,820,000 | ¥ 105,119,000 | ¥ 41,670,000 | ¥ 182,100 | ¥ 100,000,000 | ¥ 201,176,000 | ||||||||||||||||||
Other Payments to Acquire Businesses | ¥ 29,600,000 | ||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||||||||||||
Payments to Fund Operations of Acquiree | ¥ 1,000,000 | ||||||||||||||||||||||||
Payments to Acquire Other Productive Assets | 0 | $ 0 | ¥ 6,705,000 | 3,025,000 | |||||||||||||||||||||
Deposits Assets, Noncurrent | 266,180,000 | 637,838,000 | 266,180,000 | $ 92,770,000 | |||||||||||||||||||||
Subscribed Amount to be Injected in Acquisition of Equity Interest | ¥ 388,500,000 | ||||||||||||||||||||||||
Gain Loss On Disposal Beijing Century Friendship and BPMC | $ 9,046 | ¥ 58,854,000 | |||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 182,100,000 | ¥ 11,820,000 | ¥ 105,119,000 | ¥ 41,670,000 | 182,100 | 100,000,000 | ¥ 201,176,000 | ||||||||||||||||||
Equity Method Investment, Ownership Percentage | 71.32% | ||||||||||||||||||||||||
Gain From Revaluation Of Equity Interest | 28,846,000 | 4,195,000 | ¥ 0 | ¥ 0 | |||||||||||||||||||||
Other Income [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Gain On Revaluation Of Investment | ¥ 21,697,000 | ||||||||||||||||||||||||
Guofu Huimei Investment Management Limited Partnership [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 26.06% | |||||||||||||||||||||||
Partners' Capital Account, Contributions | ¥ 262,999,000 | ||||||||||||||||||||||||
Tianjin Jiatai Entity Management limited Partnership [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Voting interest acquired | 28.77% | 78.31% | 28.77% | 78.31% | 78.31% | ||||||||||||||||||||
Total consideration | ¥ 106,500,000 | ||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 28.77% | 78.31% | 28.77% | 78.31% | 78.31% | ||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 106,500,000 | ||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 22.82% | ||||||||||||||||||||||||
Partners' Capital Account, Contributions | $ | $ 78.31 | ||||||||||||||||||||||||
Shanghai Meizhongjiahe ProMed Cancer Centers Co., Ltd [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Voting interest acquired | 54.80% | 55.00% | 54.80% | 55.00% | |||||||||||||||||||||
Total consideration | ¥ 182,100,000 | ||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 54.80% | 55.00% | 54.80% | 55.00% | |||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 182,100,000 | ||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 90.00% | 35.20% | |||||||||||||||||||||||
Beijing Proton Medical Center Co Ltd [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Voting interest acquired | 54.80% | 54.80% | |||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 54.80% | 54.80% | |||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 55.00% | 25.00% | |||||||||||||||||||||||
Beijing Century Friendship Science and Technology Development Co., Ltd. [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Total consideration | 388,500,000 | ||||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 388,500,000 | ||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | 21.69% | ||||||||||||||||||||||
Licensing Agreements [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ¥ 164,440,000 | ||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||||||||||||||||||||||||
Licensing Agreements One [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ¥ 272,910,000 | ||||||||||||||||||||||||
Lease Agreements [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ¥ 16,010,000 | ||||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | ||||||||||||||||||||||||
Shanghai Rongchi Medical Management Limited [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Total consideration | ¥ 388,500,000 | ||||||||||||||||||||||||
Business Combination, Consideration Transferred | 388,500,000 | ||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 24.40% | ||||||||||||||||||||||||
ZR Guofu [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Partners' Capital Account, Contributions | 746,001,000 | ||||||||||||||||||||||||
ZR Guofu [Member] | Guofu Huimei Investment Management Limited Partnership [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Partners' Capital Account, Contributions | ¥ 746,000,000 | ||||||||||||||||||||||||
JWYK [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Percentage of equity interest transferred | 100.00% | ||||||||||||||||||||||||
Allcure Information [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Recognized a gain on the disposal | ¥ 59,000 | ¥ 3,341,000 | $ 486,000 | ||||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | ¥ 3,000 | ¥ 8,594,000 | $ 0 | $ 1,250,000 | |||||||||||||||||||||
Beijing Century Friendship and BPMC [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 21.69% | 21.69% | 78.31% | ||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 55.00% | ||||||||||||||||||||||||
Guofu Huimei [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 20.41% | 20.41% | |||||||||||||||||||||||
Beijing Proton Medical Center [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Voting interest acquired | 55.00% | ||||||||||||||||||||||||
Total consideration | ¥ 100,600,000 | ||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 55.00% | ||||||||||||||||||||||||
Payments to Acquire Other Productive Assets | ¥ 99,851,000 | ||||||||||||||||||||||||
Deposits Assets, Noncurrent | ¥ 70,000,000 | ||||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 100,600,000 |
SHORT TERM INVESTMENT (Debt Inv
SHORT TERM INVESTMENT (Debt Investment) (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2018CNY (¥) | |
Available-for-sale Securities, Amortized Cost Basis | ¥ 50,000 |
Available-for-sale Equity Securities, Gross Unrealized Gain | 0 |
Available-for-sale Equity Securities, Gross Unrealized Loss | 0 |
Investments, Fair Value Disclosure | ¥ 50,000 |
ACCOUNTS RECEIVABLE (Schedule o
ACCOUNTS RECEIVABLE (Schedule of Accounts Receivable) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts receivable | ¥ 90,453 | ¥ 144,921 | $ 13,155 | ||
Allowance for doubtful accounts | (3,585) | (12,969) | (521) | ||
Accounts receivable, net | 86,868 | 131,952 | $ 12,634 | ||
The movement in the allowance for doubtful accounts were as follows: | |||||
Balance at the beginning of the year | 12,969 | $ 1,886 | 57 | ¥ 1,781 | |
Provisions for the year | 1,303 | 189 | 14,840 | 1,066 | |
Reversal of provisions from prior periods due to subsequent cash collection during the year | (709) | (103) | 0 | 0 | |
Amounts written off during the year | (9,989) | (1,453) | (1,928) | (2,790) | |
Foreign exchange gain or loss | 11 | 2 | 0 | 0 | |
Balance at the end of the year | ¥ 3,585 | $ 521 | ¥ 12,969 | ¥ 57 |
ACCOUNTS RECEIVABLE (Narrative)
ACCOUNTS RECEIVABLE (Narrative) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Accounts receivable used to secure bank borrowings | ¥ 0 | $ 0 | ¥ 13,164 |
Secured debt | ¥ 0 | $ 0 | ¥ 20,100 |
PREPAYMENTS AND OTHER CURRENT_3
PREPAYMENTS AND OTHER CURRENT ASSETS (Schedule of Prepayments and Other Current Assets) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | |
Prepaid Expenses And Other Current Assets [Line Items] | ||||
Due from suppliers | [1] | ¥ 10,751 | $ 1,564 | ¥ 23,243 |
Due from hospitals | [2] | 576 | 84 | 1,179 |
Loan receivables | [3] | 151,139 | 21,982 | 114,456 |
Advances to employees | [4] | 1,056 | 154 | 4,383 |
Receivables from disposal of medical equipment | [5] | 69,410 | 10,096 | 90,324 |
Deferred expenses | 50 | 7 | 111 | |
Interest receivable | 3,680 | 535 | 5,100 | |
Dividend receivable | 766 | 111 | 766 | |
Others | 5,084 | 739 | 29,959 | |
Prepayments and other current assets, gross | 242,512 | 35,272 | 269,521 | |
Reserve for unrecoverable deposits | (14,798) | (2,152) | (4,798) | |
Prepayments and other current assets | ¥ 227,714 | $ 33,120 | ¥ 264,723 | |
[1] | Amounts due from suppliers represent prepayments made for orders and returnable deposits of cancelled orders. The risk of loss arising from non-performance by or bankruptcy of suppliers is assessed prior to the order of the equipment. The Group has provided reserve amounting to RMB4,798 and RMB4,798 (US$698) on amounts due from suppliers as at December 31, 2017 and 2018, respectively. | |||
[2] | Amounts due from hospitals represent interest-free advances to hospitals and the compensation to be received from hospitals for early termination. The Group has assessed the impact of such advances on revenue recognition at the outset of the arrangement and has concluded that they do not affect revenue recognition. The risk of loss arising from any failure of hospital customers to fulfill their financial obligations is assessed prior to making the advances and is monitored for recoverability on a regular basis by management. | |||
[3] | Loan receivables represented the loans to other parties, including loans to related parties such as the Xi’an JiangyuanAndike Ltd. (“JYADK”), Beijing Allcure Medical Information Technology Co., Ltd. (“Allcure Information”), Shanghai Meizhongjiahe Imaging Diagnostic Center Co. Ltd. (“SH MJZH”) and Wuxi Meizhongjiahe Cancer Centre(“Wuxi MZJH”) of total amount of RMB13,658 and RMB15,118 (US$2,199) as at December 31, 2017 and 2018, and third parties of RMB85,798 and RMB136,021(US$19,783) as at December 31, 2017 and 2018, respectively, which is an interest free loan balance. The Group has provided reserve amounting to nil and RMB10,000 (US$1,454) on third parties as at December 31, 2017 and 2018, respectively. Besides, the loan to JYADK contributed to interest receivable of RMB221 and RMB454(US$66) as at December 31, 2017 and 2018, respectively (note 24). | |||
[4] | The advances to employees represent interest-free advance held by the Company’s employees to cover expenses of hospital customers. The risk of loss is assessed prior to making the advances and is monitored on a regular basis by management. Historically, the Group has not experienced any loss of such advances. | |||
[5] | Receivables from disposal of medical equipment represented the consideration to be received from several hospitals, which the Group entered into termination contracts with and disposed all leasing equipment to. |
PREPAYMENTS AND OTHER CURRENT_4
PREPAYMENTS AND OTHER CURRENT ASSETS (Narrative) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) |
Prepaid Expenses And Other Current Assets [Line Items] | ||||
Reserve For Unrecoverable Deposits Current | ¥ 14,798 | $ 2,152 | ¥ 4,798 | |
Due from Related Parties, Current | 20,671 | 887 | 25,304 | $ 0 |
JYADK [Member] | ||||
Prepaid Expenses And Other Current Assets [Line Items] | ||||
Due from Related Parties, Current | 15,118 | 2,199 | 13,658 | |
Interest Receivable, Current | 454 | 66 | 221 | |
Third Party [Member] | ||||
Prepaid Expenses And Other Current Assets [Line Items] | ||||
Notes, Loans and Financing Receivable, Net, Current | 136,021 | 19,783 | 85,798 | |
Suppliers [Member] | ||||
Prepaid Expenses And Other Current Assets [Line Items] | ||||
Reserve For Unrecoverable Deposits Current | ¥ 4,798 | $ 698 | ¥ 4,798 |
INVENTORIES (Schedule of Invent
INVENTORIES (Schedule of Inventory) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Inventory [Line Items] | |||
Inventories | ¥ 3,356 | $ 488 | ¥ 6,284 |
Inventory, Gross | 3,866 | 562 | 6,284 |
