Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2014 | |
Document And Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | FALSE |
Document Period End Date | 31-Dec-14 |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | FY |
Trading Symbol | CCM |
Entity Registrant Name | Concord Medical Services Holdings Ltd |
Entity Central Index Key | 1472072 |
Current Fiscal Year End Date | -19 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 134,836,300 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Current assets: | |||
Cash | $77,150 | 478,682 | 283,033 |
Restricted cash, current portion | 63,232 | 392,328 | 422,140 |
Accounts receivable (net of allowance of RMB3,091 and RMB2,281 (US$368) as of December 31, 2013 and 2014, respectively) | 42,712 | 265,010 | 313,909 |
Inventories | 481 | 2,986 | 19,717 |
Prepayments and other current assets (net of reserve of RMB9,292 and RMB1,522 (US$245) as of December 31, 2013 and 2014, respectively) | 28,570 | 177,267 | 111,480 |
Amounts due from related parties | 10,265 | ||
Net investment in direct financing leases, current portion | 23,185 | 143,853 | 128,814 |
Deferred tax assets, current portion | 573 | 3,556 | 10,652 |
Total current assets | 235,903 | 1,463,682 | 1,300,010 |
Non-current assets: | |||
Property, plant and equipment, net | 120,827 | 749,683 | 1,492,573 |
Goodwill | 292,885 | ||
Intangible assets, net | 9,871 | 61,243 | 116,843 |
Deposits for non-current assets (net of reserve of RMB26,552 and RMB26,552 (US$4,279) as of December 31, 2013 and 2014, respectively) | 16,305 | 101,166 | 76,669 |
Net investment in direct financing leases, non-current portion | 21,103 | 130,934 | 199,467 |
Deferred tax assets, non-current portion | 2,769 | 17,183 | 17,721 |
Equity method investments | 35,648 | 221,180 | 217,413 |
Other non-current assets | 8,525 | 52,892 | 86,847 |
Prepaid land lease payments | 8,305 | 51,529 | 140,201 |
Restricted cash, non-current portion | 17,703 | 109,840 | |
Indemnification assets | 59,518 | ||
Loan to a noncontrolling shareholder of a subsidiary | 93,410 | ||
Total non-current assets | 241,056 | 1,495,650 | 2,793,547 |
Total assets | 476,959 | 2,959,332 | 4,093,557 |
Current liabilities: | |||
Short-term bank borrowings | 51,918 | 322,128 | 487,964 |
Long-term bank borrowings, current portion | 39,686 | 246,233 | 273,310 |
Accounts payable | 171 | 1,064 | 149,209 |
Accrual for purchases of property, plant and equipment | 1,899 | 11,784 | 49,741 |
Accrued expenses and other liabilities | 20,983 | 130,193 | 146,489 |
Income tax payable | 9,050 | 56,151 | 48,201 |
Deferred revenue, current portion | 167 | 1,038 | 15,668 |
Amount due to related parties, current portion | 3,217 | ||
Deferred tax liabilities, current portion | 198 | 1,228 | 860 |
Total current liabilities | 124,072 | 769,819 | 1,174,659 |
Non-current liabilities: | |||
Long-term bank borrowings, non-current portion | 54,069 | 335,479 | 324,974 |
Deferred tax liabilities, non-current portion | 8,095 | 50,227 | 32,891 |
Accrued unrecognized tax benefits and surcharges, non-current portion | 67,719 | ||
Amounts due to related parties, non-current portion | 26,828 | ||
Other long-term liabilities | 604 | 3,749 | 32,769 |
Total non-current liabilities | 62,768 | 389,455 | 485,181 |
Total liabilities | 186,840 | 1,159,274 | 1,659,840 |
Commitments and contingencies | |||
Equity: | |||
Ordinary shares (par value of US$0.0001 per share; authorized shares-500,000,000; issued shares-142,353,532 as of December 31, 2013 and 2014; outstanding shares-134,836,300 and 134,836,300 as of December 31, 2013 and 2014, respectively) | 17 | 105 | 105 |
Treasury stock (7,517,232 and 7,517,232 as of December 31, 2013 and 2014, respectively) | -1 | -5 | -5 |
Additional paid-in capital | 334,288 | 2,074,125 | 2,520,338 |
Accumulated other comprehensive loss | -3,006 | -18,651 | -15,283 |
Accumulated deficit | -41,583 | -258,025 | -383,162 |
Total Concord Medical Services Holdings Limited shareholders' equity | 289,715 | 1,797,549 | 2,121,993 |
Noncontrolling interests | 404 | 2,509 | 311,724 |
Total equity | 290,119 | 1,800,058 | 2,433,717 |
Total liabilities and equity | $476,959 | 2,959,332 | 4,093,557 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | USD ($) | CNY | CNY |
Statement of Financial Position [Abstract] | |||
Accounts receivable, allowance | $368 | 2,281 | 3,091 |
Prepayments and other current assets | 245 | 1,522 | 9,292 |
Deposits for non-current assets | $4,279 | 26,552 | 26,552 |
Ordinary shares, par value per share | $0.00 | ||
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Ordinary shares, shares issued | 142,353,532 | 142,353,532 | 142,353,532 |
Ordinary shares, shares outstanding | 134,836,300 | 134,836,300 | 134,836,300 |
Treasury stock, shares | 7,517,232 | 7,517,232 | 7,517,232 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | CNY | CNY | CNY | |
Income Statement [Abstract] | ||||
Revenues, net of business tax, value-added tax and related surcharges | $97,813 | 606,883 | 563,124 | 455,651 |
Cost of revenues | -44,251 | -274,562 | -217,655 | -164,523 |
Gross profit | 53,562 | 332,321 | 345,469 | 291,128 |
Operating expenses: | ||||
Selling expenses | -15,327 | -95,096 | -104,667 | -53,911 |
General and administrative expenses | -8,635 | -53,576 | -84,506 | -61,106 |
Asset impairment | 0 | 0 | -3,360 | |
Other operating income | 9,185 | |||
Operating income | 29,600 | 183,649 | 156,296 | 181,936 |
Interest expense | -8,618 | -53,470 | -36,884 | -12,452 |
Foreign exchange (losses) gains, net | 1,545 | 9,585 | 784 | -117 |
Gain (loss) from disposal of property, plant and equipment | -637 | -3,955 | -1,235 | 4,432 |
Interest income | 3,418 | 21,208 | 9,828 | 5,853 |
Changes in fair value of derivative | 420 | 2,605 | ||
Equity pick up of equity investees | 2,242 | 13,911 | 13,470 | 1,790 |
Other (expenses) income, net | 341 | 2,113 | 2,010 | -307 |
Income from continuing operations before income tax | 28,311 | 175,646 | 144,269 | 181,135 |
Income tax expenses | -13,032 | -80,850 | -63,838 | -54,249 |
Net income from continuing operations | 15,279 | 94,796 | 80,431 | 126,886 |
Net income from discontinued operations | 4,106 | 25,476 | 10,765 | 7,594 |
Net income | 19,385 | 120,272 | 91,196 | 134,480 |
Net income (loss) attributable to noncontrolling interests | -715 | -4,437 | 5,303 | 3,649 |
Net income attributable to ordinary shareholders | 20,100 | 124,709 | 85,893 | 130,831 |
Earnings per share | ||||
Net income from continuing operations | $0.11 | 0.7 | 0.61 | 0.94 |
Net income from discontinued operations | $0.04 | 0.22 | 0.03 | 0.01 |
Basic | $0.15 | 0.92 | 0.64 | 0.95 |
Net income from continuing operations | $0.11 | 0.7 | 0.61 | 0.94 |
Net income from discontinued operations | $0.04 | 0.22 | 0.03 | 0.01 |
Diluted | $0.15 | 0.92 | 0.64 | 0.95 |
Weighted average number of shares outstanding: | ||||
Basic | 134,836,300 | 134,836,300 | 135,077,172 | 138,211,177 |
Diluted | 135,180,642 | 135,180,642 | 135,077,172 | 138,211,177 |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation | -543 | -3,368 | 1,672 | 640 |
Total other comprehensive income (loss), net of tax | -543 | -3,368 | 1,672 | 640 |
Comprehensive income | 18,842 | 116,904 | 92,868 | 135,120 |
Comprehensive income (loss) attributable to noncontrolling interests | -715 | -4,437 | 5,303 | 3,649 |
Comprehensive income attributable to Concord Medical Services Holdings Limited's shareholders | $19,557 | 121,341 | 87,565 | 131,471 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | CNY | CNY | CNY | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income from continuing operations | $15,279 | 94,796 | 80,431 | 126,886 |
Net income from discontinuing operations | 4,106 | 25,476 | 10,765 | 7,594 |
Adjustments to reconcile net income to net cash generated from operating activities: | ||||
Share-based compensation | 1,185 | 7,349 | 8,804 | 9,084 |
Depreciation of property, plant and equipment | 28,206 | 175,008 | 149,975 | 119,919 |
Amortization of intangible assets | 3,717 | 23,061 | 29,669 | 28,658 |
Amortization of prepaid land lease payments | 582 | 3,610 | 2,801 | 1,637 |
Share of net profit of equity investees | -2,242 | -13,911 | -15,521 | -1,790 |
Other noncash income | -2,681 | |||
Loss on disposal of property, plant and equipment, net | 582 | 3,610 | 1,235 | 1,072 |
Amortization of acquired executory contracts | -822 | -412 | ||
Deferred tax benefits | 3,756 | 23,307 | 3,361 | 1,869 |
Allowance for doubtful accounts, net | -1,452 | -9,010 | -12,966 | |
Asset impairment | 0 | 0 | 3,360 | |
Changes in fair value of derivatives | 420 | 2,605 | ||
Gain on disposal of CAH and WHT (note 4) | -6,203 | -38,487 | ||
Changes in operating assets and liabilities net of effects of acquisition and disposals: | ||||
Accounts receivable | 726 | 4,505 | -102,187 | 9,870 |
Prepayments and other current assets | -811 | -5,029 | 11,673 | -12,622 |
Inventories | 38 | 237 | -11,036 | -362 |
Amounts due from related parties | -545 | -3,384 | -9,058 | -650 |
Amounts due to related parties | -53 | -326 | -2,693 | 5,109 |
Other non-current assets | 5,840 | 36,234 | 7,025 | 2,889 |
Deposits for the purchases of land use rights | -27,427 | -25,451 | ||
Accounts payable | 5,043 | 31,288 | 48,646 | -6,966 |
Accrued expenses and other liabilities | 5,720 | 35,488 | 36,966 | -1,975 |
Deferred revenue | 1,796 | 11,146 | -4,362 | -2,842 |
Income tax payable | 3,610 | 22,397 | 23,024 | 1,610 |
Accrued unrecognized tax benefit | 9,736 | 60,411 | 17,764 | 8,675 |
Net cash generated from operating activities | 79,036 | 490,381 | 259,033 | 259,515 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchase of held to maturity securities | -30,000 | |||
Maturity of held to maturity securities | 30,000 | 100,466 | ||
Maturity of the time deposit | 50,372 | |||
Investments in equity method investees | -1,053 | -6,534 | -2,640 | -228,696 |
Acquisitions, net of cash acquired (note 4) | -223,403 | |||
Disposal net of cash disposed (note 4) | 45,151 | 280,142 | ||
Purchase of subsidiary shares from noncontrolling interests | -1,500 | |||
Acquisition of property, plant and equipment | -8,297 | -51,480 | -74,553 | -65,904 |
Deposits for the purchases of property, plant and equipment | -9,408 | -58,370 | -85,448 | -218,833 |
Refund of deposits for the purchase of property, plant and equipment | 11,357 | |||
Proceeds from disposal of property, plant and equipment | 4,477 | 27,779 | 6,500 | 4,707 |
Proceeds from principal portion of direct financing leases | 18,910 | 117,328 | 47,319 | 37,426 |
Net investment in direct financing leases | -7,058 | -43,794 | -59,289 | -115,425 |
Cash distribution from equity investees | 3,543 | 21,984 | 24,714 | |
Net cash (used in) generated from investing activities | 46,265 | 287,055 | -133,540 | -659,290 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from short-term bank borrowings | 1,451 | 9,000 | 190,692 | 258,083 |
Proceeds from long-term bank borrowings | 47,044 | 291,892 | 407,969 | 518,749 |
Repayment of obligations under capital leases | -1,381 | -8,567 | -2,117 | -3,354 |
Repayment of short-term bank borrowings | -17,820 | -110,569 | -79,246 | -2,000 |
Repayment of long-term bank borrowings | -44,050 | -273,310 | -302,058 | -112,554 |
Increase in restricted cash | -12,898 | -80,028 | -138,093 | -259,523 |
Dividends paid to ordinary shareholders | -73,101 | -453,562 | ||
Proceeds received from sales lease back | 7,414 | 46,000 | ||
Repurchase of ordinary shares | -6,015 | -43,469 | ||
Increase in loan to a noncontrolling interest of a subsidiary | -100,000 | |||
Repayment of loan from a noncontrolling shareholder of a subsidiary | 6,590 | |||
Net cash generated from (used in) financing activities | -93,341 | -579,144 | 77,722 | 255,932 |
Exchange rate effect on cash | -427 | -2,643 | 4,436 | 147 |
Net (decrease) increase in cash | 31,533 | 195,649 | 207,651 | -143,696 |
Cash at beginning of year | 45,617 | 283,033 | 75,382 | 219,078 |
Cash at end of year | 77,150 | 478,682 | 283,033 | 75,382 |
Supplemental schedule of cash flows information: | ||||
Income tax paid | -5,553 | -34,452 | -6,318 | -50,474 |
Interest paid (net of amounts capitalized) | -8,618 | -53,470 | -37,527 | -16,255 |
Supplemental schedule of non-cash activities: | ||||
Acquisition of property, plant and equipment and other intangible assets through utilization of deposits | 4,431 | 27,492 | 74,267 | 221,291 |
Acquisition of property, plant and equipment included in accrual for purchase of property, plant and equipment | 245 | 1,519 | 9,050 | |
Acquisition of net investment in financing lease through utilization of deposits | 27,940 | 52,881 | ||
Consideration of acquisition of CAH due to effective settlement of preexisting balance as the result of the business combination | 128,573 | |||
Contribution by the noncontrolling shareholder - JWYK of intangible assets | 4,900 | |||
Deposit for land use right transfer to land use right | 25,451 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity | Total | Total | Beijing Jinweiyikang Technology Co., Ltd. ("JWYK") [Member] | CAH [Member] | Ordinary shares [Member] | Ordinary shares [Member] | Treasury stock [Member] | Treasury stock [Member] | Additional paid-in capital [Member] | Additional paid-in capital [Member] | Additional paid-in capital [Member] | Accumulated other comprehensive loss [Member] | Accumulated other comprehensive loss [Member] | Accumulated deficit [Member] | Accumulated deficit [Member] | Noncontrolling interests [Member] | Noncontrolling interests [Member] | Noncontrolling interests [Member] | Noncontrolling interests [Member] |
In Thousands, except Share data | USD ($) | CNY | CNY | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | Beijing Jinweiyikang Technology Co., Ltd. ("JWYK") [Member] | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | Beijing Jinweiyikang Technology Co., Ltd. ("JWYK") [Member] | CAH [Member] |
CNY | CNY | CNY | |||||||||||||||||
Balance at Dec. 31, 2011 | 2,038,096 | 105 | -1 | 2,551,877 | -17,595 | -599,886 | 103,596 | ||||||||||||
Balance, shares at Dec. 31, 2011 | 141,403,597 | ||||||||||||||||||
Net income | 134,480 | 130,831 | 3,649 | ||||||||||||||||
Other comprehensive income | 640 | 640 | |||||||||||||||||
Share-based compensation | 9,084 | 9,084 | |||||||||||||||||
Share repurchase | -43,469 | -4 | -43,465 | ||||||||||||||||
Share repurchase, shares | -5,916,189 | ||||||||||||||||||
Acquisition of entity | 196,179 | 196,179 | |||||||||||||||||
Contributions by noncontrolling interests | 4,900 | 4,900 | |||||||||||||||||
Balance at Dec. 31, 2012 | 2,339,910 | 105 | -5 | 2,517,496 | -16,955 | -469,055 | 308,324 | ||||||||||||
Balance, shares at Dec. 31, 2012 | 135,487,408 | ||||||||||||||||||
Net income | 91,196 | 85,893 | 5,303 | ||||||||||||||||
Other comprehensive income | 1,672 | 1,672 | |||||||||||||||||
Share-based compensation | 8,804 | 8,804 | |||||||||||||||||
Share repurchase | -6,015 | -6,015 | |||||||||||||||||
Share repurchase, shares | -651,108 | ||||||||||||||||||
Contributions by noncontrolling interests | -1,850 | 53 | -1,903 | ||||||||||||||||
Balance at Dec. 31, 2013 | 2,433,717 | 105 | -5 | 2,520,338 | -15,283 | -383,162 | 311,724 | ||||||||||||
Balance, shares at Dec. 31, 2013 | 134,836,300 | ||||||||||||||||||
Net income | 19,385 | 120,272 | 124,709 | -4,437 | |||||||||||||||
Other comprehensive income | -543 | -3,368 | -3,368 | ||||||||||||||||
Share-based compensation | 7,349 | 7,349 | |||||||||||||||||
Dividends | -453,562 | -453,562 | |||||||||||||||||
Disposal of CAH and WHT (note 4) | -304,370 | -304,370 | |||||||||||||||||
Others | 20 | 428 | -408 | ||||||||||||||||
Balance at Dec. 31, 2014 | $290,119 | 1,800,058 | $17 | 105 | ($1) | -5 | $334,288 | 2,074,125 | ($3,006) | -18,651 | ($41,583) | -258,025 | $404 | 2,509 | |||||
Balance, shares at Dec. 31, 2014 | 134,836,300 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Accounting Policies [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. The Company and its subsidiaries are collectively referred to as the “Group”. | |||||||||||
The Group is principally engaged in the leasing of radiotherapy and diagnostic imaging equipment, the provision of management services to hospitals. During the year ended December 31, 2014, the operations of Chang’an Hospital (“CAH”) and Xi’an Wanjie Huaxiang Medical Technology Development (“WHT”) have been classified as discontinued operations upon the disposal (note 4). | |||||||||||
The Group develops and operates its business through its subsidiaries. Details of the Company’s subsidiaries as of December 31, 2014 are as follows: | |||||||||||
Company | Date of establishment | Place of establishment | Percentage of | Principal activities | |||||||
ownership by | |||||||||||
the Company | |||||||||||
Ascendium Group Limited (“Ascendium”) | September 10, 2007 | British Virgin Islands (“BVI”) | 100 | % | Investment holding | ||||||
Our Medical Services Limited (“OMS”) | 22-Aug-96 | BVI | 100 | % | Investment holding | ||||||
Medstar Oversea Ltd. (“Medstar Overseas”) | September 22, 2011 | BVI | 100 | % | Investment holding | ||||||
US Proton Therapy Holdings Limited (“Proton BVI”) | 16-May-11 | BVI | 100 | % | Investment holding | ||||||
US Proton Therapy Holdings Limited (“US Proton”) | 29-Jun-11 | United States of America | 100 | % | Investment holding | ||||||
Concord Medical Services (International) Pte. Ltd. (“China Medstar”) (formerly known as China Medstar Pte. Limited) | 8-Aug-03 | Singapore | 100 | % | Investment holding | ||||||
Cyber Medical Networks Limited (“Cyber”) | 26-May-06 | Hong Kong | 100 | % | Investment holding | ||||||
China Medical Services (Holdings) Limited (“CMS Holdings”) | 18-Jul-08 | Hong Kong | 100 | % | Investment holding | ||||||
King Cheers Holdings Limited (“King Cheers”) | 18-May-01 | Hong Kong | 100 | % | Investment holding | ||||||
Shenzhen Aohua Medical Technology and Services Co., Ltd (“AMT”) (AMT merged from formerly known as Shenzhen Aohua Medical Leasing & Services Limited (“AML”) and Shenzhen Aohua Medical Services Co., Ltd (“AMS”)) | 21-Feb-08 | PRC | 100 | % | Leasing of medical equipment and provision of management services | ||||||
Medstar (Shanghai) Leasing Co., Ltd. (“MSC”) | 21-Mar-03 | PRC | 100 | % | Leasing of medical equipment and provision of management services | ||||||
CMS Hospital Management Co., Ltd. (“CHM”) | July 23, 2008 | PRC | 100 | % | Provision of management services | ||||||
Beijing Yundu Internet Technology Co., Ltd. (“Yundu”) | 26-Jul-07 | PRC | 100 | % | Provision of management services | ||||||
Tianjin Kangmeng Radiology Equipment Management Co., Ltd. (“TKM”) | April 22, 2010 | PRC | 100 | % | Leasing of medical equipment and provision of management services | ||||||
Guangzhou Jinkangshenyou Investment Co., Ltd. (“JKSY”) | 12-Aug-10 | PRC | 100 | % | Leasing of medical equipment | ||||||
Guangzhou Concord Medical Cancer Hospital Co., Ltd (“GZ Proton”) | 29-Jun-11 | PRC | 70 | % | Medical technology research and development, and provision of management and consulting services. | ||||||
Beijing Jinweiyikang Technology Co., Ltd. (“JWYK”) | 26-Apr-12 | PRC | 100 | % | Medical information and technology services | ||||||
CCM (Hong Kong) Medical Investments Limited (“CCM (HK)”) | 3-Jun-13 | Hong Kong | 100 | % | Investment holding | ||||||
CMS Radiotherapy Holdings Limited (“CMS (USA)”) | 13-Aug-13 | United States of America | 100 | % | Investment holding | ||||||
Shenzhen Concord Medical Investment Limited (“SZ CMS”) | January 10, 2014 | PRC | 100 | % | Investment holding | ||||||
Shanghai Concord Oncology Hospital Limited (“SHC”) | 17-Mar-14 | PRC | 100 | % | Group’s medical treatmentand service business | ||||||
Global Medical Imaging (HongKong) Limited. (“GMI”) | May 26, 2014 | Hong Kong | 100 | % | Investment holding | ||||||
Allcure Medical Holdings Limited (“Allcure”) | 29-Jul-14 | BVI | 100 | % | Investment holding | ||||||
Datong Meizhong Jiahe Cancer Center (“DTMZ”) | October 23, 2014 | PRC | 100 | % | Group’s medical treatmentand service business | ||||||
The Company was incorporated under the laws of the Cayman Islands on November 27, 2007. | |||||||||||
On December 16, 2009, the Company completed its initial public offering of 12,000,000 American Depositary Shares (“ADSs”) at US$11.0 per ADS. Each ADS comprises three ordinary shares of the Company. The net proceeds to the Company from the offering amounted to approximately RMB813,938 (US$119,211), net of underwriter commission and issuance costs. | |||||||||||
GZ Proton was incorporated by the Group and a third party on June 29, 2011, for purposes of expanding the Group’s business of medical technology research and development as well as provision of management and consultant services. The Group held 90% equity interest in GZ Proton upon incorporation. On June 6, 2013, 20% of equity interest in GZ Proton held by the Group was transferred to an independent third party in exchange for the services to be provided to GZ Proton when GZ Proton commences operations. Up to December 31, 2014, no services have been rendered as GZ Proton has not commenced operations. | |||||||||||
On April 26, 2012, the Group and a third party set up JWYK, for purposes of expanding the Group’s business of medical information and technology services. The Group held 51% of the equity interest in JWYK upon incorporation. On June 28, 2013, the Group acquired the remaining 49% equity interest in JWYK with a consideration of a fixed amount of RMB1,850 plus a contingent amount of RMB3,150 which is payable up to three years after incorporation subject to the achievement of certain conditions. As at December 31, 2014, the conditions have not been fulfilled. | |||||||||||
On December 18, 2014, the Group sold its 52% equity interest in CAH and WHT to Datang Healthcare Corporation Limited (“Datang”), a Hong Kong company, at a total consideration of RMB397,923 (US$64,134) (note 4). |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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, contingent business acquisition consideration, contingent consideration of acquisition of noncontrolling interests, revenue recognition, allowance for doubtful accounts, asset impairment, 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 the valuation of derivative instruments. 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 and its subsidiaries. All transactions and balances between the Company and its subsidiaries have been eliminated upon consolidation. | |||||||||
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. The functional currency of the Company and its subsidiaries, Ascendium, CMS Holdings, OMS, Cyber, China Medstar, King Cheers, Medstar Overseas, Proton BVI, CCM (HK), US Proton, CMS (USA), Allcure and GMI is the United States dollar (“US$”). The Company and the subsidiaries whose functional currency is the US$ 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 income. | |||||||||
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 RMB6.2046 to US$1.00 on December 31, 2014 as published on the website of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. | |||||||||
Business combination | |||||||||
The Company accounts for business combinations using the purchase method of accounting in accordance with ASC 805. ASC 805 requires the Company to recognize separately from goodwill the assets acquired, the liabilities assumed and the noncontrolling interest at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition date fair values of the assets acquired and the liabilities assumed. In cases where the Company acquires less than 100% ownership interest, the Company will derive the fair value of the acquired business as a whole, which will typically include a control premium and subtract the consideration transferred by the Company for the controlling interest to identify the fair value of the noncontrolling interest. In addition, the share purchase agreements entered into may contain contingent consideration provisions obligating the Group to pay additional purchase consideration, upon the acquired business’s achievement of certain agreed upon operating performance based milestones. Under ASC 805, these contingent consideration arrangements are required to be recognized and measured at fair value at the acquisition date as either a liability or as an equity instrument, with liability instruments being required to be remeasured at each reporting period through the Company’s statements of comprehensive income until such time as to when the contingency is resolved. | |||||||||
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. | |||||||||
Cash | |||||||||
Cash includes cash deposits with original maturities of less than three months, which are unrestricted as to withdrawal and use. | |||||||||
Restricted cash | |||||||||
Short-term and long-term restricted cash represent collateral required to be maintained pursuant to contractual financing arrangements the Group has entered into with certain financial institutions (note 5). | |||||||||
Equity method investments | |||||||||
Investments in less-than-majority-owned investees over which the Group has significant influence are accounted for under the equity method of accounting in accordance with ASC 323, Investments-Equity Method and Joint Venture (“ASC 323”), which requires equity investments be carried at original cost adjusted for the proportionate share of the investees’ income, losses and distributions. The share of net profit of equity investee includes the effect of basis difference between the carrying value of the investments and the Group’s share of the underlying assets of the investee. An interest in a limited partnership is also accounted for using the equity method of accounting as described in ASC 323, unless the limited partner’s interest is so minor that the Company may have virtually no influence over partnership operating and financial policies. The Group assesses the carrying value of equity investments when an indicator of a loss in value is present and records a loss in value of the investment when the assessment indicates that another-than-temporary decline in the investment exists. | |||||||||
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 collectibility of accounts receivable of each customer on a specific identification basis. At the time when the Group is aware of circumstances that may impair a specific customer’s ability to meet its financial obligations subsequently, 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 (“ASC 840”), leases for a lessee are classified at the inception date as either a capital lease or an operating lease. The Company assesses a lease to be a capital lease if any of the following conditions exist: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the property’s estimated remaining economic life or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. A capital lease is accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease. The capital lease obligation reflects the present value of future rental payments, discounted at the appropriate interest rates. The cost of the asset is amortized over the lease term. However, if ownership is transferred at the end of the lease term, the cost of the asset is amortized as set out under the property, plant and equipment, net section of this note. | |||||||||
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 | 38 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 income. | |||||||||
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. Total interest costs incurred and capitalized during the years ended December 31, 2012, 2013 and 2014 amounted to RMB5,599, RMB2,496 and nil, respectively. | |||||||||
Goodwill | |||||||||
Goodwill represents the excess of the purchase price over the estimated fair value of net tangible and identifiable intangible assets acquired. In accordance with ASC 350, Intangibles, Goodwill (“ASC 350”), goodwill amounts are not amortized, but rather are tested for impairment at least annually or more frequently if there are indicators of impairment present. | |||||||||
In accordance with ASC 350, the Group assigns and assesses 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, 2014, goodwill was derecognized as a result of the disposal of CAH. | |||||||||
Intangible assets, net | |||||||||
Intangible assets relate to customer relationships, operating leases, medical insurance coverage and radiotherapy permits that are not considered to have an indefinite useful life. These intangible assets are amortized on a straight line basis over the economic life. 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 medical insurance coverage as an approved healthcare provider is issued by the medical insurance authority, based on which the hospital can join in the medical insurance network and can be reimbursed by the medical insurance authority for medical services provided to the patients who have been covered by medical insurance included in social insurance or other contribution, which is amortized over the remaining business license period. A radiotherapy permit is a legal license issued by the government for deploying and operating radiotherapy equipment in a hospital and the economic life of this license is assessed to be the estimated remaining useful life of the corresponding radiotherapy equipment. | |||||||||
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 49 years. | |||||||||
Impairment of long-lived assets and acquired intangibles | |||||||||
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. | |||||||||
For the year ended December 31, 2012, the Company recorded impairment on deposits for non-current assets amounting to RMB3,360, which is included in the caption of “Asset impairment” in the consolidated statements of comprehensive income. No impairment of long-lived assets and acquired intangibles was recorded for the years ended December 31, 2013 and 2014. | |||||||||
Treasury stock | |||||||||
The Company has share repurchase programs where the shares are acquired and subject to cancellation. Cost of the Company’s shares acquired is treated as a deduction from shareholders’ equity. Upon cancellation, any excess purchase price over par value is charged directly to additional paid-in capital. | |||||||||
Fair value of financial instruments | |||||||||
The carrying amounts of the Group’s financial instruments, including cash, restricted cash, accounts receivable, balances with related parties, accounts payable, and other liabilities approximate fair value because of their short maturities. The carrying amounts of the Group’s short-term and long-term bank borrowings and loan to a noncontrolling shareholder of a subsidiary mostly bear interest at floating rates and therefore approximate the fair value of these obligations. For those bank borrowings 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. Derivative financial instruments were recognized at fair value at the end of each reporting period with the adjustment in its fair value recognized in profit or loss. The Company, with the assistance of an independent third party valuation firm, determined the estimated fair value of its derivative financial instruments that are recognized in the consolidated financial statements. | |||||||||
Cash falls into level 1 of the fair value hierarchy while the other financial assets and liabilities fall into level 2 of the fair value hierarchy. | |||||||||
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. | |||||||||
Discontinued operations | |||||||||
