EC Healthcare Further Issue Shares to Strategic Shareholder Dr. Cheng Chi Kong and Aspex Management To Enhance Collaboration in Deploying Medical Real Estate Strategy

Jul 9, 2021 | Business

EC Healthcare (the “Company”, which together with its subsidiaries is referred to as the “Group”, SEHK stock code: 2138), the largest non-hospital medical group in Hong Kong, announces that the Group’s strategic shareholders Dr. Cheng Chi Kong and Aspex Management further increase equity stake in the Group via Top-up Placing, further enhancing the strategic relationship and empowering the Group’s development.

The Group conditionally agreed to effectively issue and allot 6,455,172 and 10,758,621 new Shares at HK$14.50 per Share to Dr. Cheng Chi Kong, Adrian JP and Aspex Master Fund (the “Purchasers”), respectively, through Top-up Placing. Such shares representing approximately 1.55% of the issued share capital of the Company and approximately 1.53% of its enlarged issued share capital immediately following the Top-up Placing. The Group expects to receive net proceeds of approximately HK$248.8 million from the transaction and intends to use the proceeds for clinic network expansion in Hong Kong and the Greater Bay Area in the PRC, mergers and acquisitions and general corporate purposes. Haitong International Securities Company Limited is the placing agent.

The Group had placed an aggregate of 29,636,000 shares at HK$7.80 per share to Dr. Cheng and Aspex Management in April 2021. Upon the completion of this transaction, the stake holding of the strategic shareholders will increase from 2.69% to 6.53% of the enlarged issued share capital of the Company.

This transaction is a private investment by Dr. Cheng Chi Kong. Dr. Cheng is a cultural entrepreneur who engaged in retail, hotels, and office buildings businesses in Greater China. He founded the K11 brand which combines the concepts of museum and retail. Dr. Cheng also manages commercial and residential properties in core cities of mainland China and leads the development of Victoria Dockside, a large-scale commercial real estate project in Hong Kong, and the Sky City project in Hong Kong International Airport related to medical tourism of New World Development Co., Ltd. The increase in the holding of shares by Dr. Cheng enhanced a stronger relationship between the Group and the strategic investors. By leveraging on Dr. Cheng’s related strategic value of high-quality investment properties across Hong Kong and mainland China the Group can better facilitate the precise layout and deploy the medical real estate strategy.

Mr. Eddy Tang, Chairman, Executive Director and Chief Executive Officer of EC Healthcare said, “The Group is delighted to see our strategic investors, Dr. Cheng and Aspex Management demonstrating strong confidence in our future business outlook. The Group believes the share issuance will also optimize the shareholders base and increase its public float. The Group has been focusing on expanding its foothold in the Guangdong-Hong Kong-Macao Greater Bay Area and regards the strategic partnership with the property giant as one of our important strategies. We believe that the long-term partnerships with the two investors allow the Group to accelerate the deployment of its resources for business development with precision in the Greater Bay Area as it aims to scale new heights.”

About EC Healthcare
EC Healthcare is Hong Kong’s largest non-hospital medical service provider*, leveraging its core businesses of preventive and precision medicine, and committed to developing medical artificial intelligence by integrating its multi-disciplinary medical services. The move, which is supported by the Group’s high-end branding and quality customer services, is aimed at offering customers safe and effective healthcare and medical services with professionalism.

The Group principally engages in the provision of one-stop medical and health care services in Greater China. The Group provides a full range of services and products under its well-known brands, including those of its one-stop aesthetic medical solutions provider DR REBORN which has ranked first in Hong Kong by sales for years, primary care clinics jointly established with Tencent Doctorwork, chiropractic services centre SPINE Central, New York Spine and Physiotherapy Center NYMG, health management centre re:HEALTH, a vaccine centre Hong Kong Professional Vaccine HKPV, a comprehensive dental centre UMH DENTAL CARE, a diagnostic and imaging centre HKAI, an oncology treatment centre reVIVE, a day procedure centre HKMED, a specialty clinic SPECIALISTS CENTRAL and NEW MEDICAL CENTER, obstetrics and gynaecology specialist ZENITH MEDICAL CENTER AND PRENATAL DIAGNOSIS CENTRE, specialists central, a paediatric center PRIME CARE, cardiology center HONG KONG INTERNATIONAL CARDIOLOGY CENTER, PathLab Medical Laboratories and a professional hair care center HAIR FOREST.

*According to an independent research conducted by Frost and Sullivan in terms of revenue in 2019 and 2020

About Dr. Cheng Chi Kong
Dr. Cheng Chi Kong, Adrian is a visionary leader and a cultural entrepreneur in a new era. He heads the New World Group and Chow Tai Fook Jewellery Group, and is the founder of the K11 brand and C Ventures. Dr. Cheng is responsible for formulating the strategy for the development strategy and the guiding principle for the operation of the Cheng family’s business empire and is the third-generation leader of the Cheng family, which is one of the world’s most prominent and influential families. The Cheng family is ranked third in Forbes’ “Hong Kong’s Richest 2021 List with total assets of over US$88 billion as of 31 December 2020. Dr. Cheng is also a prominent and renowned investor with extensive experience and a strong track record.