Less: inventory provision | (510) | (74) | 0 |
Medicine [Member] | |||
Inventory [Line Items] | |||
Inventories | 2,196 | 319 | 4,103 |
Medical equipments [Member] | |||
Inventory [Line Items] | |||
Inventories | 90 | 13 | 104 |
Low-value Consumables [Member] | |||
Inventory [Line Items] | |||
Inventories | ¥ 1,580 | $ 230 | ¥ 2,077 |
ASSETS HELD FOR SALE (Narrative
ASSETS HELD FOR SALE (Narrative) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2018USD ($) | |
Assets Held-for-sale, Not Part of Disposal Group, Current | ¥ 4,384 | ¥ 27,100 | $ 638 | ||
Impairment of Long-Lived Assets to be Disposed of | 664 | $ 96 | 6,526 | ¥ 0 | |
Property, Plant and Equipment [Member] | |||||
Assets Held-for-sale, Not Part of Disposal Group, Current | ¥ 4,384 | ¥ 27,100 | $ 638 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Schedule of Property Plant and Equipment Net) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2018USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | ¥ 1,518,595 | ¥ 1,261,697 | $ 220,870 | |
Less: accumulated depreciation | (275,627) | (407,964) | (40,088) | |
Impairment charges | (23,659) | $ (3,441) | (60,162) | |
Property, plant and equipment after impairment | 1,219,309 | 793,571 | 177,341 | |
Buildings [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 254,577 | 230,273 | 37,027 | |
Medical Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 404,050 | 668,169 | 58,767 | |
Electronic and Office Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 19,564 | 16,864 | 2,845 | |
Motor Vehicles [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 2,993 | 2,361 | 435 | |
Leasehold Improvement and Building Improvement [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 14,050 | 14,771 | 2,043 | |
Construction in Progress [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | ¥ 823,361 | ¥ 329,259 | $ 119,753 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT, NET - (Narrative) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2018USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation of property, plant and equipment | ¥ 40,855 | $ 5,942 | ¥ 83,224 | ¥ 117,051 | |
Property and equipment pledged as collateral | 37,481 | $ 0 | |||
Secured bank borrowings | 501,789 | 280,459 | 72,982 | ||
Equipment under operating lease, cost | 205,279 | 519,426 | 29,857 | ||
Equipment under operating lease, accumulated depreciation | 133,130 | 312,853 | 19,363 | ||
Impairment Write Off | 41,272 | 6,003 | 27,906 | 4,360 | |
Tangible Asset Impairment Charges | 4,418 | 643 | 21,476 | 47,827 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 434,216 | 396,281 | 63,154 | ||
Impairment of Intangible Assets (Excluding Goodwill) | ¥ 0 | ||||
Hospital Segment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Impairment of Intangible Assets (Excluding Goodwill) | 351 | $ 51 | 0 | ||
Construction in Progress [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment pledged as collateral | 633,444 | 206,244 | 129,894 | ||
Secured bank borrowings | ¥ 501,789 | ¥ 280,459 | $ 72,982 |
PREPAID LAND LEASE PAYMENTS (Sc
PREPAID LAND LEASE PAYMENTS (Schedule of Prepaid Land Lease Payments) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Leases [Abstract] | |||
Prepaid land lease payments | ¥ 456,823 | $ 66,442 | ¥ 456,823 |
Less: accumulated amortization | (18,500) | (2,691) | (8,890) |
Net carrying value | ¥ 438,323 | $ 63,751 | ¥ 447,933 |
PREPAID LAND LEASE PAYMENTS (_2
PREPAID LAND LEASE PAYMENTS (Schedule of Estimated Annual Amortization Expenses) (Details) - Dec. 31, 2018 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Leases [Abstract] | ||
2019 | ¥ 9,462 | $ 1,376 |
2020 | 9,462 | 1,376 |
2021 | 9,462 | 1,376 |
2022 | 9,462 | 1,376 |
2023 | ¥ 9,462 | $ 1,376 |
PREPAID LAND LEASE PAYMENTS (Na
PREPAID LAND LEASE PAYMENTS (Narrative) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2018USD ($) | |
Operating Leased Assets [Line Items] | |||||
Amortization of intangible assets | ¥ 9,610 | $ 1,398 | ¥ 5,256 | ¥ 1,195 | |
Secured Debt, Other | 501,789 | 280,459 | $ 72,982 | ||
Redeemable Noncontrolling Interest, Equity, Redemption Value | 396,281 | 63,154 | |||
Prepaid Expense | ¥ 425,743 | ¥ 48,273 | $ 61,922 |
INTANGIBLE ASSETS, NET (Schedul
INTANGIBLE ASSETS, NET (Schedule of Acquired Intangible Assets) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2018CNY (¥) | |
Intangible assets, net: | |||||
Intangible assets, net, beginning balance | ¥ 7,799 | ¥ 17,188 | |||
Acquisition of subsidiaries (note 4) | 454,013 | ||||
Addition of software | 1,779 | 749 | |||
Disposal of centers | (2,586) | (3,311) | |||
Amortization expenses | (4,161) | $ (605) | (6,229) | ¥ (10,760) | |
Intangible asset impairment | (598) | ||||
Intangible assets, net, ending balance | 456,844 | 66,445 | 7,799 | 17,188 | |
Intangible assets, cost | ¥ 529,731 | ||||
Less: accumulated amortization | (72,289) | ||||
Less: intangible asset impairment | (598) | ||||
Intangible assets, net at December 31, 2018 | 7,799 | 66,445 | 17,188 | 17,188 | 456,844 |
Customer Relationships intangibles [Member] | |||||
Intangible assets, net: | |||||
Intangible assets, net, beginning balance | 6,171 | 14,285 | |||
Acquisition of subsidiaries (note 4) | 0 | ||||
Addition of software | 0 | 0 | |||
Disposal of centers | (2,586) | (3,117) | |||
Amortization expenses | (558) | (4,399) | |||
Intangible asset impairment | (598) | ||||
Intangible assets, net, ending balance | 3,027 | 440 | 6,171 | 14,285 | |
Intangible assets, cost | 45,460 | ||||
Less: accumulated amortization | (41,835) | ||||
Less: intangible asset impairment | (598) | ||||
Intangible assets, net at December 31, 2018 | 6,171 | 440 | 14,285 | 14,285 | 3,027 |
Operating Lease Intangibles [Member] | |||||
Intangible assets, net: | |||||
Intangible assets, net, beginning balance | 306 | 801 | |||
Acquisition of subsidiaries (note 4) | 0 | ||||
Addition of software | 0 | 0 | |||
Disposal of centers | 0 | (194) | |||
Amortization expenses | (52) | (301) | |||
Intangible asset impairment | 0 | ||||
Intangible assets, net, ending balance | 254 | 37 | 306 | 801 | |
Intangible assets, cost | 14,732 | ||||
Less: accumulated amortization | (14,478) | ||||
Less: intangible asset impairment | 0 | ||||
Intangible assets, net at December 31, 2018 | 306 | 37 | 801 | 801 | 254 |
Operating License intangibles [Member] | |||||
Intangible assets, net: | |||||
Intangible assets, net, beginning balance | 0 | 0 | |||
Acquisition of subsidiaries (note 4) | 437,350 | ||||
Addition of software | 0 | 0 | |||
Disposal of centers | 0 | 0 | |||
Amortization expenses | (2,056) | 0 | |||
Intangible asset impairment | 0 | ||||
Intangible assets, net, ending balance | 435,294 | 63,311 | 0 | 0 | |
Intangible assets, cost | 437,350 | ||||
Less: accumulated amortization | (2,056) | ||||
Less: intangible asset impairment | 0 | ||||
Intangible assets, net at December 31, 2018 | 0 | 63,311 | 0 | 0 | 435,294 |
Favorable lease intangibles [Member] | |||||
Intangible assets, net: | |||||
Intangible assets, net, beginning balance | 0 | 0 | |||
Acquisition of subsidiaries (note 4) | 16,010 | ||||
Addition of software | 0 | 0 | |||
Disposal of centers | 0 | 0 | |||
Amortization expenses | (318) | 0 | |||
Intangible asset impairment | 0 | ||||
Intangible assets, net, ending balance | 15,692 | 2,282 | 0 | 0 | |
Intangible assets, cost | 16,010 | ||||
Less: accumulated amortization | (318) | ||||
Less: intangible asset impairment | 0 | ||||
Intangible assets, net at December 31, 2018 | 0 | 2,282 | 0 | 0 | 15,692 |
Other Intangible Assets [Member] | |||||
Intangible assets, net: | |||||
Intangible assets, net, beginning balance | 1,322 | 2,102 | |||
Acquisition of subsidiaries (note 4) | 653 | ||||
Addition of software | 1,779 | 749 | |||
Disposal of centers | 0 | 0 | |||
Amortization expenses | (1,177) | (1,529) | |||
Intangible asset impairment | 0 | ||||
Intangible assets, net, ending balance | 2,577 | 375 | 1,322 | 2,102 | |
Intangible assets, cost | 16,179 | ||||
Less: accumulated amortization | (13,602) | ||||
Less: intangible asset impairment | 0 | ||||
Intangible assets, net at December 31, 2018 | ¥ 1,322 | $ 375 | ¥ 2,102 | ¥ 2,102 | ¥ 2,577 |
INTANGIBLE ASSETS, NET (Sched_2
INTANGIBLE ASSETS, NET (Schedule of Estimated Annual Amortization Expenses) (Details) - Dec. 31, 2018 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
2019 | ¥ 11,162 | $ 1,623 |
2020 | 22,000 | 3,200 |
2021 | 23,794 | 3,461 |
2022 | 23,348 | 3,396 |
2023 | ¥ 23,140 | $ 3,366 |
INTANGIBLE ASSETS, NET (Narrati
INTANGIBLE ASSETS, NET (Narrative) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expenses | ¥ 4,161 | $ 605 | ¥ 6,229 | ¥ 10,760 |
Impairment loss on intangible assets | 0 | |||
Acquired Finite Lived Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expenses | 4,161 | $ 605 | 6,229 | 10,760 |
Impairment loss on intangible assets | ¥ 0 | ¥ 598 | ¥ 9,810 |
DEPOSITS FOR NON-CURRENT ASSE_3
DEPOSITS FOR NON-CURRENT ASSETS (Schedule of Deposits for Non-Current Assets) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Deposits for purchases of property, plant and equipment | [1] | ¥ 668,698 | $ 97,258 | ¥ 297,040 |
Reserve for unrecoverable deposits | (30,860) | (4,488) | (30,860) | |
Deposits | ¥ 637,838 | $ 92,770 | ¥ 266,180 | |
[1] | The amount represented interest-free non-refundable partial payments to suppliers of medical equipment. The remaining contractual obligations associated with these purchase contracts are approximately RMB426,293 and RMB660,758 (US$96,103) as at December 31, 2017 and 2018 respectively, which are included in the amount disclosed as purchase commitments in note 26. |
DEPOSITS FOR NON-CURRENT ASSE_4
DEPOSITS FOR NON-CURRENT ASSETS (Schedule of Deposits for Non-Current Assets) (Narrative) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Assets, Noncurrent | ¥ 3,356,702 | $ 488,209 | ¥ 2,354,254 |
Debt Instrument, Face Amount | 0 | ||
Capital Addition Purchase Commitments [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Commitments to purchase certain medical equipment | 660,758 | 96,103 | ¥ 426,293 |
Assets, Noncurrent | 13,800 | 2,007 | |
Debt Instrument, Face Amount | ¥ 10,731 | $ 1,561 |
NET INVESTMENT IN DIRECT FINA_3
NET INVESTMENT IN DIRECT FINANCING LEASES (Schedule of Net Investment in Direct Financing Leases) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Total minimum lease payments to be received | ¥ 83,079 | $ 12,083 | ¥ 88,973 |
Initial direct cost | 0 | 0 | 86 |
Total | 83,079 | 12,083 | 89,059 |
Unearned income | (10,464) | (1,521) | (16,107) |
Net investment in direct finance leases | 72,615 | 10,562 | 72,952 |
Current | 29,638 | 4,311 | 18,900 |
Non-current | 42,977 | 6,251 | 54,052 |
Total | ¥ 72,615 | $ 10,562 | ¥ 72,952 |
NET INVESTMENT IN DIRECT FINA_4
NET INVESTMENT IN DIRECT FINANCING LEASES (Schedule of Future Minimum Lease Payments) (Details) - Dec. 31, 2018 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
2019 | ¥ 31,884 | $ 4,637 |
2020 | 16,204 | 2,357 |
2021 | 15,087 | 2,194 |
2022 | 13,969 | 2,032 |
2023 | 3,076 | 447 |
Above 5 years | ¥ 2,859 | $ 416 |
NET INVESTMENT IN DIRECT FINA_5
NET INVESTMENT IN DIRECT FINANCING LEASES (Narrative) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Schedule Of Capital Leases Future Minimum Payments Receivable [Line Items] | |||