The Group early adopted ASU2014-08 Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity for the year ended December 31, 2014, pursuant to which, when a component of an entity has been disposed of and the component represents a strategic shift that has or will have a major effect on an entity’s operations and financial results, the results of its operations should be classified as discontinued operations in the consolidated statement of comprehensive income (loss) for all periods presented. | |||||||||
Revenue recognition | |||||||||
The majority of the Group’s revenues are derived directly from hospitals that enter into medical equipment lease and management service arrangements with the Group. To a lesser extent, revenues are generated from stand-alone management service arrangements where a hospital has previously acquired the equipment from the Company or through another vendor or sale of medical equipment. | |||||||||
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 hospital, 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 Group enters into both leases and management service arrangements with independent hospitals consisting of terms that range from 5 to 20 years. Pursuant to these arrangements, the Group receives a portion of the profit, based on the profit sharing formula as defined in the arrangements, of the hospital unit that delivers the diagnostic imaging and/or radiation oncology services. | |||||||||
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 element. The arrangement consideration should be allocated between the lease element and the non-lease deliverables on a relative fair value basis, however because all of the consideration is earned through the contingent rent feature discussed below, there is no impact of such allocation. | |||||||||
ASC 840 is applied to the lease elements of the arrangement and U.S. Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin No. 104 (“SAB 104”) is applied to other elements of the arrangement not within the scope of ASC 840. Revenue not within the scope of ASC 840 is recognized when there is persuasive evidence of an arrangement, the fee is fixed or determinable, collectability is reasonably assured and the delivery of the medical equipment or services has occurred. | |||||||||
The lease rentals and management service receivable under the lease arrangement are based entirely on a profit sharing formula (“contingent rent feature”). The profitability of the business unit is not only dependent on the medical equipment placed at the hospital, but also the hospital’s ability to manage the costs and appoint doctors and clinical staff to operate the equipment. Certain of the lease and management service arrangements may include a transfer of ownership or bargain purchase option at the end of the lease term. Due to the length of the lease term, the collectability of these minimum lease payments is not considered reasonably predictable and there are also inherent uncertainties regarding the future costs to be incurred by the Group relating to the arrangement. Given these uncertainties, the Group accounts for all of these lease arrangements as operating leases. | |||||||||
As the collectability of the minimum lease rental is not considered predictable, and the remaining rental is considered contingent, the Group recognizes revenue when a lease payment under the arrangement becomes fixed, i.e. when the profit share under the arrangement is determined and agreed upon by both parties to the agreement. Similarly, for the service element of the arrangement, revenue is only considered determinable at the time a payment under the arrangement becomes fixed, i.e. when the profit share under the arrangement is determined and agreed upon by both parties. Revenue is recognized when it is determined that the basic criteria, referred to above, have also been met. | |||||||||
For the years ended December 31, 2012, 2013 and 2014, the revenue from lease and management services amounted to RMB412,330, RMB498,556 and RMB511,591 (US$82,453), respectively. | |||||||||
ii. | Management services and technical services | ||||||||
The Group provides stand-alone management services to certain hospitals which are already in possession of radiotherapy and diagnostic equipment and stand-alone technical services to certain hospitals. Management services typically include the provision of diagnosis and treatment techniques, experts support, advertising and promotion as well as comprehensive operational management. Technical services mainly include services related to the maintenance and upgrade of leasing equipment. The fees for management services and technical services are either based on a contracted percentage of monthly revenue generated by the specified hospital unit (“revenue share”) or in limited instances on a fixed monthly fee. Fixed monthly fees are recognized ratably over the service term. The consideration that is based on a revenue share arrangement is recognized when the monthly fees under the arrangement are determined and agreed upon by both parties to the agreement. Fixed monthly fees are recognized ratably over the service term. | |||||||||
For the years ended December 31, 2012, 2013 and 2014, revenue from management services amounted to RMB11,874, RMB15,723 and RMB37,713 (US$6,078), respectively. For the years ended December 31, 2012, 2013 and 2014, the revenue from technical services amounted to RMB10,178, RMB13,243 and RMB20,777 (US$3,349), respectively. | |||||||||
iii. | Direct financing lease income | ||||||||
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. During the years ended December 31, 2012, 2013 and 2014, the Company had financing lease income of RMB19,748, RMB33,639 and RMB29,250 (US$4,714), net of taxes, respectively. | |||||||||
iv. | Medical equipment sales | ||||||||
Pursuant to the application of ASC 605, Revenue Recognition (“ASC 605”), the Group records revenue related to medical equipment sales on a net basis when the equipment is delivered to the customer and the sales price is determinable. During the years ended December 31, 2012, 2013 and 2014, the Company had medical equipment sales of RMB1,520, RMB1,963 and RMB7,552 (US$1,217), respectively. | |||||||||
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 equipment sales | |||||||||
Cost of equipment sales, recorded net against the related revenue, includes the cost of the equipment purchased and other direct costs involved in the equipment sales. | |||||||||
Advertising expenditure | |||||||||
Advertising costs are expensed when incurred and are included in selling expenses in the consolidated statements of comprehensive income. For the years ended December 31, 2012, 2013 and 2014, the advertising expenses were RMB5,790, RMB7,679, and RMB6,680(US$1,077), 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 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. | |||||||||
Share-based compensation | |||||||||
The Group’s employees participate in the Company’s share-based scheme which is discussed in more detail under note 23. Share-based awards granted to employees are accounted for under ASC 718, Compensation-Stock Compensation (“ASC 718”). | |||||||||
In accordance with ASC 718 , the Company determines whether a share option should be classified and accounted for as a liability award or equity award. All grants of share-based awards to employees classified as equity awards are recognized in the financial statements based on their grant date fair values which are calculated using an option pricing model. The Group has elected to recognize compensation expense using the straight-line method for all share options granted with graded vesting based on service conditions. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards are reversed. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Share-based compensation expense is recorded net of estimated forfeitures such that expense is recorded only for those share-based awards that are expected to vest. | |||||||||
Income per share | |||||||||
Income per share is computed in accordance with ASC 260, Earnings Per Share (“ASC 260”). Basic income per ordinary share is computed by dividing income attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period. Diluted income per share for continuing operations is calculated by dividing net profit from continuing operations attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Diluted income per share for discontinued operations is then calculated by dividing net profit from discontinued operations attributable to ordinary shareholders by the same number of potential ordinary shares determined in the earlier step. Ordinary equivalent shares consist of the ordinary shares issuable upon the conversion of the share based awards, using the treasury stock method and the ordinary shares issuable upon the conversion of convertible debt instruments, using if-converted method. Ordinary share equivalents are excluded from the computation of diluted per share if their effects would be anti-dilutive. | |||||||||
Comprehensive income (loss) | |||||||||
Comprehensive income (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 income (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 income includes net income and foreign currency translation adjustments and is presented in the consolidated statement of comprehensive income. | |||||||||
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 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. The fair value of the derivative instruments held by the Company was RMB33,663(US$5,425) as at December 31, 2014. | |||||||||
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 reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. For the years ended December 31, 2012 and 2013, the Group’s CODM evaluates segment performance based on revenues and profit by the network and hospital segments. After the disposal of CAH and WHT on December 18, 2014, which is presented as discontinued operations in the financial statements, the Group has only one reporting segment for network. Substantially all of the Group’s revenue and long lived assets (mainly include property, plant and equipment) are derived from the PRC. | |||||||||
Recent accounting pronouncement | |||||||||
In April 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”). The new guidance changes the criteria for reporting discontinued operations while enhancing disclosures in this area. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Additionally, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. ASU 2014-08 is effective for the Company in the first quarter of fiscal 2015. The Company has early adopted the standard in the year ended December 31, 2014. | |||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers. ASU 2014-09 supersedes the revenue recognition requirements in ASC 605, and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently in the process of evaluating the impact of the adoption of ASU 2014-09 on the consolidated financial statements. | |||||||||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The guidance requires an entity to evaluate whether there are conditions or events, in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and to provide related footnote disclosures in certain circumstances. The guidance is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s consolidated financial statements. |
Concentration_of_Risks
Concentration of Risks | 12 Months Ended | |
Dec. 31, 2014 | ||
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 and advances made to suppliers and 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, 2014, substantially all of the Group’s cash and restricted cash were deposited in financial institutions located in the PRC and in Hong Kong, 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 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 23%, 24% and 23% for the years ended December 31, 2012, 2013 and 2014, 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 contingent fees received based on variables 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 is sourced from its five largest suppliers who collectively accounted for 73%, 79% and 86% of total medical equipment purchases of the Group for the years ended December 31, 2012, 2013 and 2014, respectively. Failure to develop or maintain the relationships with these suppliers may cause the Group not able to identify other suppliers timely in order to expand its business with new hospitals. Any disruption in the supply of medical equipment to the Group may adversely affect the Group’s business, financial condition and results of operations. | ||
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. |
Acquisitions_and_Disposals
Acquisitions and Disposals | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Acquisitions and Disposals | 4 | ACQUISITIONS AND DISPOSALS | |||||||||||||||
For the year ended December 31, 2012 | |||||||||||||||||
Acquisition of CAH | |||||||||||||||||
As a part of the Group’s business expansion strategy to expand into hospital services in the PRC, on June 21, 2012, the Company, through its wholly owned subsidiaries MSC and Cyber, purchased 52% equity interest of CAH, a private general hospital located in the City of Xi’an, through capital injection into CAH, for a total cash consideration of RMB248,784. The cash consideration was net of the pre-existing receivables of RMB128,573, which were effectively settled between the Group and CAH upon acquisition and pre-existing favorable agreements to the Company with a fair value of RMB1,248. | |||||||||||||||||
RMB | |||||||||||||||||
Purchase consideration | 378,605 | ||||||||||||||||
Cash | 248,784 | ||||||||||||||||
Pre-existing receivables from CAH | 128,573 | ||||||||||||||||
Pre-existing favorable agreements | 1,248 | ||||||||||||||||
RMB | |||||||||||||||||
Purchase consideration | 378,605 | ||||||||||||||||
Current assets | 72,188 | ||||||||||||||||
Indemnification assets | 61,706 | ||||||||||||||||
Intangible assets | 40,000 | ||||||||||||||||
Other long lived assets (excluding intangible assets) | 421,598 | ||||||||||||||||
Current liabilities | (186,484 | ) | |||||||||||||||
Unrecognized tax benefits, non current | (61,706 | ) | |||||||||||||||
Non-current liabilities | (56,439 | ) | |||||||||||||||
Deferred tax assets | 17,299 | ||||||||||||||||
Deferred tax liabilities | (26,263 | ) | |||||||||||||||
Total net assets | 281,899 | ||||||||||||||||
Noncontrolling interests | (196,179 | ) | |||||||||||||||
Goodwill | 292,885 | ||||||||||||||||
There were pre-existing agreements between the Group and CAH as at the acquisition date. There were no terms of settlement provision in these agreements. The Group recognized a gain from the settlement of these pre-existing agreements with its acquisition date fair value and concurrently adjusted the consideration of the business combination by RMB1,248. The gain from the settlement of the pre-existing agreements was recorded in the “other operating income” in the consolidated statements of comprehensive income. | |||||||||||||||||
As at the acquisition date, the Group had outstanding balances due from CAH of RMB128,573. Meanwhile, CAH had the corresponding RMB128,573 payables to the Group. The consideration transferred for the business combination was adjusted by the previously recognized amount which was effectively settled upon acquisition and there was no impact to the consolidated statements of comprehensive income or goodwill account. | |||||||||||||||||
The valuation used in the purchase price allocation described above was determined by the Company with the assistance of an independent third party valuation firm. The valuation report utilizes and considers generally accepted valuation methodologies including the income, market and cost approaches. | |||||||||||||||||
The Company has evaluated the fair value of the acquired intangible assets and has assigned the following value and the estimated useful lives to those intangible assets: medical insurance coverage qualification of RMB30,000 with a 10-year estimated useful life, which is based on CAH’s remaining business license period and radiotherapy permits of RMB10,000 with a 7-year estimated useful life, which is based on the remaining estimated useful lives of radiotherapy equipment. | |||||||||||||||||
Pursuant to the terms of the acquisition, New Chang’an, the sole shareholder of CAH before the acquisition and noncontrolling shareholder after the acquisition, made an undertaking that it would be responsible for tax liabilities of CAH arising from the period before the acquisition. Such indemnification assets were recognized at the same time that the Group recognized the indemnified item of tax liabilities, measured on the same basis as such liabilities, subject to the need for a valuation allowance for uncollectible amounts. | |||||||||||||||||
The tax liabilities, related to uncertain tax positions in CAH up to the acquisition date, amounted to RMB61,706, mainly arising from the deductibility of certain losses claimed in the previous tax filings. In March 2013, CAH submitted documentation related to claims amounting to RMB174,576 (tax effected amount of RMB43,644) to the local tax bureau with respect to losses incurred in 2011 prior to acquisition. As of December 31, 2013, the local tax bureau has accepted the claim stated in the application and approved RMB with the remaining RMB pending approval. Accordingly, the indemnification assets decreased to RMB59,518 as at December 31, 2013. | |||||||||||||||||
Based on the acquisition agreement, a “Put Option” was issued by New Chang’an pursuant to which the Company could put all its equity interests in CAH to New Chang’an with a consideration which should be not less than the original cost, including the consideration of the acquisition of WHT in 2010. This Put Option will expire after 39 months from the date on which the Company legally becomes a shareholder of CAH. Although the Put Option is an embedded feature, the Put Option is not able to be net settled to qualify as a derivative in accordance with ASC815-10-15-83, therefore the Put Option was not bifurcated. | |||||||||||||||||
The goodwill which is not tax deductible is primarily attributable to synergies expected to be achieved from the acquisition. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition date fair values of the assets acquired, the liabilities assumed and the noncontrolling interest. The goodwill arising from the acquisition of CAH was assigned to the hospital segment and there was no impairment in the amount of goodwill resulting from the acquisition of CAH. | |||||||||||||||||
The Group derived the fair value of the acquired business as a whole, which included a control premium and subtract the consideration transferred by the Group for the controlling interest to identify the fair value of the noncontrolling interest. There were no significant acquisition related costs. | |||||||||||||||||
For the year ended December 31, 2014 | |||||||||||||||||
Disposal of CAH and WHT | |||||||||||||||||
In 2014, the Group decided to exercise the Put Option and to sell CAH and WHT to New Chang’an. On December 3, 2014, the Group entered into a share transfer agreement with Datang Healthcare Corporation Limited (“Datang”), a related company of New Chang’an and independent of the Group, pursuant to which, the Group sold and Datang acquired, the Group’s 52% equity interests in CAH and WHT at a consideration of RMB248,311(US$40,020) and RMB149,612(US$24,114), respectively. The disposal was completed on December 18, 2014. The Group received RMB317,470(US$51,167) and RMB80,453(US$12,967) of the consideration in December 2014 and January 2015, respectively. | |||||||||||||||||
The disposal of CAH and WHT represent a strategic shift that has a major effect on the Group’s operations and financial results. According to ASU2014-08, the financial results of CAH and WHT have been accounted for as discontinued operations whereby the results of operations of CAH and WHT have been excluded from the results of continuing operations and reported as discontinued operations for all periods presented. | |||||||||||||||||
The breakdown of assets and liabilities attributed to discontinued operations as of December 18, 2014 (the date of disposal), are as follows: | |||||||||||||||||
RMB | US$ | ||||||||||||||||
Current assets | 122,280 | 19,708 | |||||||||||||||
Property, plant and equipment, net | 620,883 | 100,068 | |||||||||||||||
Goodwill | 292,885 | 47,204 | |||||||||||||||
Acquired intangible assets, net | 28,929 | 4,663 | |||||||||||||||
Prepaid land lease payments | 85,061 | 13,710 | |||||||||||||||
Indemnification assets, non-current portion | 59,518 | 9,593 | |||||||||||||||
Loan to a non-controlling shareholder | 72,609 | 11,702 | |||||||||||||||
Other non-current assets | 40,651 | 6,552 | |||||||||||||||
Current liabilities | (483,969 | ) | (78,002 | ) | |||||||||||||
Non-current liabilities | (175,041 | ) | (28,211 | ) | |||||||||||||
Non-controlling interests | (304,370 | ) | (49,056 | ) | |||||||||||||
Net assets disposed | 359,436 | 57,931 | |||||||||||||||
As a result of the disposal, the Group recognized a gain on the disposal of CAH and WHT of RMB38,487(US$6,203) as summarized below: | |||||||||||||||||
RMB | US$ | ||||||||||||||||
Consideration | 397,923 | 64,134 | |||||||||||||||
Disposition of net assets | 359,436 | 57,931 | |||||||||||||||
Gain on disposal of CAH and WHT | 38,487 | 6,203 | |||||||||||||||
Reconciliation of the major line items of CAH and WHT to net income from discontinued operations that are presented in the consolidated statement of comprehensive income is as follows: | |||||||||||||||||
For the years ended December 31 | |||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Revenues | 206,698 | 417,511 | 489,787 | 78,939 | |||||||||||||
Cost of revenues | (172,681 | ) | (369,295 | ) | (435,785 | ) | (70,236 | ) | |||||||||
Selling, general and administrative expenses | (10,648 | ) | (23,782 | ) | (20,210 | ) | (3,257 | ) | |||||||||
Interest expense | (3,804 | ) | (10,143 | ) | (11,519 | ) | (1,857 | ) | |||||||||
Other (expenses) income | (4,035 | ) | 8,517 | 10,259 | 1,654 | ||||||||||||
Gain on disposal | — | — | 38,487 | 6,203 | |||||||||||||
Income tax expense | (7,936 | ) | (12,043 | ) | (45,543 | ) | (7,340 | ) | |||||||||
Net income from discontinued operations | 7,594 | 10,765 | 25,476 | 4,106 | |||||||||||||
Net income (loss) attributable to noncontrolling interests | 5,741 | 6,625 | (4,291 | ) | (692 | ) | |||||||||||
Net income attributable to ordinary shareholders | 1,853 | 4,140 | 29,767 | 4,798 | |||||||||||||
The following table summarizes cash flows from discontinued operations for the periods presented: | |||||||||||||||||
For the Years Ended December 31 | |||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Net cash generated from operating activities | 93,136 | 85,867 | 61,372 | 9,891 | |||||||||||||
Net cash used in investing activities | (109,126 | ) | (46,461 | ) | (43,420 | ) | (6,998 | ) | |||||||||
Net cash (used in) generated from financing activities | (5,467 | ) | (38,153 | ) | 10,627 | 1,713 | |||||||||||
Cash acquired in acquisition of CAH in 2012 | 28,939 | — | — | — | |||||||||||||
Net increase in cash | 7,482 | 1,253 | 28,579 | 4,606 | |||||||||||||
Cash at beginning of the year | 13 | 7,495 | 8,748 | 1,410 | |||||||||||||
Cash at end of the year | 7,495 | 8,748 | 37,327 | 6,016 | |||||||||||||
Restricted_Cash
Restricted Cash | 12 Months Ended | |
Dec. 31, 2014 | ||
Cash and Cash Equivalents [Abstract] | ||
Restricted Cash | 5 | RESTRICTED CASH |
Restricted cash includes bank deposits that are required under the Company’s borrowing arrangements to be kept as part of the security pursuant to the respective loan agreements. The current and non-current restricted cash amounted to RMB422,140 and RMB502,168 (US$80,935), as of December 31, 2013 and 2014 respectively, based on the classification of the underlying bank borrowings (see note 16). |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Receivables [Abstract] | |||||||||||||||||
Accounts Receivable | 6 | ACCOUNTS RECEIVABLE | |||||||||||||||
As at December 31, | |||||||||||||||||
2013 | 2014 | 2014 | |||||||||||||||
RMB | RMB | US$ | |||||||||||||||
Accounts receivable | 317,000 | 267,291 | 43,080 | ||||||||||||||
Allowance for doubtful accounts | (3,091 | ) | (2,281 | ) | (368 | ) | |||||||||||
Accounts receivable, net | 313,909 | 265,010 | 42,712 | ||||||||||||||
For the Years Ended December 31, | |||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Movement in allowance for doubtful accounts: | |||||||||||||||||
Balance at beginning of the year | 16,057 | 3,091 | 3,091 | 498 | |||||||||||||
Provisions for the year | — | — | 700 | 113 | |||||||||||||
Written back during the year | (12,966 | ) | — | (1,510 | ) | (243 | ) | ||||||||||
Balance at end of the year | 3,091 | 3,091 | 2,281 | 368 | |||||||||||||
Provisions are charged directly to the statement of comprehensive income. The related expense is included in the caption “general and administrative expense” in the consolidated statements of comprehensive income. | |||||||||||||||||
Accounts receivable with carrying value of RMB49,481 and RMB76,333 (US$12,303) were used to secure bank borrowings of RMB136,626 and RMB137,942 (US$22,232) as at December 31, 2013 and 2014, respectively (note 16). |
Prepayments_and_Other_Current_
Prepayments and Other Current Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||
Prepayments and Other Current Assets | 7 | PREPAYMENTS AND OTHER CURRENT ASSETS | |||||||||||
Prepayments and other current assets consist of the following: | |||||||||||||
As at December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Prepayments to suppliers | 1,141 | 317 | 51 | ||||||||||
Due from suppliers* | 65,181 | 58,357 | 9,405 | ||||||||||
Advances to hospitals** | 21,476 | 4,473 | 721 | ||||||||||
Advances to employees*** | 10,825 | 10,154 | 1,637 | ||||||||||
Deferred costs | 6,200 | — | — | ||||||||||
Consideration receivable for disposal of CAH and WHT | — | 80,453 | 12,967 | ||||||||||
Others | 15,949 | 25,035 | 4,035 | ||||||||||
120,772 | 178,789 | 28,816 | |||||||||||
Reserve for unrecoverable deposits | (9,292 | ) | (1,522 | ) | (245 | ) | |||||||
111,480 | 177,267 | 28,570 | |||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Movement in reserve for unrecoverable deposits: | |||||||||||||
Balance at beginning of the year | 10,270 | 9,292 | 1,498 | ||||||||||
Provisions for the year | 1,533 | 1,324 | 213 | ||||||||||
Write off of provisions | (1,533 | ) | (9,524 | ) | (1,535 | ) | |||||||
Foreign currency translation | (978 | ) | 430 | 69 | |||||||||
Balance at end of the year | 9,292 | 1,522 | 245 | ||||||||||
Provisions are charged directly to the statement of comprehensive income. The related expense is included in the caption “general and administrative expenses” in the consolidated statements of comprehensive income. | |||||||||||||
* | Amounts due from suppliers represent returnable deposits of cancelled orders from suppliers. There were no remaining contractual obligations associated with purchase contracts as of December 31, 2013 and 2014, respectively. 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 RMB9,292 and RMB1,522 (US$245) on amounts due from suppliers as at December 31, 2013 and 2014, respectively. | ||||||||||||
** | The amount represents interest-free advances to hospital customers. The Group has assessed the impact of such advances on revenue recognition at the outset of the arrangement and has concluded that they do not affect revenue recognition. The risk of loss arising from any failure by hospital customers to fulfill their financial obligations is assessed prior to making the advances and is monitored for recoverability on a regular basis by management. A charge to cost of revenue is recorded in the period in which a loss is incurred. | ||||||||||||
*** | The amount represents interest-free advance to hospitals held by the Company’s employees to cover expenses incurred by hospital customers. The risk of loss is assessed prior to making the advances and is monitored on a regular basis by management. To date, the Group has not experienced any loss of such advances. |
Inventories
Inventories | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||
Inventories | 8 | INVENTORIES | |||||||||||
As at December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Medicine | 12,255 | — | — | ||||||||||
Medical supplies | 7,190 | 2,698 | 435 | ||||||||||
Low-value consumables | 272 | 288 | 46 | ||||||||||
19,717 | 2,986 | 481 | |||||||||||
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property, Plant and Equipment, Net | 9 | PROPERTY, PLANT AND EQUIPMENT, NET | |||||||||||
Property, plant and equipment consist of the following: | |||||||||||||
As at December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Buildings | 402,671 | 285 | 46 | ||||||||||
Medical equipment | 1,324,206 | 1,077,612 | 173,680 | ||||||||||
Electronic and office equipment | 36,458 | 12,432 | 2,004 | ||||||||||
Motor vehicles | 3,931 | 1,768 | 285 | ||||||||||
Leasehold improvement and building improvements | 5,087 | 5,087 | 820 | ||||||||||
Construction in progress | 116,445 | 26,532 | 4,275 | ||||||||||
Total | 1,888,798 | 1,123,716 | 181,110 | ||||||||||
Less: accumulated depreciation | (393,046 | ) | (370,854 | ) | (59,771 | ) | |||||||
1,495,752 | 752,862 | 121,339 | |||||||||||
Less: accumulated impairment charges | (3,179 | ) | (3,179 | ) | (512 | ) | |||||||
1,492,573 | 749,683 | 120,827 | |||||||||||
Depreciation expenses were RMB119,919, RMB149,975 and RMB175,008 (US$28,206) for the years ended December 31, 2012, 2013 and 2014, respectively. | |||||||||||||
As at December 31, 2013 and 2014, certain of the Group’s property, plant and equipment with a total net book value of RMB502,575 and RMB164,938 (US$26,583) were pledged as security for bank borrowings of RMB254,308 and RMB163,185 (US$26,301), respectively (note 16). | |||||||||||||
As at December 31, 2013 and 2014, the Group held equipment under operating lease contracts with customers with an original cost of RMB1,113,934 and RMB1,067,057 (US$171,978) and accumulated depreciation of RMB305,165 and RMB347,524 (US$56,011), respectively. |
Prepaid_Land_Lease_Payments
Prepaid Land Lease Payments | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Leases [Abstract] | |||||||||||||
Prepaid Land Lease Payments | 10 | PREPAID LAND LEASE PAYMENTS | |||||||||||
As at December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Prepaid land lease payments | 145,692 | 52,878 | 8,522 | ||||||||||
Less: accumulated amortization | (5,491 | ) | (1,349 | ) | (217 | ) | |||||||
Net carrying value | 140,201 | 51,529 | 8,305 | ||||||||||
Amortization expenses for the years ended December 31, 2012, 2013 and 2014 were RMB1,637, RMB2,801 and RMB3,610 (US$582), respectively. | |||||||||||||
The estimated annual amortization expenses for the above prepaid land leases for each of the five succeeding years are as follows: | |||||||||||||
Amortization | |||||||||||||
RMB | US$ | ||||||||||||
2015 | 1,083 | 175 | |||||||||||
2016 | 1,083 | 175 | |||||||||||
2017 | 1,083 | 175 | |||||||||||
2018 | 1,083 | 175 | |||||||||||
2019 | 1,083 | 175 |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets, Net | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Intangible Assets, Net | 11 | GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||||||||||||||||
Goodwill is comprised of the following: | |||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||||||||||
Balance at beginning of year | — | 292,885 | 292,885 | 47,204 | |||||||||||||||||||||
Acquisition of CAH (note 4) | 292,885 | — | — | — | |||||||||||||||||||||
Less: Disposal of CAH and WHT (note 4) | — | — | (292,885 | ) | (47,204 | ) | |||||||||||||||||||
