Concord Medical Services Holdings Ltd Files 20-F Annual Report

TL;DR

<b>Concord Medical Services Holdings Ltd has filed its annual 20-F report for the fiscal year ending December 31, 2023.</b>

AI Summary

Concord Medical Services Holdings Ltd (CCM) filed a Foreign Annual Report (20-F) with the SEC on April 19, 2024. Concord Medical Services Holdings Ltd filed its annual report on Form 20-F for the period ending December 31, 2023. The filing covers the company's financial performance and business operations. Key financial data points such as revenues, net income, and EPS are typically detailed in this report. The report includes information on the company's corporate structure, risk factors, and management. Concord Medical Services Holdings Ltd is listed on the NYSE under ticker CCM.

Why It Matters

For investors and stakeholders tracking Concord Medical Services Holdings Ltd, this filing contains several important signals. This 20-F filing provides a comprehensive overview of Concord Medical's financial health and strategic direction for investors and stakeholders. The detailed financial statements and risk factor disclosures are crucial for understanding the company's performance and potential challenges in the healthcare sector.

Risk Assessment

Risk Level: — Concord Medical Services Holdings Ltd shows moderate risk based on this filing. The company operates in the healthcare sector, which is subject to significant regulatory changes and market competition, as indicated by the nature of a 20-F filing detailing business operations and financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 20-F filing to assess Concord Medical's performance and future prospects.

Key Numbers

• 2023-12-31 — Period of Report (The end date for the reporting period covered by the 20-F filing.)
• 2024-04-19 — Filing Date (The date the 20-F form was filed with the SEC.)

Key Players & Entities

• Concord Medical Services Holdings Ltd (company) — Filer of the 20-F report
• CCM (company) — Ticker symbol for Concord Medical Services Holdings Ltd on NYSE
• NYSE (company) — Stock exchange where CCM is listed

FAQ

Industry Context

Concord Medical Services Holdings Ltd operates within the healthcare services industry, likely focusing on medical devices, equipment, or related services.

Regulatory Implications

As a foreign private issuer filing with the SEC, Concord Medical Services Holdings Ltd must comply with US securities regulations, including the annual filing of Form 20-F.

What Investors Should Do

1. Review the financial statements for revenue trends and profitability.
2. Analyze the risk factors section for potential business challenges.
3. Assess management's discussion and analysis for strategic insights.

Key Dates

• 2024-04-19: Filing of 20-F — Annual report submission for the fiscal year 2023.

Year-Over-Year Comparison

This filing represents the annual update for the fiscal year 2023, providing the latest financial and operational data compared to previous periods.

Key Financial Figures

• $0.0001 — ee Class A ordinary shares, par value US$0.0001 per share CCM New York Stock Exchan
• $ — fers to the legal currency of China "US$," "U.S. dollars," "$" or "dollars" refe
• $1 — t were made at a rate of RMB7.0999 to US$1.00, the noon buying rate in effect as o

Filing Documents

• ccm-20231231x20f.htm (20-F) — 5143KB
• ccm-20231231xex8d1.htm (EX-8.1) — 9KB
• ccm-20231231xex11d2.htm (EX-11.2) — 68KB
• ccm-20231231xex12d1.htm (EX-12.1) — 15KB
• ccm-20231231xex12d2.htm (EX-12.2) — 16KB
• ccm-20231231xex13d1.htm (EX-13.1) — 6KB
• ccm-20231231xex13d2.htm (EX-13.2) — 6KB
• ccm-20231231xex15d1.htm (EX-15.1) — 3KB
• ccm-20231231xex15d2.htm (EX-15.2) — 6KB
• ccm-20231231xex97d1.htm (EX-97.1) — 42KB
• ccm-20231231x20f010.jpg (GRAPHIC) — 120KB
• ccm-20231231xex15d2001.jpg (GRAPHIC) — 10KB
• 0001104659-24-049117.txt (&nbsp;) — 22288KB
• ccm-20231231_pre.xml (EX-101.PRE) — 871KB
• ccm-20231231.xsd (EX-101.SCH) — 141KB
• ccm-20231231_cal.xml (EX-101.CAL) — 121KB
• ccm-20231231_def.xml (EX-101.DEF) — 533KB
• ccm-20231231_lab.xml (EX-101.LAB) — 1057KB
• ccm-20231231x20f_htm.xml (XML) — 4532KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No Table of Contents TABLE OF CONTENTS Page PART I 5