Net investment in financing leases | ¥ 72,615 | $ 10,562 | ¥ 72,952 |
Secure bank borrowings | $ 0 | 9,242 | |
Line of Credit Entered into by Subsidiary [Member] | |||
Schedule Of Capital Leases Future Minimum Payments Receivable [Line Items] | |||
Net investment in financing leases | ¥ 24,224 |
LONG-TERM INVESTMENTS (Details)
LONG-TERM INVESTMENTS (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Equity investments without readily determinable fair values | ¥ 22,160 | $ 3,223 | ¥ 22,160 | |
Equity method investments | 366,204 | 53,262 | 732,167 | ¥ 181,500 |
Long-term Investments | ¥ 388,364 | $ 56,485 | ¥ 754,327 |
LONG-TERM INVESTMENTS (Details
LONG-TERM INVESTMENTS (Details 1) | Dec. 31, 2018 | [1] | Oct. 08, 2018 | Jul. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2015 |
Allcure Information | 71.32% | ||||||
Allcure Information [Member] | |||||||
Allcure Information | 9.60% | 9.60% | 20.00% | 20.00% | |||
[1] | 20% equity interest of Allcure Information was obtained through the disposal of Allcure Medical Technology Co., Ltd. (“JWYK”) in 2015. During the year ended December 31, 2018 Allcure Information issued new shares to other investors and diluted the share ownership of the Group to 9.6%. The price of newly issued shares is not considered an observable price change because they are not a similar investment of JWYK held by the Group due to the different rights and obligations associated with the investments. As of December 31, 2017 and 2018, no impairment was recorded for the investment. |
LONG-TERM INVESTMENTS (Schedule
LONG-TERM INVESTMENTS (Schedule of Equity Method Investments) (Details 2) | Dec. 31, 2018 | Oct. 08, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | Dec. 28, 2012 | |||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity interest in equity method investment | 71.32% | |||||||
Xi'an JiangyuanAndike Ltd. ("JYADK") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity interest in equity method investment | 29.70% | 29.70% | ||||||
PTC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity interest in equity method investment | 59.51% | [1] | 59.51% | [1] | 44.55% | |||
Suzhou Shengshan Huiying Venture Capital Investment LLP. ("Suzhou Shengshan") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity interest in equity method investment | [2] | 5.41% | 8.13% | |||||
Wuxi Meizhongjiahe Cancer Center ("Wuxi MZJH") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity interest in equity method investment | 10.00% | 10.00% | ||||||
Suzhou Chorus Medical Technologies Co., Ltd. ("Suzhou Chorus') [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity interest in equity method investment | 36.00% | [3] | 36.00% | [3] | 36.00% | |||
Global Oncology One, Inc. ("Global Oncology") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity interest in equity method investment | 0.00% | [3] | 46.90% | [3] | 46.90% | |||
CMCC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity interest in equity method investment | [4] | 0.00% | 35.20% | |||||
Guofu Huimei [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity interest in equity method investment | [5] | 0.00% | 26.07% | |||||
BPMC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity interest in equity method investment | [6] | 0.00% | 25.00% | |||||
Beijing Century Friendship [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity interest in equity method investment | [6] | 0.00% | 21.69% | |||||
Shanghai Meizhong Jiahe Imaging Diagnostic Center Co., Ltd. ("SH MZJH") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity interest in equity method investment | [7] | 43.23% | 0.00% | |||||
Shanghai Rongchi Medical Management Co., Ltd. ("SH Rongchi") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity interest in equity method investment | [8] | 24.40% | 0.00% | |||||
Tianjin Jiatai Enterprise Management Center (Limited Partnership) ("Tianjin Jiatai") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity interest in equity method investment | [8] | 22.82% | 0.00% | |||||
DTAP @ Adam Road PTE.LTD. ("DTAP") [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity interest in equity method investment | [9] | 49.00% | 0.00% | |||||
[1] | On December 28, 2012, the Group acquired 44.55% limited partner interests of PTC, a limited partnership in Texas, U.S.A., and 45% legal interest of PTC GP Management LLC, a limited liability company registered in Texas, U.S.A and the sole general partner of PTC with 1% interest of PTC, with a consideration of RMB201,176 in cash. On July 31, 2015, the Group acquired additional 14.34% limited partner interests of PTC and additional 17.07% legal interest of PTC GP Management LLC, with a consideration of RMB30,063 in cash. After the additional investments, the Group owned 59.51% interests of PTC which ultimately holds 45.41% legal ownership interests of the University of Texas MD Anderson Cancer Center Proton Therapy Center (“MDA Proton”), a proton treatment center in Texas, U.S.A. In accordance with PTC GP Management LLC’s regulation, the Group is only entitled to designate two out of the five managers and simply majority (more than 50%) amongst the managers is required to pass any resolution. Furthermore, the regulation can only be amended at the request by managers or super majority (more than 2/3) of member interest. Thus, the Group is not able to control PTC GP Management LLC. According to the partnership agreements, the Group has significant influence over PTC which can demonstrate control over MDA Proton by acting as the sole general partner. The Group accounts for its investment in PTC, and ultimately MDA Proton, under the equity method of accounting. The Group’s share of the net profit or loss of PTC, after accounting for the effect of the difference between the cost basis of the equity method investment and the underlying assets of the investee, was a gain of RMB127, RMB17,697 and RMB509 (US$74) for the years ended December 31, 2016, 2017 and 2018 respectively. Total cash distribution received by the Group from PTC was RMB9,357, RMB6,227 and RMB11,626 (US$1,691) for the years ended December 31, 2016, 2017 and 2018, respectively. On November 29, 2018, MDA Proton reached an agreement with UTMDACC to sell all its assets and liabilities to UTMDACC as well as terminating management service agreement between MDA Proton and PTC. The Group received a total consideration RMB212,855 (US$30,958) from PTC on dissolution between MDA Proton and PTC, leading to the disposal gain of RMB48,019 (US$6,984) in 2018, and the carrying amount of the equity investment remained RMB31,497 (US$4,581) as of December 31, 2018. | |||||||
[2] | In 2017, JKSY, a subsidiary of the Group, entered into a partnership agreement to subscribe for 8.13% interest in Suzhou Shengshan, a partnership engaged in equity and capital investment, with a subscription amount of RMB10,000. In 2018, with the subscribed capital injection from new investors, the equity interest JKSY shared in Suzhou Shengshan should be diluted to 4.57%. As the injection was not completed, the actual equity interest shared in Suzhou Shengshan was diluted to 5.41% as of December 31, 2018. According to the partnership agreement, JKSY acts as a limited partner and has significant influence over Suzhou Shengshan's daily operation. | |||||||
[3] | In 2015, the Group entered into two share transfer agreements with JWYK, which was controlled by one of the Group's directors. Pursuant to the agreements, JWYK would acquire 36% equity interest in Suzhou Chorus and 100% interest in China Medstar, an oversea subsidiary of the Company who holds 46.9% equity interest in Global Oncology from the Group, at a consideration of RMB4,320 and RMB8,679 respectively. On April 25, 2016 and November 10, 2016, the Group received full payments from JWYK. As of December 31, 2018, the change in registration of shareholders for Global Oncology has been completed, but the change in registration of shareholders for Suzhou Chorus has not been completed and the consideration received was recorded in advance from JWYK, the “accrued expenses and other liabilities” on the consolidated balance sheets (note 18). | |||||||
[4] | In May 2017, the Group through its subsidiary Aohua Technology, acquired 31.64% equity interest of CMCC at a consideration of RMB105,119 from the original shareholder. In December 2017, the Group, through its subsidiary CHMG, further acquired 3.56% equity interest of CMCC at a consideration of RMB11,820. By the end of 2017, with the completion of changes in registration, the Group held 35.20% equity interest of CMCC. On October 8, 2018, the Group acquired further 54.8% equity interest of CMCC at a consideration of RMB182,100 (note 4) and consolidate CMCC as a subsidiary. | |||||||
[5] | In April 2017, the Group completed the capital injection and obtained 26.07% in Guofu Huimei with a total subscribed capital of RMB262,999. In July 2018, the other shareholder of Guofu Huimei ZR Guofu withdraw all its original investments in Guofu Huimei, amounting to RMB746,000, then the Group became the sole shareholder of Guofu Huimei and consolidate Guofu Huimei as a subsidiary (note4). | |||||||
[6] | In April 2017, Guofu Huimei injected RMB388,500 to Beijing Century Friendship which holds 55% of BPMC, leading to the dilution of the Group's interest and loss in control of Beijing Century Friendship and BPMC to 21.69% and 25%, respectively. On October 8, 2018, the Group acquired further 78.31% equity interest of Beijing Century Friendship with 55% equity interest of BPMC at a consideration of RMB388,500 (note 4) and consolidate Beijing Century Friendship and BMPC as subsidiaries. | |||||||
[7] | In January 2018, the Group through its subsidiaries MHM and Global Medical Imaging, and an equity investee of the Group, Tianjin Jiatai established SH MZJH for the operations of hospital business. According to the article of corporation, the Group subscribes 29% interest at a consideration of RMB43,500 (US$6,327) and has significant influence over SH MZJH’s daily operation. The Group injected RMB15,000 (US$2,182) as of December 31, 2018, which shared 43.23% equity of SH MZJH since the capital injection was not completed. | |||||||
[8] | On October 8, 2018, the Group became the sole shareholder of Guofu Huimei while ZR Guofu withdraw all its investments, the acquired assets of Guofu Huimei include 24.40% equity interests of SH Rongchi and 22.82% equity interests of Tianjin Jiatai, while Tianjin Jiatai owned 71.32% equity of SH Rongchi. According to the articles of corporation, the Group has significant influence over Tianjin Jiatai and SH Rongchi. | |||||||
[9] | In December 2018, DTAP was set up and registered in Singapore by CHS and Republic Healthcare Holdings PTE.LTD, a third party of the Group. CHS subscribed to inject SG$0.49 (US$0.36) to share 49% equity of DTAP, and account for the investment as joint venture according to the cooperation agreement. |
LONG-TERM INVESTMENTS (Narrat
LONG-TERM INVESTMENTS (Narrative) (Details) | Oct. 08, 2018CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2018CNY (¥)$ / shares | Jan. 31, 2018CNY (¥) | Jan. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | May 31, 2017CNY (¥) | Apr. 30, 2017CNY (¥) | Sep. 29, 2016CNY (¥) | Jul. 31, 2015CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2015USD ($) | Dec. 28, 2012CNY (¥) | Dec. 31, 2018USD ($) | Nov. 29, 2018CNY (¥) | Nov. 29, 2018USD ($) | Sep. 30, 2018 | Jul. 31, 2018USD ($) | Jun. 30, 2018CNY (¥) | Jun. 29, 2018 | Dec. 20, 2017 | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Share of net profit (loss) | ¥ (20,747,000) | $ (3,018,000) | ¥ 1,454,000 | ¥ 616,000 | |||||||||||||||||||||||||||||