Balance at end of year | 292,885 | 292,885 | — | — | |||||||||||||||||||||
Intangible assets consist of the following: | |||||||||||||||||||||||||
Customer | Operating | Medical | Radiotherapy | Others | Total | ||||||||||||||||||||
relationship | lease | insurance | permits | ||||||||||||||||||||||
intangibles | intangibles | coverage | |||||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | ||||||||||||||||||||
Intangible assets, net: | |||||||||||||||||||||||||
At January 1, 2013 | 98,779 | 5,537 | 28,500 | 9,286 | 4,410 | 146,512 | |||||||||||||||||||
Amortization expenses | (22,899 | ) | (1,361 | ) | (3,000 | ) | (1,429 | ) | (980 | ) | (29,669 | ) | |||||||||||||
Intangible assets, net at December 31, 2013 and January 1, 2014 | 75,880 | 4,176 | 25,500 | 7,857 | 3,430 | 116,843 | |||||||||||||||||||
Amortization expenses | (16,383 | ) | (1,270 | ) | (3,000 | ) | (1,428 | ) | (980 | ) | (23,061 | ) | |||||||||||||
Disposal of CAH and WHT (note 4) | — | — | (22,500 | ) | (6,429 | ) | — | (28,929 | ) | ||||||||||||||||
Other disposal | (3,388 | ) | (222 | ) | — | — | — | (3,610 | ) | ||||||||||||||||
Intangible assets, net at December 31, 2014 | 56,109 | 2,684 | — | — | 2,450 | 61,243 | |||||||||||||||||||
Intangible assets, net at December 31, 2014, in US$ | $ | 9,046 | $ | 430 | — | — | $ | 395 | $ | 9,871 | |||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Intangible assets, cost | 154,080 | 14,857 | — | — | 4,900 | 173,837 | |||||||||||||||||||
Less: accumulated amortization | (97,971 | ) | (12,173 | ) | — | — | (2,450 | ) | (112,594 | ) | |||||||||||||||
56,109 | 2,684 | — | — | 2,450 | 61,243 | ||||||||||||||||||||
Amortization expenses for intangibles were RMB28,658, RMB29,669 and RMB23,061 (US$3,717) for the years ended December 31, 2012, 2013 and 2014, respectively. The estimated annual amortization expenses for the above intangible assets for each of the five succeeding years are as follows: | |||||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||
RMB | US$ | ||||||||||||||||||||||||
2015 | 17,685 | 2,850 | |||||||||||||||||||||||
2016 | 13,331 | 2,149 | |||||||||||||||||||||||
2017 | 11,672 | 1,881 | |||||||||||||||||||||||
2018 | 9,065 | 1,461 | |||||||||||||||||||||||
2019 | 7,603 | 1,225 | |||||||||||||||||||||||
Deposits_for_NonCurrent_Assets
Deposits for Non-Current Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Deposits for Non-Current Assets | 12 | DEPOSITS FOR NON-CURRENT ASSETS | |||||||||||
Deposits for non-current assets consist of the following: | |||||||||||||
As at December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Deposits for purchases of property, plant and equipment * | 73,621 | 98,118 | 15,814 | ||||||||||
Others ** | 29,600 | 29,600 | 4,770 | ||||||||||
103,221 | 127,718 | 20,584 | |||||||||||
Reserve for unrecoverable deposits | (26,552 | ) | (26,552 | ) | (4,279 | ) | |||||||
76,669 | 101,166 | 16,305 | |||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Movement in reserve for unrecoverable deposits: | |||||||||||||
Balance at beginning of the year | 26,552 | 26,552 | 4,279 | ||||||||||
Provisions for the year | — | — | — | ||||||||||
Balance at end of the year | 26,552 | 26,552 | 4,279 | ||||||||||
* | The amount represents interest-free non-refundable partial payments to suppliers associated with contracts the Group enters into for the future scheduled delivery of medical equipment to customers. As at December 31, 2014, the remaining contractual obligations associated with these purchase contracts are approximately RMB30,663(US$4,942) which is included in the amount disclosed as purchase commitments in note 25. | ||||||||||||
** | On December 18, 2007, the Group entered into a framework agreement to build a proton treatment center in Beijing, pursuant to which the Group paid deposits to a subsidiary of Chang’an Information Industry (Group) Co., Ltd., to be used towards the construction of the proton treatment center. Total deposits paid as of December 31, 2013 and 2014 pursuant to this arrangement amounted to RMB29,600 and RMB29,600(US$4,770), respectively. As at December 31, 2014, the proton treatment center has not commenced operations. Management expects to convert it into the equity investment of the proton treatment center in the future. | ||||||||||||
The Group recorded a reserve of unrecoverable deposits for purchase of property, plant and equipment amounting to RMB3,360, nil and nil based on its assessment of realizability and financial strength of the counterparties, for the years ended December 31, 2012, 2013 and 2014 respectively. The total amount of impairment charge is included in the caption of “asset impairment” in the consolidated statements of comprehensive income. |
Net_Investment_in_Direct_Finan
Net Investment in Direct Financing Leases | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Leases [Abstract] | |||||||||||||
Net Investment in Direct Financing Leases | 13 | NET INVESTMENT IN DIRECT FINANCING LEASES | |||||||||||
The Group operates as a lessor in direct financing lease agreements for medical equipment, with hospitals and other companies that engage in ongoing cooperation agreements with hospitals. These leases have terms ranging generally from three to five years. Net investment in direct financing leases is comprised of the following: | |||||||||||||
As at December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Total minimum lease payments to be received | 396,734 | 312,184 | 50,315 | ||||||||||
Initial direct cost | 3,963 | 3,963 | 639 | ||||||||||
400,697 | 316,147 | 50,954 | |||||||||||
Unearned income | (72,416 | ) | (41,360 | ) | (6,666 | ) | |||||||
Net investment in direct finance leases | 328,281 | 274,787 | 44,288 | ||||||||||
Current | 128,814 | 143,853 | 23,185 | ||||||||||
Non-current | 199,467 | 130,934 | 21,103 | ||||||||||
Total | 328,281 | 274,787 | 44,288 | ||||||||||
Net investment in financing leases with carrying value of RMB321,602 and RMB207,445 (US$33,434) and were used to secure bank borrowings of RMB117,940 and RMB136,785 (US$22,046), as of December 31, 2013 and 2014, respectively (note 16). | |||||||||||||
The future minimum lease payments to be received from such non-cancelable direct financing leases are as follows: | |||||||||||||
Future minimum | |||||||||||||
lease payments | |||||||||||||
RMB | US$ | ||||||||||||
2015 | 148,264 | 23,896 | |||||||||||
2016 | 104,696 | 16,874 | |||||||||||
2017 | 60,130 | 9,691 | |||||||||||
2018 | 3,057 | 493 | |||||||||||
2019 | — | — |
Equity_Method_Investments
Equity Method Investments | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Equity Method Investments | 14 | EQUITY METHOD INVESTMENTS | |||||||||||
As of December 31, 2013 and 2014, the Group had the following equity method investments: | |||||||||||||
Equity interest owned by the | |||||||||||||
Group | |||||||||||||
As of December 31, | |||||||||||||
Note | 2013 | 2014 | |||||||||||
Xi’an Jiangyuan Andike Ltd(“JYADK”) | i | ) | 33 | % | 33 | % | |||||||
Beijing Proton Medical Center Co. Ltd(“BPC”) | ii | ) | 25 | % | 25 | % | |||||||
PTC – Houston Management, LP(“PTC”) | iii | ) | 45 | % | 45 | % | |||||||
Suzhou Chorus Medical Technologies Co., Ltd | iv | ) | 36 | % | 36 | % | |||||||
Global Oncology One, Inc. (“Global Oncology”) | v | ) | — | 46.9 | % | ||||||||
i) | During 2011 and 2012, the Group respectively subscribed to 27% and 6% equity interest of JYADK, for a consideration of RMB540 and RMB120, respectively. On August 31, 2013, the Group injected additional RMB2,640 to JYADK with no change in the percentage of equity interest. | ||||||||||||
ii) | On October 19, 2012, the Group incorporated BPC with other investors. The Group holds 25% equity interest in BPC with the investment amounting to RMB25,000. | ||||||||||||
iii) | 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 (US$32,291) in cash. After the transaction, the Group owned 45% interests of PTC which ultimately holds 44.4% legal ownership interests of the University of Texas MD Anderson Cancer Center Proton Therapy Center, a proton treatment center in Texas, U.S.A. | ||||||||||||
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 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 RMB13,911(US$2,242) for the year ended December 31, 2014. Total cash distribution received by the Group from PTC was RMB18,812 (US$3,032) for the year ended December 31, 2014. | |||||||||||||
The difference between the cost basis of the equity method investment and the underlying assets of the investee on the acquisition date was RMB107,139 (US$17,268) which was mainly arisen from the identified intangibles in the purchase price allocation and are amortized over the remaining useful life. | |||||||||||||
iv) | On December 17, 2012, the Group acquired 36% of Suzhou Chorus Medical Technologies Co., Ltd, for a consideration of RMB2,400. On October 27, 2014, the Group injected additional RMB1,920 (US$309) with no change in the percentage of equity interest. | ||||||||||||
v) | On March 3, 2014, the Group invested in 340,000 shares of Global Oncology, a Texas Corporation, at a consideration of RMB4,610 (US$743) and currently owns 46.9% of Global Oncology. |
Other_NonCurrent_Assets
Other Non-Current Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Other Non-Current Assets | 15 | OTHER NON-CURRENT ASSETS | |||||||||||
Other non-current assets consist of the following: | |||||||||||||
As at December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Deferred costs | 740 | 3,134 | 505 | ||||||||||
Deposits – long-term* | 62,139 | 19,442 | 3,133 | ||||||||||
Others | 23,968 | 30,316 | 4,887 | ||||||||||
86,847 | 52,892 | 8,525 | |||||||||||
* | On June 21, 2011, the Group made interest-free financing deposits amounting to RMB23,608 to Changhai Hospital, for a robotic radiosurgery system. As at December 31, 2014, the outstanding balance was RMB18,346(US$2,957), in which the non-current balance amounted to RMB14,647 (US$2,361). | ||||||||||||
On September 1, 2011, the Group made interest-free performance security deposits amounting to RMB9,500 to Hanzhong 3201 Hospital, for management services to be rendered. The deposits are refundable in monthly installments starting from September 1, 2011 till May 31, 2020. As at December 31, 2014, the outstanding balance was RMB6,316(US$1,018), in which the non-current balance amounted to RMB4,795(US$772). |
Bank_Borrowings
Bank Borrowings | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Bank Borrowings | 16 | BANK BORROWINGS | |||||||||||
As at December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Total bank borrowings | 1,086,248 | 903,840 | 145,673 | ||||||||||
Comprised of: | |||||||||||||
Short-term | 487,964 | 322,128 | 51,918 | ||||||||||
Long-term, current portion | 273,310 | 246,233 | 39,686 | ||||||||||
761,274 | 568,361 | 91,604 | |||||||||||
Long-term, non-current portion | 324,974 | 335,479 | 54,069 | ||||||||||
1,086,248 | 903,840 | 145,673 | |||||||||||
All bank borrowings at December 31, 2013 and 2014 were obtained from financial institutions in both the PRC and overseas. One short term bank borrowing with balance of RMB72,500 as at December 31, 2013 is secured by the 48% equity interest in CAH held by New Chang’an. In turn, CAH granted a loan to New Chang’an which has the same key terms as the corresponding bank loan, including the loan amount, interest rate and terms of repayment (note 23). Other bank borrowings are secured by equipment with a net carrying value of RMB502,575 and RMB164,938 (US$26,583), accounts receivable with a carrying value of RMB49,481 and RMB76,333 (US$12,303), net investment in financing leases with carrying value of RMB321,602 and RMB207,445(US$33,434) and total restricted cash with carrying value of RMB422,140 and RMB502,168(US$80,935), as of December 31, 2013 and 2014, respectively. | |||||||||||||
As at December 31, 2013 and 2014, the short-term bank borrowing bore a weighted average interest of 4.64% and 1.96% per annum, and the long-term bank borrowings bore a weighted average interest of 6.02% and 3.91% per annum, respectively. As at December 31, 2014, bank borrowings amounting to RMB543,877 (US$87,657) (2013: RMB436,472) and RMB359,963 (US$58,016) (2013: RMB649,776) were denominated in US$ and RMB, respectively. | |||||||||||||
As of December 31, 2014, the maturity profile of these long-term bank borrowings are as follows: | |||||||||||||
RMB | US$ | ||||||||||||
Within one year | 246,233 | 39,686 | |||||||||||
Between one and two years | 196,783 | 31,716 | |||||||||||
Between two and three years | 49,147 | 7,921 | |||||||||||
Between three and four years | 67,310 | 10,848 | |||||||||||
Between four and five years | 22,239 | 3,584 | |||||||||||
581,712 | 93,755 | ||||||||||||
As of December 31, 2014, the Company had unutilized short-term and long term bank credit lines totaling RMB9,307 (US$1,500) and RMB1,878,460 (US$302,753), respectively. | |||||||||||||
IFC loan | |||||||||||||
On February 18, 2014, the Group borrowed from International Finance Corporation (“IFC”) a loan of a principal amount of US$20,000 which is repayable on October 15, 2018 and April 15, 2019 by two equal installments. The loan gives IFC the right to convert the loan in whole or in part, at any time prior to the fifth anniversary of the date of the disbursement of the loan, into ADSs of the Company at the conversion price in effect at such time. The conversion price is initially set at US$6.90 per ADS subject to adjustments as set forth in the loan agreement. The conversion and other features (i.e. the redemption option upon certain contingencies, step down interest feature), which are not clearly and closely related to the debt host contract, are bifurcated and accounted for as a compound derivative. | |||||||||||||
At inception, the fair value of the host debt instrument amounted to RMB87,792 (US$14,149) was recorded as a long term bank borrowing in the consolidated balance sheet. The host debt instrument is accreted to the redemption value on the maturity date using the effective interest method. The compound derivatives are accounted for as a liability at fair value for each reporting period (note 17). | |||||||||||||
Accrued_Expenses_and_Other_Lia
Accrued Expenses and Other Liabilities | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Accrued Expenses and Other Liabilities | 17 | ACCRUED EXPENSES AND OTHER LIABILITIES | |||||||||||
The components of accrued expenses and other liabilities are as follows: | |||||||||||||
As at December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Accrued expenses | 14,424 | 13,986 | 2,254 | ||||||||||
Salaries and welfare payable | 43,687 | 5,178 | 835 | ||||||||||
Business and other taxes payable | 12,617 | 6,627 | 1,068 | ||||||||||
Unrecognized tax positions (note 25) | 49,355 | 36,616 | 5,901 | ||||||||||
Other accruals | 25,611 | 34,123 | 5,500 | ||||||||||
Financial derivatives* | — | 33,663 | 5,425 | ||||||||||
Notes payable | 795 | — | — | ||||||||||
146,489 | 130,193 | 20,983 | |||||||||||
* | IFC loan includes the host debt instrument and embedded derivatives. The embedded derivatives are subject to bifurcation as a separate instrument and stated at fair value. As of December 31, 2014, the fair value of derivatives was RMB33,663 (US$5,425). The loss on changes in the fair value of derivatives amounted to RMB2,605 (US$420) was recognized in the consolidated statements of comprehensive income for the year ended December 31, 2014. |
Other_LongTerm_Liabilities
Other Long-Term Liabilities | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Payables and Accruals [Abstract] | |||||||||||||
Other Long-Term Liabilities | 18 | OTHER LONG-TERM LIABILITIES | |||||||||||
As at December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Deferred revenue, non-current portion | 1,992 | 1,349 | 217 | ||||||||||
Lease deposits | 2,000 | 2,000 | 322 | ||||||||||
Liability arising from an unfavorable contract* | 28,377 | — | — | ||||||||||
Others | 400 | 400 | 65 | ||||||||||
Total | 32,769 | 3,749 | 604 | ||||||||||
* | Pursuant to a contract entered into between CAH and New Chang’an in 2011, CAH agreed to sell certain prepaid land lease to New Chang’an for a consideration of RMB7,527. This contract had not been executed upon acquisition of CAH by the Group in 2012. The excess of the fair value of the prepaid land lease over the consideration was accounted for as an unfavorable contract. The liability was derecognized upon the disposal of CAH in 2014. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |
Dec. 31, 2014 | ||
Equity [Abstract] | ||
Shareholders' Equity | 19 | SHAREHOLDERS’ EQUITY |
Share repurchase program | ||
On June 30, 2010, the Company announced a share repurchase program authorized by the Board of Directors. Pursuant to the program, the Company repurchased 1,700,656 ADSs, representing 5,101,968 ordinary shares, with a total consideration of US$11,416 during 2010. The shares repurchased by the Company were all cancelled before December 31, 2010. | ||
On September 30, 2011, the Company announced a share repurchase program authorized by the Board of Directors. Pursuant to the program, the Company repurchased 316,645 ADSs, representing 949,935 ordinary shares, with a total consideration of US$1,087 for the year ended December 31, 2011. | ||
On October 9, 2012, the Company announced that its Board of Directors had approved the extension of its previously announced share repurchase program until the aggregate value of the shares repurchased reaches US$20,000. Pursuant to the program, the Company repurchased 1,972,063 ADSs, representing 5,916,189 ordinary shares, with a total consideration of US$6,950 for the year ended December 31, 2012. | ||
Pursuant to the program, the Company repurchased 217,036 ADSs, representing 651,108 ordinary shares, with a total consideration of US$982 for the year ended December 31, 2013. | ||
Special dividend | ||
On January 7, 2014, the Board of Directors declared a special cash dividend of US$0.24 per ordinary share. The total amount for the special dividend is RMB201,583 (US$32,489), based on the number of ordinary shares that were outstanding as of September 30, 2013, which was paid in April 2014. | ||
On July 28, 2014, the Board of Directors declared a special cash dividend of US$0.30 per ordinary share. The total amount for the special dividend is RMB251,979 (US$40,612), based on the number of ordinary shares that were outstanding as of March 31, 2014, which was paid in November 2014. | ||
No other dividend has been declared for the years ended December 31, 2012, 2013 and 2014. |
Restricted_Net_Assets
Restricted Net Assets | 12 Months Ended | |
Dec. 31, 2014 | ||
Receivables [Abstract] | ||
Restricted Net Assets | 20 | 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. MSC, CHM, AMT, Yundu, TKM, GZ Proton, JKSY and SHC were established as foreign invested enterprises and therefore are subject to the above mandated restrictions on distributable profits. | ||
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. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. CCM (SZ), JWYK and DTMZ were established as domestic invested enterprises and therefore are subject to the above mentioned restrictions on distributable profits. | ||
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 RMB1,851,112 (US$298,345) as of December 31, 2014. |
Taxation
Taxation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||
Taxation | 21 | 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, Ascendium, OMS, Proton BVI and Allcure 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 Income Tax (graduated income tax rate up to 35%) on its taxable income under the current laws of the United States of America. The Company’s activities are located solely in the state of Texas; therefore only the Federal Income tax of 35% is applied as there is no income sourced to Delaware for income tax purposes. The Texas sourced pass through income from investments is taxed at the partner level. CMS (USA) is incorporated in the State of Texas, U.S.A. in 2013 and does not conduct any substantive operations of its own. RMB1,246(US$201) profits tax has been made for US Proton for the year ended December 31, 2014. | |||||||||||||||||
Singapore | |||||||||||||||||
China Medstar is incorporated in Singapore and does not conduct any substantive operations of its own. No provision for Singapore profits tax has been made in the consolidated financial statements as the Company has no assessable profits for the year ended December 31, 2014. In addition, upon payments of dividends by China Medstar to its shareholder, no Singapore withholding tax will be imposed. | |||||||||||||||||
Hong Kong | |||||||||||||||||
CMS Holdings, Cyber, King Cheers, CCM(HK) and GMI are incorporated in Hong Kong and 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 ended December 31, 2014. In addition, upon payment of dividends by these companies to their shareholders, no Hong Kong withholding tax will be imposed. | |||||||||||||||||
China | |||||||||||||||||
In March 2007, enterprise income tax law (the “EIT Law”) in the PRC was enacted which was effective on January 1, 2008. The EIT Law applies a uniform 25% EIT rate to both foreign invested enterprises and domestic enterprises. The law provides a five-year transition period from its effective date for those enterprises which were established before the promulgation date of the tax law and which were entitled to a preferential tax treatment such as a reduced tax rate or a tax holiday. Based on the transitional rule, certain categories of enterprises, including the foreign invested enterprise located in Shenzhen Special Economic Zone and Pudong New District, which previously enjoyed a preferential tax rate of 15% are eligible for a five-year transition period during which the income tax rate will be gradually increased to the unified rate of 25%. The applicable rates for China entities (i.e. AMT, MSC, CHM, Yundu and TKM) would be 25%, 25% and 25% for 2012, 2013, 2014 and thereafter, respectively. | |||||||||||||||||
AMT and MSC have accounted for their current and deferred income tax based on the five-year transitional tax rates, as applicable. | |||||||||||||||||
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. | |||||||||||||||||
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 2009 to 2014 remain subject to examination by the tax authorities. | |||||||||||||||||
(Loss) income from continuing operations before income taxes consists of: | |||||||||||||||||
For the Years Ended December 31 | |||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Non – PRC | (22,250 | ) | (24,037 | ) | (17,561 | ) | (2,830 | ) | |||||||||
PRC | 203,385 | 168,306 | 193,207 | 31,141 | |||||||||||||
181,135 | 144,269 | 175,646 | 28,311 | ||||||||||||||
The current and deferred components of the income tax expense from continuing operations appearing in the consolidated statements of comprehensive income are as follows: | |||||||||||||||||
For the Year Ended December 31 | |||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Current tax expense | 51,890 | 46,377 | 56,526 | 9,111 | |||||||||||||
Deferred tax expense | 2,359 | 17,461 | 24,324 | 3,921 | |||||||||||||
54,249 | 63,838 | 80,850 | 13,032 | ||||||||||||||
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, | |||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Income from continuing operations before income taxes | 181,135 | 144,269 | 175,646 | 28,311 | |||||||||||||
Income tax computed at the statutory tax rate of 25% | 45,284 | 36,067 | 43,912 | 7,078 | |||||||||||||
Effect of different tax rates in different jurisdictions | 5,506 | 7,910 | 2,960 | 478 | |||||||||||||
Non-deductible expenses | 1,530 | 6,448 | 11,887 | 1,916 | |||||||||||||
Interests and penalties on unrecognized tax positions | 1,929 | 3,576 | 2,044 | 329 | |||||||||||||
Changes of valuation allowance | — | (6,070 | ) | (466 | ) | (76 | ) | ||||||||||
Withholding tax | — | 15,907 | 20,513 | 3,306 | |||||||||||||
54,249 | 63,838 | 80,850 | 13,032 | ||||||||||||||
The reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||
2013 | 2014 | 2014 | |||||||||||||||
RMB | RMB | US$ | |||||||||||||||
Balance at beginning of year | 104,480 | 101,485 | 16,356 | ||||||||||||||
Additions based on tax positions related to the current year | 19,182 | 8,890 | 1,433 | ||||||||||||||
Additions (decrease) related to prior year tax position | (22,177 | ) | 1,219 | 197 | |||||||||||||
Decrease due to the disposal of CAH and WHT | — | (91,274 | ) | (14,711 | ) | ||||||||||||
Balance at end of year | 101,485 | 20,320 | 3,275 | ||||||||||||||
At December 31, 2013 and 2014, there were RMB21,220 and RMB12,585(US$2,028) of unrecognized tax benefits that if recognized would affect the annual effective tax rate. In addition, at December 31, 2013 and 2014, there were approximately RMB80,762 and RMB7,735(US$1,247) of unrecognized tax benefits for which the ultimate recognition is relatively certain but there is uncertainty about the timing of the recognition. The amounts may affect the effective tax rate if recognized, in view of valuation allowance considerations. | |||||||||||||||||
It is possible that the amount of unrecognized tax positions will change in the next twelve months. However, an estimate of the range of the possible change cannot be made at this time. | |||||||||||||||||
The bases for interest and penalties are 0.05% per day and 50% respectively of the relevant income tax liabilities of the PRC subsidiaries. The Company recognized an increase amounting to RMB30,922, RMB9,822, RMB2,044 (US$329) in interest and penalties during the years ended December 31, 2012, 2013 and 2014, respectively. As of December 31, 2013 and 2014, the Company recognized RMB53,274 and RMB16,296(US$2,626), respectively of interest and penalties. | |||||||||||||||||
The components of deferred taxes are as follows: | |||||||||||||||||
As at December 31 | |||||||||||||||||
2013 | 2014 | 2014 | |||||||||||||||
RMB | RMB | US$ | |||||||||||||||
Deferred tax assets, current portion | |||||||||||||||||
Accrued expenses | 10,860 | 3,826 | 617 | ||||||||||||||
Allowance for doubtful accounts | 46,565 | 697 | 112 | ||||||||||||||
Deferred revenue, current | 2,679 | 1,002 | 161 | ||||||||||||||
Others | 1,223 | 726 | 118 | ||||||||||||||
61,327 | 6,251 | 1,008 | |||||||||||||||
Valuation allowance | (46,611 | ) | (866 | ) | (140 | ) | |||||||||||
Net deferred tax assets, current portion | 14,716 | 5,385 | 868 | ||||||||||||||
Deferred tax liabilities, current portion | |||||||||||||||||
Deferred cost, current portion | (2,918 | ) | (618 | ) | (100 | ) | |||||||||||
Revenue generated from financing lease | (2,006 | ) | (2,439 | ) | (393 | ) | |||||||||||
Total deferred tax liabilities, current portion | (4,924 | ) | (3,057 | ) | (493 | ) | |||||||||||
Deferred tax assets, current portion, net* | 10,652 | 3,556 | 573 | ||||||||||||||
Deferred tax liabilities, current portion, net* | (860 | ) | (1,228 | ) | (198 | ) | |||||||||||
Deferred tax assets, non-current portion | |||||||||||||||||
Depreciation and amortization | 41,244 | 22,683 | 3,656 | ||||||||||||||
Deposits for non-current assets | 5,548 | 5,548 | 894 | ||||||||||||||
Intangible assets | 1,132 | 972 | 157 | ||||||||||||||
Deferred revenue, non-current portion | 498 | 337 | 54 | ||||||||||||||
Long term receivables | 432 | 432 | 70 | ||||||||||||||
Long term investment impairment | 10,204 | — | — | ||||||||||||||
Net operating loss** | 6,555 | 6,659 | 1073 | ||||||||||||||
Others | 2,659 | 1,250 | 201 | ||||||||||||||
68,272 | 37,881 | 6,105 | |||||||||||||||
Valuation allowance | (15,406 | ) | (5,668 | ) | (914 | ) | |||||||||||
Net deferred tax assets, non-current portion | 52,866 | 32,213 | 5,192 | ||||||||||||||
Deferred tax liabilities, non-current portion | |||||||||||||||||
Deferred costs | (19,253 | ) | (39,144 | ) | (6,311 | ) | |||||||||||
Intangible assets | (7,972 | ) | (6,098 | ) | (983 | ) | |||||||||||
Property, plant and equipment | (40,811 | ) | (12,015 | ) | (1,935 | ) | |||||||||||
GZ Proton share transfer | — | (8,000 | ) | (1,289 | ) | ||||||||||||
Total deferred tax liabilities, non-current portion | (68,036 | ) | (65,257 | ) | (10,518 | ) | |||||||||||
Deferred tax assets, non-current portion, net *** | 17,721 | 17,183 | 2,769 | ||||||||||||||
Deferred tax liabilities, non-current portion, net *** | (32,891 | ) | (50,227 | ) | (8,095 | ) | |||||||||||
* | As at December 31, 2013 and 2014, deferred tax assets, current portion of approximately RMB4,064 and RMB1,829 (US$295) have been offset against deferred tax liabilities, current portion relating to a particular tax-paying component of an enterprise and within a particular tax jurisdiction, respectively. | ||||||||||||||||
** | As of December 31, 2014, the Company had net operating losses from several of its PRC entities of RMB22,725, which can be carried forward to offset future taxable profit. The net operating loss carry forwards as of December 31, 2014 will expire in years 2016 to 2019 if not utilized. | ||||||||||||||||
*** | As at December 31, 2013 and 2014, deferred tax assets, non-current portion of approximately RMB35,145 and RMB15,030 (US$2,423) have been offset against deferred tax liabilities, non-current portion relating to a particular tax-paying component of an enterprise and within a particular tax jurisdiction, respectively. | ||||||||||||||||
The movement of valuation allowance is as follows: | |||||||||||||||||
2013 | 2014 | 2014 | |||||||||||||||
RMB | RMB | US$ | |||||||||||||||
Balance at beginning of year | (62,938 | ) | (62,017 | ) | (9,995 | ) | |||||||||||
Disposal of CAH and WHT | — | 55,949 | 9,017 | ||||||||||||||
Change of valuation allowance in the current year | 921 | (466 | ) | (76 | ) | ||||||||||||
Balance at end of year | (62,017 | ) | (6,534 | ) | (1,054 | ) | |||||||||||
Under the EIT Law and its implementation rules, a withholding tax at 10%, unless a foreign investor’s tax jurisdiction has a tax treaty with the PRC that provides a lower withholding tax rate and the foreign investor is recognized as the beneficial owner of the income under the relevant tax rules. Undistributed earnings prior to January 1, 2008 are exempt from such withholding tax. | |||||||||||||||||
Based on the current year’s financial position and expected cash need of the Company, it is determined that a portion of the aggregate undistributed earnings of its PRC subsidiaries that were available for distribution were not considered to be indefinitely reinvested. In this regard, deferred income tax liabilities of RMB35,946(US$5,793) (2013: RMB14,571) have been provided under ASC 740-30, Income Taxes: Other Consideration or Special Areas as at 31 December 2014. | |||||||||||||||||
In 2013, the Company’s subsidiary in the U.S.A. entered into a loan agreement denominated in US dollar with the Company’s PRC subsidiary. A withholding tax of 10% under the US-China tax treaty is applied on interest payable to a non-US resident. The accrued interest payable to inter-company is nil (2013: RMB1,032) and the related provision for withholding tax is nil (2013: RMB103) as at December 31, 2014. | |||||||||||||||||
Undistributed earnings of the Company’s subsidiaries in the U.S.A. that are available for distribution at December 31, 2014 are considered to be transferred to the parent entity under ASC 740, Income Taxes, and accordingly, provision has been made for taxes that would be payable upon the distribution of those amounts to any entity within the Group outside the U.S.A. The cumulative amount of such retained earnings are RMB1,656 (US$267) (2013: RMB4,110) and the related provision for withholding tax is RMB497 (US$80) (2013: RMB1,233) as at December 31, 2014. | |||||||||||||||||