About Aspex
Aspex Management is an investment management firm focused on pan-Asian opportunities across both the public and private equity markets. The firm looks to invest in industries and partner with companies exposed to large addressable markets with long-term growth potential as well as those undergoing structural changes. Aspex invests capital on behalf of endowments, non-profit foundations, family offices and outsourced investment offices across the globe.

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Email: ech@iprogilvy.com


Topic: Press release summary

CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB

Jul 6, 2021 | Business

As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorised dealer for any foreign remittance.

In view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in, it had earlier been decided by CBDT that taxpayers could submit Forms 15CA/15CB in manual format to the authorized dealer till 30th June, 2021.

It has now been decided to extend the aforesaid date to 15th July, 2021. In view thereof, taxpayers can now submit the said Forms in manual format to the authorized dealers till 15th July, 2021. Authorized dealers are advised to accept such Forms till 15th July, 2021 for the purpose of foreign remittances. A facility will be provided on the new e-filing portal to upload these forms at a later date for the purpose of generation of the Document Identification Number.

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Further cast announced for BAFTA nominated BBC comedy Alma’s Not Normal

May 10, 2021 | Business

“I’m delighted that filming is underway for series one of Alma’s Not Normal, and even happier to be working alongside such a fantastic group of actors!”

“I’m delighted that filming is underway for series one of Alma’s Not Normal, and even happier to be working alongside such a fantastic group of actors! We can’t wait for audiences to learn more about Alma’s world and the eclectic mix of characters that surround her.” — Sophie Willan

As well as starring in the lead role of Alma, Sophie Willan has written and executive produced the series. Sophie was the inaugural winner of the BBC’s Caroline Aherne Bursary Award in 2018, and following a critically acclaimed pilot broadcast in 2020, received a BAFTA nomination for Best Writing: Comedy (2021).

The cast returning for the full series alongside Sophie are Siobhan Finneran (Happy Valley, Downton Abbey) as her mum Lin; Lorraine Ashbourne (The Crown, Cheat) as her Nan Joan, Jayde Adams (Crazy Delicious) as Alma’s best friend Leanne, James Baxter (Still Open all Hours, Emmerdale) as Alma’s ex-boyfriend Anthony and Nicholas Asbury (Doctor Who, Chewing Gum) as Jim.

Completing the cast are; Thanyia Moore (The Duchess, Jamie Johnson), Dave Spikey (Phoenix Nights) and Ben Willbond (Ghosts, Yonderland).

The series follows Alma as she tries to get her life back on track after a break-up. But with no job, no qualifications and a rebellious streak a mile wide, it’s not going to be easy. Meanwhile her mum, who is battling a heroin addiction, has been sectioned for arson and her vampish Grandma Joan wants nothing to do with it. Alma’s Not Normal offers a bitingly funny and unflinching take on class, sexuality, mental health and substance abuse. It celebrates women dealing with the hands they’ve been dealt while doggedly pursing their dreams.

Sophie Willan, Creator and Executive Producer, says: “I’m delighted that filming is underway for series one of Alma’s Not Normal, and even happier to be working alongside such a fantastic group of actors! We can’t wait for audiences to learn more about Alma’s world and the eclectic mix of characters that surround her.”

Nerys Evans, Executive Producer for Expectation, says: ”We’re delighted to be making a full series of Alma’s Not Normal, after such a wonderful response to the pilot. Sophie is an incredible talent – she is such a gifted writer and performer and has written something that feels both utterly modern and yet timeless. With Gill Isles Producing and Andrew Chaplin Directing, we have an extraordinary team around Sophie to bring Alma to life”

Broadcast details for the series will be announced in due course. In accordance with all current government guidelines on Covid-19, production for Alma’s Not Normal will adhere to comprehensive protocols to ensure that the new series is produced in a safe and responsible manner.

Alma’s Not Normal (6×30’) is an Expectation production for BBC Two, written and Executive Produced by Sophie Willan. The Executive Producer for Expectation is Nerys Evans and the Commissioning Editor for the BBC is Tanya Qureshi.

Hong Kong – Further subsidy for party rooms and pleasure vessels

Apr 28, 2021 | International

Further subsidy for party rooms and pleasure vessels

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     The Government will disburse a further subsidy to party rooms and local vessels let for hire or reward (pleasure vessels) under the Anti-epidemic Fund. Each eligible premises or vessel will be given a one-off subsidy of $40,000. 
      
     Party rooms and pleasure vessels that have continuously suspended operations since November 22, 2020, pursuant to the closure order under the Prevention and Control of Disease (Requirements and Directions) (Business and Premises) Regulation (Cap. 599F), and that had been granted a subsidy under the previous round of the Subsidy Scheme for Beauty Parlours, Massage Establishments and Party Rooms (note), will be eligible for the new subsidy. Premises that have been relocated or changed hands and new businesses established after November 22, 2020, will not be eligible for the further subsidy.  
      