Cash distribution from an equity investee | 11,626,000 | 1,691,000 | 6,227,000 | 9,357,000 | |||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 71.32% | ||||||||||||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 182,100,000 | ¥ 11,820,000 | ¥ 105,119,000 | ¥ 41,670,000 | 182,100 | 100,000,000 | ¥ 201,176,000 | ||||||||||||||||||||||||||
Equity Method Investments | ¥ 366,204,000 | ¥ 366,204,000 | 732,167,000 | ¥ 366,204,000 | 732,167,000 | 181,500,000 | $ 53,262,000 | ||||||||||||||||||||||||||
Capital Contributed | ¥ 10,000,000 | 10,000,000 | |||||||||||||||||||||||||||||||
Third Party Subscription Amount Per Share | (per share) | $ 0.36 | ¥ 0.49 | |||||||||||||||||||||||||||||||
Percentage Of Interest In Partnership | 100.00% | ||||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||||||||||||||||||||
Guofu Huimei Investment Management Limited Partnership [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 26.06% | |||||||||||||||||||||||||||||||
Equity Method Investments | $ 746,000 | ¥ 746,000,000 | |||||||||||||||||||||||||||||||
Percentage Of Interest In Partnership | 26.07% | ||||||||||||||||||||||||||||||||
Partners' Capital Account, Contributions | ¥ 262,999,000 | ||||||||||||||||||||||||||||||||
MDA Proton [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | ¥ 212,855,000 | $ 30,958,000 | |||||||||||||||||||||||||||||||
Disposal Group, Deferred Gain on Disposal | 48,019,000 | 6,984,000 | |||||||||||||||||||||||||||||||
Discontinued Operation Equity Method Investment Retained After Disposal | ¥ 31,497,000 | $ 4,581,000 | |||||||||||||||||||||||||||||||
DTAP [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | 49.00% | 49.00% | |||||||||||||||||||||||||||||
Tianjin Jiatai Entity Management limited Partnership [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 22.82% | ||||||||||||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 106,500,000 | ||||||||||||||||||||||||||||||||
Partners' Capital Account, Contributions | $ | 78.31 | ||||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 78.31% | 78.31% | 28.77% | 78.31% | 28.77% | 78.31% | 78.31% | ||||||||||||||||||||||||||
Beijing Proton Medical Center Co Ltd [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 55.00% | 25.00% | |||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 54.80% | 54.80% | 54.80% | 54.80% | |||||||||||||||||||||||||||||
Beijing Century Friendship [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Capital Contributed | ¥ 388,500,000 | ||||||||||||||||||||||||||||||||
Percentage of interest held | 21.69% | 21.69% | 55.00% | 21.69% | 21.69% | ||||||||||||||||||||||||||||
Bpmc [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Percentage of interest held | 25.00% | 25.00% | 25.00% | 25.00% | |||||||||||||||||||||||||||||
PTC [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Share of net profit (loss) | ¥ 17,697,000 | ||||||||||||||||||||||||||||||||
Cash distribution from an equity investee | ¥ 30,063,000 | ||||||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 59.51% | 1.00% | |||||||||||||||||||||||||||||||
Suzhou Chorus Medical Technologies Co., Ltd [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 36.00% | [1] | 36.00% | [1] | 36.00% | [1] | 36.00% | [1] | 36.00% | [1] | 36.00% | 36.00% | 36.00% | [1] | |||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 4,320,000 | $ 622,000 | |||||||||||||||||||||||||||||||
Global Oncology One, Inc [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 0.00% | [1] | 0.00% | [1] | 46.90% | [1] | 0.00% | [1] | 46.90% | [1] | 46.90% | 46.90% | 0.00% | [1] | |||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 8,679,000 | $ 1,250,000 | |||||||||||||||||||||||||||||||
PTC [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Share of net profit (loss) | ¥ 509,000 | $ 74,000 | ¥ 127,000 | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 59.51% | [2] | 59.51% | [2] | 59.51% | [2] | 59.51% | [2] | 59.51% | [2] | 44.55% | 59.51% | [2] | ||||||||||||||||||||
Allcure Information [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 9.60% | [3] | 9.60% | [3] | 20.00% | [3] | 9.60% | [3] | 20.00% | [3] | 20.00% | 20.00% | 9.60% | [3] | 9.60% | ||||||||||||||||||
ProMed Shanghai Cancer Center [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | [4] | 0.00% | 0.00% | 35.20% | 0.00% | 35.20% | 0.00% | ||||||||||||||||||||||||||
Beijing Proton Medical Center Co Ltd [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | [5] | 0.00% | 0.00% | 25.00% | 0.00% | 25.00% | 0.00% | ||||||||||||||||||||||||||
Shanghai Meizhong Jiahe Cancer Centers Co Ltd [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Description | In December 2017, the Group, through its subsidiary CHMG, further acquired 3.56% equity interest of CMCC at a consideration of RMB11,820 | In May 2017, the Group through its subsidiary Aohua Technology, acquired 31.64% equity interest of CMCC at a consideration of RMB105,119 | |||||||||||||||||||||||||||||||
Shanghai Meizhong Jiahe Imaging Diagnostic Center Co Ltd [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 43.23% | 43.23% | 29.00% | 29.00% | 43.23% | 43.23% | |||||||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 15,000,000 | $ 2,182,000 | ¥ 43,500,000 | $ 6,327,000 | |||||||||||||||||||||||||||||
Equity Method Investment, Ownership Description | the Group subscribes 29% interest at a consideration of RMB43,500 (US$6,327) | the Group subscribes 29% interest at a consideration of RMB43,500 (US$6,327) | |||||||||||||||||||||||||||||||
Suzhou Shengshan Huiying Venture Capital Investment LLP. ("Suzhou Shengshan") [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | [6] | 5.41% | 5.41% | 8.13% | 5.41% | 8.13% | 5.41% | ||||||||||||||||||||||||||
Percentage of interest held | 5.41% | 5.41% | 5.41% | 5.41% | |||||||||||||||||||||||||||||
JKSY [Member] | Suzhou Shengshan [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 8.13% | 8.13% | |||||||||||||||||||||||||||||||
Percentage of interest held | 4.57% | 4.57% | 4.57% | 4.57% | |||||||||||||||||||||||||||||
Concord Hospital Management Group Ltd [Member] | Shanghai Meizhong Jiahe Cancer Centers Co Ltd [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 54.80% | 3.56% | 3.56% | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Description | On October 8, 2018, the Group acquired further 54.8% equity interest of CMCC at a consideration of RMB182,100 | ||||||||||||||||||||||||||||||||
Shanghai Rongchi Medical Management Limited [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 24.40% | ||||||||||||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 388,500,000 | ||||||||||||||||||||||||||||||||
[1] | In 2015, the Group entered into two share transfer agreements with JWYK, which was controlled by one of the Group's directors. Pursuant to the agreements, JWYK would acquire 36% equity interest in Suzhou Chorus and 100% interest in China Medstar, an oversea subsidiary of the Company who holds 46.9% equity interest in Global Oncology from the Group, at a consideration of RMB4,320 and RMB8,679 respectively. On April 25, 2016 and November 10, 2016, the Group received full payments from JWYK. As of December 31, 2018, the change in registration of shareholders for Global Oncology has been completed, but the change in registration of shareholders for Suzhou Chorus has not been completed and the consideration received was recorded in advance from JWYK, the “accrued expenses and other liabilities” on the consolidated balance sheets (note 18). | ||||||||||||||||||||||||||||||||
[2] | On December 28, 2012, the Group acquired 44.55% limited partner interests of PTC, a limited partnership in Texas, U.S.A., and 45% legal interest of PTC GP Management LLC, a limited liability company registered in Texas, U.S.A and the sole general partner of PTC with 1% interest of PTC, with a consideration of RMB201,176 in cash. On July 31, 2015, the Group acquired additional 14.34% limited partner interests of PTC and additional 17.07% legal interest of PTC GP Management LLC, with a consideration of RMB30,063 in cash. After the additional investments, the Group owned 59.51% interests of PTC which ultimately holds 45.41% legal ownership interests of the University of Texas MD Anderson Cancer Center Proton Therapy Center (“MDA Proton”), a proton treatment center in Texas, U.S.A. In accordance with PTC GP Management LLC’s regulation, the Group is only entitled to designate two out of the five managers and simply majority (more than 50%) amongst the managers is required to pass any resolution. Furthermore, the regulation can only be amended at the request by managers or super majority (more than 2/3) of member interest. Thus, the Group is not able to control PTC GP Management LLC. According to the partnership agreements, the Group has significant influence over PTC which can demonstrate control over MDA Proton by acting as the sole general partner. The Group accounts for its investment in PTC, and ultimately MDA Proton, under the equity method of accounting. The Group’s share of the net profit or loss of PTC, after accounting for the effect of the difference between the cost basis of the equity method investment and the underlying assets of the investee, was a gain of RMB127, RMB17,697 and RMB509 (US$74) for the years ended December 31, 2016, 2017 and 2018 respectively. Total cash distribution received by the Group from PTC was RMB9,357, RMB6,227 and RMB11,626 (US$1,691) for the years ended December 31, 2016, 2017 and 2018, respectively. On November 29, 2018, MDA Proton reached an agreement with UTMDACC to sell all its assets and liabilities to UTMDACC as well as terminating management service agreement between MDA Proton and PTC. The Group received a total consideration RMB212,855 (US$30,958) from PTC on dissolution between MDA Proton and PTC, leading to the disposal gain of RMB48,019 (US$6,984) in 2018, and the carrying amount of the equity investment remained RMB31,497 (US$4,581) as of December 31, 2018. | ||||||||||||||||||||||||||||||||
[3] | 20% equity interest of Allcure Information was obtained through the disposal of Allcure Medical Technology Co., Ltd. (“JWYK”) in 2015. During the year ended December 31, 2018 Allcure Information issued new shares to other investors and diluted the share ownership of the Group to 9.6%. The price of newly issued shares is not considered an observable price change because they are not a similar investment of JWYK held by the Group due to the different rights and obligations associated with the investments. As of December 31, 2017 and 2018, no impairment was recorded for the investment. | ||||||||||||||||||||||||||||||||