Value-added taxes | |||||||||||||||||
Generally revenue earned from the provision of leasing and technical services is subject to 5% business tax for contracts prior to VAT reform, and is subject to 17% value added tax (“VAT”) for leasing and 6% for technical service for contracts signed after the promulgation of the VAT reform in the PRC. According to Guoshuihan [1999] No. 3402 issued by State Administration of Tax (the “SAT”), the revenue generated from certain qualified profit sharing cooperation arrangements, which is treated as investment income under existing PRC tax regulation is not subject to business taxes. One of the Group’s subsidiaries has not recorded any business taxes on certain of its leasing and management services on the basis that revenue generated from these profit sharing cooperation arrangements with hospitals are not subject to business taxes. Based on the above, management believes that it is not probable the SAT will challenge this subsidiary’s position that it’s not subject to business tax for those profit sharing cooperation arrangements. |
ShareBased_Awards
Share-Based Awards | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||
Share-Based Awards | 22 | 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. 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 September 30, 2011, the Company granted options to purchase 355,884 ordinary shares to its employees at an exercise price $2.17 per share, a contractual life of eight years and vest equally 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. However, the amount of compensation cost recognized at any date must at least equal the portion of the grant-date value of the award that is vested at that date. The Company calculated the estimated grant date fair value of the share options granted on September 30, 2011, using a Black-Scholes Model. | |||||||||||||||||||||||||||||
On February 18, 2014, the Company granted options to purchase 3,479,604 ordinary shares to its employees at an exercise price of $2.04 per share that have a contractual life of eight years and vest over four equal installments on the first, second, third, and fourth anniversary of the grant date. The company recognizes the compensation expense on a straight-line basis over the requisite service period for the entire award. The Company calculated the estimated grant date fair value of the share options granted on February 18, 2014, using a Binomial Tree Model, with key assumptions as follows. | |||||||||||||||||||||||||||||
February 18, 2014 | |||||||||||||||||||||||||||||
Risk-free interest rate | 2.33 | % | |||||||||||||||||||||||||||
Dividend yield | 5 | % | |||||||||||||||||||||||||||
Expected volatility range | 39.03 | % | |||||||||||||||||||||||||||
The risk-free rate was based on the US Treasury bond yield curve in effect at the time of grant for periods corresponding with the expected term of the option. The dividend yield was estimated based on the average of historical dividend yields of the Company. The volatility assumption was estimated based on the historical price volatility of ordinary shares of comparable companies in the health care industry. Forfeiture rate is estimated based on the historical and future expectation of employee turnover rate and will be adjusted to reflect future change in circumstances and facts, if any. | |||||||||||||||||||||||||||||
The following table summarizes employee share options activities for the year ended December 31 2014: | |||||||||||||||||||||||||||||
Share Options Granted to Employees | Number of | Weighted- | Weighted | Weighted | Aggregate | ||||||||||||||||||||||||
Shares | Average | Average | Average | Intrinsic | |||||||||||||||||||||||||
Exercise | Grant- | Remaining | Value | ||||||||||||||||||||||||||
Price | date | Contractual | |||||||||||||||||||||||||||
Fair | Term (Years) | ||||||||||||||||||||||||||||
Value | |||||||||||||||||||||||||||||
Outstanding, January 1, 2014 | 4,643,734 | US$ | 3.55 | US$ | 1.25 | 4.05 | — | ||||||||||||||||||||||
Forfeited | — | — | — | — | — | ||||||||||||||||||||||||
Granted | 3,479,604 | US$ | 2.04 | US$ | 0.65 | 7.13 | — | ||||||||||||||||||||||
Outstanding, December 31, 2014 | 8,123,338 | US$ | 2.9 | US$ | 0.99 | 5.37 | — | ||||||||||||||||||||||
Exercisable at December 31, 2014 | 5,218,911 | US$ | 2.9 | US$ | 0.99 | 5.37 | — | ||||||||||||||||||||||
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, 2012, 2013 and 2014. | |||||||||||||||||||||||||||||
As of December 31, 2014, there was RMB11,178 (US$1,802) unrecognized share-based compensation cost related to share options. That deferred cost is expected to be recognized over a weighted-average vesting period of 3.13 years. To the extent the actual forfeiture rate is different from original estimate, actual share-based compensation costs related to these awards may be different from the expectation. | |||||||||||||||||||||||||||||
Restricted shares | |||||||||||||||||||||||||||||
On February 18, 2014, July 1, 2014 and August 1, 2014, the Company granted restricted shares of the Company (“Restricted Shares”) of 1,370,250, 21,132 and 69,564, respectively. The Restricted Shares have a service condition where the grantees can remove restriction on 25% of total number of restricted shares on annual basis over a four year period ending the fourth anniversary of the grant date. | |||||||||||||||||||||||||||||
The following table summarizes the Restricted Shares granted for the year ended December 31, 2014. The fair value of Restricted Shares is simply the spot price of the Company’s ordinary shares in the absence of dividends. | |||||||||||||||||||||||||||||
Grant Date | Number of Awards | Fair Value per Share at the Grant date | |||||||||||||||||||||||||||
(US$) | |||||||||||||||||||||||||||||
February 18, 2014 | 1,370,250 | 1.93 | |||||||||||||||||||||||||||
July 1, 2014 | 21,132 | 2.35 | |||||||||||||||||||||||||||
August 1, 2014 | 69,564 | 2.44 | |||||||||||||||||||||||||||
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, 2014 was as follows: | |||||||||||||||||||||||||||||
Numbers | Weighted | ||||||||||||||||||||||||||||
of shares | average grant | ||||||||||||||||||||||||||||
date fair value | |||||||||||||||||||||||||||||
US$ | |||||||||||||||||||||||||||||
Outstanding, January 1, 2014 | — | — | |||||||||||||||||||||||||||
Granted | 1,460,946 | 1.96 | |||||||||||||||||||||||||||
Vested | — | — | |||||||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||||||
Outstanding, December 31, 2014 | 1,460,946 | 1.96 | |||||||||||||||||||||||||||
Expected to vest, December 31, 2014 | 1,460,946 | 1.96 | |||||||||||||||||||||||||||
There was RMB13,536 (US$2,182) unrecognized share-based compensation cost related to restricted shares that is expected to be recognized over a weighted-average vesting period of 3.05 years. | |||||||||||||||||||||||||||||
The share-based compensation expense of the share-based awards granted to employees for the years ended December 31, 2012, 2013 and 2014 is as follows: | |||||||||||||||||||||||||||||
For the Years ended December 31, | |||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||||||||||||||
General and administrative expenses | 6,776 | 6,541 | 6,605 | 1,065 | |||||||||||||||||||||||||
Selling expenses | 2,308 | 2,263 | 744 | 120 | |||||||||||||||||||||||||
9,084 | 8,804 | 7,349 | 1,185 | ||||||||||||||||||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||
Related Party Transactions | 23 | RELATED PARTY TRANSACTIONS | |||||||||||||||
a) | Related parties | ||||||||||||||||
Name of Related Parties | Relationship with the Group | ||||||||||||||||
JYADK | Equity investee of the Group (note 14) | ||||||||||||||||
New Chang’an | Noncontrolling shareholder of CAH before disposal (note 4) | ||||||||||||||||
Shaanxi Juntai Real Estate Co., Ltd (“Shaanxi Juntai”) | Entity indirectly controlled by New Chang’an | ||||||||||||||||
b) | The Group had the following related party transactions for the years ended December 31, 2012, 2013 and 2014. These transactions arose from the discontinued operations. | ||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Provision of medical services: | |||||||||||||||||
Shaanxi Juntai | 637 | 1,052 | 984 | 159 | |||||||||||||
Loan to (repayment of a loan from): | |||||||||||||||||
New Chang’an | 100,000 | (6,590 | ) | — | — | ||||||||||||
Interest income | |||||||||||||||||
New Chang’an | — | 7,839 | 6,755 | 1,089 | |||||||||||||
Purchase of medical supplies: | |||||||||||||||||
JYADK | 5,249 | 805 | 484 | 78 | |||||||||||||
The transaction amounts stated above for the year ended 31 December 2014 represented the transactions conducted by the Group before the completion of the disposal of CAH and WHT on December 18, 2014. | |||||||||||||||||
In addition, on December 3, 2014, the Group entered into an agreement with Datang, a related company of New Chang’an and independent of the Group, to sell the 52% equity interests in CAH and WHT to Datang for a total consideration of RMB397,923 (US$64,134). Further details of the transaction are included in note 4 to the financial statements. | |||||||||||||||||
c) | The balances between the Company and its related parties as of December 31, 2013 and 2014 are listed below. These balances relate to the discontinued operations and were derecognized on December 18, 2014 upon the disposal of CAH and WHT. | ||||||||||||||||
As of December 31, | |||||||||||||||||
Note | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | US$ | |||||||||||||||
Due from related parties, current: | |||||||||||||||||
New Chang’an | 7,839 | — | — | ||||||||||||||
Shaanxi Juntai | 2,426 | — | — | ||||||||||||||
10,265 | — | — | |||||||||||||||
Loan to a noncontrolling shareholder, non-current | |||||||||||||||||
New Chang’an* | 93,410 | — | — | ||||||||||||||
Due to related parties, current | |||||||||||||||||
JYADK | (1,717 | ) | — | — | |||||||||||||
New Chang’an | (1,500 | ) | — | — | |||||||||||||
(3,217 | ) | — | — | ||||||||||||||
Due to related parties, non-current | |||||||||||||||||
Shaanxi Juntai | (19,301 | ) | — | — | |||||||||||||
New Chang’an | (7,527 | ) | — | — | |||||||||||||
(26,828 | ) | — | — | ||||||||||||||
* | The repayment terms of the loan to New Chang’an are the same as the loan granted by a bank as at December 31, 2013 (note 16). |
Employee_Defined_Contribution_
Employee Defined Contribution Plan | 12 Months Ended | |
Dec. 31, 2014 | ||
Postemployment Benefits [Abstract] | ||
Employee Defined Contribution Plan | 24 | 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 RMB12,189 and RMB30,252 and RMB12,789 (US$2,061) for the years ended December 31, 2012, 2013 and 2014, respectively. | ||
Obligations for contributions to defined contribution retirement plans for full-time employees in Singapore are recognized as expense in the statements of comprehensive income as incurred. The total amounts for such employee benefits were approximately RMB108, RMB106 and nil for the years ended December 31, 2012, 2013 and 2014, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies | 25 | COMMITMENTS AND CONTINGENCIES | |||||||
Operating lease commitments | |||||||||
Future minimum payments under non-cancelable operating leases with initial terms in excess of one year consist of the following at December 31, 2014: | |||||||||
RMB | US$ | ||||||||
2015 | 9,845 | 1,587 | |||||||
2016 | 4,074 | 657 | |||||||
2017 | 3,500 | 564 | |||||||
2018 and thereafter | 56,000 | 9,025 | |||||||
73,419 | 11,833 | ||||||||
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, 2012, 2013 and 2014, total rental expenses for all operating leases amounted to RMB8,986, RMB10,330 and RMB13,764 (US$2,218), respectively. | |||||||||
Purchase commitments | |||||||||
The Group has commitments to purchase certain medical equipment of RMB30,663(US$4,942) at December 31, 2014, which are scheduled to be paid within one year. | |||||||||
Income taxes | |||||||||
As of December 31, 2014, the Group has recognized approximately RMB36,616(US$5,901) as an accrual for unrecognized tax positions (note 17). The final outcome of the tax uncertainty is dependent upon various matters including tax examinations, interpretation of tax laws or expiration of status of limitation. However, due to the uncertainties associated with the status of examinations, including the protocols of finalizing audits by the relevant tax authorities, there is a high degree of uncertainty regarding the future cash outflows associated with these tax uncertainties. | |||||||||
Segment_Reporting
Segment Reporting | 12 Months Ended | |
Dec. 31, 2014 | ||
Segment Reporting [Abstract] | ||
Segment Reporting | 26 | SEGMENT REPORTING |
For the years ended December 31, 2012 and 2013, the Group had two operating segments, including network and hospital. After the disposal of CAH and WHT on December 18, 2014, which is presented as discontinued operations in the financial statements for the year ended December 31, 2014, the Group is only engaged in network business. | ||
Information reported to the Group’s chief operating decision maker (“CODM”) for the purpose of resources allocation and performance assessment, focuses on the operating results of network business which is the sole operating segment of the Group. Accordingly, no operating segment information is presented. | ||
As substantially all of the Group’s long-lived assets (mainly including property, plant and equipment) and revenues are in and derived from the PRC, no geographical segments are presented. |
Income_Per_Share
Income Per Share | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Income Per Share | 27 | INCOME PER SHARE | |||||||||||||||
Basic and diluted income per share for each of the periods presented is calculated as follows: | |||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Numerator: | |||||||||||||||||
Net income from continuing operations | 128,978 | 81,753 | 94,942 | 15,302 | |||||||||||||
Net income from discontinued operations | 1,853 | 4,140 | 29,767 | 4,798 | |||||||||||||
Net income attributable to ordinary shareholders used in calculating income per ordinary share—basic and diluted | 130,831 | 85,893 | 124,709 | 20,100 | |||||||||||||
Denominator: | |||||||||||||||||
Weighted average number of ordinary shares outstanding used in calculating basic income per share | 138,211,177 | 135,077,172 | 134,836,300 | 134,836,300 | |||||||||||||
Weighted average number of ordinary shares outstanding used in calculating diluted income per share | 138,211,177 | 135,077,172 | 135,180,642 | 135,180,642 | |||||||||||||
Income per share – basic | |||||||||||||||||
Net income from continuing operations | 0.94 | 0.61 | 0.7 | 0.11 | |||||||||||||
Net income from discontinued operations | 0.01 | 0.03 | 0.22 | 0.04 | |||||||||||||
0.95 | 0.64 | 0.92 | 0.15 | ||||||||||||||
Income per share – diluted | |||||||||||||||||
Net income from continuing operations | 0.94 | 0.61 | 0.7 | 0.11 | |||||||||||||
Net income from discontinued operations | 0.01 | 0.03 | 0.22 | 0.04 | |||||||||||||
0.95 | 0.64 | 0.92 | 0.15 | ||||||||||||||
The effects of share options have been excluded from the computation of diluted income per share for the years ended December 31, 2012, 2013 and 2014 as their effects would be anti-dilutive. | |||||||||||||||||
For the year ended December 31, 2014, the effects of IFC loan have been excluded from the computation of diluted income per share as its effect would be anti-dilutive. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |
Dec. 31, 2014 | ||
Fair Value Disclosures [Abstract] | ||
Fair Value Measurements | 28 | FAIR VALUE MEASUREMENTS |
The Group applies ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. | ||
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. | ||
In accordance with ASC 820, the Group measured derivative instruments at fair value as at December 31, 2014, on recurring basis using a valuation model with significant inputs that are directly or indirectly observable in the marketplace (Level 2). | ||
The Group has no assets or liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2013 and 2014. | ||
The Group measures certain financial assets, including equity method investments, at fair value on a nonrecurring basis only if an impairment charge were to be recognized. The Group’s non-financial assets, such as intangible assets, goodwill and fixed assets, would be measured at fair value only if they were determined to be impaired. |
Parent_Company_Only_Condensed_
Parent Company Only Condensed Financial Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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 | |||||||||||||||||
2013 | 2014 | 2014 | |||||||||||||||
RMB | RMB | US$ | |||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash | 195,038 | 175,125 | 28,225 | ||||||||||||||
Amounts due from subsidiaries | 386,909 | 374,237 | 60,316 | ||||||||||||||
Total current assets | 581,947 | 549,362 | 88,541 | ||||||||||||||
Non-current assets: | |||||||||||||||||
Investment in subsidiaries | 2,063,610 | 2,203,785 | 355,186 | ||||||||||||||
Deferred cost, non current | — | 2,867 | 462 | ||||||||||||||
Total assets | 2,645,557 | 2,756,014 | 444,189 | ||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Short-term bank borrowings | 390,464 | 307,128 | 49,500 | ||||||||||||||
Accrued expenses and other liabilities | 6,421 | 45,920 | 7,401 | ||||||||||||||
Amounts due to subsidiaries | 126,679 | 415,826 | 67,019 | ||||||||||||||
Total current liabilities | 523,564 | 768,874 | 123,920 | ||||||||||||||
Long-term bank borrowings | — | 189,591 | 30,554 | ||||||||||||||
Total liabilities | 523,564 | 958,465 | 154,474 | ||||||||||||||
Shareholders’ equity: | |||||||||||||||||
Ordinary shares (par value of US$0.0001 per share; authorized shares—500,000,000; issued shares—142,353,532 as of December 31, 2013 and 2014; outstanding shares—134,836,300 and 134,836,300 as of December 31, 2013 and 2014, respectively) | 105 | 105 | 17 | ||||||||||||||
Treasury stock (7,517,232 and 7,517,232 as of December 31, 2013 and 2014, respectively) | (5 | ) | (5 | ) | (1 | ) | |||||||||||
Additional paid-in capital | 2,520,338 | 2,074,125 | 334,288 | ||||||||||||||
Accumulated other comprehensive loss | (15,283 | ) | (18,651 | ) | (3,006 | ) | |||||||||||
Accumulated deficit | (383,162 | ) | (258,025 | ) | (41,583 | ) | |||||||||||
Total shareholders’ equity | 2,121,993 | 1,797,549 | 289,715 | ||||||||||||||
Total liabilities and shareholders’ equity | 2,645,557 | 2,756,014 | 444,189 | ||||||||||||||
Condensed statements of comprehensive income | |||||||||||||||||
For the Years Ended December 31 | |||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Revenues | — | — | — | — | |||||||||||||
Cost of revenues | — | — | — | — | |||||||||||||
General and administrative expenses | (19,879 | ) | (24,028 | ) | (7,892 | ) | (1,272 | ) | |||||||||
Selling expenses | (2,296 | ) | (2,231 | ) | (754 | ) | (122 | ) | |||||||||
Operating loss | (22,175 | ) | (26,259 | ) | (8,646 | ) | (1,394 | ) | |||||||||
Equity in profit or loss of subsidiaries | 152,691 | 114,146 | 146,488 | 23,610 | |||||||||||||
Interest income | 307 | 1 | 570 | 93 | |||||||||||||
Interest expense | — | (3,398 | ) | (17,899 | ) | (2,885 | ) | ||||||||||
Change in fair value of derivatives | — | — | 2,605 | 420 | |||||||||||||
Exchange gain | 8 | 1,402 | 1,591 | 256 | |||||||||||||
Net income | 130,831 | 85,893 | 124,709 | 20,100 | |||||||||||||
Net income attributable to ordinary shareholders | 130,831 | 85,893 | 124,709 | 20,100 | |||||||||||||
Other comprehensive income, net of tax of nil | |||||||||||||||||
Foreign currency translation adjustments | 640 | 1,672 | (3,368 | ) | (543 | ) | |||||||||||
Total other comprehensive income | 640 | 1,672 | (3,368 | ) | (543 | ) | |||||||||||
Comprehensive income | 131,471 | 87,565 | 121,341 | 19,557 | |||||||||||||
Condensed statements of cash flows | |||||||||||||||||
For the Years Ended December 31 | |||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Net cash used in operating activities | (11,493 | ) | (17,599 | ) | (8,613 | ) | (1,389 | ) | |||||||||
Net cash provided (used in) by investing activities | (153,651 | ) | 20,827 | 304,646 | 49,100 | ||||||||||||
Net cash provided (used in) by financing activities | 163,177 | 187,455 | (322,317 | ) | (51,948 | ) | |||||||||||
Exchange rate effect on cash | 399 | (2,946 | ) | 6,371 | 1,027 | ||||||||||||
Net increase (decrease) in cash | (1,568 | ) | 187,737 | (19,913 | ) | (3,210 | ) | ||||||||||
Cash at beginning of the year | 8,869 | 7,301 | 195,038 | 31,435 | |||||||||||||
Cash at end of the year | 7,301 | 195,038 | 175,125 | 28,225 | |||||||||||||
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. Such investment is presented on the balance sheet as “Investment in subsidiaries” and the subsidiaries profit or loss as “Equity in profit or loss of subsidiaries” on the statements of comprehensive income. The parent company only financial statements should be read in conjunction with the Company’s consolidated financial statements. |
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 31, 2014 | ||
Subsequent Events [Abstract] | ||
Subsequent Events | 30 | SUBSEQUENT EVENTS |
(1) On January 27, 2015, a special resolution was adopted by the Company’s shareholders at its annual general meeting to adopt a Fourth Amended and Restated Memorandum and Articles of Association (the “Amended M&A”), pursuant to which, (i) each share issued and outstanding immediately prior to the adoption of the Amended M&A was re-designated as a Class A Ordinary Share; and (ii) a new class of convertible shares was created (the “Class B Ordinary Shares”, and together with Class A Ordinary Shares, the “Shares”). The Amended M&A provides that each Class B Ordinary Share entitles the holder thereof to 10 votes on any ordinary resolution or special resolution. | ||
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. As of January 27, 2015, the date of the annual general meeting, Morgancreek held 45,787,948 ordinary shares and 4,660,976 American Depository Shares (representing 13,982,928 ordinary shares) of the Company. Mr. Jianyu Yang, the chairman and chief executive officer of the Company and Mr. Zheng Cheng, the president, chief operating officer and a director of the Company, beneficially owns 60% and 40% equity interest of Morgancreek, respectively. | ||
(2) On March 27, 2015, the Company announced the signing of a purchase agreement to acquire 100% equity interests in Fortis Healthcare Singapore Pte. Limited (“FSH”) from Fortis Healthcare International Pte. Limited, which is a private facility in Singapore that was established in July 2012, currently with 31 bed patient capacity, for a cash consideration of SGD55,000 (RMB257,666). The consideration was paid on April 6, 2015 and the acquisition was closed on April 7, 2015. | ||
After the acquisition, the Company will start the application to Singapore’s Ministry of Health to change the FSH name into Singapore Concord Cancer Hospital, and to add more medical specialties (e.g. oncology, cardiology, respiratory, dermatology, renal medicine, endocrinology radiotherapy, and robot-assisted surgery). | ||
The Company is in the process of completing the initial accounting for the business combination at the date of these financial statements. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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, contingent business acquisition consideration, contingent consideration of acquisition of noncontrolling interests, revenue recognition, allowance for doubtful accounts, asset impairment, 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 the valuation of derivative instruments. 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 and its subsidiaries. All transactions and balances between the Company and its subsidiaries have been eliminated upon consolidation. | |||||||||
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. The functional currency of the Company and its subsidiaries, Ascendium, CMS Holdings, OMS, Cyber, China Medstar, King Cheers, Medstar Overseas, Proton BVI, CCM (HK), US Proton, CMS (USA), Allcure and GMI is the United States dollar (“US$”). The Company and the subsidiaries whose functional currency is the US$ 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 income. | |||||||||
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 RMB6.2046 to US$1.00 on December 31, 2014 as published on the website of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. | |||||||||
Business combination | Business combination | ||||||||
The Company accounts for business combinations using the purchase method of accounting in accordance with ASC 805. ASC 805 requires the Company to recognize separately from goodwill the assets acquired, the liabilities assumed and the noncontrolling interest at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition date fair values of the assets acquired and the liabilities assumed. In cases where the Company acquires less than 100% ownership interest, the Company will derive the fair value of the acquired business as a whole, which will typically include a control premium and subtract the consideration transferred by the Company for the controlling interest to identify the fair value of the noncontrolling interest. In addition, the share purchase agreements entered into may contain contingent consideration provisions obligating the Group to pay additional purchase consideration, upon the acquired business’s achievement of certain agreed upon operating performance based milestones. Under ASC 805, these contingent consideration arrangements are required to be recognized and measured at fair value at the acquisition date as either a liability or as an equity instrument, with liability instruments being required to be remeasured at each reporting period through the Company’s statements of comprehensive income until such time as to when the contingency is resolved. | |||||||||
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. | |||||||||
Cash | Cash | ||||||||
Cash includes cash deposits with original maturities of less than three months, which are unrestricted as to withdrawal and use. | |||||||||
Restricted cash | Restricted cash | ||||||||
Short-term and long-term restricted cash represent collateral required to be maintained pursuant to contractual financing arrangements the Group has entered into with certain financial institutions (note 5). | |||||||||
Equity method investments | Equity method investments | ||||||||
Investments in less-than-majority-owned investees over which the Group has significant influence are accounted for under the equity method of accounting in accordance with ASC 323, Investments-Equity Method and Joint Venture (“ASC 323”), which requires equity investments be carried at original cost adjusted for the proportionate share of the investees’ income, losses and distributions. The share of net profit of equity investee includes the effect of basis difference between the carrying value of the investments and the Group’s share of the underlying assets of the investee. An interest in a limited partnership is also accounted for using the equity method of accounting as described in ASC 323, unless the limited partner’s interest is so minor that the Company may have virtually no influence over partnership operating and financial policies. The Group assesses the carrying value of equity investments when an indicator of a loss in value is present and records a loss in value of the investment when the assessment indicates that another-than-temporary decline in the investment exists. | |||||||||
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 collectibility of accounts receivable of each customer on a specific identification basis. At the time when the Group is aware of circumstances that may impair a specific customer’s ability to meet its financial obligations subsequently, 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 (“ASC 840”), leases for a lessee are classified at the inception date as either a capital lease or an operating lease. The Company assesses a lease to be a capital lease if any of the following conditions exist: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the property’s estimated remaining economic life or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. A capital lease is accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease. The capital lease obligation reflects the present value of future rental payments, discounted at the appropriate interest rates. The cost of the asset is amortized over the lease term. However, if ownership is transferred at the end of the lease term, the cost of the asset is amortized as set out under the property, plant and equipment, net section of this note. | |||||||||
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 | 38 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 income. | |||||||||
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. Total interest costs incurred and capitalized during the years ended December 31, 2012, 2013 and 2014 amounted to RMB5,599, RMB2,496 and nil, respectively. | |||||||||
Goodwill | Goodwill | ||||||||
Goodwill represents the excess of the purchase price over the estimated fair value of net tangible and identifiable intangible assets acquired. In accordance with ASC 350, Intangibles, Goodwill (“ASC 350”), goodwill amounts are not amortized, but rather are tested for impairment at least annually or more frequently if there are indicators of impairment present. | |||||||||
In accordance with ASC 350, the Group assigns and assesses 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, 2014, goodwill was derecognized as a result of the disposal of CAH. | |||||||||
Intangible assets, net | Intangible assets, net | ||||||||
Intangible assets relate to customer relationships, operating leases, medical insurance coverage and radiotherapy permits that are not considered to have an indefinite useful life. These intangible assets are amortized on a straight line basis over the economic life. 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 medical insurance coverage as an approved healthcare provider is issued by the medical insurance authority, based on which the hospital can join in the medical insurance network and can be reimbursed by the medical insurance authority for medical services provided to the patients who have been covered by medical insurance included in social insurance or other contribution, which is amortized over the remaining business license period. A radiotherapy permit is a legal license issued by the government for deploying and operating radiotherapy equipment in a hospital and the economic life of this license is assessed to be the estimated remaining useful life of the corresponding radiotherapy equipment. | |||||||||
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 49 years. | |||||||||
Impairment of long-lived assets and acquired intangibles | Impairment of long-lived assets and acquired intangibles | ||||||||
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. | |||||||||
For the year ended December 31, 2012, the Company recorded impairment on deposits for non-current assets amounting to RMB3,360, which is included in the caption of “Asset impairment” in the consolidated statements of comprehensive income. No impairment of long-lived assets and acquired intangibles was recorded for the years ended December 31, 2013 and 2014. | |||||||||
Treasury stock | Treasury stock | ||||||||
The Company has share repurchase programs where the shares are acquired and subject to cancellation. Cost of the Company’s shares acquired is treated as a deduction from shareholders’ equity. Upon cancellation, any excess purchase price over par value is charged directly to additional paid-in capital. | |||||||||