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 5

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 5

KEY INFORMATION

ITEM 3. KEY INFORMATION 5

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 49

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 82

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 82

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 114

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 123

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 124

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 125

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 125

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 141

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 142 PART II 144

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 144

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 144

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 144

AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 145

CODE OF ETHICS

ITEM 16B. CODE OF ETHICS 145

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 145

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 146

PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16E. PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 146

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 146

CORPORATE GOVERNANCE

ITEM 16G. CORPORATE GOVERNANCE 146

MINE SAFETY DISCLOSURE

ITEM 16H. MINE SAFETY DISCLOSURE 146

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 146

INSIDER TRADING POLICIES

ITEM 16J INSIDER TRADING POLICIES 146

CYBERSECURITY

ITEM 16K CYBERSECURITY 147 PART III 149

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 149

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 149

EXHIBITS

ITEM 19. EXHIBITS 149 i Table of Contents CONVENTIONS THAT APPLY TO THIS ANNUAL REPORT ON FORM 20-F Unless otherwise indicated, references in this annual report on Form 20-F to: "ADRs" refers to the American depositary receipts, which, if issued, evidence our ADSs; "ADSs" refers to our American depositary shares, each of which represents three Class A ordinary shares; "China" or "PRC" refers to the People's Republic of China, and only in the context of describing the industry matters, the PRC laws, rules, regulations, regulatory authorities, and any PRC entities or citizens under such rules, laws and regulations and other legal or tax matters in this annual report, excludes Taiwan and the special administrative regions of Hong Kong and Macau; "Concord Medical," "we," "us," "our company" or "our" refers to Concord Medical Services Holdings Limited, its predecessor entities and its consolidated subsidiaries; "ordinary shares" refers to our ordinary shares, par value US$0.0001 per share, which can be divided into Class A ordinary shares and Class B ordinary shares; "PRC subsidiaries" refers to our subsidiaries incorporated in the People's Republic of China, including Concord Healthcare Group Co., Ltd. (formerly known as Mezihong Jiahe Medical Science & Technology Development Group Co., Ltd.) (" Concord Healthcare "), Shenzhen Aohua Medical Technology Development Co., Ltd. ("Aohua Technology"), Shanghai Taifeng Medical Technology Ltd., Shanghai Meizhong Jaihe General Practice Center ("Shanghai General Practice Clinic"), Medstar (Shanghai) Financial Leasing Co., Ltd., ("Shanghai Medstar"), Tianjin Concord Medical Technology Limited, Medstar (Guangzhou) Medical Technology Services Ltd., Jiaxue (Shanghai) Medical Technology Services Ltd., Beijing Century Friendship Science & Technology Development Co., Ltd. ("Beijing Century Friendship"), Beijing Proton Medical Center Co., Ltd ("Beijing Proton Medical Center"), Shanghai Concord Cancer Center ("Shanghai Hospita

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION PRC Regulatory Risks and Requirements We face various legal and operational risks and uncertainties related to doing business in China as we conduct substantially all of our operations in China through our PRC subsidiaries. We are subject to complex and evolving laws and regulations in China. We and our PRC subsidiaries are required to obtain certain licenses, permits and approvals from relevant governmental authorities in China in order to operate our business. As of the date of this annual report, as advised by our PRC counsel, Jingtian & Gongcheng Attorneys At Law, we and our PRC subsidiaries have obtained the requisite licenses, permits and approvals from the PRC government authorities that are material for our business operations, including, among others, medical institution practicing licenses, large medical equipment procurement licenses, radiotherapy permits and radiation safety permits. Given the uncertainties of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant government authorities, and the promulgation of new laws and regulations and amendment to the existing ones, we may be required to obtain additional licenses, permits, filings, or approvals for our business operations in the future. We cannot assure you that we or our PRC subsidiaries will be able to obtain, in a timely manner or at all, or maintain such licenses, permits or approvals, and we or our PRC subsidiaries may also inadvertently conclude that such permissions or approvals are not required. Any lack of or failure to maintain requisite licenses, permits or approvals applicable to us or our PRC subsidiaries may have a material adverse impact on our business, results of operations, financial condition and prospects and cause the value of our securities to significantly decline or become worthless. See "Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—We conduct our business in

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