[4] | In May 2017, the Group through its subsidiary Aohua Technology, acquired 31.64% equity interest of CMCC at a consideration of RMB105,119 from the original shareholder. In December 2017, the Group, through its subsidiary CHMG, further acquired 3.56% equity interest of CMCC at a consideration of RMB11,820. By the end of 2017, with the completion of changes in registration, the Group held 35.20% equity interest of CMCC. On October 8, 2018, the Group acquired further 54.8% equity interest of CMCC at a consideration of RMB182,100 (note 4) and consolidate CMCC as a subsidiary. | ||||||||||||||||||||||||||||||||
[5] | In April 2017, Guofu Huimei injected RMB388,500 to Beijing Century Friendship which holds 55% of BPMC, leading to the dilution of the Group's interest and loss in control of Beijing Century Friendship and BPMC to 21.69% and 25%, respectively. On October 8, 2018, the Group acquired further 78.31% equity interest of Beijing Century Friendship with 55% equity interest of BPMC at a consideration of RMB388,500 (note 4) and consolidate Beijing Century Friendship and BMPC as subsidiaries. | ||||||||||||||||||||||||||||||||
[6] | In 2017, JKSY, a subsidiary of the Group, entered into a partnership agreement to subscribe for 8.13% interest in Suzhou Shengshan, a partnership engaged in equity and capital investment, with a subscription amount of RMB10,000. In 2018, with the subscribed capital injection from new investors, the equity interest JKSY shared in Suzhou Shengshan should be diluted to 4.57%. As the injection was not completed, the actual equity interest shared in Suzhou Shengshan was diluted to 5.41% as of December 31, 2018. According to the partnership agreement, JKSY acts as a limited partner and has significant influence over Suzhou Shengshan's daily operation. |
OTHER NON-CURRENT ASSETS (Sched
OTHER NON-CURRENT ASSETS (Schedule of Other Non-Current Assets) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | |
Other Assets, Noncurrent Disclosure [Abstract] | ||||
Deferred costs | ¥ 267 | $ 39 | ¥ 1,066 | |
Deposits - long-term | [1] | 2,719 | 395 | 20,747 |
Others | [2] | 4,890 | 709 | 8,579 |
Other non-current assets | ¥ 7,876 | $ 1,143 | ¥ 30,392 | |
[1] | On June 21, 2011, the Group provided interest-free financing amounting to RMB23,608 to Changhai Hospital, a third party, for the purchase of a robotic radiosurgery system, impairment losses of RMB11,527 was provided for the remaining balances as of December 31, 2018. | |||
[2] | For the years ended December 31, 2017 and 2018, no impairment loss were provided for the balances. |
OTHER NON-CURRENT ASSETS (Sch_2
OTHER NON-CURRENT ASSETS (Schedule of Other Non-Current Assets) (Parenthetical) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Jun. 21, 2011CNY (¥) | |
Schedule Of Long Term Prepayment Deposits And Other Assets [Line Items] | |||||
Deposits - long-term | [1] | ¥ 2,719 | $ 395 | ¥ 20,747 | |
Arrangement for Robotic Radio Surgery System [Member] | |||||
Schedule Of Long Term Prepayment Deposits And Other Assets [Line Items] | |||||
Deposits - long-term | ¥ 23,608 | ||||
[1] | On June 21, 2011, the Group provided interest-free financing amounting to RMB23,608 to Changhai Hospital, a third party, for the purchase of a robotic radiosurgery system, impairment losses of RMB11,527 was provided for the remaining balances as of December 31, 2018. |
OTHER NON-CURRENT ASSETS (Narra
OTHER NON-CURRENT ASSETS (Narrative) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Schedule Of Long Term Prepayment Deposits And Other Assets [Line Items] | |||
Other Asset Impairment Charges | $ | $ 0 | $ 0 | |
Arrangement for Cyberknife Robotic Radio Surgery System [Member] | |||
Schedule Of Long Term Prepayment Deposits And Other Assets [Line Items] | |||
Other Asset Impairment Charges | ¥ | ¥ 11,527 |
BANK AND OTHER BORROWINGS (Sche
BANK AND OTHER BORROWINGS (Schedule of Bank and Other Borrowings) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Total bank and other borrowings | ¥ 938,114 | $ 136,442 | ¥ 993,945 |
Short-term | 396,520 | 57,671 | 512,222 |
Long-term, current portion | 44,068 | 6,409 | 197,139 |
Total | 440,588 | 64,080 | 709,361 |
Long-term, non-current portion | ¥ 497,526 | $ 72,362 | ¥ 284,584 |
BANK AND OTHER BORROWINGS (Sc_2
BANK AND OTHER BORROWINGS (Schedule of Maturities of Long-Term and Other Debt) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Debt Instrument [Line Items] | |||
Total | ¥ 248,604 | ||
Long-term Bank and Other Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Within one year | ¥ 44,068 | $ 6,409 | |
Between one and two years | 11,098 | 1,614 | |
Between two and three years | 38,926 | 5,662 | |
Between three and four years | 102,057 | 14,844 | |
Above four years | 345,445 | 50,242 | |
Total | ¥ 541,594 | $ 78,771 |
BANK AND OTHER BORROWINGS (Narr
BANK AND OTHER BORROWINGS (Narrative) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | |
Debt Instrument [Line Items] | |||
Property and equipment pledged as collateral | $ 0 | ¥ 37,481 | |
Accounts receivable used to secure bank borrowings | ¥ 0 | 0 | 13,164 |
Net investment in direct financing leases | 72,615 | 10,562 | 72,952 |
Restricted cash | ¥ 421,990 | $ 61,376 | ¥ 563,986 |
Short-term bank borrowings, weighted average interest rate | 4.08% | 4.08% | 2.45% |
Bank Loans | ¥ 31,083 | $ 4,521 | ¥ 546,519 |
Other Borrowings | 907,031 | 131,922 | 447,426 |
Assets, Noncurrent | ¥ 3,356,702 | 488,209 | 2,354,254 |
Debt Instrument, Term | 1 year | ||
Land [Member] | |||
Debt Instrument [Line Items] | |||
Property and equipment pledged as collateral | ¥ 425,742 | 61,922 | 48,273 |
Construction in Progress [Member] | |||
Debt Instrument [Line Items] | |||
Property and equipment pledged as collateral | ¥ 633,444 | $ 129,894 | 206,244 |
Line of Credit Entered into by Subsidiary [Member] | |||
Debt Instrument [Line Items] | |||
Net investment in direct financing leases | ¥ 24,224 | ||
Long-term Bank and Other Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Long-term bank and other borrowings, weighted average interest rate | 9.81% | 9.81% | 12.16% |
Short Term Bank Credit Lines [Member] | |||
Debt Instrument [Line Items] | |||
Unutilized bank credit lines | ¥ 33,480 | $ 4,869 | |
Long Term Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Unutilized bank credit lines | ¥ 1,060,000 | $ 154,171 | |
Financing Agreement One [Member] | Zhejiang Haiyang [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Dec. 31, 2023 | ||
Financing Agreement One [Member] | Zhejiang Haiyang [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Term | 3 years | ||
Financing Agreement Two [Member] | ZGC SCITECH Leasing Co Ltd [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Dec. 31, 2021 | ||
Financing Agreement Two [Member] | ZGC SCITECH Leasing Co Ltd [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Term | 5 years | ||
Financing Agreement Two [Member] | ZGC SCITECH Leasing Co Ltd [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Term | 1 year |
ACCRUED EXPENSES AND OTHER LI_3
ACCRUED EXPENSES AND OTHER LIABILITIES (Schedule of Accrued Expenses and Other Liabilities) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) |
Accrued expenses | ¥ 44,621 | $ 6,490 | ¥ 24,537 | |
Salaries and welfare payable | 8,612 | 1,253 | 8,183 | |
Business and other taxes payable | 11,400 | 1,658 | 12,253 | |
Secured borrowings, current (note 19) | 0 | 0 | 85,106 | |
MD Anderson consulting fee payable | 51,029 | 7,422 | 13,642 | |
Acquisition payable for investment in CMCC | 12,420 | 17,006 | 116,922 | $ 0 |
Consideration advance from JWYK (note 15) | 4,320 | 628 | 12,453 | |
Advance from customers | 19,250 | 2,800 | 2,095 | |
Other accruals | 161,852 | 23,539 | 110,728 | |
Total | ¥ 418,006 | $ 60,796 | ¥ 385,919 |
SECURED BORROWING (Narrative) (
SECURED BORROWING (Narrative) (Details) ¥ in Thousands, $ in Thousands | Dec. 08, 2015CNY (¥)item | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Line of Credit Facility [Line Items] | ||||
Priority security distributed | ¥ 417,000 | |||
Number of Network Hospitals | item | 14 | |||
Debt issuance costs | ¥ 7,506 | |||
Long-term secured borrowings | ¥ 0 | $ 0 | ¥ 163,498 | |
Long-term Debt | 248,604 | |||
Long-term Debt, Current Maturities | 44,068 | $ 6,409 | ¥ 197,139 | |
HengTai Securities [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Net proceeds received | 404,000 | |||
Security's deposit | ¥ 13,000 | |||
Value Of Assets Bought Back | ¥ 248,604 | |||
HengTai Securities [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||
HengTai Securities [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% |
SHAREHOLDERS' EQUITY (Narrative
SHAREHOLDERS' EQUITY (Narrative) (Details) $ / shares in Units, ¥ in Thousands | Dec. 11, 2015$ / shares | Aug. 10, 2015USD ($)$ / shares | Sep. 30, 2015CNY (¥) | Jan. 27, 2015shares | Dec. 31, 2018shares | Dec. 31, 2016CNY (¥)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2017shares |
Consideration to repurchase shares | $ | $ 4,542 | $ 3,111 | |||||||
Shares repurchased | 967,408 | 967,408 | 614,033 | ||||||
Amount of dividend paid | ¥ | ¥ 288,157 | ¥ 285,829 | |||||||
Special dividend per share | $ / shares | $ 0.33 | ||||||||
Ordinary shares [Member] | |||||||||
Shares repurchased | 2,902,224 | 2,902,224 | 1,842,099 | ||||||
American Depositary Shares [Member] | |||||||||
Consideration to repurchase shares | $ | $ 20,000,000 | ||||||||
American Depositary Shares [Member] | Maximum [Member] | |||||||||
Price per share | $ / shares | $ 7.99 | ||||||||
Common Class A [Member] | |||||||||
Conversion of Stock, Shares Converted | 45,787,948 | 45,787,948 | |||||||
Common Stock, Shares, Outstanding | 84,390,429 | 130,091,977 | |||||||
Common Class B [Member] | |||||||||
Conversion of Stock, Shares Issued | 45,787,948 | 45,787,948 | |||||||
Common Stock, Shares, Outstanding | 45,787,948 | 0 |
RESTRICTED NET ASSETS (Narrativ
RESTRICTED NET ASSETS (Narrative) (Details) - 12 months ended Dec. 31, 2018 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Restricted Net Assets [Line Items] | ||
Percentage of after-tax profit to general reserve | 10.00% | |
Amount of net assets restricted | ¥ 3,790,974 | $ 551,374 |
Foreign Tax Authority [Member] | ||
Restricted Net Assets [Line Items] | ||
Percentage of after-tax profit to general reserve | 10.00% | |
Percentage of general reserve registered capital | 50.00% | |
Domestic Tax Authority [Member] | ||
Restricted Net Assets [Line Items] | ||
Percentage of after-tax profit to general reserve | 10.00% | |
Percentage of general reserve registered capital | 50.00% |
TAXATION (Narrative) (Details)
TAXATION (Narrative) (Details) ¥ in Thousands, $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||
Apr. 30, 2018 | Dec. 31, 2018CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | |
Income Tax Contingency [Line Items] | |||||||||
Applicable tax rates | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | |||
Income tax profits | $ 0 | $ 0 | |||||||
Uncertain tax position, impact on taxes | ¥ 8,309 | $ 1,208 | ¥ 2,770 | ¥ 1,467 | |||||
Accrued interest and penalties | ¥ 37,943 | 37,943 | 29,634 | $ 5,519 | |||||
Income Tax Examination, Penalties and Interest Expense | 118,943 | 17,300 | 70,992 | ||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 46,978 | 46,978 | 18,381 | 6,833 | |||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 225,246 | $ 32,761 | 253,895 | ¥ 204,598 | |||||
Deferred Tax Assets, Net of Valuation Allowance | ¥ 696 | ¥ 696 | ¥ 9,566 | $ 101 | |||||
Property Leasing Arrangement [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Value added tax | 17.00% | 16.00% | |||||||