Fair value of financial instruments | Fair value of financial instruments | ||||||||
The carrying amounts of the Group’s financial instruments, including cash, restricted cash, accounts receivable, balances with related parties, accounts payable, and other liabilities approximate fair value because of their short maturities. The carrying amounts of the Group’s short-term and long-term bank borrowings and loan to a noncontrolling shareholder of a subsidiary mostly bear interest at floating rates and therefore approximate the fair value of these obligations. For those bank borrowings 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. Derivative financial instruments were recognized at fair value at the end of each reporting period with the adjustment in its fair value recognized in profit or loss. The Company, with the assistance of an independent third party valuation firm, determined the estimated fair value of its derivative financial instruments that are recognized in the consolidated financial statements. | |||||||||
Cash falls into level 1 of the fair value hierarchy while the other financial assets and liabilities fall into level 2 of the fair value hierarchy. | |||||||||
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. | |||||||||
Discontinued operations | Discontinued operations | ||||||||
The Group early adopted ASU2014-08 Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity for the year ended December 31, 2014, pursuant to which, when a component of an entity has been disposed of and the component represents a strategic shift that has or will have a major effect on an entity’s operations and financial results, the results of its operations should be classified as discontinued operations in the consolidated statement of comprehensive income (loss) for all periods presented. | |||||||||
Revenue recognition | Revenue recognition | ||||||||
The majority of the Group’s revenues are derived directly from hospitals that enter into medical equipment lease and management service arrangements with the Group. To a lesser extent, revenues are generated from stand-alone management service arrangements where a hospital has previously acquired the equipment from the Company or through another vendor or sale of medical equipment. | |||||||||
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 hospital, 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 Group enters into both leases and management service arrangements with independent hospitals consisting of terms that range from 5 to 20 years. Pursuant to these arrangements, the Group receives a portion of the profit, based on the profit sharing formula as defined in the arrangements, of the hospital unit that delivers the diagnostic imaging and/or radiation oncology services. | |||||||||
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 element. The arrangement consideration should be allocated between the lease element and the non-lease deliverables on a relative fair value basis, however because all of the consideration is earned through the contingent rent feature discussed below, there is no impact of such allocation. | |||||||||
ASC 840 is applied to the lease elements of the arrangement and U.S. Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin No. 104 (“SAB 104”) is applied to other elements of the arrangement not within the scope of ASC 840. Revenue not within the scope of ASC 840 is recognized when there is persuasive evidence of an arrangement, the fee is fixed or determinable, collectability is reasonably assured and the delivery of the medical equipment or services has occurred. | |||||||||
The lease rentals and management service receivable under the lease arrangement are based entirely on a profit sharing formula (“contingent rent feature”). The profitability of the business unit is not only dependent on the medical equipment placed at the hospital, but also the hospital’s ability to manage the costs and appoint doctors and clinical staff to operate the equipment. Certain of the lease and management service arrangements may include a transfer of ownership or bargain purchase option at the end of the lease term. Due to the length of the lease term, the collectability of these minimum lease payments is not considered reasonably predictable and there are also inherent uncertainties regarding the future costs to be incurred by the Group relating to the arrangement. Given these uncertainties, the Group accounts for all of these lease arrangements as operating leases. | |||||||||
As the collectability of the minimum lease rental is not considered predictable, and the remaining rental is considered contingent, the Group recognizes revenue when a lease payment under the arrangement becomes fixed, i.e. when the profit share under the arrangement is determined and agreed upon by both parties to the agreement. Similarly, for the service element of the arrangement, revenue is only considered determinable at the time a payment under the arrangement becomes fixed, i.e. when the profit share under the arrangement is determined and agreed upon by both parties. Revenue is recognized when it is determined that the basic criteria, referred to above, have also been met. | |||||||||
For the years ended December 31, 2012, 2013 and 2014, the revenue from lease and management services amounted to RMB412,330, RMB498,556 and RMB511,591 (US$82,453), respectively. | |||||||||
ii. | Management services and technical services | ||||||||
The Group provides stand-alone management services to certain hospitals which are already in possession of radiotherapy and diagnostic equipment and stand-alone technical services to certain hospitals. Management services typically include the provision of diagnosis and treatment techniques, experts support, advertising and promotion as well as comprehensive operational management. Technical services mainly include services related to the maintenance and upgrade of leasing equipment. The fees for management services and technical services are either based on a contracted percentage of monthly revenue generated by the specified hospital unit (“revenue share”) or in limited instances on a fixed monthly fee. Fixed monthly fees are recognized ratably over the service term. The consideration that is based on a revenue share arrangement is recognized when the monthly fees under the arrangement are determined and agreed upon by both parties to the agreement. Fixed monthly fees are recognized ratably over the service term. | |||||||||
For the years ended December 31, 2012, 2013 and 2014, revenue from management services amounted to RMB11,874, RMB15,723 and RMB37,713 (US$6,078), respectively. For the years ended December 31, 2012, 2013 and 2014, the revenue from technical services amounted to RMB10,178, RMB13,243 and RMB20,777 (US$3,349), respectively. | |||||||||
iii. | Direct financing lease income | ||||||||
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. During the years ended December 31, 2012, 2013 and 2014, the Company had financing lease income of RMB19,748, RMB33,639 and RMB29,250 (US$4,714), net of taxes, respectively. | |||||||||
iv. | Medical equipment sales | ||||||||
Pursuant to the application of ASC 605, Revenue Recognition (“ASC 605”), the Group records revenue related to medical equipment sales on a net basis when the equipment is delivered to the customer and the sales price is determinable. During the years ended December 31, 2012, 2013 and 2014, the Company had medical equipment sales of RMB1,520, RMB1,963 and RMB7,552 (US$1,217), respectively. | |||||||||
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 equipment sales | |||||||||
Cost of equipment sales, recorded net against the related revenue, includes the cost of the equipment purchased and other direct costs involved in the equipment sales. | |||||||||
Advertising expenditure | Advertising expenditure | ||||||||
Advertising costs are expensed when incurred and are included in selling expenses in the consolidated statements of comprehensive income. For the years ended December 31, 2012, 2013 and 2014, the advertising expenses were RMB5,790, RMB7,679, and RMB6,680(US$1,077), 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. | |||||||||
Share-based compensation | Share-based compensation | ||||||||
The Group’s employees participate in the Company’s share-based scheme which is discussed in more detail under note 23. Share-based awards granted to employees are accounted for under ASC 718, Compensation-Stock Compensation (“ASC 718”). | |||||||||
In accordance with ASC 718 , the Company determines whether a share option should be classified and accounted for as a liability award or equity award. All grants of share-based awards to employees classified as equity awards are recognized in the financial statements based on their grant date fair values which are calculated using an option pricing model. The Group has elected to recognize compensation expense using the straight-line method for all share options granted with graded vesting based on service conditions. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards are reversed. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Share-based compensation expense is recorded net of estimated forfeitures such that expense is recorded only for those share-based awards that are expected to vest. | |||||||||
Income per share | Income per share | ||||||||
Income per share is computed in accordance with ASC 260, Earnings Per Share (“ASC 260”). Basic income per ordinary share is computed by dividing income attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period. Diluted income per share for continuing operations is calculated by dividing net profit from continuing operations attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Diluted income per share for discontinued operations is then calculated by dividing net profit from discontinued operations attributable to ordinary shareholders by the same number of potential ordinary shares determined in the earlier step. Ordinary equivalent shares consist of the ordinary shares issuable upon the conversion of the share based awards, using the treasury stock method and the ordinary shares issuable upon the conversion of convertible debt instruments, using if-converted method. Ordinary share equivalents are excluded from the computation of diluted per share if their effects would be anti-dilutive. | |||||||||
Comprehensive income (loss) | Comprehensive income (loss) | ||||||||
Comprehensive income (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 income (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 income includes net income and foreign currency translation adjustments and is presented in the consolidated statement of comprehensive income. | |||||||||
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 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. The fair value of the derivative instruments held by the Company was RMB33,663(US$5,425) as at December 31, 2014. | |||||||||
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 reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. For the years ended December 31, 2012 and 2013, the Group’s CODM evaluates segment performance based on revenues and profit by the network and hospital segments. After the disposal of CAH and WHT on December 18, 2014, which is presented as discontinued operations in the financial statements, the Group has only one reporting segment for network. Substantially all of the Group’s revenue and long lived assets (mainly include property, plant and equipment) are derived from the PRC. | |||||||||
Recent accounting pronouncement | Recent accounting pronouncement | ||||||||
In April 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”). The new guidance changes the criteria for reporting discontinued operations while enhancing disclosures in this area. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Additionally, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. ASU 2014-08 is effective for the Company in the first quarter of fiscal 2015. The Company has early adopted the standard in the year ended December 31, 2014. | |||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09 (“ASU 2014-09”), Revenue fromContracts with Customers. ASU 2014-09 supersedes the revenue recognition requirements in ASC 605, and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently in the process of evaluating the impact of the adoption of ASU 2014-09 on the consolidated financial statements. | |||||||||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The guidance requires an entity to evaluate whether there are conditions or events, in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and to provide related footnote disclosures in certain circumstances. The guidance is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s consolidated financial statements. | |||||||||
Parent Company [Member] | |||||||||
Basis of presentation | 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. Such investment is presented on the balance sheet as “Investment in subsidiaries” and the subsidiaries profit or loss as “Equity in profit or loss of subsidiaries” on the statements of comprehensive income. The parent company only financial statements should be read in conjunction with the Company’s consolidated financial statements. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
Schedule of Subsidiaries | Details of the Company’s subsidiaries as of December 31, 2014 are as follows: | ||||||||||
Company | Date of establishment | Place of establishment | Percentage of | Principal activities | |||||||
ownership by | |||||||||||
the Company | |||||||||||
Ascendium Group Limited (“Ascendium”) | September 10, 2007 | British Virgin Islands (“BVI”) | 100 | % | Investment holding | ||||||
Our Medical Services Limited (“OMS”) | 22-Aug-96 | BVI | 100 | % | Investment holding | ||||||
Medstar Oversea Ltd. (“Medstar Overseas”) | September 22, 2011 | BVI | 100 | % | Investment holding | ||||||
US Proton Therapy Holdings Limited (“Proton BVI”) | 16-May-11 | BVI | 100 | % | Investment holding | ||||||
US Proton Therapy Holdings Limited (“US Proton”) | 29-Jun-11 | United States of America | 100 | % | Investment holding | ||||||
Concord Medical Services (International) Pte. Ltd. (“China Medstar”) (formerly known as China Medstar Pte. Limited) | 8-Aug-03 | Singapore | 100 | % | Investment holding | ||||||
Cyber Medical Networks Limited (“Cyber”) | 26-May-06 | Hong Kong | 100 | % | Investment holding | ||||||
China Medical Services (Holdings) Limited (“CMS Holdings”) | 18-Jul-08 | Hong Kong | 100 | % | Investment holding | ||||||
King Cheers Holdings Limited (“King Cheers”) | 18-May-01 | Hong Kong | 100 | % | Investment holding | ||||||
Shenzhen Aohua Medical Technology and Services Co., Ltd (“AMT”) (AMT merged from formerly known as Shenzhen Aohua Medical Leasing & Services Limited (“AML”) and Shenzhen Aohua Medical Services Co., Ltd (“AMS”)) | 21-Feb-08 | PRC | 100 | % | Leasing of medical equipment and provision of management services | ||||||
Medstar (Shanghai) Leasing Co., Ltd. (“MSC”) | 21-Mar-03 | PRC | 100 | % | Leasing of medical equipment and provision of management services | ||||||
CMS Hospital Management Co., Ltd. (“CHM”) | July 23, 2008 | PRC | 100 | % | Provision of management services | ||||||
Beijing Yundu Internet Technology Co., Ltd. (“Yundu”) | 26-Jul-07 | PRC | 100 | % | Provision of management services | ||||||
Tianjin Kangmeng Radiology Equipment Management Co., Ltd. (“TKM”) | April 22, 2010 | PRC | 100 | % | Leasing of medical equipment and provision of management services | ||||||
Guangzhou Jinkangshenyou Investment Co., Ltd. (“JKSY”) | 12-Aug-10 | PRC | 100 | % | Leasing of medical equipment | ||||||
Guangzhou Concord Medical Cancer Hospital Co., Ltd (“GZ Proton”) | 29-Jun-11 | PRC | 70 | % | Medical technology research and development, and provision of management and consulting services. | ||||||
Beijing Jinweiyikang Technology Co., Ltd. (“JWYK”) | 26-Apr-12 | PRC | 100 | % | Medical information and technology services | ||||||
CCM (Hong Kong) Medical Investments Limited (“CCM (HK)”) | 3-Jun-13 | Hong Kong | 100 | % | Investment holding | ||||||
CMS Radiotherapy Holdings Limited (“CMS (USA)”) | 13-Aug-13 | United States of America | 100 | % | Investment holding | ||||||
Shenzhen Concord Medical Investment Limited (“SZ CMS”) | January 10, 2014 | PRC | 100 | % | Investment holding | ||||||
Shanghai Concord Oncology Hospital Limited (“SHC”) | 17-Mar-14 | PRC | 100 | % | Group’s medical treatmentand service business | ||||||
Global Medical Imaging (HongKong) Limited. (“GMI”) | May 26, 2014 | Hong Kong | 100 | % | Investment holding | ||||||
Allcure Medical Holdings Limited (“Allcure”) | 29-Jul-14 | BVI | 100 | % | Investment holding | ||||||
Datong Meizhong Jiahe Cancer Center (“DTMZ”) | October 23, 2014 | PRC | 100 | % | Group’s medical treatmentand service business |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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 | 38 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. |
Acquisitions_and_Disposals_Tab
Acquisitions and Disposals (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
CAH and WHT [Member] | |||||||||||||||||
Schedule of Breakdown of Assets and Liabilities Attributed to Discontinued Operations | The breakdown of assets and liabilities attributed to discontinued operations as of December 18, 2014 (the date of disposal), are as follows: | ||||||||||||||||
RMB | US$ | ||||||||||||||||
Current assets | 122,280 | 19,708 | |||||||||||||||
Property, plant and equipment, net | 620,883 | 100,068 | |||||||||||||||
Goodwill | 292,885 | 47,204 | |||||||||||||||
Acquired intangible assets, net | 28,929 | 4,663 | |||||||||||||||
Prepaid land lease payments | 85,061 | 13,710 | |||||||||||||||
Indemnification assets, non-current portion | 59,518 | 9,593 | |||||||||||||||
Loan to a non-controlling shareholder | 72,609 | 11,702 | |||||||||||||||
Other non-current assets | 40,651 | 6,552 | |||||||||||||||
Current liabilities | (483,969 | ) | (78,002 | ) | |||||||||||||
Non-current liabilities | (175,041 | ) | (28,211 | ) | |||||||||||||
Non-controlling interests | (304,370 | ) | (49,056 | ) | |||||||||||||
Net assets disposed | 359,436 | 57,931 | |||||||||||||||
Schedule of Gain Realized on Disposal | As a result of the disposal, the Group recognized a gain on the disposal of CAH and WHT of RMB38,487(US$6,203) as summarized below: | ||||||||||||||||
RMB | US$ | ||||||||||||||||
Consideration | 397,923 | 64,134 | |||||||||||||||
Disposition of net assets | 359,436 | 57,931 | |||||||||||||||
Gain on disposal of CAH and WHT | 38,487 | 6,203 | |||||||||||||||
Reconciliation of Net Income from Discontinued Operations | Reconciliation of the major line items of CAH and WHT to net income from discontinued operations that are presented in the consolidated statement of comprehensive income is as follows: | ||||||||||||||||
For the years ended December 31 | |||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Revenues | 206,698 | 417,511 | 489,787 | 78,939 | |||||||||||||
Cost of revenues | (172,681 | ) | (369,295 | ) | (435,785 | ) | (70,236 | ) | |||||||||
Selling, general and administrative expenses | (10,648 | ) | (23,782 | ) | (20,210 | ) | (3,257 | ) | |||||||||
Interest expense | (3,804 | ) | (10,143 | ) | (11,519 | ) | (1,857 | ) | |||||||||
Other (expenses) income | (4,035 | ) | 8,517 | 10,259 | 1,654 | ||||||||||||
Gain on disposal | — | — | 38,487 | 6,203 | |||||||||||||
Income tax expense | (7,936 | ) | (12,043 | ) | (45,543 | ) | (7,340 | ) | |||||||||
Net income from discontinued operations | 7,594 | 10,765 | 25,476 | 4,106 | |||||||||||||
Net income (loss) attributable to noncontrolling interests | 5,741 | 6,625 | (4,291 | ) | (692 | ) | |||||||||||
Net income attributable to ordinary shareholders | 1,853 | 4,140 | 29,767 | 4,798 | |||||||||||||
CAH [Member] | |||||||||||||||||
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | |||||||||||||||||
RMB | |||||||||||||||||
Purchase consideration | 378,605 | ||||||||||||||||
Cash | 248,784 | ||||||||||||||||
Pre-existing receivables from CAH | 128,573 | ||||||||||||||||
Pre-existing favorable agreements | 1,248 | ||||||||||||||||
RMB | |||||||||||||||||
Purchase consideration | 378,605 | ||||||||||||||||
Current assets | 72,188 | ||||||||||||||||
Indemnification assets | 61,706 | ||||||||||||||||
Intangible assets | 40,000 | ||||||||||||||||
Other long lived assets (excluding intangible assets) | 421,598 | ||||||||||||||||
Current liabilities | (186,484 | ) | |||||||||||||||
Unrecognized tax benefits, non current | (61,706 | ) | |||||||||||||||
Non-current liabilities | (56,439 | ) | |||||||||||||||
Deferred tax assets | 17,299 | ||||||||||||||||
Deferred tax liabilities | (26,263 | ) | |||||||||||||||
Total net assets | 281,899 | ||||||||||||||||
Noncontrolling interests | (196,179 | ) | |||||||||||||||
Goodwill | 292,885 |
Parent_Company_Only_Condensed_1
Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Condensed Statements of Cash Flows | Condensed statements of cash flows | ||||||||||||||||
For the Years Ended December 31 | |||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Net cash used in operating activities | (11,493 | ) | (17,599 | ) | (8,613 | ) | (1,389 | ) | |||||||||
Net cash provided (used in) by investing activities | (153,651 | ) | 20,827 | 304,646 | 49,100 | ||||||||||||
Net cash provided (used in) by financing activities | 163,177 | 187,455 | (322,317 | ) | (51,948 | ) | |||||||||||
Exchange rate effect on cash | 399 | (2,946 | ) | 6,371 | 1,027 | ||||||||||||
Net increase (decrease) in cash | (1,568 | ) | 187,737 | (19,913 | ) | (3,210 | ) | ||||||||||
Cash at beginning of the year | 8,869 | 7,301 | 195,038 | 31,435 | |||||||||||||
Cash at end of the year | 7,301 | 195,038 | 175,125 | 28,225 | |||||||||||||
Condensed Balance Sheets | Condensed balance sheets | ||||||||||||||||
As at December 31 | |||||||||||||||||
2013 | 2014 | 2014 | |||||||||||||||
RMB | RMB | US$ | |||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash | 195,038 | 175,125 | 28,225 | ||||||||||||||
Amounts due from subsidiaries | 386,909 | 374,237 | 60,316 | ||||||||||||||
Total current assets | 581,947 | 549,362 | 88,541 | ||||||||||||||
Non-current assets: | |||||||||||||||||
Investment in subsidiaries | 2,063,610 | 2,203,785 | 355,186 | ||||||||||||||
Deferred cost, non current | — | 2,867 | 462 | ||||||||||||||
Total assets | 2,645,557 | 2,756,014 | 444,189 | ||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Short-term bank borrowings | 390,464 | 307,128 | 49,500 | ||||||||||||||
Accrued expenses and other liabilities | 6,421 | 45,920 | 7,401 | ||||||||||||||
Amounts due to subsidiaries | 126,679 | 415,826 | 67,019 | ||||||||||||||
Total current liabilities | 523,564 | 768,874 | 123,920 | ||||||||||||||
Long-term bank borrowings | — | 189,591 | 30,554 | ||||||||||||||
Total liabilities | 523,564 | 958,465 | 154,474 | ||||||||||||||
Shareholders’ equity: | |||||||||||||||||
Ordinary shares (par value of US$0.0001 per share; authorized shares—500,000,000; issued shares—142,353,532 as of December 31, 2013 and 2014; outstanding shares—134,836,300 and 134,836,300 as of December 31, 2013 and 2014, respectively) | 105 | 105 | 17 | ||||||||||||||
Treasury stock (7,517,232 and 7,517,232 as of December 31, 2013 and 2014, respectively) | (5 | ) | (5 | ) | (1 | ) | |||||||||||
Additional paid-in capital | 2,520,338 | 2,074,125 | 334,288 | ||||||||||||||
Accumulated other comprehensive loss | (15,283 | ) | (18,651 | ) | (3,006 | ) | |||||||||||
Accumulated deficit | (383,162 | ) | (258,025 | ) | (41,583 | ) | |||||||||||
Total shareholders’ equity | 2,121,993 | 1,797,549 | 289,715 | ||||||||||||||
Total liabilities and shareholders’ equity | 2,645,557 | 2,756,014 | 444,189 | ||||||||||||||
Condensed Statements of Comprehensive Income | Condensed statements of comprehensive income | ||||||||||||||||
For the Years Ended December 31 | |||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Revenues | — | — | — | — | |||||||||||||
Cost of revenues | — | — | — | — | |||||||||||||
General and administrative expenses | (19,879 | ) | (24,028 | ) | (7,892 | ) | (1,272 | ) | |||||||||
Selling expenses | (2,296 | ) | (2,231 | ) | (754 | ) | (122 | ) | |||||||||
Operating loss | (22,175 | ) | (26,259 | ) | (8,646 | ) | (1,394 | ) | |||||||||
Equity in profit or loss of subsidiaries | 152,691 | 114,146 | 146,488 | 23,610 | |||||||||||||
Interest income | 307 | 1 | 570 | 93 | |||||||||||||
Interest expense | — | (3,398 | ) | (17,899 | ) | (2,885 | ) | ||||||||||
Change in fair value of derivatives | — | — | 2,605 | 420 | |||||||||||||
Exchange gain | 8 | 1,402 | 1,591 | 256 | |||||||||||||
Net income | 130,831 | 85,893 | 124,709 | 20,100 | |||||||||||||
Net income attributable to ordinary shareholders | 130,831 | 85,893 | 124,709 | 20,100 | |||||||||||||
Other comprehensive income, net of tax of nil | |||||||||||||||||
Foreign currency translation adjustments | 640 | 1,672 | (3,368 | ) | (543 | ) | |||||||||||
Total other comprehensive income | 640 | 1,672 | (3,368 | ) | (543 | ) | |||||||||||
Comprehensive income | 131,471 | 87,565 | 121,341 | 19,557 | |||||||||||||
CAH and WHT [Member] | |||||||||||||||||
Condensed Statements of Cash Flows | The following table summarizes cash flows from discontinued operations for the periods presented: | ||||||||||||||||
For the Years Ended December 31 | |||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Net cash generated from operating activities | 93,136 | 85,867 | 61,372 | 9,891 | |||||||||||||
Net cash used in investing activities | (109,126 | ) | (46,461 | ) | (43,420 | ) | (6,998 | ) | |||||||||
Net cash (used in) generated from financing activities | (5,467 | ) | (38,153 | ) | 10,627 | 1,713 | |||||||||||
Cash acquired in acquisition of CAH in 2012 | 28,939 | — | — | — | |||||||||||||
Net increase in cash | 7,482 | 1,253 | 28,579 | 4,606 | |||||||||||||
Cash at beginning of the year | 13 | 7,495 | 8,748 | 1,410 | |||||||||||||
Cash at end of the year | 7,495 | 8,748 | 37,327 | 6,016 | |||||||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Receivables [Abstract] | |||||||||||||||||
Schedule of Accounts Receivable | |||||||||||||||||
As at December 31, | |||||||||||||||||
2013 | 2014 | 2014 | |||||||||||||||
RMB | RMB | US$ | |||||||||||||||
Accounts receivable | 317,000 | 267,291 | 43,080 | ||||||||||||||
Allowance for doubtful accounts | (3,091 | ) | (2,281 | ) | (368 | ) | |||||||||||
Accounts receivable, net | 313,909 | 265,010 | 42,712 | ||||||||||||||
For the Years Ended December 31, | |||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Movement in allowance for doubtful accounts: | |||||||||||||||||
Balance at beginning of the year | 16,057 | 3,091 | 3,091 | 498 | |||||||||||||
Provisions for the year | — | — | 700 | 113 | |||||||||||||
Written back during the year | (12,966 | ) | — | (1,510 | ) | (243 | ) | ||||||||||
Balance at end of the year | 3,091 | 3,091 | 2,281 | 368 | |||||||||||||
Prepayments_and_Other_Current_1
Prepayments and Other Current Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Prepayments to suppliers | 1,141 | 317 | 51 | ||||||||||
Due from suppliers* | 65,181 | 58,357 | 9,405 | ||||||||||
Advances to hospitals** | 21,476 | 4,473 | 721 | ||||||||||
Advances to employees*** | 10,825 | 10,154 | 1,637 | ||||||||||
Deferred costs | 6,200 | — | — | ||||||||||
Consideration receivable for disposal of CAH and WHT | — | 80,453 | 12,967 | ||||||||||
Others | 15,949 | 25,035 | 4,035 | ||||||||||
120,772 | 178,789 | 28,816 | |||||||||||
Reserve for unrecoverable deposits | (9,292 | ) | (1,522 | ) | (245 | ) | |||||||
111,480 | 177,267 | 28,570 | |||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Movement in reserve for unrecoverable deposits: | |||||||||||||
Balance at beginning of the year | 10,270 | 9,292 | 1,498 | ||||||||||
Provisions for the year | 1,533 | 1,324 | 213 | ||||||||||
Write off of provisions | (1,533 | ) | (9,524 | ) | (1,535 | ) | |||||||
Foreign currency translation | (978 | ) | 430 | 69 | |||||||||
Balance at end of the year | 9,292 | 1,522 | 245 | ||||||||||
Provisions are charged directly to the statement of comprehensive income. The related expense is included in the caption “general and administrative expenses” in the consolidated statements of comprehensive income. | |||||||||||||
* | Amounts due from suppliers represent returnable deposits of cancelled orders from suppliers. There were no remaining contractual obligations associated with purchase contracts as of December 31, 2013 and 2014, respectively. 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 RMB9,292 and RMB1,522 (US$245) on amounts due from suppliers as at December 31, 2013 and 2014, respectively. | ||||||||||||
** | The amount represents interest-free advances to hospital customers. The Group has assessed the impact of such advances on revenue recognition at the outset of the arrangement and has concluded that they do not affect revenue recognition. The risk of loss arising from any failure by hospital customers to fulfill their financial obligations is assessed prior to making the advances and is monitored for recoverability on a regular basis by management. A charge to cost of revenue is recorded in the period in which a loss is incurred. | ||||||||||||
*** | The amount represents interest-free advance to hospitals held by the Company’s employees to cover expenses incurred by hospital customers. The risk of loss is assessed prior to making the advances and is monitored on a regular basis by management. To date, the Group has not experienced any loss of such advances. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||
Schedule of Inventory | |||||||||||||
As at December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Medicine | 12,255 | — | — | ||||||||||
Medical supplies | 7,190 | 2,698 | 435 | ||||||||||
Low-value consumables | 272 | 288 | 46 | ||||||||||
19,717 | 2,986 | 481 | |||||||||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment consist of the following: | ||||||||||||
As at December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Buildings | 402,671 | 285 | 46 | ||||||||||
Medical equipment | 1,324,206 | 1,077,612 | 173,680 | ||||||||||
Electronic and office equipment | 36,458 | 12,432 | 2,004 | ||||||||||
Motor vehicles | 3,931 | 1,768 | 285 | ||||||||||
Leasehold improvement and building improvements | 5,087 | 5,087 | 820 | ||||||||||
Construction in progress | 116,445 | 26,532 | 4,275 | ||||||||||
Total | 1,888,798 | 1,123,716 | 181,110 | ||||||||||
Less: accumulated depreciation | (393,046 | ) | (370,854 | ) | (59,771 | ) | |||||||
1,495,752 | 752,862 | 121,339 | |||||||||||
Less: accumulated impairment charges | (3,179 | ) | (3,179 | ) | (512 | ) | |||||||
1,492,573 | 749,683 | 120,827 | |||||||||||
Prepaid_Land_Lease_Payments_Ta
Prepaid Land Lease Payments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Leases [Abstract] | |||||||||||||
Schedule of Prepaid Land Lease Payments | |||||||||||||
As at December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Prepaid land lease payments | 145,692 | 52,878 | 8,522 | ||||||||||
Less: accumulated amortization | (5,491 | ) | (1,349 | ) | (217 | ) | |||||||
Net carrying value | 140,201 | 51,529 | 8,305 | ||||||||||
Schedule of Estimated Annual Amortization Expenses | The estimated annual amortization expenses for the above prepaid land leases for each of the five succeeding years are as follows: | ||||||||||||
Amortization | |||||||||||||