     Party rooms do not need to apply for the subsidy proactively. The Scheme Secretariat will, starting from May 10, send the application and declaration form by mail to the reported shop addresses of party room operators who have been granted a subsidy (including successful appeal cases) under the previous round of the Scheme. Upon receipt of the mail, the party room operators concerned will only need to sign the declaration and confirm that the business information pre-printed on the application form is accurate, that the business continues to exist, and that other application requirements are met. By returning the completed forms to the Scheme Secretariat by the end of May, the party rooms concerned will be deemed eligible for the further subsidy. Details of the eligibility criteria, application guidance notes and methods for returning the completed form will be provided in the letter issued by the Scheme Secretariat. 
      
     The Scheme Secretariat will arrange subsidy disbursement to eligible party room operators through autopay according to the bank account information kept in the approved records of the previous round of the Scheme. It is expected that the subsidy could be disbursed from late May onwards.
      
     Likewise, owners of pleasure vessels are not required to apply for the subsidy proactively.  The Marine Department will arrange to issue a notification letter to owners of all eligible pleasure vessels in early May. The department will handle the relevant procedures and the disbursement of the subsidy.  
      
     A sum of $54.6 million has been earmarked under the Fund for disbursing the further subsidy.
      
     For enquiries on the further subsidy for party rooms, applicants may call the dedicated telephone hotline (1836 188) or send email to [email protected]. For enquiries on the further subsidy for pleasure vessels, owners of pleasure vessels may contact the Marine Department (Tel: 2852 4931).   
 
Note: Referring to the Subsidy Scheme for Beauty Parlours, Massage Establishments and Party Rooms launched on January 18, 2021.

Hong Kong – FEHD provides further financial support for bars/pubs, karaoke establishments, nightclubs and commercial bathhouses

Apr 28, 2021 | International

FEHD provides further financial support for bars/pubs, karaoke establishments, nightclubs and commercial bathhouses

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     The Food and Environmental Hygiene Department (FEHD) announced today (April 27) that applications for the Catering Business Subsidy Scheme (applicable to liquor licensed premises (with Bar Endorsement), karaoke establishments and nightclubs with restaurant licence) and the Further Subsidy to Commercial Bathhouse Licence Holder Subsidy Scheme under the fourth round of the Anti-epidemic Fund (AEF) will start from tomorrow (April 28) until May 27.

     The Government had earlier on provided financial relief measures to businesses affected by the epidemic and the Government’s various anti-epidemic and social distancing measures through a number of schemes under various rounds of the AEF, including the Food Licence Holders Subsidy Scheme, the Subsidy Scheme for Tenants of Cooked Food/Light Refreshment Stalls at FEHD Markets, the Catering Business (Social Distancing) Subsidy Scheme, the Catering Business Subsidy Scheme; the Commercial Bathhouse Licence Holder Subsidy Scheme, the Places of Public Entertainment Licence Holder Subsidy Scheme and the Food Courts Subsidy Scheme. Hitherto, a total of about $12.8 billion in subsidies has been disbursed to eligible applicants.

     Taking into account that bars/pubs, karaoke establishments, nightclubs and commercial bathhouses have been affected by the Government’s measures on progressively tightening the social distancing measures since last November and are required to remain closed until now, the Government intends to provide further subsidy to the above-mentioned businesses. The new round of Catering Business Subsidy Scheme will benefit licence/permit holders of liquor licensed premises (with Bar Endorsement), karaoke establishments and nightclubs with restaurant licence. They are eligible to a one-off subsidy ranging from $100,000 to $500,000 according to the licensed area of the restaurant premises if they have closed the whole of their premises for the entire period specified in the directions issued under the Prevention and Control of Disease (Requirements and Directions) (Business and Premises) Regulation (Cap. 599F).

     To avoid abuse, an applicant at the time of application shall declare that the business is still in operation, and for an application lodged in respect of premises involving more than one licence/permit, the applicant has to be nominated by all licence/permit holders to apply for and receive the subsidy, and the FEHD will only issue one single subsidy in respect of the same licensed premises. It is estimated that the scheme will benefit about 1 100 bars/pubs, karaoke establishments and nightclubs, with the total amount of subsidy involved being approximately $250 million.

     Separately, the Further Subsidy to Commercial Bathhouse Licence Holder Subsidy Scheme will provide a one-off subsidy of $100,000 to each eligible licence holder of a commercial bathhouse. It is estimated that around 50 commercial bathhouses will benefit from the subsidy.

     The application form and guidelines for the new round of Catering Business Subsidy Scheme and the Commercial Bathhouse Licence Holder Subsidy Scheme can be obtained from the licensing offices or District Environmental Hygiene Offices of the FEHD, or downloaded from the website of the FEHD (www.fehd.gov.hk), where details of the scheme are also available. Eligible licence/permit holders should submit their applications to the corresponding licensing offices (for the Catering Business Subsidy Scheme) or District Environmental Hygiene Offices (for the Further Subsidy to Commercial Bathhouse Licence Holder Subsidy Scheme) of the FEHD in person or by mail. Upon receipt of the completed application form and supporting documents and after verification, the FEHD will disburse the subsidy in about two weeks by mailing crossed cheques to the corresponding premises.