Technical Service [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Value added tax | 6.00% | 6.00% | |||||||
United States of America [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Applicable tax rates | 21.00% | 21.00% | 35.00% | 35.00% | 35.00% | 35.00% |
TAXATION (Schedule of (Loss) In
TAXATION (Schedule of (Loss) Income from Continuing Operations Before Income Taxes) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
TAXATION [Line Items] | ||||
Non - PRC | ¥ (98,709) | $ (14,357) | ¥ (193,212) | ¥ (141,602) |
PRC | (126,537) | (18,404) | (60,683) | (62,996) |
Total | ¥ 225,246 | $ 32,761 | ¥ 253,895 | ¥ 204,598 |
TAXATION (Schedule of Income Ta
TAXATION (Schedule of Income Tax Expense from Continuing Operations) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
TAXATION [Line Items] | ||||
Current tax expense | ¥ 43,209 | $ 6,284 | ¥ 5,105 | ¥ 25,617 |
Deferred tax expense (benefit) | (9,158) | (1,331) | 26,684 | 34,869 |
Income tax expense | ¥ 34,051 | $ 4,953 | ¥ 31,789 | ¥ 60,486 |
TAXATION (Reconciliation of Dif
TAXATION (Reconciliation of Differences Between Statutory Tax Rate and Effective Tax Rate) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
TAXATION [Line Items] | ||||
Loss before income taxes | ¥ (225,246) | $ (32,761) | ¥ (253,895) | ¥ (204,598) |
Income tax computed at the tax rate of 25% | (56,309) | (8,190) | (63,474) | (51,150) |
Effect of different tax rates in different jurisdictions | 11,758 | 1,710 | 23,554 | 10,400 |
Non-deductible expenses | 4,661 | 678 | 13,872 | 6,942 |
Non-taxable income | (7,322) | (1,065) | (1,942) | 0 |
Unrecognized tax positions | 41,122 | 5,981 | (2,942) | 1,467 |
Changes of valuation allowance | 45,112 | 6,561 | 48,089 | 73,847 |
Withholding tax | (4,971) | (722) | 15,624 | 18,980 |
Effect of tax rate change | 0 | 0 | (992) | 0 |
Income tax expense | ¥ 34,051 | $ 4,953 | ¥ 31,789 | ¥ 60,486 |
TAXATION (Reconciliation of D_2
TAXATION (Reconciliation of Differences Between Statutory Tax Rate and Effective Tax Rate) (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
TAXATION [Line Items] | |||
Statutory income tax rate | 25.00% | 25.00% | 25.00% |
TAXATION (Schedule of Deferred
TAXATION (Schedule of Deferred Taxes) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | ||||
Deferred tax asset | |||||||||
Net operating loss | [1] | ¥ 175,033 | $ 25,455 | ¥ 122,651 | |||||
Depreciation and amortization | 2,813 | 409 | 4,807 | ||||||
Property, plant and equipment impairment | 8,750 | 1,273 | 17,395 | ||||||
Deposits for non-current assets | 6,400 | 931 | 6,400 | ||||||
Allowance for net investment in financing lease | 1,085 | 158 | 4,518 | ||||||
Allowance for doubtful accounts | 4,453 | 648 | 1,004 | ||||||
Deferred revenue | 0 | 0 | 1 | ||||||
Long term receivables | 9,679 | 1,408 | 3,942 | ||||||
Intangible assets | 0 | 0 | 795 | ||||||
Accrued expenses | 9,032 | 1,314 | 5,434 | ||||||
Capital allowances | 0 | 0 | 0 | ||||||
Others | 527 | 77 | 495 | ||||||
Total deferred tax assets | 217,772 | 31,673 | 167,442 | ||||||
less:Valuation allowance | (217,076) | [2] | (31,572) | [2] | (157,876) | [2] | $ (22,962) | ¥ (114,561) | |
Net deferred tax assets | 696 | 101 | 9,566 | ||||||
Deferred tax liabilities | |||||||||
Withholding tax for PRC entities | (39,495) | (5,745) | (50,876) | ||||||
Aohua Technology transfer Tianjin Concord Medical loss | 0 | 0 | (5,632) | $ (819) | |||||
Equity investment | 0 | 0 | (8,317) | ||||||
Property, plant and equipment | (415) | (60) | (2,681) | ||||||
Disposal of Beijing Century Friendship | (3,126) | (454) | (13,758) | ||||||
Intangible assets | (113,590) | (16,521) | (733) | ||||||
Deferred costs | (67) | (10) | (67) | ||||||
Revenue generated from financing lease | 0 | 0 | (731) | ||||||
Long-term deferred assets | 0 | 0 | (348) | ||||||
Capitalized Interest | (9,649) | (1,403) | 0 | ||||||
Total deferred tax liabilities | (166,342) | (24,193) | (83,143) | ||||||
Deferred tax assets, net | [3] | 0 | 0 | 0 | |||||
Deferred tax liabilities, net | [3] | ¥ (165,646) | $ (24,092) | ¥ (73,577) | |||||
[1] | As of December 31, 2018, the Company had net operating losses from several of its PRC and oversea entities of RMB258,347 (US$37,575),which can be carried forward to offset future taxable profit. The net operating loss carry forwards as of December 31, 2018 will expire in years 2019 to 2023 if not utilized. | ||||||||
[2] | The Group records a valuation allowance on its deferred tax assets that is sufficient to reduce the deferred tax assets to an amount that is more likely than not to be realized. Future reversal of the valuation allowance will be recognized either when the benefit is realized or when it has been determined that it is more likely than not that the benefit in future earnings will be realized. | ||||||||
[3] | On the face of balance sheet, as at December 31, 2017 and 2018, deferred tax assets of approximately RMB9,566 and RMB696 (US$101) have been offset against deferred tax liabilities. |
TAXATION (Schedule of Movement
TAXATION (Schedule of Movement of Valuation Allowance) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | |||
TAXATION [Line Items] | |||||
Balance at the beginning of year | ¥ (157,876) | [1] | $ (22,962) | ¥ (114,561) | |
Change of valuation allowance in the current year | (59,200) | (8,610) | (43,315) | ||
Balance at the end of year | [1] | ¥ (217,076) | $ (31,572) | ¥ (157,876) | |
[1] | The Group records a valuation allowance on its deferred tax assets that is sufficient to reduce the deferred tax assets to an amount that is more likely than not to be realized. Future reversal of the valuation allowance will be recognized either when the benefit is realized or when it has been determined that it is more likely than not that the benefit in future earnings will be realized. |
TAXATION (Reconciliation of Acc
TAXATION (Reconciliation of Accrued Unrecognized Tax Positions) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | |
Balance at the beginning of year | ¥ 41,358 | $ 6,015 | ¥ 38,420 |
Additions based on tax positions related to the current year | 30,043 | 4,370 | 4,263 |
Additions related to prior year tax position | 9,676 | 1,407 | 3,658 |
Reversal related to prior year tax position | 0 | 0 | (1,207) |
Decrease relating to expiration of applicable statute of limitation | (920) | (134) | (3,079) |
Foreign currency translation | (697) | ||
Foreign currency translation | 843 | 123 | |
Balance at the end of year | ¥ 81,000 | $ 11,781 | ¥ 41,358 |
SHARE-BASED AWARDS (Narrative)
SHARE-BASED AWARDS (Narrative) (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Oct. 02, 2018shares | Sep. 13, 2017shares | Aug. 08, 2017shares | Aug. 07, 2017shares | Aug. 01, 2014shares | Jul. 01, 2014shares | Feb. 18, 2014$ / sharesshares | Dec. 31, 2018CNY (¥)$ / sharesshares | Dec. 31, 2018USD ($)shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Ordinary shares that may be issued | 13,218,000 | 13,218,000 | |||||||
Options granted | 3,479,604 | ||||||||
Options granted, exercise price | $ / shares | $ 2.04 | ||||||||
Restricted shares [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unrecognized share-based compensation cost | $ 65,049 | $ 9,461 | |||||||
Shares granted | 5,992,605 | 45,000,000 | 3,319,200,000 | 1,453,950,000 | 69,564,000 | 21,132,000 | 1,370,250,000 | 5,992,605 | |
Shares vesting description | The Restricted Shares have a service condition where the grantees can remove restriction on 25% of total number of Restricted Shares on annual basis over a four-year period ending the fourth anniversary of the grant date. | ||||||||
Weighted-average vesting period over which deferred cost is expected to be recognized | 3 years 3 months 18 days |
SHARE-BASED AWARDS (Schedule of
SHARE-BASED AWARDS (Schedule of Assumptions Used) (Details) | Feb. 18, 2014 |
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | |
Risk-free interest rate | 2.33% |
Dividend yield | 5.00% |
Exercise multiple | 2.50% |
Expected volatility range | 39.03% |
SHARE-BASED AWARDS (Schedule _2
SHARE-BASED AWARDS (Schedule of Stock Options) (Details) - USD ($) | Feb. 18, 2014 | Dec. 31, 2018 | Dec. 31, 2016 |
Number of Shares | |||
Outstanding, beginning balance | 3,217,087 | ||
Granted | 3,479,604 | ||
Exercised | |||
Forfeited | (240,954) | ||
Outstanding, ending balance | 2,976,133 | ||
Expected to vest | 0 | ||
Exercisable | 2,976,133 | ||
Weighted Average Exercise Price | |||
Outstanding, beginning balance | $ 5,110 | ||
Granted | $ 2.04 | ||
Exercised | |||
Forfeited | 2,040 | ||
Outstanding, ending balance | 5,360 | ||
Expected to vest | 0 | ||
Exercisable | 5,360 | ||
Weighted Average Grant-date Fair Value | |||
Outstanding, beginning balance | 810 | ||
Granted | |||
Exercised | |||
Forfeited | 650 | ||
Outstanding, ending balance | 830 | ||
Expected to vest | 0 | ||
Exercisable | $ 830 | ||
Weighted Average Remaining Contractual Term (Years) | |||
Outstanding | 14 years 2 months 8 days | 13 years 1 month 17 days | |
Granted | 0 years | ||
Forfeited | 0 years | ||
Expected to vest | 0 years | ||
Exercisable | 14 years 2 months 8 days | ||
Aggregate Intrinsic Value | |||
Outstanding at Begining of the period | $ 0 | ||
Exercised | 0 | ||
Expected to vest | 0 | ||
Exercisable | 0 | ||
Outstanding at Ending of the period | $ 0 |
SHARE-BASED AWARDS (Summary of
SHARE-BASED AWARDS (Summary of Restricted Shares) (Details) - $ / shares | Oct. 02, 2018 | Sep. 13, 2017 | Aug. 08, 2017 | Aug. 07, 2017 | Aug. 01, 2014 | Jul. 01, 2014 | Feb. 18, 2014 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Numbers of shares, Forfeited | (240,954) | |||||||
Expected to vest | 0 | |||||||
Expected to vest | $ 0 | |||||||
Restricted shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Numbers of shares, Beginning balance | 6,041,847 | |||||||
Numbers of shares, Granted | 5,992,605 | 45,000,000 | 3,319,200,000 | 1,453,950,000 | 69,564,000 | 21,132,000 | 1,370,250,000 | 5,992,605 |
Numbers of shares, Vested | (86,400) | |||||||
Numbers of shares, Forfeited | (374,250) | |||||||
Numbers of shares, Ending balance | 11,573,802 | |||||||
Expected to vest | 11,573,802 | |||||||
Weighted average grant date fair value, Beginning balance | $ 1.17 | |||||||
Weighted average grant date fair value, Granted | 1.34 | |||||||
Weighted average grant date fair value, Vested | 1.16 | |||||||
Weighted average grant date fair value, Forfeited | 1.34 | |||||||
Weighted average grant date fair value, Ending balance | 0.64 | |||||||
Expected to vest | $ 0.64 | |||||||
Restricted shares [Member] | February 18, 2014 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Numbers of shares, Granted | 1,370,250 | |||||||
Weighted average grant date fair value, Granted | $ 1.93 | |||||||
Restricted shares [Member] | July 1, 2014 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Numbers of shares, Granted | 21,132 | |||||||
Weighted average grant date fair value, Granted | $ 2.35 | |||||||
Restricted shares [Member] | August 1, 2014 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Numbers of shares, Granted | 69,564 | |||||||
Weighted average grant date fair value, Granted | $ 2.44 | |||||||
Restricted shares [Member] | August 7, 2017 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Numbers of shares, Granted | 1,453,950 | |||||||