RMB | US$ | ||||||||||||
2015 | 1,083 | 175 | |||||||||||
2016 | 1,083 | 175 | |||||||||||
2017 | 1,083 | 175 | |||||||||||
2018 | 1,083 | 175 | |||||||||||
2019 | 1,083 | 175 |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Goodwill | Goodwill is comprised of the following: | ||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||||||||||
Balance at beginning of year | — | 292,885 | 292,885 | 47,204 | |||||||||||||||||||||
Acquisition of CAH (note 4) | 292,885 | — | — | — | |||||||||||||||||||||
Less: Disposal of CAH and WHT (note 4) | — | — | (292,885 | ) | (47,204 | ) | |||||||||||||||||||
Balance at end of year | 292,885 | 292,885 | — | — | |||||||||||||||||||||
Schedule of Acquired Intangible Assets | Intangible assets consist of the following: | ||||||||||||||||||||||||
Customer | Operating | Medical | Radiotherapy | Others | Total | ||||||||||||||||||||
relationship | lease | insurance | permits | ||||||||||||||||||||||
intangibles | intangibles | coverage | |||||||||||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | ||||||||||||||||||||
Intangible assets, net: | |||||||||||||||||||||||||
At January 1, 2013 | 98,779 | 5,537 | 28,500 | 9,286 | 4,410 | 146,512 | |||||||||||||||||||
Amortization expenses | (22,899 | ) | (1,361 | ) | (3,000 | ) | (1,429 | ) | (980 | ) | (29,669 | ) | |||||||||||||
Intangible assets, net at December 31, 2013 and January 1, 2014 | 75,880 | 4,176 | 25,500 | 7,857 | 3,430 | 116,843 | |||||||||||||||||||
Amortization expenses | (16,383 | ) | (1,270 | ) | (3,000 | ) | (1,428 | ) | (980 | ) | (23,061 | ) | |||||||||||||
Disposal of CAH and WHT (note 4) | — | — | (22,500 | ) | (6,429 | ) | — | (28,929 | ) | ||||||||||||||||
Other disposal | (3,388 | ) | (222 | ) | — | — | — | (3,610 | ) | ||||||||||||||||
Intangible assets, net at December 31, 2014 | 56,109 | 2,684 | — | — | 2,450 | 61,243 | |||||||||||||||||||
Intangible assets, net at December 31, 2014, in US$ | $ | 9,046 | $ | 430 | — | — | $ | 395 | $ | 9,871 | |||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Intangible assets, cost | 154,080 | 14,857 | — | — | 4,900 | 173,837 | |||||||||||||||||||
Less: accumulated amortization | (97,971 | ) | (12,173 | ) | — | — | (2,450 | ) | (112,594 | ) | |||||||||||||||
56,109 | 2,684 | — | — | 2,450 | 61,243 | ||||||||||||||||||||
Schedule of Estimated Annual Amortization Expenses | The estimated annual amortization expenses for the above intangible assets for each of the five succeeding years are as follows: | ||||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||
RMB | US$ | ||||||||||||||||||||||||
2015 | 17,685 | 2,850 | |||||||||||||||||||||||
2016 | 13,331 | 2,149 | |||||||||||||||||||||||
2017 | 11,672 | 1,881 | |||||||||||||||||||||||
2018 | 9,065 | 1,461 | |||||||||||||||||||||||
2019 | 7,603 | 1,225 | |||||||||||||||||||||||
Deposits_for_NonCurrent_Assets1
Deposits for Non-Current Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Schedule of Deposits for Non-Current Assets | Deposits for non-current assets consist of the following: | ||||||||||||
As at December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Deposits for purchases of property, plant and equipment * | 73,621 | 98,118 | 15,814 | ||||||||||
Others ** | 29,600 | 29,600 | 4,770 | ||||||||||
103,221 | 127,718 | 20,584 | |||||||||||
Reserve for unrecoverable deposits | (26,552 | ) | (26,552 | ) | (4,279 | ) | |||||||
76,669 | 101,166 | 16,305 | |||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Movement in reserve for unrecoverable deposits: | |||||||||||||
Balance at beginning of the year | 26,552 | 26,552 | 4,279 | ||||||||||
Provisions for the year | — | — | — | ||||||||||
Balance at end of the year | 26,552 | 26,552 | 4,279 | ||||||||||
* | The amount represents interest-free non-refundable partial payments to suppliers associated with contracts the Group enters into for the future scheduled delivery of medical equipment to customers. As at December 31, 2014, the remaining contractual obligations associated with these purchase contracts are approximately RMB30,663(US$4,942) which is included in the amount disclosed as purchase commitments in note 25. | ||||||||||||
** | On December 18, 2007, the Group entered into a framework agreement to build a proton treatment center in Beijing, pursuant to which the Group paid deposits to a subsidiary of Chang’an Information Industry (Group) Co., Ltd., to be used towards the construction of the proton treatment center. Total deposits paid as of December 31, 2013 and 2014 pursuant to this arrangement amounted to RMB29,600 and RMB29,600(US$4,711), respectively. As at December 31, 2014, the proton treatment center has not commenced operations. Management expects to convert it into the equity investment of the proton treatment center in the future. |
Net_Investment_in_Direct_Finan1
Net Investment in Direct Financing Leases (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Leases [Abstract] | |||||||||||||
Schedule of Net Investment in Direct Financing Leases | Net investment in direct financing leases is comprised of the following: | ||||||||||||
As at December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Total minimum lease payments to be received | 396,734 | 312,184 | 50,315 | ||||||||||
Initial direct cost | 3,963 | 3,963 | 639 | ||||||||||
400,697 | 316,147 | 50,954 | |||||||||||
Unearned income | (72,416 | ) | (41,360 | ) | (6,666 | ) | |||||||
Net investment in direct finance leases | 328,281 | 274,787 | 44,288 | ||||||||||
Current | 128,814 | 143,853 | 23,185 | ||||||||||
Non-current | 199,467 | 130,934 | 21,103 | ||||||||||
Total | 328,281 | 274,787 | 44,288 | ||||||||||
Schedule of Future Minimum Lease Payments | The future minimum lease payments to be received from such non-cancelable direct financing leases are as follows: | ||||||||||||
Future minimum | |||||||||||||
lease payments | |||||||||||||
RMB | US$ | ||||||||||||
2015 | 148,264 | 23,896 | |||||||||||
2016 | 104,696 | 16,874 | |||||||||||
2017 | 60,130 | 9,691 | |||||||||||
2018 | 3,057 | 493 | |||||||||||
2019 | — | — |
Equity_Method_Investments_Tabl
Equity Method Investments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Schedule of Equity Method Investments | As of December 31, 2013 and 2014, the Group had the following equity method investments: | ||||||||||||
Equity interest owned by the | |||||||||||||
Group | |||||||||||||
As of December 31, | |||||||||||||
Note | 2013 | 2014 | |||||||||||
Xi’an Jiangyuan Andike Ltd(“JYADK”) | i | ) | 33 | % | 33 | % | |||||||
Beijing Proton Medical Center Co. Ltd(“BPC”) | ii | ) | 25 | % | 25 | % | |||||||
PTC – Houston Management, LP(“PTC”) | iii | ) | 45 | % | 45 | % | |||||||
Suzhou Chorus Medical Technologies Co., Ltd | iv | ) | 36 | % | 36 | % | |||||||
Global Oncology One, Inc. (“Global Oncology”) | v | ) | — | 46.9 | % | ||||||||
i) | During 2011 and 2012, the Group respectively subscribed to 27% and 6% equity interest of JYADK, for a consideration of RMB540 and RMB120, respectively. On August 31, 2013, the Group injected additional RMB2,640 to JYADK with no change in the percentage of equity interest. | ||||||||||||
ii) | On October 19, 2012, the Group incorporated BPC with other investors. The Group holds 25% equity interest in BPC with the investment amounting to RMB25,000. | ||||||||||||
iii) | 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 (US$32,291) in cash. After the transaction, the Group owned 45% interests of PTC which ultimately holds 44.4% legal ownership interests of the University of Texas MD Anderson Cancer Center Proton Therapy Center, a proton treatment center in Texas, U.S.A. | ||||||||||||
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 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 RMB13,911(US$2,242) for the year ended December 31, 2014. Total cash distribution received by the Group from PTC was RMB18,812 (US$3,032) for the year ended December 31, 2014. | |||||||||||||
The difference between the cost basis of the equity method investment and the underlying assets of the investee on the acquisition date was RMB107,139 (US$17,268) which was mainly arisen from the identified intangibles in the purchase price allocation and are amortized over the remaining useful life. | |||||||||||||
iv) | On December 17, 2012, the Group acquired 36% of Suzhou Chorus Medical Technologies Co., Ltd, for a consideration of RMB2,400. On October 27, 2014, the Group injected additional RMB1,920 (US$309) with no change in the percentage of equity interest. | ||||||||||||
v) | On March 3, 2014, the Group invested in 340,000 shares of Global Oncology, a Texas Corporation, at a consideration of RMB4,610 (US$743) and currently owns 46.9% of Global Oncology. | ||||||||||||
Other_NonCurrent_Assets_Tables
Other Non-Current Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Schedule of Other Non-Current Assets | Other non-current assets consist of the following: | ||||||||||||
As at December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Deferred costs | 740 | 3,134 | 505 | ||||||||||
Deposits – long-term* | 62,139 | 19,442 | 3,133 | ||||||||||
Others | 23,968 | 30,316 | 4,887 | ||||||||||
86,847 | 52,892 | 8,525 | |||||||||||
* | On June 21, 2011, the Group made interest-free financing deposits amounting to RMB23,608 to Changhai Hospital, for a robotic radiosurgery system. As at December 31, 2014, the outstanding balance was RMB18,346(US$2,957), in which the non-current balance amounted to RMB14,647 (US$2,361). |
Bank_Borrowings_Tables
Bank Borrowings (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Schedule of Bank Borrowings | |||||||||||||
As at December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Total bank borrowings | 1,086,248 | 903,840 | 145,673 | ||||||||||
Comprised of: | |||||||||||||
Short-term | 487,964 | 322,128 | 51,918 | ||||||||||
Long-term, current portion | 273,310 | 246,233 | 39,686 | ||||||||||
761,274 | 568,361 | 91,604 | |||||||||||
Long-term, non-current portion | 324,974 | 335,479 | 54,069 | ||||||||||
1,086,248 | 903,840 | 145,673 | |||||||||||
Schedule of Maturities of Long-Term Debt | As of December 31, 2014, the maturity profile of these long-term bank borrowings are as follows: | ||||||||||||
RMB | US$ | ||||||||||||
Within one year | 246,233 | 39,686 | |||||||||||
Between one and two years | 196,783 | 31,716 | |||||||||||
Between two and three years | 49,147 | 7,921 | |||||||||||
Between three and four years | 67,310 | 10,848 | |||||||||||
Between four and five years | 22,239 | 3,584 | |||||||||||
581,712 | 93,755 | ||||||||||||
Accrued_Expenses_and_Other_Lia1
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Schedule of Accrued Expenses and Other Liabilities | The components of accrued expenses and other liabilities are as follows: | ||||||||||||
As at December 31, | |||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Accrued expenses | 14,424 | 13,986 | 2,254 | ||||||||||
Salaries and welfare payable | 43,687 | 5,178 | 835 | ||||||||||
Business and other taxes payable | 12,617 | 6,627 | 1,068 | ||||||||||
Unrecognized tax positions (note 25) | 49,355 | 36,616 | 5,901 | ||||||||||
Other accruals | 25,611 | 34,123 | 5,500 | ||||||||||
Financial derivatives* | — | 33,663 | 5,425 | ||||||||||
Notes payable | 795 | — | — | ||||||||||
146,489 | 130,193 | 20,983 | |||||||||||
* | IFC loan includes the host debt instrument and embedded derivatives. The embedded derivatives are subject to bifurcation as a separate instrument and stated at fair value. As of December 31, 2014, the fair value of derivatives was RMB33,663 (US$5,425). The loss on changes in the fair value of derivatives amounted to RMB2,605 (US$420) was recognized in the consolidated statements of comprehensive income for the year ended December 31, 2014. |
Other_LongTerm_Liabilities_Tab
Other Long-Term Liabilities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Payables and Accruals [Abstract] | |||||||||||||
Schedule of Other Long-Term Liabilities | As at December 31, | ||||||||||||
2013 | 2014 | 2014 | |||||||||||
RMB | RMB | US$ | |||||||||||
Deferred revenue, non-current portion | 1,992 | 1,349 | 217 | ||||||||||
Lease deposits | 2,000 | 2,000 | 322 | ||||||||||
Liability arising from an unfavorable contract* | 28,377 | — | — | ||||||||||
Others | 400 | 400 | 65 | ||||||||||
Total | 32,769 | 3,749 | 604 | ||||||||||
* | Pursuant to a contract entered into between CAH and New Chang’an in 2011, CAH agreed to sell certain prepaid land lease to New Chang’an for a consideration of RMB7,527. This contract had not been executed upon acquisition of CAH by the Group in 2012. The excess of the fair value of the prepaid land lease over the consideration was accounted for as an unfavorable contract. The liability was derecognized upon the disposal of CAH in 2014. |
Taxation_Tables
Taxation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||
Schedule of (Loss) Income from Continuing Operations Before Income Taxes | (Loss) income from continuing operations before income taxes consists of: | ||||||||||||||||
For the Years Ended December 31 | |||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Non – PRC | (22,250 | ) | (24,037 | ) | (17,561 | ) | (2,830 | ) | |||||||||
PRC | 203,385 | 168,306 | 193,207 | 31,141 | |||||||||||||
181,135 | 144,269 | 175,646 | 28,311 | ||||||||||||||
Schedule of Income Tax Expense from Continuing Operations | The current and deferred components of the income tax expense from continuing operations appearing in the consolidated statements of comprehensive income are as follows: | ||||||||||||||||
For the Year Ended December 31 | |||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Current tax expense | 51,890 | 46,377 | 56,526 | 9,111 | |||||||||||||
Deferred tax expense | 2,359 | 17,461 | 24,324 | 3,921 | |||||||||||||
54,249 | 63,838 | 80,850 | 13,032 | ||||||||||||||
Reconciliation of Differences Between Statutory Tax Rate and Effective Tax Rate | 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, | |||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Income from continuing operations before income taxes | 181,135 | 144,269 | 175,646 | 28,311 | |||||||||||||
Income tax computed at the statutory tax rate of 25% | 45,284 | 36,067 | 43,912 | 7,078 | |||||||||||||
Effect of different tax rates in different jurisdictions | 5,506 | 7,910 | 2,960 | 478 | |||||||||||||
Non-deductible expenses | 1,530 | 6,448 | 11,887 | 1,916 | |||||||||||||
Interests and penalties on unrecognized tax positions | 1,929 | 3,576 | 2,044 | 329 | |||||||||||||
Changes of valuation allowance | — | (6,070 | ) | (466 | ) | (76 | ) | ||||||||||
Withholding tax | — | 15,907 | 20,513 | 3,306 | |||||||||||||
54,249 | 63,838 | 80,850 | 13,032 | ||||||||||||||
Reconciliation of Accrued Unrecognized Tax Positions | The reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||
2013 | 2014 | 2014 | |||||||||||||||
RMB | RMB | US$ | |||||||||||||||
Balance at beginning of year | 104,480 | 101,485 | 16,356 | ||||||||||||||
Additions based on tax positions related to the current year | 19,182 | 8,890 | 1,433 | ||||||||||||||
Additions (decrease) related to prior year tax position | (22,177 | ) | 1,219 | 197 | |||||||||||||
Decrease due to the disposal of CAH and WHT | — | (91,274 | ) | (14,711 | ) | ||||||||||||
Balance at end of year | 101,485 | 20,320 | 3,275 | ||||||||||||||
Schedule of Deferred Taxes | The components of deferred taxes are as follows: | ||||||||||||||||
As at December 31 | |||||||||||||||||
2013 | 2014 | 2014 | |||||||||||||||
RMB | RMB | US$ | |||||||||||||||
Deferred tax assets, current portion | |||||||||||||||||
Accrued expenses | 10,860 | 3,826 | 617 | ||||||||||||||
Allowance for doubtful accounts | 46,565 | 697 | 112 | ||||||||||||||
Deferred revenue, current | 2,679 | 1,002 | 161 | ||||||||||||||
Others | 1,223 | 726 | 118 | ||||||||||||||
61,327 | 6,251 | 1,008 | |||||||||||||||
Valuation allowance | (46,611 | ) | (866 | ) | (140 | ) | |||||||||||
Net deferred tax assets, current portion | 14,716 | 5,385 | 868 | ||||||||||||||
Deferred tax liabilities, current portion | |||||||||||||||||
Deferred cost, current portion | (2,918 | ) | (618 | ) | (100 | ) | |||||||||||
Revenue generated from financing lease | (2,006 | ) | (2,439 | ) | (393 | ) | |||||||||||
Total deferred tax liabilities, current portion | (4,924 | ) | (3,057 | ) | (493 | ) | |||||||||||
Deferred tax assets, current portion, net* | 10,652 | 3,556 | 573 | ||||||||||||||
Deferred tax liabilities, current portion, net* | (860 | ) | (1,228 | ) | (198 | ) | |||||||||||
Deferred tax assets, non-current portion | |||||||||||||||||
Depreciation and amortization | 41,244 | 22,683 | 3,656 | ||||||||||||||
Deposits for non-current assets | 5,548 | 5,548 | 894 | ||||||||||||||
Intangible assets | 1,132 | 972 | 157 | ||||||||||||||
Deferred revenue, non-current portion | 498 | 337 | 54 | ||||||||||||||
Long term receivables | 432 | 432 | 70 | ||||||||||||||
Long term investment impairment | 10,204 | — | — | ||||||||||||||
Net operating loss** | 6,555 | 6,659 | 1073 | ||||||||||||||
Others | 2,659 | 1,250 | 201 | ||||||||||||||
68,272 | 37,881 | 6,105 | |||||||||||||||
Valuation allowance | (15,406 | ) | (5,668 | ) | (914 | ) | |||||||||||
Net deferred tax assets, non-current portion | 52,866 | 32,213 | 5,192 | ||||||||||||||
Deferred tax liabilities, non-current portion | |||||||||||||||||
Deferred costs | (19,253 | ) | (39,144 | ) | (6,311 | ) | |||||||||||
Intangible assets | (7,972 | ) | (6,098 | ) | (983 | ) | |||||||||||
Property, plant and equipment | (40,811 | ) | (12,015 | ) | (1,935 | ) | |||||||||||
GZ Proton share transfer | — | (8,000 | ) | (1,289 | ) | ||||||||||||
Total deferred tax liabilities, non-current portion | (68,036 | ) | (65,257 | ) | (10,518 | ) | |||||||||||
Deferred tax assets, non-current portion, net *** | 17,721 | 17,183 | 2,769 | ||||||||||||||
Deferred tax liabilities, non-current portion, net *** | (32,891 | ) | (50,227 | ) | (8,095 | ) | |||||||||||
* | As at December 31, 2013 and 2014, deferred tax assets, current portion of approximately RMB4,064 and RMB1,829 (US$295) have been offset against deferred tax liabilities, current portion relating to a particular tax-paying component of an enterprise and within a particular tax jurisdiction, respectively. | ||||||||||||||||
** | As of December 31, 2014, the Company had net operating losses from several of its PRC entities of RMB22,725, which can be carried forward to offset future taxable profit. The net operating loss carry forwards as of December 31, 2014 will expire in years 2016 to 2019 if not utilized. | ||||||||||||||||
*** | As at December 31, 2013 and 2014, deferred tax assets, non-current portion of approximately RMB35,145 and RMB15,030 (US$2,423) have been offset against deferred tax liabilities, non-current portion relating to a particular tax-paying component of an enterprise and within a particular tax jurisdiction, respectively. | ||||||||||||||||
Schedule of Movement of Valuation Allowance | The movement of valuation allowance is as follows: | ||||||||||||||||
2013 | 2014 | 2014 | |||||||||||||||
RMB | RMB | US$ | |||||||||||||||
Balance at beginning of year | (62,938 | ) | (62,017 | ) | (9,995 | ) | |||||||||||
Disposal of CAH and WHT | — | 55,949 | 9,017 | ||||||||||||||
Change of valuation allowance in the current year | 921 | (466 | ) | (76 | ) | ||||||||||||
Balance at end of year | (62,017 | ) | (6,534 | ) | (1,054 | ) | |||||||||||
ShareBased_Awards_Tables
Share-Based Awards (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Schedule of Assumptions Used | 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 | % | |||||||||||||||||||||||||||
Expected volatility range | 39.03 | % | |||||||||||||||||||||||||||
Schedule of Stock Options | The following table summarizes employee share options activities for the year ended December 31 2014: | ||||||||||||||||||||||||||||
Share Options Granted to Employees | Number of | Weighted- | Weighted | Weighted | Aggregate | ||||||||||||||||||||||||
Shares | Average | Average | Average | Intrinsic | |||||||||||||||||||||||||
Exercise | Grant- | Remaining | Value | ||||||||||||||||||||||||||
Price | date | Contractual | |||||||||||||||||||||||||||
Fair | Term (Years) | ||||||||||||||||||||||||||||
Value | |||||||||||||||||||||||||||||
Outstanding, January 1, 2014 | 4,643,734 | US$ | 3.55 | US$ | 1.25 | 4.05 | — | ||||||||||||||||||||||
Forfeited | — | — | — | — | — | ||||||||||||||||||||||||
Granted | 3,479,604 | US$ | 2.04 | US$ | 0.65 | 7.13 | — | ||||||||||||||||||||||
Outstanding, December 31, 2014 | 8,123,338 | US$ | 2.9 | US$ | 0.99 | 5.37 | — | ||||||||||||||||||||||
Exercisable at December 31, 2014 | 5,218,911 | US$ | 2.9 | US$ | 0.99 | 5.37 | — | ||||||||||||||||||||||
Summary of Restricted Shares | The following table summarizes the Restricted Shares granted for the year ended December 31, 2014. The fair value of Restricted Shares is simply the spot price of the Company’s ordinary shares in the absence of dividends. | ||||||||||||||||||||||||||||
Grant Date | Number of Awards | Fair Value per Share at the Grant date | |||||||||||||||||||||||||||
(US$) | |||||||||||||||||||||||||||||
February 18, 2014 | 1,370,250 | 1.93 | |||||||||||||||||||||||||||
July 1, 2014 | 21,132 | 2.35 | |||||||||||||||||||||||||||
August 1, 2014 | 69,564 | 2.44 | |||||||||||||||||||||||||||
Schedule of Share-Based Compensation Expense | The share-based compensation expense of the share-based awards granted to employees for the years ended December 31, 2012, 2013 and 2014 is as follows: | ||||||||||||||||||||||||||||
For the Years ended December 31, | |||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||||||||||||||
General and administrative expenses | 6,776 | 6,541 | 6,605 | 1,065 | |||||||||||||||||||||||||
Selling expenses | 2,308 | 2,263 | 744 | 120 | |||||||||||||||||||||||||
9,084 | 8,804 | 7,349 | 1,185 | ||||||||||||||||||||||||||
Restricted shares [Member] | |||||||||||||||||||||||||||||
Summary of Restricted Shares | 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, 2014 was as follows: | ||||||||||||||||||||||||||||
Numbers | Weighted | ||||||||||||||||||||||||||||
of shares | average grant | ||||||||||||||||||||||||||||
date fair value | |||||||||||||||||||||||||||||
US$ | |||||||||||||||||||||||||||||
Outstanding, January 1, 2014 | — | — | |||||||||||||||||||||||||||
Granted | 1,460,946 | 1.96 | |||||||||||||||||||||||||||
Vested | — | — | |||||||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||||||
Outstanding, December 31, 2014 | 1,460,946 | 1.96 | |||||||||||||||||||||||||||
Expected to vest, December 31, 2014 | 1,460,946 | 1.96 | |||||||||||||||||||||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||
Schedule of Related Party Transactions Arose from Discontinued Operations | b) | The Group had the following related party transactions for the years ended December 31, 2012, 2013 and 2014. These transactions arose from the discontinued operations. | |||||||||||||||
For the Years Ended December 31, | |||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Provision of medical services: | |||||||||||||||||
Shaanxi Juntai | 637 | 1,052 | 984 | 159 | |||||||||||||
Loan to (repayment of a loan from): | |||||||||||||||||
New Chang’an | 100,000 | (6,590 | ) | — | — | ||||||||||||
Interest income | |||||||||||||||||
New Chang’an | — | 7,839 | 6,755 | 1,089 | |||||||||||||
Purchase of medical supplies: | |||||||||||||||||
JYADK | 5,249 | 805 | 484 | 78 | |||||||||||||
Schedule of Related Party Balances Related to Discontinued Operations and Derecognized | c) | The balances between the Company and its related parties as of December 31, 2013 and 2014 are listed below. These balances relate to the discontinued operations and were derecognized on December 18, 2014 upon the disposal of CAH and WHT. | |||||||||||||||
As of December 31, | |||||||||||||||||
Note | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | US$ | |||||||||||||||
Due from related parties, current: | |||||||||||||||||
New Chang’an | 7,839 | — | — | ||||||||||||||
Shaanxi Juntai | 2,426 | — | — | ||||||||||||||
10,265 | — | — | |||||||||||||||
Loan to a noncontrolling shareholder, non-current | |||||||||||||||||
New Chang’an* | 93,410 | — | — | ||||||||||||||
Due to related parties, current | |||||||||||||||||
JYADK | (1,717 | ) | — | — | |||||||||||||
New Chang’an | (1,500 | ) | — | — | |||||||||||||
(3,217 | ) | — | — | ||||||||||||||
Due to related parties, non-current | |||||||||||||||||
Shaanxi Juntai | (19,301 | ) | — | — | |||||||||||||
New Chang’an | (7,527 | ) | — | — | |||||||||||||
(26,828 | ) | — | — | ||||||||||||||
* | The repayment terms of the loan to New Chang’an are the same as the loan granted by a bank as at December 31, 2013 (note 16). |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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, 2014: | ||||||||
RMB | US$ | ||||||||
2015 | 9,845 | 1,587 | |||||||
2016 | 4,074 | 657 | |||||||
2017 | 3,500 | 564 | |||||||
2018 and thereafter | 56,000 | 9,025 | |||||||
73,419 | 11,833 | ||||||||
Income_Per_Share_Tables
Income Per Share (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Schedule of Basic and Diluted Income Per Share | Basic and diluted income per share for each of the periods presented is calculated as follows: | ||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||
2012 | 2013 | 2014 | 2014 | ||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||
Numerator: | |||||||||||||||||
Net income from continuing operations | 128,978 | 81,753 | 94,942 | 15,302 | |||||||||||||
Net income from discontinued operations | 1,853 | 4,140 | 29,767 | 4,798 | |||||||||||||
Net income attributable to ordinary shareholders used in calculating income per ordinary share—basic and diluted | 130,831 | 85,893 | 124,709 | 20,100 | |||||||||||||
Denominator: | |||||||||||||||||
Weighted average number of ordinary shares outstanding used in calculating basic income per share | 138,211,177 | 135,077,172 | 134,836,300 | 134,836,300 | |||||||||||||
Weighted average number of ordinary shares outstanding used in calculating diluted income per share | 138,211,177 | 135,077,172 | 135,180,642 | 135,180,642 | |||||||||||||
Income per share – basic | |||||||||||||||||
Net income from continuing operations | 0.94 | 0.61 | 0.7 | 0.11 | |||||||||||||
Net income from discontinued operations | 0.01 | 0.03 | 0.22 | 0.04 | |||||||||||||
0.95 | 0.64 | 0.92 | 0.15 | ||||||||||||||
Income per share – diluted | |||||||||||||||||
Net income from continuing operations | 0.94 | 0.61 | 0.7 | 0.11 | |||||||||||||
Net income from discontinued operations | 0.01 | 0.03 | 0.22 | 0.04 | |||||||||||||
0.95 | 0.64 | 0.92 | 0.15 | ||||||||||||||
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation - Schedule of Subsidiaries (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Ascendium Group Limited ("Ascendium") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 10-Sep-07 |
Place of establishment | British Virgin Islands ("BVI") |
Percentage of ownership by the Company | 100.00% |
Our Medical Services Limited ("OMS") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 22-Aug-96 |
Place of establishment | BVI |
Percentage of ownership by the Company | 100.00% |
Medstar Oversea Ltd. ("Medstar Overseas") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 22-Sep-11 |
Place of establishment | BVI |
Percentage of ownership by the Company | 100.00% |
US Proton Therapy Holdings Limited ("Proton BVI") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 16-May-11 |
Place of establishment | BVI |
Percentage of ownership by the Company | 100.00% |
US Proton Therapy Holdings Limited ("US Proton") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 29-Jun-11 |
Place of establishment | United States of America |
Percentage of ownership by the Company | 100.00% |
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 | 8-Aug-03 |
Place of establishment | Singapore |
Percentage of ownership by the Company | 100.00% |
Cyber Medical Networks Limited ("Cyber") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 26-May-06 |
Place of establishment | Hong Kong |
Percentage of ownership by the Company | 100.00% |
China Medical Services (Holdings) Limited ("CMS Holdings") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 18-Jul-08 |
Place of establishment | Hong Kong |
Percentage of ownership by the Company | 100.00% |
King Cheers Holdings Limited ("King Cheers") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 18-May-01 |
Place of establishment | Hong Kong |
Percentage of ownership by the Company | 100.00% |
Shenzhen Aohua Medical Technology and Services Co., Ltd ("AMT") (AMT merged from formerly known as Shenzhen Aohua Medical Leasing & Services Limited ("AMI") and Shenzhen Aohua Medical Services Co., Ltd ("AMS")) [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 21-Feb-08 |
Place of establishment | PRC |
Percentage of ownership by the Company | 100.00% |
Medstar (Shanghai) Leasing Co., Ltd. ("MSC") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 21-Mar-03 |
Place of establishment | PRC |
Percentage of ownership by the Company | 100.00% |
CMS Hospital Management Co., Ltd. ("CHM") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 23-Jul-08 |
Place of establishment | PRC |
Percentage of ownership by the Company | 100.00% |
Beijing Yundu Internet Technology Co., Ltd. ("Yundu") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 26-Jul-07 |
Place of establishment | PRC |
Percentage of ownership by the Company | 100.00% |
Tianjin Kangmeng Radiology Equipment Management Co., Ltd. ("TKM") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 22-Apr-10 |
Place of establishment | PRC |
Percentage of ownership by the Company | 100.00% |
Guangzhou Jinkangshenyou Investment Co., Ltd. ("JKSY") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 12-Aug-10 |
Place of establishment | PRC |
Percentage of ownership by the Company | 100.00% |
Guangzhou Concord Medical Cancer Hospital Co., Ltd. ("GZ Proton") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 29-Jun-11 |
Place of establishment | PRC |
Percentage of ownership by the Company | 70.00% |
Beijing Jinweiyikang Technology Co., Ltd. ("JWYK") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 26-Apr-12 |
Place of establishment | PRC |
Percentage of ownership by the Company | 100.00% |
CCM (Hong Kong) Medical Investments Limited ("CCM (HK)") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 3-Jun-13 |
Place of establishment | Hong Kong |
Percentage of ownership by the Company | 100.00% |
CMS Radiotherapy Holdings Limited ("CMS (USA)") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 13-Aug-13 |
Place of establishment | United States of America |
Percentage of ownership by the Company | 100.00% |
Shenzhen Concord Medical Investment Limited ("SZ CMS") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 10-Jan-14 |
Place of establishment | PRC |
Percentage of ownership by the Company | 100.00% |
Shanghai Concord Oncology Hospital Limited ("SHC") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 17-Mar-14 |
Place of establishment | PRC |
Percentage of ownership by the Company | 100.00% |
Global Medical Imaging (HongKong) Limited. ("GMI") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 26-May-14 |
Place of establishment | Hong Kong |
Percentage of ownership by the Company | 100.00% |
Allcure Medical Holdings Limited ("Allcure") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 29-Jul-14 |
Place of establishment | BVI |
Percentage of ownership by the Company | 100.00% |
Datong Meizhong Jiahe Cancer Center ("DTMZ") [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Date of establishment | 23-Oct-14 |
Place of establishment | PRC |
Percentage of ownership by the Company | 100.00% |