Weighted average grant date fair value, Granted | $ 1.33 | |||||||
Restricted shares [Member] | August 8, 2017 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Numbers of shares, Granted | 3,319,200 | |||||||
Weighted average grant date fair value, Granted | $ 1.34 | |||||||
Restricted shares [Member] | September 13, 2017 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Numbers of shares, Granted | 45,000 | |||||||
Weighted average grant date fair value, Granted | $ 1.33 | |||||||
Restricted shares [Member] | October 2, 2018 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Numbers of shares, Granted | 5,992,605 | |||||||
Weighted average grant date fair value, Granted | $ 1.19 |
SHARE-BASED AWARDS (Schedule _3
SHARE-BASED AWARDS (Schedule of Share-Based Compensation Expense) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | ¥ 11,139 | $ 1,620 | ¥ 11,641 | $ 8,400 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | 9,173 | 1,334 | 10,099 | 7,573 |
Selling Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | ¥ 1,966 | $ 286 | ¥ 1,542 | $ 827 |
RELATED PARTY TRANSACTIONS (Sch
RELATED PARTY TRANSACTIONS (Schedule of Related Party Transactions) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Loan to: | ¥ 1,000 | $ 145 | ¥ 0 | ¥ 10,485 |
Loan from: | 111,769 | 16,255 | 650,969 | 0 |
Interest expense to: | 7,150 | 1,040 | 46,355 | 15,073 |
Repayment to: | 236,361 | 34,377 | 0 | 0 |
Management service income from: | 9,141 | 1,330 | 10,695 | 7,988 |
Consultation service income from: | 0 | 0 | 0 | 70 |
Interest Expense, Related Party | 7,150 | 1,040 | 46,355 | 15,073 |
JWYK [Member] | ||||
Related Party Transaction [Line Items] | ||||
Consultation service income from: | 0 | 0 | 0 | 70 |
Gopher [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest expense to: | 6,957 | 1,012 | 14,639 | 15,073 |
Repayment to: | 176,906 | 25,730 | 0 | 0 |
Interest Expense, Related Party | 6,957 | 1,012 | 14,639 | 15,073 |
JYADK [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loan to: | 0 | 0 | 0 | 1,485 |
Interest income from: | 285 | 41 | 221 | 370 |
Tianjin Jiatai [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loan to: | 50 | 7 | 0 | 0 |
Loan from: | 0 | 0 | 91,855 | 0 |
Interest expense to: | 193 | 28 | 0 | 0 |
Repayment to: | 36,420 | 5,297 | 0 | 0 |
Management service income from: | 4,810 | 700 | 6,577 | 7,988 |
Interest Expense, Related Party | 193 | 28 | 0 | 0 |
Allcure Information [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loan to: | 0 | 0 | 0 | 9,000 |
SH MZJH [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loan to: | 950 | 138 | 0 | 0 |
Loan from: | 12,420 | 1,806 | 0 | 0 |
Management service income from: | 4,810 | 700 | 0 | 0 |
Shanghai Huifu Technology Limited [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loan from: | 22,000 | 3,200 | 0 | 0 |
Repayment to: | 20,285 | 2,950 | 0 | 0 |
Wuxi MZJH [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loan to: | 460 | 67 | 0 | 0 |
Loan from: | 1,850 | 269 | 0 | 0 |
SH Rongchi [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loan from: | 18,820 | 2,737 | 0 | 0 |
Cherrylane Investment Limited [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loan from: | 12,720 | 1,850 | 0 | 0 |
Repayment to: | 2,750 | 400 | 0 | 0 |
Guofu Huimei [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loan from: | 0 | 0 | 300,000 | 0 |
Interest expense to: | 15,997 | 2,327 | 31,716 | 0 |
Interest Expense, Related Party | 15,997 | 2,327 | 31,716 | 0 |
Beijing Century Friendship [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loan from: | 30,551 | 4,443 | 218,104 | 0 |
CMCC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loan from: | 13,408 | 1,950 | 41,010 | 0 |
Management service income from: | ¥ 4,331,000 | $ 630 | ¥ 4,118,000 | ¥ 0 |
RELATED PARTY TRANSACTIONS (S_2
RELATED PARTY TRANSACTIONS (Schedule of Related Party Balances) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | |
Related Party Transaction [Line Items] | |||||
Due from related parties, current: | ¥ 20,671 | $ 887 | ¥ 25,304 | $ 0 | |
Due to related parties - current | 12,420 | 17,006 | 116,922 | $ 0 | |
Due to related parties - noncurrent | 222,518 | 32,363 | 350,969 | ||
JYADK [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties, current: | 5,112 | 743 | 4,879 | ||
Gopher [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties - current | 0 | 0 | 167,820 | ||
Tianjin Jiatai [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties, current: | 0 | 0 | 7,029 | ||
Due to related parties - noncurrent | [1] | 56,978 | 8,287 | 91,855 | |
Allcure [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties, current: | 9,000 | 1,309 | 9,000 | ||
Guofu Huimei [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties - noncurrent | 0 | 0 | 280,459 | ||
Shanghai Huifu Technology Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties - current | 1,715 | 249 | 0 | ||
Wuxi MZJH [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties, current: | 460 | 67 | 0 | ||
Due to related parties - current | 1,850 | 269 | 0 | ||
Cherrylane Investment Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties - noncurrent | [1] | 9,969 | 1,450 | 0 | |
SH Rongchi [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties - noncurrent | [1] | 155,570 | 22,626 | 0 | |
CMCC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties, current: | 0 | 0 | 4,396 | ||
Due to related parties - noncurrent | [1] | 0 | 0 | 41,010 | |
Beijing Century Friendship [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties - noncurrent | [1] | ¥ 0 | $ 0 | ¥ 218,104 | |
[1] | As at December 31, 2017 and 2018, the balance due to related parties, non-current is recorded in “Amount due to related parties, non-current portion” on the consolidated balance sheet. |
EMPLOYEE DEFINED CONTRIBUTION_2
EMPLOYEE DEFINED CONTRIBUTION PLAN (Narrative) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
China [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Contributions to defined contribution plans | ¥ 13,291 | $ 1,933 | ¥ 13,348 | ¥ 13,078 |
Singapore [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Contributions to defined contribution plans | ¥ 315 | $ 46 | ¥ 399 | ¥ 265 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases) (Details) - Dec. 31, 2018 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Schedule of Future Minimum Rental Payments for Operating Leases [Line Items] | ||
2018 | ¥ 18,913 | $ 2,751 |
2019 | 20,977 | 3,051 |
2020 | 13,122 | 1,909 |
2021 | 8,584 | 1,248 |
2022 | 8,629 | 1,255 |
Thereafter | 53,993 | 7,852 |
Total | ¥ 124,218 | $ 18,066 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2018USD ($) | |
Long-term Purchase Commitment [Line Items] | |||||
Rental expenses | ¥ 15,457 | $ 2,248 | ¥ 16,436 | ¥ 17,765 | |
Unrecognized tax positions | 118,943 | $ 17,300 | |||
Capital Addition Purchase Commitments [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Commitments to Acquire Certain Medical Equipment | ¥ 660,758 | ¥ 426,293 | $ 96,103 |
SEGMENT REPORTING (Narrative) (
SEGMENT REPORTING (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Concentration Risk, Percentage | 10.00% | |
Changhai Hospital [Member] | Sales Revenue, Net [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration Risk, Percentage | 12.50% |
SEGMENT REPORTING (Schedule of
SEGMENT REPORTING (Schedule of Segment Information) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2018USD ($) | |
Segment reporting [Line Items] | |||||
Revenues from external customers | ¥ 190,898 | $ 27,765 | ¥ 330,977 | ¥ 455,042 | |
Cost of sales | (171,136) | (24,891) | (232,979) | (286,543) | |
Gross profit (loss) | 19,762 | $ 2,874 | 97,998 | 168,499 | |
Total assets | 4,585,394 | 3,465,390 | $ 666,915 | ||
Network [Member] | |||||
Segment reporting [Line Items] | |||||
Revenues from external customers | 138,070 | 299,321 | 443,601 | ||
Cost of sales | (79,266) | (166,407) | (247,510) | ||
Gross profit (loss) | 58,804 | 132,914 | 196,091 | ||
Hospital [Member] | |||||
Segment reporting [Line Items] | |||||
Revenues from external customers | 52,828 | 31,656 | 11,441 | ||
Cost of sales | (91,870) | (66,572) | (39,033) | ||
Gross profit (loss) | (39,042) | (34,916) | ¥ (27,592) | ||
Operation segment [Member] | |||||
Segment reporting [Line Items] | |||||
Total assets | 4,585,394 | 3,465,390 | 666,915 | ||
Operation segment [Member] | Network [Member] | |||||
Segment reporting [Line Items] | |||||
Total assets | 2,103,569 | 2,113,756 | 305,948 | ||
Operation segment [Member] | Hospital [Member] | |||||
Segment reporting [Line Items] | |||||
Total assets | ¥ 2,481,825 | ¥ 1,351,634 | $ 360,967 |
SEGMENT REPORTING (Schdeule of
SEGMENT REPORTING (Schdeule of Net Revenue by Country based upon Sales Location that Predominately represents Customer Location) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Segment reporting [Line Items] | ||||
Net Revenues | ¥ 190,898 | $ 27,765 | ¥ 330,977 | ¥ 455,042 |
PRC [Member] | ||||
Segment reporting [Line Items] | ||||
Net Revenues | 149,548 | 21,751 | 302,304 | 443,601 |
Singapore [Member] | ||||
Segment reporting [Line Items] | ||||
Net Revenues | ¥ 41,350 | $ 6,014 | ¥ 28,673 | ¥ 11,441 |
SEGMENT REPORTING (Schdeule o_2
SEGMENT REPORTING (Schdeule of Total Long-Lived Assets excluding Financial Instruments, Intangible Assets and Deferred Tax Assets by Country) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Segment reporting [Line Items] | |||
Total long-lived assets other than financial instruments, intangible assets and deferred tax assets | ¥ 2,317,628 | $ 337,085 | ¥ 1,068,935 |
PRC [Member] | |||
Segment reporting [Line Items] | |||
Total long-lived assets other than financial instruments, intangible assets and deferred tax assets | 2,036,133 | 296,143 | 789,320 |
Singapore [Member] | |||
Segment reporting [Line Items] | |||
Total long-lived assets other than financial instruments, intangible assets and deferred tax assets | ¥ 281,495 | $ 40,942 | ¥ 279,615 |
LOSS PER SHARE (Schedule of Bas
LOSS PER SHARE (Schedule of Basic and Diluted Income Per Share) (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares | Dec. 31, 2016CNY (¥)¥ / sharesshares | |
Numerator: | ||||
Net loss attributable to Concord Medical Services Holdings Limited | ¥ (234,875) | $ (34,162) | ¥ (284,320) | ¥ (261,867) |
Accretion of contingently redeemable noncontrolling interests | (124,355) | (18,087) | 0 | 0 |
Numerator for EPS computation | ¥ (359,230) | $ (52,249) | (284,320) | (261,867) |
Net loss attributable to ordinary shareholders used in calculating loss per ordinary share – basic and diluted | ¥ | ¥ (284,320) | ¥ (261,867) | ||
Denominator: | ||||
Weighted average number of ordinary shares outstanding used in calculating loss per share - basic and diluted | 130,104,787 | 130,104,787 | 130,091,977 | 130,631,867 |
Loss per share - basic and diluted | (per share) | ¥ (2.76) | $ (0.40) | ¥ (2.19) | ¥ (2) |
Common Class A [Member] | ||||
Numerator: | ||||
Net loss attributable to ordinary shareholders used in calculating loss per ordinary share – basic and diluted | ¥ (28,402) | $ (47,764) | ||
Denominator: | ||||
Weighted average number of ordinary shares outstanding used in calculating loss per share - basic and diluted | 118,940,054 | 118,940,054 | ||
Loss per share - basic and diluted | (per share) | ¥ (2.76) | $ (0.40) | ||
Common Class B [Member] | ||||
Numerator: | ||||
Net loss attributable to ordinary shareholders used in calculating loss per ordinary share – basic and diluted | ¥ (30,827) | $ (4,484) | ||
Denominator: | ||||
Weighted average number of ordinary shares outstanding used in calculating loss per share - basic and diluted | 11,164,733 | 11,164,733 | ||
Loss per share - basic and diluted | (per share) | ¥ (2.76) | $ (0.40) |
PARENT COMPANY ONLY CONDENSED_3
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Condensed balance Sheets) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) |
Current assets: | ||||||
Cash and cash equivalent | ¥ 404,742 | $ 58,867 | ¥ 98,191 | $ 451 | ¥ 22,218 | ¥ 1,768 |
Amounts due from subsidiaries | 20,671 | 887 | 25,304 | 0 | ||
Total current assets | 1,228,692 | 178,706 | 1,111,136 | |||
Non-current assets: | ||||||
Deferred cost, non-current | 267 | 39 | 1,066 | |||
Total assets | 4,585,394 | 666,915 | 3,465,390 | |||
Current liabilities: | ||||||
Accrued expenses and other liabilities | 418,006 | 60,796 | 385,919 | |||
Amount due to inter-companies | 12,420 | 17,006 | 116,922 | $ 0 | ||
Total current liabilities | 870,265 | 126,573 | 1,108,171 | |||
Total liabilities | 2,311,513 | 336,192 | 2,450,472 | |||
Shareholders' equity: | ||||||
Treasury stock (12,261,555 and 12,175,155 as of December 31, 2017 and 2018, respectively) | (8) | (1) | (8) | |||
Additional paid-in capital | 1,758,937 | 255,827 | 1,860,763 | |||
Accumulated other comprehensive loss | (88,621) | (12,889) | (47,418) | |||
Accumulated deficit | (1,232,991) | (179,331) | (879,393) | |||
Total Concord Medical Services Holdings Limited shareholders' equity | 437,422 | 63,621 | 934,049 | |||
Total liabilities, mezzanine equity and equity | 4,585,394 | 666,915 | 3,465,390 | |||
Common Class A [Member] | ||||||
Shareholders' equity: | ||||||
Ordinary shares | 68 | 10 | 105 | |||
Common Class B [Member] | ||||||
Shareholders' equity: | ||||||
Ordinary shares | 37 | 5 | 0 | |||
Parent Company [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalent | 722 | 105 | 3,104 | |||
Amounts due from subsidiaries | 503,087 | 73,171 | 414,692 | |||
Total current assets | 503,809 | 73,276 | 417,796 | |||
Non-current assets: | ||||||
Investments in subsidiaries | 1,623,996 | 236,201 | 2,027,530 | |||
Deferred cost, non-current | 0 | 0 | 800 | |||
Total assets | 2,127,805 | 309,477 | 2,446,126 | |||
Current liabilities: | ||||||
Short-term bank borrowings | 249,202 | 36,245 | 512,221 | |||
Accrued expenses and other liabilities | 29,310 | 4,263 | 16,871 | |||
Amount due to inter-companies | 1,411,871 | 205,348 | 982,985 | |||
Total current liabilities | 1,690,383 | 245,856 | 1,512,077 | |||
Total liabilities | 1,690,383 | 245,856 | 1,512,077 | |||
Shareholders' equity: | ||||||
Treasury stock (12,261,555 and 12,175,155 as of December 31, 2017 and 2018, respectively) | (8) | (1) | (8) | |||
Additional paid-in capital | 1,758,937 | 255,827 | 1,860,763 | |||
Accumulated other comprehensive loss | (88,621) | (12,889) | (47,418) | |||
Accumulated deficit | (1,232,991) | (179,331) | (879,393) | |||
Total Concord Medical Services Holdings Limited shareholders' equity | 437,422 | 63,621 | 934,049 | |||
Total liabilities, mezzanine equity and equity | 2,127,805 | 309,477 | 2,446,126 | |||
Parent Company [Member] | Common Class A [Member] | ||||||
Shareholders' equity: | ||||||
Ordinary shares | 68 | $ 10 | 105 | |||
Parent Company [Member] | Common Class B [Member] | ||||||
Shareholders' equity: | ||||||
Ordinary shares | ¥ 5 | ¥ 37 | ¥ 0 |
PARENT COMPANY ONLY CONDENSED_4
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Condensed balance Sheets) (Parenthetical) (Details) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Condensed Financial Statements, Captions [Line Items] | ||
Treasury Stock, Shares | 12,175,155 | 12,261,555 |
Common Class A [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Ordinary shares, par value per share | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 |
Ordinary shares, shares issued | 142,353,532 | 142,353,532 |
Ordinary shares, shares outstanding | 84,390,429 | 130,091,977 |
Common Class B [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Ordinary shares, par value per share | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 45,787,948 | 45,787,948 |
Ordinary shares, shares issued | 45,787,948 | 0 |
Ordinary shares, shares outstanding | 45,787,948 | 0 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Treasury Stock, Shares | 12,175,155 | 12,261,555 |
Parent Company [Member] | Common Class A [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Ordinary shares, par value per share | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 |
Ordinary shares, shares issued | 142,353,532 | 142,353,532 |
Ordinary shares, shares outstanding | 84,390,429 | 130,091,977 |
Parent Company [Member] | Common Class B [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Ordinary shares, par value per share | $ 0.0001 | |
Ordinary shares, shares authorized | 45,787,948 | |
Ordinary shares, shares issued | 45,787,948 | |
Ordinary shares, shares outstanding | 45,787,948 |
PARENT COMPANY ONLY CONDENSED_5
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Condensed statements of comprehensive income(Loss)) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | ¥ 190,898 | $ 27,765 | ¥ 330,977 | ¥ 455,042 |
Cost of revenues | (171,136) | (24,891) | (232,979) | (286,543) |
General and administrative expenses | (291,854) | (42,448) | (237,646) | (205,908) |
Selling expenses | (21,718) | (3,159) | (43,608) | (70,093) |
Operating loss | (299,243) | (43,523) | (211,856) | (168,626) |
Interest income | 14,168 | 2,061 | 12,077 | 27,982 |
Interest expense | (46,232) | (6,724) | (89,959) | (89,327) |
Change in fair value of derivatives | 0 | 0 | 0 | 713 |
Foreign exchange gain | 36,531 | 5,313 | 4,023 | 13,472 |
Net loss attributable to Concord Medical Services Holdings Limited | (234,875) | (34,162) | (284,320) | (261,867) |
Other comprehensive (loss) income, net of tax of nil foreign currency translation adjustments | (41,203) | (5,993) | 40,550 | (41,394) |
Comprehensive loss | (300,500) | (43,707) | (245,134) | (306,478) |
Comprehensive loss attributable to Concord Medical Services Holdings Limited | (277,598) | (40,376) | (247,619) | (299,738) |
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Cost of revenues | 0 | 0 | 0 | 0 |
General and administrative expenses | (17,051) | (2,480) | (24,431) | (22,843) |
Selling expenses | (2,021) | (294) | (1,802) | (825) |
Operating loss | (19,072) | (2,774) | (26,233) | (23,668) |
Equity in loss of subsidiaries | (333,682) | (48,532) | (250,696) | (219,201) |
Interest income | 14 | 2 | 0 | 0 |
Interest expense | (15,325) | (2,229) | (7,554) | (19,326) |
Change in fair value of derivatives | 0 | 0 | 0 | 713 |
Foreign exchange gain | 8,835 | 1,285 | 163 | 3,138 |
Net loss attributable to Concord Medical Services Holdings Limited | (359,230) | (52,248) | (284,320) | (258,344) |
Other comprehensive (loss) income, net of tax of nil foreign currency translation adjustments | (41,203) | (5,993) | 40,550 | (41,394) |
Comprehensive loss | (41,203) | (5,993) | 40,550 | (41,394) |
Comprehensive loss attributable to Concord Medical Services Holdings Limited | ¥ (400,433) | $ (58,241) | ¥ (243,770) | ¥ (299,738) |
PARENT COMPANY ONLY CONDENSED_6
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Condensed statements of cash flows) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash used in operating activities | ¥ (38,591) | $ (5,614) | ¥ 26,732 | ¥ (78,078) |
Net cash generated from (used in) investing activities | (1,000,355) | (145,496) | (313,010) | (74,847) |
Net cash (used in) generated from financing activities | 1,203,042 | 174,976 | 189,899 | (117,922) |
Exchange rate effect on cash | 459 | 67 | 157 | (11,240) |
Net increase (decrease) in cash | 164,555 | 23,933 | (96,222) | (282,087) |
Cash at beginning of the year | 98,191 | 451 | 22,218 | 1,768 |
Cash at end of the year | ¥ 404,742 | $ 58,867 | ¥ 98,191 | ¥ 22,218 |
FAIR VALUE MEASUREMENTS (Schedu
FAIR VALUE MEASUREMENTS (Schedule of Fair Value Measurements for Each Class of Assets on Nonrecurring Basis) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
FAIR VALUE MEASUREMENTS [Line Items] | ||||||
Available-for-sale debt investments | $ 50,000 | |||||
Total loss | ¥ 0 | $ 0 | ¥ 0 | ¥ 713 | ||
Recurring [Member] | ||||||
FAIR VALUE MEASUREMENTS [Line Items] | ||||||
Available-for-sale debt investments | 50,000 | 7,272 | ||||
Total loss | ¥ | 0 | |||||
Nonrecurring [Member] | ||||||
FAIR VALUE MEASUREMENTS [Line Items] | ||||||
Long-lived assets held and used | 117 | 632 | 17 | $ 97 | ||
Total loss | ¥ | ¥ (7,768) | ¥ (1,507) | ||||
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||
FAIR VALUE MEASUREMENTS [Line Items] | ||||||
Long-lived assets held and used | 0 | 0 | ||||
Nonrecurring [Member] | Significance Other Observable Inputs (Level 2) [Member] | ||||||
FAIR VALUE MEASUREMENTS [Line Items] | ||||||
Long-lived assets held and used | 0 | 0 | ||||
Nonrecurring [Member] | Significant unobservable inputs (Level 3) [Member] | ||||||
FAIR VALUE MEASUREMENTS [Line Items] | ||||||
Long-lived assets held and used | $ 117 | $ 632 |
FAIR VALUE MEASUREMENTS (Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | |||||
Impairment charge, long-lived assets held and used | ¥ 23,659 | $ 3,441 | ¥ 60,162 | ||
Assets Held-for used, Long Lived, Fair Value Disclosure | 7,885 | $ 1,147 | |||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | |||||
Fair value, long-lived assets held and used | 117 | ¥ 632 | 17 | $ 97 | |
Impairment charge, long-lived assets held and used | 7,768 | $ 1,130 | |||
Fair Value, Measurements, Nonrecurring [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | |||||
Fair value, long-lived assets held and used | ¥ 117 | $ 17 | |||
Level 3 [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | |||||
Long Lived Assets Measurement Input | 14 | 14 | |||
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | |||||
Fair value, long-lived assets held and used | $ 117 | $ 632 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2019 | Dec. 31, 2018 | Dec. 20, 2017 | |
Subsequent Event [Line Items] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||
Business Combination Consideration To be Transferred Among Least | 1) 20% of the total assets of Zhejiang Haiyang as of December 31, 2018 plus 20% of the audited net profit of Zhejiang Haiyang from January 1, 2019 to the completion day of the transaction, or 2) RMB170,000. | ||
Zhejiang Haiyang [Member] | Subsequent Events [Member] | |||
Subsequent Event [Line Items] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% | ||
Business Combination, Contingent Consideration Arrangements, Basis for Amount | 1) The evaluated total assets based on December 31, 2018*20% plus the audited net profit from January 1, 2019 to the completion day of the transaction*20%; 2) RMB170,000. |
EQUITY METHOD INVESTMENTS (Sche
EQUITY METHOD INVESTMENTS (Schedule of Equity Method Investments) (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
PTC GP Management LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Maximum voting percentage required to pass resolution | 50.00% |