Organization_and_Basis_of_Pres3
Organization and Basis of Presentation - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 16, 2009 | Dec. 16, 2009 | Dec. 31, 2014 | Jun. 06, 2013 | Nov. 27, 2007 | Dec. 18, 2014 | Dec. 18, 2014 | Dec. 03, 2014 | Dec. 03, 2014 | Dec. 18, 2014 | Dec. 03, 2014 | Jun. 28, 2013 | Jun. 28, 2013 | Apr. 26, 2012 |
USD ($) | CNY | American Depositary Shares [Member] | American Depositary Shares [Member] | Guangzhou HuananTaihe Medical Technology Co. Ltd. ("GZ Proton") [Member] | Guangzhou HuananTaihe Medical Technology Co. Ltd. ("GZ Proton") [Member] | Guangzhou HuananTaihe Medical Technology Co. Ltd. ("GZ Proton") [Member] | Datang Healthcare Corporation Limited ("Datang") [Member] | Datang Healthcare Corporation Limited ("Datang") [Member] | Datang Healthcare Corporation Limited ("Datang") [Member] | Datang Healthcare Corporation Limited ("Datang") [Member] | Datang Healthcare Corporation Limited ("Datang") [Member] | Datang Healthcare Corporation Limited ("Datang") [Member] | Beijing Jinweiyikang Technology Co., Ltd. ("JWYK") [Member] | Beijing Jinweiyikang Technology Co., Ltd. ("JWYK") [Member] | Beijing Jinweiyikang Technology Co., Ltd. ("JWYK") [Member] | |
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | CNY | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||
Initial public offering of ordinary shares, shares | 12,000,000 | 12,000,000 | ||||||||||||||
Price per share | $11 | |||||||||||||||
Number of ordinary shares comprising each unit | 3 | 3 | ||||||||||||||
Initial public offering of ordinary shares | $119,211 | 813,938 | ||||||||||||||
Percentage of equity interests acquired | 90.00% | 51.00% | ||||||||||||||
Percentage of equity interest transferred | 20.00% | |||||||||||||||
Date of establishment | 29-Jun-11 | |||||||||||||||
Percentage of remaining ownership acquired by the company | 49.00% | |||||||||||||||
Purchase price of entity | 1,850 | |||||||||||||||
Contingent amount of consideration | 3,150 | |||||||||||||||
Number of years for consideration plus contingent amount payment | 3 years | |||||||||||||||
Percentage of equity interest sold | 100.00% | 100.00% | 52.00% | 52.00% | ||||||||||||
Total consideration of equity interest sold | $51,167 | 317,470 | $64,134 | 397,923 | $64,134 | 397,923 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | CNY | CNY | CNY | Deposits For Non-Current Assets [Member] | Minimum [Member] | Maximum [Member] | Prepaid Land Lease Rights [Member] | |
Segment | CNY | |||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Noon buying rate | 6.2046 | |||||||
Equity interest in equity method investment | 100.00% | 100.00% | ||||||
Interest and other costs relating to construction capitalized | 0 | 2,496 | 5,599 | |||||
Amortization period | 49 years | |||||||
Asset impairment | 0 | 0 | 3,360 | 3,360 | ||||
Leases and management service arrangements, term | 5 years | 20 years | ||||||
Lease and management services revenue | 82,453 | 511,591 | 498,556 | 412,330 | ||||
Management services revenue | 6,078 | 37,713 | 15,723 | 11,874 | ||||
Revenue from technical services | 3,349 | 20,777 | 13,243 | 10,178 | ||||
Financing lease income | 4,714 | 29,250 | 33,639 | 19,748 | ||||
Medical equipment sales | 1,217 | 7,552 | 1,963 | 1,520 | ||||
Advertising expenses | 1,077 | 6,680 | 7,679 | 5,790 | ||||
Fair value of derivative instruments | $5,425 | 33,663 | ||||||
Number of reporting segments | 1 | 1 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Schedule of Information Relating to Property, Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
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 | 38 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 |
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 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Schedule of Information Relating to Property, Plant and Equipment (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
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 |
Concentration_of_Risks_Additio
Concentration of Risks - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 23.00% | 24.00% | 23.00% |
Supplier Concentration Risk [Member] | Cost of Goods, Total [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 86.00% | 79.00% | 73.00% |
Number of entities comprising risk benchmark | 5 | 5 | 5 |
Acquisitions_and_Disposals_Add
Acquisitions and Disposals - Additional Information (Detail) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2015 | Jan. 31, 2015 | Mar. 27, 2015 | Dec. 18, 2014 | Dec. 18, 2014 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 03, 2014 | Dec. 03, 2014 | Jun. 21, 2012 | Mar. 31, 2013 | Dec. 31, 2014 | Jun. 21, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 03, 2014 | Dec. 03, 2014 | Dec. 03, 2014 |
USD ($) | CNY | CNY | CNY | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | CAH and WHT [Member] | CAH and WHT [Member] | Medical Insurance Coverage [Member] | Radiotherapy Permits [Member] | CAH [Member] | CAH [Member] | CAH [Member] | CAH [Member] | CAH [Member] | CAH [Member] | CAH [Member] | CAH [Member] | Datang Healthcare Corporation Limited ("Datang") [Member] | Xi'AnWanjiehuaxiang Medical Technology Development Co., Ltd. ("CCICC") [Member] | Xi'AnWanjiehuaxiang Medical Technology Development Co., Ltd. ("CCICC") [Member] | |
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | CNY | CNY | CNY | CNY | Medical Insurance Coverage [Member] | Radiotherapy Permits [Member] | USD ($) | CNY | |||||||||
CNY | CNY | |||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Equity interest in equity method investment | 100.00% | 100.00% | 100.00% | 52.00% | 52.00% | |||||||||||||||||
Cash consideration | 248,784 | |||||||||||||||||||||
Contingent consideration based on achievement | 128,573 | |||||||||||||||||||||
Fair value of contingent consideration | 1,248 | |||||||||||||||||||||
Acquired finite-lived intangible assets | 30,000 | 10,000 | ||||||||||||||||||||
Weighted average useful life of acquired intangible assets | 10 years | 7 years | ||||||||||||||||||||
Uncertain tax position, impact on taxes | 329 | 2,044 | 9,822 | 30,922 | 43,644 | 61,706 | ||||||||||||||||
Unrecognized tax position, loss incurred in previous years | 174,576 | |||||||||||||||||||||
Income tax uncertainties, local tax bureau approved claim amount | 0 | |||||||||||||||||||||
Income tax uncertainties local tax bureau pending approval amount | 0 | |||||||||||||||||||||
Business combination indemnification assets decreased amount | 59,518 | |||||||||||||||||||||
Put Option expiry date | 39 months | 39 months | ||||||||||||||||||||
Goodwill impairment | 47,204 | 292,885 | 0 | |||||||||||||||||||
Total consideration of equity interest sold | 51,167 | 317,470 | 12,967 | 80,453 | 40,020 | 248,311 | 24,114 | 149,612 | ||||||||||||||
Date of completion of disposal | 18-Dec-14 | 18-Dec-14 | ||||||||||||||||||||
Recognized a gain on the disposal | $6,203 | 38,487 |
Acquisitions_and_Disposals_Acq
Acquisitions and Disposals - Acquisition of Chang'an Hospital (Detail) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 21, 2012 | Jun. 21, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY | CAH [Member] | CAH [Member] |
CNY | CNY | ||||
Business Acquisition [Line Items] | |||||
Purchase consideration | 378,605 | ||||
Cash | 248,784 | ||||
Pre-existing receivables from CAH | 128,573 | ||||
Pre-existing favorable agreements | 1,248 | ||||
Purchase consideration | 378,605 | ||||
Current assets | 72,188 | ||||
Indemnification assets | 59,518 | 61,706 | |||
Intangible assets | 40,000 | ||||
Other long lived assets (excluding intangible assets) | 421,598 | ||||
Current liabilities | -186,484 | ||||
Unrecognized tax benefits, non current | -61,706 | ||||
Non-current liabilities | -56,439 | ||||
Deferred tax assets | 17,299 | ||||
Deferred tax liabilities | -26,263 | ||||
Total net assets | 281,899 | ||||
Noncontrolling interests | -196,179 | ||||
Goodwill | $47,204 | 292,885 | 292,885 | 292,885 |
Acquisitions_and_Disposals_Sch
Acquisitions and Disposals - Schedule of Breakdown of Assets and Liabilities Attributed to Discontinued Operations (Detail) (CAH and WHT [Member]) | Dec. 18, 2014 | Dec. 18, 2014 |
In Thousands, unless otherwise specified | USD ($) | CNY |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Current assets | $19,708 | 122,280 |
Property, plant and equipment, net | 100,068 | 620,883 |
Goodwill | 47,204 | 292,885 |
Acquired Intangible assets, net | 4,663 | 28,929 |
Prepaid land lease payments | 13,710 | 85,061 |
Indemnification assets, non-current portion | 9,593 | 59,518 |
Loan to a non-controlling shareholder | 11,702 | 72,609 |
Other non-current assets | 6,552 | 40,651 |
Current liabilities | -78,002 | -483,969 |
Non-current liabilities | -28,211 | -175,041 |
Non-controlling interests | -49,056 | -304,370 |
Net assets disposed | $57,931 | 359,436 |
Acquisitions_and_Disposals_Sch1
Acquisitions and Disposals - Schedule of Gain Realized on Disposal (Detail) (CAH and WHT [Member]) | 0 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 18, 2014 | Dec. 18, 2014 | Dec. 18, 2014 | Dec. 18, 2014 |
USD ($) | CNY | USD ($) | CNY | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Consideration | $64,134 | 397,923 | ||
Disposition of net assets | 57,931 | 359,436 | ||
Gain on disposal of CAH and WHT | $6,203 | 38,487 |
Acquisitions_and_Disposals_Rec
Acquisitions and Disposals - Reconciliation of Net Income from Discontinued Operations (Detail) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | CNY | CNY | CNY | CAH and WHT [Member] | CAH and WHT [Member] | CAH and WHT [Member] | CAH and WHT [Member] | |
USD ($) | CNY | CNY | CNY | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Revenues | $78,939 | 489,787 | 417,511 | 206,698 | ||||
Cost of revenues | -70,236 | -435,785 | -369,295 | -172,681 | ||||
Selling, general and administrative expenses | -3,257 | -20,210 | -23,782 | -10,648 | ||||
Interest expense | -1,857 | -11,519 | -10,143 | -3,804 | ||||
Other (expenses) income | 1,654 | 10,259 | 8,517 | -4,035 | ||||
Gain on disposal | 6,203 | 38,487 | ||||||
Income tax expense | -7,340 | -45,543 | -12,043 | -7,936 | ||||
Net income from discontinued operations | 4,106 | 25,476 | 10,765 | 7,594 | 4,106 | 25,478 | 10,765 | 7,594 |
Net income (loss) attributable to noncontrolling interests | -715 | -4,437 | 5,303 | 3,649 | -692 | -4,291 | 6,625 | 5,741 |
Net income attributable to ordinary shareholders | $20,100 | 124,709 | 85,893 | 130,831 | $4,798 | 29,767 | 4,140 | 1,853 |
Acquisitions_and_Disposals_Sum
Acquisitions and Disposals - Summary of Cash Flows from Discontinued Operations (Detail) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | CNY | CNY | CNY | CAH and WHT [Member] | CAH and WHT [Member] | CAH and WHT [Member] | CAH and WHT [Member] | |
USD ($) | CNY | CNY | CNY | |||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||
Net cash generated from operating activities | $9,891 | 61,372 | 85,867 | 93,136 | ||||
Net cash used in investing activities | -6,998 | -43,420 | -46,461 | -109,126 | ||||
Net cash (used in) generated from financing activities | 1,713 | 10,627 | -38,153 | -5,467 | ||||
Cash acquired in acquisition of CAH in 2012 | 223,403 | 28,939 | ||||||
Net increase in cash | 31,533 | 195,649 | 207,651 | -143,696 | 4,606 | 28,579 | 1,253 | 7,482 |
Cash at beginning of year | 45,617 | 283,033 | 75,382 | 219,078 | 1,410 | 8,748 | 7,495 | 13 |
Cash at end of year | $77,150 | 478,682 | 283,033 | 75,382 | $6,016 | 37,327 | 8,748 | 7,495 |
Restricted_Cash_Additional_Inf
Restricted Cash - Additional Information (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Cash and Cash Equivalents [Abstract] | |||
Current and non-current restricted cash | $80,935 | 502,168 | 422,140 |
Accounts_Receivable_Schedule_o
Accounts Receivable - Schedule of Accounts Receivable (Detail) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | CNY | CNY | CNY | |
Receivables [Abstract] | ||||
Accounts receivable | $43,080 | 267,291 | 317,000 | |
Allowance for doubtful accounts | -368 | -2,281 | -3,091 | |
Accounts receivable, net | 42,712 | 265,010 | 313,909 | |
Movement in allowance for doubtful accounts: | ||||
Balance at beginning of the year | 498 | 3,091 | 3,091 | 16,057 |
Provisions for the year | 113 | 700 | 0 | |
Written back during the year | -243 | -1,510 | 0 | -12,966 |
Balance at end of the year | $368 | 2,281 | 3,091 | 3,091 |
Accounts_Receivable_Additional
Accounts Receivable - Additional Information (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Receivables [Abstract] | |||
Accounts receivable used to secure bank borrowings | $12,303 | 76,333 | 49,481 |
Secured debt | $22,232 | 137,942 | 136,626 |
Prepayments_and_Other_Current_2
Prepayments and Other Current Assets - Schedule of Prepayments and Other Current Assets (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY | CAH and WHT [Member] | CAH and WHT [Member] | CAH and WHT [Member] | Reserve for Unrecoverable Deposits [Member] | Reserve for Unrecoverable Deposits [Member] | Reserve for Unrecoverable Deposits [Member] |
USD ($) | CNY | CNY | USD ($) | CNY | CNY | ||||
Prepaid Expenses And Other Current Assets [Line Items] | |||||||||
Prepayments to suppliers | $51 | 317 | 1,141 | ||||||
Due from suppliers | 9,405 | 58,357 | 65,181 | ||||||
Advances to hospitals | 721 | 4,473 | 21,476 | ||||||
Advances to employees | 1,637 | 10,154 | 10,825 | ||||||
Deferred costs | 6,200 | ||||||||
Consideration receivable for disposal of CAH and WHT | 12,967 | 80,453 | 0 | ||||||
Others | 4,035 | 25,035 | 15,949 | ||||||
Prepayments and other current assets, gross | 28,816 | 178,789 | 120,772 | ||||||
Reserve for unrecoverable deposits | -245 | -1,522 | -9,292 | ||||||
Prepayments and other current assets | 28,570 | 177,267 | 111,480 | ||||||
Movement in reserve for unrecoverable deposits: | |||||||||
Balance at beginning of the year | 1,498 | 9,292 | 10,270 | ||||||
Provisions for the year | 213 | 1,324 | 1,533 | ||||||
Write off of provisions | -1,535 | -9,524 | -1,533 | ||||||
Foreign currency translation | 69 | 430 | -978 | ||||||
Balance at end of the year | $245 | 1,522 | 9,292 |
Prepayments_and_Other_Current_3
Prepayments and Other Current Assets - Schedule of Prepayments and Other Current Assets (Parenthetical) (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | CNY | CNY | Reserve for Unrecoverable Deposits [Member] | Reserve for Unrecoverable Deposits [Member] | Reserve for Unrecoverable Deposits [Member] | Reserve for Unrecoverable Deposits [Member] | Reserve for Unrecoverable Deposits [Member] | |
USD ($) | CNY | USD ($) | CNY | CNY | ||||
Prepaid Expenses And Other Current Assets [Line Items] | ||||||||
Contractual obligations associated with purchase contracts | $0 | 0 | 0 | |||||
Provision on advances to hospitals | $245,000 | 1,522,000 | $1,498,000 | 9,292,000 | 10,270,000 |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventory (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY | Medicine [Member] | Medical Supplies [Member] | Medical Supplies [Member] | Medical Supplies [Member] | Low-value Consumables [Member] | Low-value Consumables [Member] | Low-value Consumables [Member] |
CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | ||||
Inventory [Line Items] | ||||||||||
Inventories | $481 | 2,986 | 19,717 | 12,255 | $435 | 2,698 | 7,190 | $46 | 288 | 272 |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net - Schedule of Property Plant and Equipment Net (Detail) | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
USD ($) | CNY | CNY | Buildings [Member] | Buildings [Member] | Buildings [Member] | Medical Equipment [Member] | Medical Equipment [Member] | Medical Equipment [Member] | Electronic and Office Equipment [Member] | Electronic and Office Equipment [Member] | Electronic and Office Equipment [Member] | Motor Vehicles [Member] | Motor Vehicles [Member] | Motor Vehicles [Member] | Leasehold Improvement and Building Improvement [Member] | Leasehold Improvement and Building Improvement [Member] | Leasehold Improvement and Building Improvement [Member] | Construction in Progress [Member] | Construction in Progress [Member] | Construction in Progress [Member] | |
USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | ||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||
Property and equipment, gross | $181,110 | 1,123,716 | 1,888,798 | $46 | 285 | 402,671 | $173,680 | 1,077,612 | 1,324,206 | $2,004 | 12,432 | 36,458 | $285 | 1,768 | 3,931 | $820 | 5,087 | 5,087 | $4,275 | 26,532 | 116,445 |
Less: accumulated depreciation | -59,771 | -370,854 | -393,046 | ||||||||||||||||||
Property, plant and equipment before impairment | 121,339 | 752,862 | 1,495,752 | ||||||||||||||||||
Less: accumulated impairment charges | -512 | -3,179 | -3,179 | ||||||||||||||||||
Property, plant and equipment after impairment | $120,827 | 749,683 | 1,492,573 |
Property_Plant_and_Equipment_N3
Property, Plant and Equipment, Net - Additional Information (Detail) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | CNY | CNY | CNY | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation of property, plant and equipment | $28,206 | 175,008 | 149,975 | 119,919 |
Property and equipment pledged as collateral | 26,583 | 164,938 | 502,575 | |
Secured bank borrowings | 26,301 | 163,185 | 254,308 | |
Equipment under operating lease, cost | 171,978 | 1,067,057 | 1,113,934 | |
Equipment under operating lease, accumulated depreciation | $56,011 | 347,524 | 305,165 |
Prepaid_Land_Lease_Payments_Sc
Prepaid Land Lease Payments - Schedule of Prepaid Land Lease Payments (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Prepaid land lease payments | $8,522 | 52,878 | 145,692 |
Less: accumulated amortization | -217 | -1,349 | -5,491 |
Net carrying value | $8,305 | 51,529 | 140,201 |
Prepaid_Land_Lease_Payments_Ad
Prepaid Land Lease Payments - Additional Information (Detail) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | CNY | CNY | CNY | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $582 | 3,610 | 2,801 | 1,637 |
Prepaid_Land_Lease_Payments_Sc1
Prepaid Land Lease Payments - Schedule of Estimated Annual Amortization Expenses (Detail) | Dec. 31, 2014 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | USD ($) | CNY |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2015 | $175 | 1,083 |
2016 | 175 | 1,083 |
2017 | 175 | 1,083 |
2018 | 175 | 1,083 |
2019 | $175 | 1,083 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets, Net - Schedule of Goodwill (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2012 |
USD ($) | CNY | CNY | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Balance at beginning of year | $47,204 | 292,885 | |
Acquisition of CAH (note 4) | 292,885 | ||
Less: Disposal of CAH and WHT (note 4) | -47,204 | -292,885 | |
Balance at end of year | 292,885 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets, Net - Schedule of Acquired Intangible Assets (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
USD ($) | CNY | CNY | CNY | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Operating Lease Intangibles [Member] | Operating Lease Intangibles [Member] | Operating Lease Intangibles [Member] | Medical Insurance Coverage [Member] | Medical Insurance Coverage [Member] | Radiotherapy Permits [Member] | Radiotherapy Permits [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | |
CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | CNY | CNY | CNY | CNY | USD ($) | |||||
Intangible assets, net: | |||||||||||||||||
Intangible assets, net, beginning balance | 116,843 | 146,512 | 75,880 | 98,779 | $9,046 | 4,176 | 5,537 | $430 | 25,500 | 28,500 | 7,857 | 9,286 | 3,430 | 4,410 | $395 | ||
Amortization expenses | -3,717 | -23,061 | -29,669 | -28,658 | -16,383 | -22,899 | -1,270 | -1,361 | -3,000 | -3,000 | -1,428 | -1,429 | -980 | -980 | |||
Disposal of CAH and WHT (note 4) | -28,929 | -22,500 | -6,429 | ||||||||||||||
Other disposal | -3,610 | -3,388 | -222 | ||||||||||||||
Intangible assets, net, ending balance | 9,871 | 61,243 | 116,843 | 146,512 | 56,109 | 75,880 | 9,046 | 2,684 | 4,176 | 430 | 25,500 | 7,857 | 2,450 | 3,430 | 395 | ||
Intangible assets, cost | 173,837 | 154,080 | 14,857 | 4,900 | |||||||||||||
Less: accumulated amortization | -112,594 | -97,971 | -12,173 | -2,450 | |||||||||||||
Intangible assets, net | $9,871 | 61,243 | 116,843 | 146,512 | 56,109 | 75,880 | $9,046 | 2,684 | 4,176 | $430 | 25,500 | 7,857 | 2,450 | 3,430 | $395 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets, Net - Additional Information (Detail) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | CNY | CNY | CNY | Acquired Finite Lived Intangible Assets [Member] | Acquired Finite Lived Intangible Assets [Member] | Acquired Finite Lived Intangible Assets [Member] | Acquired Finite Lived Intangible Assets [Member] | |
USD ($) | CNY | CNY | CNY | |||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Amortization expenses | $3,717 | 23,061 | 29,669 | 28,658 | $3,717 | 23,061 | 29,669 | 28,658 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets, Net - Schedule of Estimated Annual Amortization Expenses (Detail) | Dec. 31, 2014 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | USD ($) | CNY |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2015 | $2,850 | 17,685 |
2016 | 2,149 | 13,331 |
2017 | 1,881 | 11,672 |
2018 | 1,461 | 9,065 |
2019 | $1,225 | 7,603 |
Deposits_for_NonCurrent_Assets2
Deposits for Non-Current Assets - Schedule of Deposits for Non-Current Assets (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY | Reserve for Noncurrent Unrecoverable Deposits [Member] | Reserve for Noncurrent Unrecoverable Deposits [Member] | Reserve for Noncurrent Unrecoverable Deposits [Member] |
USD ($) | CNY | CNY | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Deposits for purchases of property, plant and equipment | $15,814 | 98,118 | 73,621 | |||
Others | 4,770 | 29,600 | 29,600 | |||
Deposits, gross | 20,584 | 127,718 | 103,221 | |||
Reserve for unrecoverable deposits | -4,279 | -26,552 | -26,552 | |||
Deposits | 16,305 | 101,166 | 76,669 | |||
Balance at beginning of the year | 4,279 | 26,552 | 26,552 | |||
Provisions for the year | 0 | 0 | 0 | |||
Balance at end of the year | $4,279 | 26,552 | 26,552 |
Deposits_for_NonCurrent_Assets3
Deposits for Non-Current Assets - Schedule of Deposits for Non-Current Assets (Parenthetical) (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY | Construction Arrangement [Member] | Construction Arrangement [Member] | Construction Arrangement [Member] | Capital Addition Purchase Commitments [Member] | Capital Addition Purchase Commitments [Member] |
USD ($) | CNY | CNY | USD ($) | CNY | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||||
Commitments to purchase certain medical equipment | $4,942 | 30,663 | ||||||
Deposits | $16,305 | 101,166 | 76,669 | $4,770 | 29,600 | 29,600 |
Deposits_for_NonCurrent_Assets4
Deposits for Non-Current Assets - Additional Information (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY | Property, Plant and Equipment [Member] | Property, Plant and Equipment [Member] | Property, Plant and Equipment [Member] |
CNY | CNY | CNY | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Reserve for unrecoverable deposits | $4,279 | 26,552 | 26,552 | 3,360 |
Net_Investment_in_Direct_Finan2
Net Investment in Direct Financing Leases - Schedule of Net Investment in Direct Financing Leases (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Leases [Abstract] | |||
Total minimum lease payments to be received | $50,315 | 312,184 | 396,734 |
Initial direct cost | 639 | 3,963 | 3,963 |
Total | 50,954 | 316,147 | 400,697 |
Unearned income | -6,666 | -41,360 | -72,416 |
Net investment in direct finance leases | 44,288 | 274,787 | 328,281 |
Current | 23,185 | 143,853 | 128,814 |
Non-current | $21,103 | 130,934 | 199,467 |
Net_Investment_in_Direct_Finan3
Net Investment in Direct Financing Leases - Additional Information (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY | Line of Credit Entered into by Subsidiary [Member] | Line of Credit Entered into by Subsidiary [Member] | Line of Credit Entered into by Subsidiary [Member] |
USD ($) | CNY | CNY | ||||
Schedule Of Capital Leases Future Minimum Payments Receivable [Line Items] | ||||||
Net investment in financing leases | $44,288 | 274,787 | 328,281 | $33,434 | 207,445 | 321,602 |
Secure bank borrowings | $22,046 | 136,785 | 117,940 |
Net_Investment_in_Direct_Finan4
Net Investment in Direct Financing Leases - Schedule of Future Minimum Lease Payments (Detail) | Dec. 31, 2014 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | USD ($) | CNY |
Leases [Abstract] | ||
2015 | $23,896 | 148,264 |
2016 | 16,874 | 104,696 |
2017 | 9,691 | 60,130 |
2018 | 493 | 3,057 |
2019 | $0 | 0 |
Equity_Method_Investments_Sche
Equity Method Investments - Schedule of Equity Method Investments (Detail) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 17, 2012 | Oct. 19, 2012 | Mar. 03, 2014 |
Schedule of Equity Method Investments [Line Items] | |||||
Equity interest in equity method investment | 100.00% | ||||
Suzhou Chorus Medical Technologies Co., Ltd [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity interest in equity method investment | 36.00% | 36.00% | 36.00% | ||
JYADK [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity interest in equity method investment | 33.00% | 33.00% | |||
BPC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity interest in equity method investment | 25.00% | 25.00% | 25.00% | ||
PTC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity interest in equity method investment | 45.00% | 45.00% | |||
Global Oncology [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity interest in equity method investment | 46.90% | 46.90% |
Equity_Method_Investments_Sche1
Equity Method Investments - Schedule of Equity Method Investments (Parenthetical) (Detail) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 27, 2014 | Oct. 27, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 17, 2012 | Aug. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 19, 2012 | Dec. 28, 2012 | Mar. 03, 2014 | Dec. 31, 2014 | Mar. 03, 2014 | Mar. 03, 2014 | Dec. 28, 2012 | Dec. 28, 2012 | Dec. 28, 2012 | Dec. 28, 2012 |
USD ($) | CNY | CNY | CNY | Suzhou Chorus Medical Technologies Co., Ltd [Member] | Suzhou Chorus Medical Technologies Co., Ltd [Member] | Suzhou Chorus Medical Technologies Co., Ltd [Member] | Suzhou Chorus Medical Technologies Co., Ltd [Member] | Suzhou Chorus Medical Technologies Co., Ltd [Member] | JYADK [Member] | JYADK [Member] | JYADK [Member] | JYADK [Member] | JYADK [Member] | BPC [Member] | BPC [Member] | BPC [Member] | MD Anderson Cancer Center Proton Therapy Center [Member] | Global Oncology [Member] | Global Oncology [Member] | Global Oncology [Member] | Global Oncology [Member] | PTC [Member] | PTC [Member] | PTC GP Management LLC [Member] | General Partner [Member] | |
USD ($) | CNY | CNY | CNY | CNY | CNY | CNY | USD ($) | CNY | USD ($) | CNY | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||
Voting interest acquired | 6.00% | 27.00% | ||||||||||||||||||||||||
Equity interest in equity method investment | 100.00% | 100.00% | 36.00% | 36.00% | 36.00% | 33.00% | 33.00% | 25.00% | 25.00% | 25.00% | 44.40% | 46.90% | 46.90% | 46.90% | 44.55% | 44.55% | 45.00% | 1.00% | ||||||||
Number of invested shares | 340,000 | |||||||||||||||||||||||||
Purchase price of entity | 2,400 | 120 | 540 | 25,000 | $743 | 4,610 | $32,291 | 201,176 | ||||||||||||||||||
Investments in equity method investees | $1,053 | 6,534 | 2,640 | 228,696 | $309 | 1,920 | 2,640 |
Equity_Method_Investments_Addi
Equity Method Investments - Additional Information (Detail) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | CNY | CNY | CNY | PTC [Member] | PTC [Member] | |
USD ($) | CNY | |||||
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ||||||
Share of net profit | $2,242 | 13,911 | 13,470 | 1,790 | $17,268 | 107,139 |
Cash distribution from an equity investee | $3,543 | 21,984 | 24,714 | $3,032 | 18,812 |
Other_NonCurrent_Assets_Schedu
Other Non-Current Assets - Schedule of Other Non-Current Assets (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Other Assets, Noncurrent Disclosure [Abstract] | |||
Deferred costs | $505 | 3,134 | 740 |
Deposits - long-term | 3,133 | 19,442 | 62,139 |
Others | 4,887 | 30,316 | 23,968 |
Other non-current assets | $8,525 | 52,892 | 86,847 |
Other_NonCurrent_Assets_Schedu1
Other Non-Current Assets - Schedule of Other Non-Current Assets (Parenthetical) (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Jun. 21, 2011 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY | Arrangement for Robotic Radio Surgery System [Member] | Arrangement for Robotic Radio Surgery System [Member] | Arrangement for Robotic Radio Surgery System [Member] |
USD ($) | CNY | CNY | ||||
Schedule Of Long Term Prepayment Deposits And Other Assets [Line Items] | ||||||
Deposits - long-term | $3,133 | 19,442 | 62,139 | $2,957 | 18,346 | 23,608 |
Security deposits non-current | $2,361 | 14,647 |
Other_NonCurrent_Assets_Additi
Other Non-Current Assets - Additional Information (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Aug. 31, 2011 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY | Arrangement Management Services at Hanzhong Hospital [Member] | Arrangement Management Services at Hanzhong Hospital [Member] | Arrangement Management Services at Hanzhong Hospital [Member] |
USD ($) | CNY | CNY | ||||
Schedule Of Long Term Prepayment Deposits And Other Assets [Line Items] | ||||||
Deposits - long-term | $3,133 | 19,442 | 62,139 | $1,018 | 6,316 | 9,500 |
Installment end date | 31-May-20 | 31-May-20 | ||||
Security deposits non-current | $772 | 4,795 |
Bank_Borrowings_Schedule_of_Ba
Bank Borrowings - Schedule of Bank Borrowings (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Debt Disclosure [Abstract] | |||
Short-term | $51,918 | 322,128 | 487,964 |
Long-term, current portion | 39,686 | 246,233 | 273,310 |
Total | 91,604 | 568,361 | 761,274 |
Long-term, non-current portion | 54,069 | 335,479 | 324,974 |
Total bank borrowings | $145,673 | 903,840 | 1,086,248 |
Bank_Borrowings_Additional_Inf
Bank Borrowings - Additional Information (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Feb. 18, 2014 | Feb. 18, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | CNY | CNY | International Finance Corporation [Member] | International Finance Corporation [Member] | International Finance Corporation [Member] | Xian New Changan Medical Investment Co Ltd [Member] | Line of Credit Entered into by Subsidiary [Member] | Line of Credit Entered into by Subsidiary [Member] | Line of Credit Entered into by Subsidiary [Member] | Short-term Bank Borrowings [Member] | Short-term Bank Borrowings [Member] | Short-term Bank Borrowings [Member] | Long-term Bank Borrowings [Member] | Long-term Bank Borrowings [Member] | Long-term Bank Borrowings [Member] | Short Term Bank Credit Lines [Member] | Short Term Bank Credit Lines [Member] | Long Term Bank Credit Lines [Member] | Long Term Bank Credit Lines [Member] | |
USD ($) | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | USD ($) | CNY | ||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Short term bank borrowing | 72,500,000 | |||||||||||||||||||
Equity interest in equity method investment | 100.00% | 100.00% | 48.00% | |||||||||||||||||
Property and equipment pledged as collateral | 26,583,000 | 164,938,000 | 502,575,000 | |||||||||||||||||
Accounts receivable used to secure bank borrowings | 12,303,000 | 76,333,000 | 49,481,000 | |||||||||||||||||
Net investment in direct financing leases | 44,288,000 | 274,787,000 | 328,281,000 | 33,434,000 | 207,445,000 | 321,602,000 | ||||||||||||||
Restricted cash | 80,935,000 | 502,168,000 | 422,140,000 | |||||||||||||||||
Short-term bank borrowings, weighted average interest rate | 1.96% | 1.96% | 4.64% | |||||||||||||||||
Long-term bank borrowings, weighted average interest rate | 3.91% | 3.91% | 6.02% | |||||||||||||||||
Maximum borrowing capacity of credit line | 87,657,000 | 543,877,000 | 436,472,000 | 58,016,000 | 359,963,000 | 649,776,000 | ||||||||||||||
Unutilized bank credit lines | 1,500,000 | 9,307,000 | 302,753,000 | 1,878,460,000 | ||||||||||||||||
Principal amount of loan | 20,000,000 | |||||||||||||||||||
Debt instrument, repayment term | Principal amount is repayable on October 15, 2018 and April 15, 2019 by two equal installments. | |||||||||||||||||||
Debt instrument, conversion term | The loan gives IFC the right to convert the loan in whole or in part, at any time prior to the fifth anniversary of the date of the disbursement of the loan, into ADSs of the Company at the conversion price in effect at such time. | |||||||||||||||||||
Conversion price per ADS | $6.90 | |||||||||||||||||||
Fair value of debt instrument | $14,149,000 | 87,792,000 |
Bank_Borrowings_Schedule_of_Ma
Bank Borrowings - Schedule of Maturities of Long-Term Debt (Detail) | Dec. 31, 2014 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | USD ($) | CNY |
Debt Disclosure [Abstract] | ||
Within one year | $39,686 | 246,233 |
Between one and two years | 31,716 | 196,783 |
Between two and three years | 7,921 | 49,147 |
Between three and four years | 10,848 | 67,310 |
Between four and five years | 3,584 | 22,239 |
Total | $93,755 | 581,712 |
Accrued_Expenses_and_Other_Lia2
Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Payables and Accruals [Abstract] | |||
Accrued expenses | $2,254 | 13,986 | 14,424 |
Salaries and welfare payable | 835 | 5,178 | 43,687 |
Business and other taxes payable | 1,068 | 6,627 | 12,617 |
Unrecognized tax positions (note 25) | 5,901 | 36,616 | 49,355 |
Other accruals | 5,500 | 34,123 | 25,611 |
Financial derivatives | 5,425 | 33,663 | |
Notes payable | 795 | ||
Total | $20,983 | 130,193 | 146,489 |
Accrued_Expenses_and_Other_Lia3
Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Parenthetical) (Detail) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | CNY | |
Payables and Accruals [Abstract] | ||
Fair value of derivatives | $5,425 | 33,663 |
Loss on changes in fair value of derivatives | $420 | 2,605 |
Other_Long_Term_Liabilities_Sc
Other Long Term Liabilities - Schedule of Other Long-Term Liabilities (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Other Liabilities, Noncurrent [Abstract] | |||
Deferred revenue, non-current portion | $217 | 1,349 | 1,992 |
Lease deposits | 322 | 2,000 | 2,000 |
Liability arising from an unfavorable contract | 28,377 | ||
Others | 65 | 400 | 400 |
Total | $604 | 3,749 | 32,769 |
Other_Long_Term_Liabilities_Sc1
Other Long Term Liabilities - Schedule of Other Long-Term Liabilities (Parenthetical) (Detail) (Prepaid Land Lease [Member], CNY) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Prepaid Land Lease [Member] | |
Other Liabilities [Line Items] | |
Prepaid land lease consideration by subsidiaries | 7,527 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jul. 28, 2014 | Jul. 28, 2014 | Jan. 07, 2014 | Jan. 07, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jul. 28, 2014 | Jan. 07, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
USD ($) | CNY | USD ($) | CNY | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | American Depositary Shares [Member] | American Depositary Shares [Member] | American Depositary Shares [Member] | American Depositary Shares [Member] | Ordinary shares [Member] | Ordinary shares [Member] | Ordinary shares [Member] | Ordinary shares [Member] | |||
USD ($) | |||||||||||||||||||
Shares repurchased and cancelled during the period | 1,700,656 | 5,101,968 | |||||||||||||||||
Consideration to repurchase shares | $982 | $6,950 | $1,087 | $11,416 | $20,000 | ||||||||||||||
Shares repurchased | 217,036 | 1,972,063 | 316,645 | 651,108 | 5,916,189 | 949,935 | |||||||||||||
Date declared | 28-Jul-14 | 28-Jul-14 | 7-Jan-14 | 7-Jan-14 | |||||||||||||||
Amount of dividend paid | $40,612 | 251,979 | $32,489 | 201,583 | |||||||||||||||
Special dividend per ordinary share | $0.30 | $0.24 | $0 | $0 | $0 | ||||||||||||||
Dividends payable, date to be paid | 2014-11 | 2014-04 |
Restricted_Net_Assets_Addition
Restricted Net Assets - Additional Information (Detail) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | CNY | Foreign Tax Authority [Member] | Domestic Tax Authority [Member] | |
Restricted Net Assets [Line Items] | ||||
Percentage of after-tax profit to general reserve | 10.00% | 10.00% | ||
Percentage of general reserve registered capital | 50.00% | 50.00% | ||
Percentage of annual appropriations after-tax income | 10.00% | 10.00% | ||
Amount of net assets restricted | $298,345 | 1,851,112 |
Taxation_Additional_Informatio
Taxation - Additional Information (Detail) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
USD ($) | CNY | CNY | CNY | Leasing [Member] | Technical Services [Member] | AMT [Member] | AMT [Member] | AMT [Member] | Medstar (Shanghai) Leasing Co., Ltd. ("MSC") [Member] | Medstar (Shanghai) Leasing Co., Ltd. ("MSC") [Member] | Medstar (Shanghai) Leasing Co., Ltd. ("MSC") [Member] | CMS Hospital Management Co., Ltd. ("CHM") [Member] | CMS Hospital Management Co., Ltd. ("CHM") [Member] | CMS Hospital Management Co., Ltd. ("CHM") [Member] | Beijing Yundu Internet Technology Co., Ltd. ("Yundu") [Member] | Beijing Yundu Internet Technology Co., Ltd. ("Yundu") [Member] | Beijing Yundu Internet Technology Co., Ltd. ("Yundu") [Member] | Tianjin Kangmeng Radiology Equipment Management Co., Ltd. ("TKM") [Member] | Tianjin Kangmeng Radiology Equipment Management Co., Ltd. ("TKM") [Member] | Tianjin Kangmeng Radiology Equipment Management Co., Ltd. ("TKM") [Member] | China [Member] | China [Member] | China [Member] | United States of America [Member] | United States of America [Member] | United States of America [Member] | |
USD ($) | CNY | CNY | USD ($) | CNY | CNY | ||||||||||||||||||||||
Income Tax Contingency [Line Items] | |||||||||||||||||||||||||||
Applicable tax rates | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 35.00% | 35.00% | ||||||
Income tax profits | $201,000 | 1,246,000 | |||||||||||||||||||||||||
Uniform tax rate to both foreign and domestic invested enterprises | 25.00% | 25.00% | |||||||||||||||||||||||||
Transition period | 5 years | 5 years | |||||||||||||||||||||||||
Preferential tax rate | 15.00% | 15.00% | |||||||||||||||||||||||||
Withholding tax | 10.00% | 10.00% | 10.00% | 10.00% | |||||||||||||||||||||||
Unrecognized tax positions, which would impact the effective tax rate if recognized | 2,028,000 | 12,585,000 | 21,220,000 | ||||||||||||||||||||||||
Tax positions for which ultimate deductibility is highly certain | 1,247,000 | 7,735,000 | 80,762,000 | ||||||||||||||||||||||||
Income tax liabilities, interest rate | 0.05% | 0.05% | |||||||||||||||||||||||||
Income tax liabilities, penalty rate | 50.00% | 50.00% | |||||||||||||||||||||||||
Uncertain tax position, impact on taxes | 329,000 | 2,044,000 | 9,822,000 | 30,922,000 | |||||||||||||||||||||||
Accrued interest and penalties | 2,626,000 | 16,296,000 | 53,274,000 | ||||||||||||||||||||||||
Deferred income tax liabilities on undistributed earnings | 5,793,000 | 35,946,000 | 14,571,000 | ||||||||||||||||||||||||
Accrued interest payable to inter-company | 0 | 0 | 1,032,000 | ||||||||||||||||||||||||
Provision for withholding tax | 0 | 0 | 103,000 | 80,000 | 497,000 | 1,233,000 | |||||||||||||||||||||
Undistributed earnings | $267,000 | 1,656,000 | 4,110,000 | ||||||||||||||||||||||||
Business tax | 5.00% | 5.00% | |||||||||||||||||||||||||
Value added tax | 17.00% | ||||||||||||||||||||||||||
Business tax after value added tax | 6.00% |
Taxation_Schedule_of_Loss_Inco
Taxation - Schedule of (Loss) Income from Continuing Operations Before Income Taxes (Detail) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | CNY | CNY | CNY | |
Income Tax Disclosure [Abstract] | ||||
Non - PRC | ($2,830) | -17,561 | -24,037 | -22,250 |
PRC | 31,141 | 193,207 | 168,306 | 203,385 |
Total | $28,311 | 175,646 | 144,269 | 181,135 |
Taxation_Schedule_of_Income_Ta
Taxation - Schedule of Income Tax Expense from Continuing Operations (Detail) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | CNY | CNY | CNY | |
Income Tax Disclosure [Abstract] | ||||
Current tax expense | $9,111 | 56,526 | 46,377 | 51,890 |
Deferred tax expense | 3,921 | 24,324 | 17,461 | 2,359 |
Income tax expense | $13,032 | 80,850 | 63,838 | 54,249 |
Taxation_Reconciliation_of_Dif
Taxation - Reconciliation of Differences Between Statutory Tax Rate and Effective Tax Rate (Detail) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | CNY | CNY | CNY | |
Income Tax Disclosure [Abstract] | ||||
Income from continuing operations before income taxes | $28,311 | 175,646 | 144,269 | 181,135 |
Income tax computed at the statutory tax rate of 25% | 7,078 | 43,912 | 36,067 | 45,284 |
Effect of different tax rates in different jurisdictions | 478 | 2,960 | 7,910 | 5,506 |
Non-deductible expenses | 1,916 | 11,887 | 6,448 | 1,530 |
Interests and penalties on unrecognized tax positions | 329 | 2,044 | 3,576 | 1,929 |
Changes of valuation allowance | -76 | -466 | -6,070 | |
Withholding tax | 3,306 | 20,513 | 15,907 | |
Income tax expense | $13,032 | 80,850 | 63,838 | 54,249 |
Taxation_Reconciliation_of_Dif1
Taxation - Reconciliation of Differences Between Statutory Tax Rate and Effective Tax Rate (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Statutory income tax rate | 25.00% | 25.00% | 25.00% |
Taxation_Reconciliation_of_Acc
Taxation - Reconciliation of Accrued Unrecognized Tax Positions (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
USD ($) | CNY | CNY | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $16,356 | 101,485 | 104,480 |
Additions based on tax positions related to the current year | 1,433 | 8,890 | 19,182 |
Additions (decrease) related to prior year tax position | 197 | 1,219 | -22,177 |
Decrease due to the disposal of CAH and WHT | -14,711 | -91,274 | |
Balance at end of year | $3,275 | 20,320 | 101,485 |
Taxation_Schedule_of_Deferred_
Taxation - Schedule of Deferred Taxes (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Deferred tax assets, current portion | |||
Accrued expenses | $617 | 3,826 | 10,860 |
Allowance for doubtful accounts | 112 | 697 | 46,565 |
Deferred revenue, current | 161 | 1,002 | 2,679 |
Others | 118 | 726 | 1,223 |
Net deferred tax assets, current portion | 1,008 | 6,251 | 61,327 |
Valuation allowance | -140 | -866 | -46,611 |
Net deferred tax assets, current portion | 868 | 5,385 | 14,716 |
Deferred tax liabilities, current portion | |||
Deferred cost, current portion | -100 | -618 | -2,918 |
Revenue generated from financing lease | -393 | -2,439 | -2,006 |
Total deferred tax liabilities, current portion | -493 | -3,057 | -4,924 |
Deferred tax assets, current portion, net | 573 | 3,556 | 10,652 |
Deferred tax liabilities, current portion, net | -198 | -1,228 | -860 |
Deferred tax assets, non-current portion | |||
Depreciation and amortization | 3,656 | 22,683 | 41,244 |
Deposits for non-current assets | 894 | 5,548 | 5,548 |
Intangible assets | 157 | 972 | 1,132 |
Deferred revenue, non-current portion | 54 | 337 | 498 |
Long term receivables | 70 | 432 | 432 |
Long term investment impairment | 10,204 | ||
Net operating loss | 1,073 | 6,659 | 6,555 |
Others | 201 | 1,250 | 2,659 |
Deferred tax assets non-current | 6,105 | 37,881 | 68,272 |
Valuation allowance | -914 | -5,668 | -15,406 |
Net deferred tax assets, non-current portion | 5,192 | 32,213 | 52,866 |
Deferred tax liabilities, non-current portion | |||
Deferred costs | -6,311 | -39,144 | -19,253 |
Intangible assets | -983 | -6,098 | -7,972 |
Property, plant and equipment | -1,935 | -12,015 | -40,811 |
GZ Proton share transfer | -1,289 | -8,000 | |
Total deferred tax liabilities, non-current portion | -10,518 | -65,257 | -68,036 |
Deferred tax assets, non-current portion, net | 2,769 | 17,183 | 17,721 |
Deferred tax liabilities, non-current portion, net | ($8,095) | -50,227 | -32,891 |
Taxation_Schedule_of_Deferred_1
Taxation - Schedule of Deferred Taxes (Parenthetical) (Detail) | 12 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | CNY | CNY | CNY | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Current Portion [Member] | Current Portion [Member] | Current Portion [Member] | Non Current Portion [Member] | Non Current Portion [Member] | Non Current Portion [Member] | Minimum [Member] | Maximum [Member] | |
USD ($) | CNY | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | |||||||
Income Tax Contingency [Line Items] | ||||||||||||||||
Deferred tax assets offset against deferred tax liabilities | $295 | 1,829 | 4,064 | $2,423 | 15,030 | 35,145 | ||||||||||
Net operating losses | $29,600 | 183,649 | 156,296 | 181,936 | ($1,394) | -8,646 | -26,259 | -22,175 | ||||||||
Net operating loss carry forwards expiration year | 2016 | 2019 |
Taxation_Schedule_of_Movement_
Taxation - Schedule of Movement of Valuation Allowance (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
USD ($) | CNY | CNY | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | ($9,995) | -62,017 | -62,938 |
Disposal of CAH and WHT | 9,017 | 55,949 | |
Change of valuation allowance in the current year | -76 | -466 | 921 |
Balance at end of year | ($1,054) | -6,534 | -62,017 |
ShareBased_Awards_Additional_I
Share-Based Awards - Additional Information (Detail) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Feb. 18, 2014 | Sep. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Aug. 01, 2014 | Jul. 01, 2014 | Feb. 18, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | USD ($) | USD ($) | Stock Option [Member] | Stock Option [Member] | Restricted shares [Member] | Restricted shares [Member] | Restricted shares [Member] | Restricted shares [Member] | Restricted shares [Member] | |||
USD ($) | CNY | USD ($) | CNY | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Ordinary shares that may be issued | 13,218,000 | |||||||||||
Options granted | 3,479,604 | 355,884 | 3,479,604 | |||||||||
Options granted, exercise price | $2.04 | $2.17 | $2.04 | |||||||||
Contractual life | 8 years | 8 years | ||||||||||
Options exercised | 5,218,911 | 4,376,820 | 2,143,925 | |||||||||
Unrecognized share-based compensation cost | $1,802 | 11,178 | $2,182 | 13,536 | ||||||||
Weighted-average vesting period over which deferred cost is expected to be recognized | 3 years 1 month 17 days | 3 years 1 month 17 days | 3 years 18 days | 3 years 18 days | ||||||||
Shares granted | 69,564 | 21,132 | 1,370,250 | 1,460,946 | 1,460,946 | |||||||
Percentage of shares vested | 25.00% | 25.00% | ||||||||||
Shares vesting period | 4 years | 4 years | ||||||||||
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. | 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. |
ShareBased_Awards_Schedule_of_
Share-Based Awards - Schedule of Assumptions Used (Detail) | 0 Months Ended |
Feb. 18, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Risk-free interest rate | 2.33% |
Dividend yield | 5.00% |
Expected volatility range | 39.03% |
ShareBased_Awards_Schedule_of_1
Share-Based Awards - Schedule of Stock Options (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||
Feb. 18, 2014 | Sep. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Number of Shares | |||||
Outstanding, beginning balance | 4,643,734 | ||||
Forfeited | 0 | ||||
Granted | 3,479,604 | 355,884 | 3,479,604 | ||
Outstanding, ending balance | 8,123,338 | 4,643,734 | |||
Exercisable | 5,218,911 | 4,376,820 | 2,143,925 | ||
Weighted Average Exercise Price Per Share | |||||
Outstanding, beginning balance | $3.55 | ||||
Forfeited | $0 | ||||
Granted | $2.04 | $2.17 | $2.04 | ||
Outstanding, ending balance | $2.90 | $3.55 | |||
Exercisable | $2.90 | ||||
Weighted Average Grant-date Fair Value | |||||
Outstanding, beginning balance | $1.25 | ||||
Forfeited | $0 | ||||
Granted | $0.65 | ||||
Outstanding, ending balance | $0.99 | $1.25 | |||
Exercisable | $0.99 | ||||
Weighted Average Remaining Contractual Term (Years) | |||||
Granted | 7 years 1 month 17 days | ||||
Outstanding | 5 years 4 months 13 days | 4 years 18 days | |||
Exercisable | 5 years 4 months 13 days | ||||
Aggregate Intrinsic Value | |||||
Outstanding | $0 | ||||
Exercisable | $0 |
ShareBased_Awards_Summary_of_R
Share-Based Awards - Summary of Restricted Shares (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Aug. 01, 2014 | Jul. 01, 2014 | Feb. 18, 2014 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Numbers of shares, Forfeited | 0 | |||
Restricted shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Awards | 69,564 | 21,132 | 1,370,250 | 1,460,946 |
Numbers of shares, Vested | 0 | |||
Numbers of shares, Forfeited | 0 | |||
Numbers of shares, Ending balance | 1,460,946 | |||
Expected to vest | 1,460,946 | |||
Weighted average grant date fair value, Granted | $1.96 | |||
Weighted average grant date fair value, Vested | $0 | |||
Weighted average grant date fair value, Forfeited | $0 | |||
Weighted average grant date fair value, Ending balance | $1.96 | |||
Expected to vest | $1.96 | |||
Restricted shares [Member] | February 18, 2014 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Awards | 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] | ||||
Number of Awards | 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] | ||||
Number of Awards | 69,564 | |||
Weighted average grant date fair value, Granted | $2.44 |
ShareBased_Awards_Schedule_of_2
Share-Based Awards - Schedule of Share-Based Compensation Expense (Detail) | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | CNY | CNY | CNY | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | Selling Expenses [Member] | Selling Expenses [Member] | Selling Expenses [Member] | Selling Expenses [Member] | |
USD ($) | CNY | CNY | CNY | USD ($) | CNY | CNY | CNY | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation | $1,185 | 7,349 | 8,804 | 9,084 | $1,065 | 6,605 | 6,541 | 6,776 | $120 | 744 | 2,263 | 2,308 |
Related_Party_Transactions_Sch
Related Party Transactions - Schedule of Related Party Transactions Arose from Discontinued Operations (Detail) | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Shaanxi Juntai [Member] | Shaanxi Juntai [Member] | Shaanxi Juntai [Member] | Shaanxi Juntai [Member] | Xian New Changan Medical Investment Co Ltd [Member] | Xian New Changan Medical Investment Co Ltd [Member] | Xian New Changan Medical Investment Co Ltd [Member] | Xian New Changan Medical Investment Co Ltd [Member] | JYADK [Member] | JYADK [Member] | JYADK [Member] | JYADK [Member] | |
USD ($) | CNY | CNY | CNY | USD ($) | CNY | CNY | CNY | USD ($) | CNY | CNY | CNY | |
Related Party Transaction [Line Items] | ||||||||||||
Treatment income and other miscellaneous | $159 | 984 | 1,052 | 637 | ||||||||
Loan to (repayment of a loan from) | -6,590 | 100,000 | ||||||||||
Interest income | 1,089 | 6,755 | 7,839 | |||||||||
Purchase of medical supplies | $78 | 484 | 805 | 5,249 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 18, 2014 | Dec. 18, 2014 | Dec. 03, 2014 | Dec. 03, 2014 | Dec. 18, 2014 | Dec. 03, 2014 |
USD ($) | CNY | Datang Healthcare Corporation Limited ("Datang") [Member] | Datang Healthcare Corporation Limited ("Datang") [Member] | Datang Healthcare Corporation Limited ("Datang") [Member] | Datang Healthcare Corporation Limited ("Datang") [Member] | Datang Healthcare Corporation Limited ("Datang") [Member] | Datang Healthcare Corporation Limited ("Datang") [Member] | |
USD ($) | CNY | USD ($) | CNY | |||||
Schedule of Other Related Party Transactions [Line Items] | ||||||||
Percentage of equity interest sold | 100.00% | 100.00% | 52.00% | 52.00% | ||||
Total consideration of equity interest sold | $51,167 | 317,470 | $64,134 | 397,923 | $64,134 | 397,923 |
Related_Party_Transactions_Sch1
Related Party Transactions - Schedule of Related Party Balances Related to Discontinued Operations and Derecognized (Detail) (CNY) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Related Party Transaction [Line Items] | |
Due from related parties, current | 10,265 |
Loan to a noncontrolling shareholder, non-current | 93,410 |
Due to related parties - current | -3,217 |
Due to related parties - noncurrent | -26,828 |
Xian New Changan Medical Investment Co Ltd [Member] | |
Related Party Transaction [Line Items] | |
Due from related parties, current | 7,839 |
Loan to a noncontrolling shareholder, non-current | 93,410 |
Due to related parties - current | -1,500 |
Due to related parties - noncurrent | -7,527 |
Shaanxi Juntai [Member] | |
Related Party Transaction [Line Items] | |
Due from related parties, current | 2,426 |
Due to related parties - noncurrent | -19,301 |
JYADK [Member] | |
Related Party Transaction [Line Items] | |
Due to related parties - current | -1,717 |
Employee_Defined_Contribution_1
Employee Defined Contribution Plan - Additional Information (Detail) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
China [Member] | China [Member] | China [Member] | China [Member] | SINGAPORE | SINGAPORE | SINGAPORE | |
USD ($) | CNY | CNY | CNY | CNY | CNY | CNY | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||||||
Contributions to defined contribution plans | $2,061 | 12,789 | 30,252 | 12,189 | 106 | 108 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases (Detail) | Dec. 31, 2014 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | USD ($) | CNY |
Commitments and Contingencies Disclosure [Abstract] | ||
2015 | $1,587 | 9,845 |
2016 | 657 | 4,074 |
2017 | 564 | 3,500 |
2018 and thereafter | 9,025 | 56,000 |
Total | $11,833 | 73,419 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | CNY | CNY | CNY | Capital Addition Purchase Commitments [Member] | Capital Addition Purchase Commitments [Member] | |
USD ($) | CNY | |||||
Long-term Purchase Commitment [Line Items] | ||||||
Rental expenses | $2,218 | 13,764 | 10,330 | 8,986 | ||
Commitments to purchase certain medical equipment | 4,942 | 30,663 | ||||
Purchase commitments period | 1 year | 1 year | ||||
Unrecognized tax positions | $5,901 | 36,616 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Segments | Segments | |
Segment Reporting [Abstract] | ||
Number of operating segments | 2 | 2 |
Income_Per_Share_Schedule_of_B
Income Per Share - Schedule of Basic and Diluted Income Per Share (Detail) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | CNY | CNY | CNY | |
Numerator: | ||||
Net income from continuing operations | $153,302 | 94,942 | 81,753 | 128,978 |
Net income from discontinued operations | 4,798 | 29,767 | 4,140 | 1,853 |
Net income attributable to ordinary shareholders used in calculating income per ordinary share-basic and diluted | $20,100 | 124,709 | 85,893 | 130,831 |
Denominator: | ||||
Weighted average number of ordinary shares outstanding used in calculating basic income per share | 134,836,300 | 134,836,300 | 135,077,172 | 138,211,177 |
Weighted average number of ordinary shares outstanding used in calculating diluted income per share | 135,180,642 | 135,180,642 | 135,077,172 | 138,211,177 |
Income per share - basic | ||||
Net income from continuing operations | $0.11 | 0.7 | 0.61 | 0.94 |
Net income from discontinued operations | $0.04 | 0.22 | 0.03 | 0.01 |
Income per share - basic | $0.15 | 0.92 | 0.64 | 0.95 |
Income per share - diluted | ||||
Net income from continuing operations | $0.11 | 0.7 | 0.61 | 0.94 |
Net income from discontinued operations | $0.04 | 0.22 | 0.03 | 0.01 |
Income per share - diluted | $0.15 | 0.92 | 0.64 | 0.95 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (Level 3 [Member], CNY) | Dec. 31, 2014 | Dec. 31, 2013 |
Level 3 [Member] | ||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ||
Assets fair value, recurring basis | 0 | 0 |
Liabilities fair value, recurring basis | 0 | 0 |
Parent_Company_Only_Condensed_2
Parent Company Only Condensed Financial Information - Condensed Balance Sheets (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | USD ($) | CNY | USD ($) | CNY | CNY | CNY | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] |
USD ($) | CNY | USD ($) | CNY | CNY | CNY | |||||||
Current assets: | ||||||||||||
Cash | $77,150 | 478,682 | $45,617 | 283,033 | 75,382 | 219,078 | $28,225 | 175,125 | $31,435 | 195,038 | 7,301 | 8,869 |
Amounts due from subsidiaries | 10,265 | 60,316 | 374,237 | 386,909 | ||||||||
Total current assets | 235,903 | 1,463,682 | 1,300,010 | 88,541 | 549,362 | 581,947 | ||||||
Non-current assets: | ||||||||||||
Investment in subsidiaries | 355,186 | 2,203,785 | 2,063,610 | |||||||||
Deferred cost, non current | 505 | 3,134 | 740 | 462 | 2,867 | |||||||
Total assets | 476,959 | 2,959,332 | 4,093,557 | 444,189 | 2,756,014 | 2,645,557 | ||||||
Current liabilities: | ||||||||||||
Short-term bank borrowings | 49,500 | 307,128 | 390,464 | |||||||||
Accrued expenses and other liabilities | 20,983 | 130,193 | 146,489 | 7,401 | 45,920 | 6,421 | ||||||
Amounts due to subsidiaries | 3,217 | 67,019 | 415,826 | 126,679 | ||||||||
Total current liabilities | 124,072 | 769,819 | 1,174,659 | 123,920 | 768,874 | 523,564 | ||||||
Long-term bank borrowings | 54,069 | 335,479 | 324,974 | 30,554 | 189,591 | |||||||
Total liabilities | 186,840 | 1,159,274 | 1,659,840 | 154,474 | 958,465 | 523,564 | ||||||
Shareholders' equity: | ||||||||||||
Ordinary shares (par value of US$0.0001 per share; authorized shares-500,000,000; issued shares-142,353,532 as of December 31, 2013 and 2014; outstanding shares-134,836,300 and 134,836,300 as of December 31, 2013 and 2014, respectively) | 17 | 105 | 105 | 17 | 105 | 105 | ||||||
Treasury stock (7,517,232 and 7,517,232 as of December 31, 2013 and 2014, respectively) | -1 | -5 | -5 | -1 | -5 | -5 | ||||||
Additional paid-in capital | 334,288 | 2,074,125 | 2,520,338 | 334,288 | 2,074,125 | 2,520,338 | ||||||
Accumulated other comprehensive loss | -3,006 | -18,651 | -15,283 | -3,006 | -18,651 | -15,283 | ||||||
Accumulated deficit | -41,583 | -258,025 | -383,162 | -41,583 | -258,025 | -383,162 | ||||||
Total shareholders' equity | 289,715 | 1,797,549 | 2,121,993 | 289,715 | 1,797,549 | 2,121,993 | ||||||
Total liabilities and shareholders' equity | $476,959 | 2,959,332 | 4,093,557 | $444,189 | 2,756,014 | 2,645,557 |
Parent_Company_Only_Condensed_3
Parent Company Only Condensed Financial Information - Condensed Balance Sheets (Parenthetical) (Detail) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
USD ($) | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | ||
USD ($) | CNY | CNY | |||
Condensed Financial Statements, Captions [Line Items] | |||||
Ordinary shares, par value per share | $0.00 | $0.00 | 0.0001 | 0.0001 | |
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 |
Ordinary shares, shares issued | 142,353,532 | 142,353,532 | 142,353,532 | 142,353,532 | 142,353,532 |
Ordinary shares, shares outstanding | 134,836,300 | 134,836,300 | 134,836,300 | 134,836,300 | 134,836,300 |
Treasury stock, shares | 7,517,232 | 7,517,232 | 7,517,232 | 7,517,232 | 7,517,232 |
Parent_Company_Only_Condensed_4
Parent Company Only Condensed Financial Information - Condensed Statements of Comprehensive Income (Detail) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | CNY | CNY | CNY | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | |
USD ($) | CNY | CNY | CNY | |||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenues | $97,813 | 606,883 | 563,124 | 455,651 | $0 | 0 | 0 | 0 |
Cost of revenues | -44,251 | -274,562 | -217,655 | -164,523 | 0 | 0 | 0 | 0 |
General and administrative expenses | -8,635 | -53,576 | -84,506 | -61,106 | -1,272 | -7,892 | -24,028 | -19,879 |
Selling expenses | -15,327 | -95,096 | -104,667 | -53,911 | -122 | -754 | -2,231 | -2,296 |
Operating income | 29,600 | 183,649 | 156,296 | 181,936 | -1,394 | -8,646 | -26,259 | -22,175 |
Equity in profit or loss of subsidiaries | 23,610 | 146,488 | 114,146 | 152,691 | ||||
Interest income | 3,418 | 21,208 | 9,828 | 5,853 | 93 | 570 | 1 | 307 |
Interest expense | -8,618 | -53,470 | -36,884 | -12,452 | -2,885 | -17,899 | -3,398 | |
Change in fair value of derivatives | 420 | 2,605 | 420 | 2,605 | ||||
Exchange gain | 1,545 | 9,585 | 784 | -117 | 256 | 1,591 | 1,402 | 8 |
Net income attributable to ordinary shareholders | 20,100 | 124,709 | 85,893 | 130,831 | 20,100 | 124,709 | 85,893 | 130,831 |
Net income attributable to ordinary shareholders | 20,100 | 124,709 | 85,893 | 130,831 | ||||
Other comprehensive income, net of tax of nil | ||||||||
Foreign currency translation adjustments | -543 | -3,368 | 1,672 | 640 | -543 | -3,368 | 1,672 | 640 |
Total other comprehensive income | 18,842 | 116,904 | 92,868 | 135,120 | -543 | -3,368 | 1,672 | 640 |
Comprehensive income attributable to Concord Medical Services Holdings Limited's shareholders | $19,557 | 121,341 | 87,565 | 131,471 | $19,557 | 121,341 | 87,565 | 131,471 |
Parent_Company_Only_Condensed_5
Parent Company Only Condensed Financial Information - Condensed Statements of Cash Flows (Detail) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | CNY | CNY | CNY | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | |
USD ($) | CNY | CNY | CNY | |||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net cash used in operating activities | $79,036 | 490,381 | 259,033 | 259,515 | ($1,389) | -8,613 | -17,599 | -11,493 |
Net cash provided (used in) by investing activities | 46,265 | 287,055 | -133,540 | -659,290 | 49,100 | 304,646 | 20,827 | -153,651 |
Net cash provided (used in) by financing activities | -93,341 | -579,144 | 77,722 | 255,932 | -51,948 | -322,317 | 187,455 | 163,177 |
Exchange rate effect on cash | -427 | -2,643 | 4,436 | 147 | 1,027 | 6,317 | -2,946 | 399 |
Net increase (decrease) in cash | 31,533 | 195,649 | 207,651 | -143,696 | -3,210 | -19,913 | 187,737 | -1,568 |
Cash at beginning of year | 45,617 | 283,033 | 75,382 | 219,078 | 31,435 | 195,038 | 7,301 | 8,869 |
Cash at end of year | $77,150 | 478,682 | 283,033 | 75,382 | $28,225 | 175,125 | 195,038 | 7,301 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 27, 2015 | Mar. 27, 2015 | Mar. 27, 2015 | Jan. 27, 2015 | Jan. 27, 2015 | Jan. 27, 2015 | Jan. 27, 2015 | Jan. 27, 2015 | Jan. 27, 2015 | Jan. 27, 2015 | Jan. 27, 2015 |
Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | |||
CNY | SGD | Bed | Morgancreek Investment Holdings Limited [Member] | Morgancreek Investment Holdings Limited [Member] | Morgancreek Investment Holdings Limited [Member] | Class B Ordinary Shares [Member] | Class B Ordinary Shares [Member] | Class B Ordinary Shares [Member] | Class A Ordinary Shares [Member] | American Depository Shares [Member] | |||
Chairman and Chief Executive Officer [Member] | President Chief Operating Officer and Director [Member] | Vote | Morgancreek Investment Holdings Limited [Member] | Morgancreek Investment Holdings Limited [Member] | Morgancreek Investment Holdings Limited [Member] | Morgancreek Investment Holdings Limited [Member] | |||||||
Subsequent Event [Line Items] | |||||||||||||
Number of votes | 10 | ||||||||||||
Conversion of ordinary shares issued | 45,787,948 | ||||||||||||
Converted of ordinary shares | 45,787,948 | ||||||||||||
Ordinary shares, shares outstanding | 134,836,300 | 134,836,300 | 13,982,928 | 45,787,948 | 4,660,976 | ||||||||
Equity interest, ownership percentage | 100.00% | 100.00% | 60.00% | 40.00% | |||||||||
Number of beds, patient capacity | 31 | ||||||||||||
Cash consideration | 257,666,000 | 55,000 | |||||||||||
Closing date of deal | 7-Apr-15 | 7-Apr-15 | |||||||||||
Consideration paid date | 6-Apr-15 | 6-Apr-15 |