Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2020 |
Document Transition Report | false |
Document Shell Company Report | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Concord Medical Services Holdings Ltd |
Entity Central Index Key | 0001472072 |
Current Fiscal Year End Date | --12-31 |
Trading Symbol | CCM |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 130,251,685 |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Document Accounting Standard | U.S. GAAP |
Title of 12(b) Security | Class A ordinary shares, par value US$0.0001 pershare |
Security Exchange Name | NYSE |
ICFR Auditor Attestation Flag | false |
Entity File Number | 001-34563 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | Room 2701-05, Tower A, Global Trade Center |
Entity Address, Address Line Two | 36 North Third Ring Road, Dongcheng District |
Entity Address, City or Town | Beijing |
Entity Address, Postal Zip Code | 100013 |
Entity Address, Country | CN |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Mr. Yap Yaw Kong |
Entity Address, Address Line One | Room 2701-05, Tower A, Global Trade Center |
Entity Address, Address Line Two | 36 North Third Ring Road, Dongcheng District |
Entity Address, City or Town | Beijing |
Entity Address, Postal Zip Code | 100013 |
Entity Address, Country | CN |
Local Phone Number | 10 5903-6688 |
Contact Personnel Fax Number | 5957-5252 |
City Area Code | 86 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 334,264,000 | $ 51,229 | ¥ 74,307,000 |
Restricted cash, current portion | 4,661,000 | 714 | 0 |
Accounts receivable (net of allowance of RMB7,147 and RMB6,473 (US$992) as of December 31, 2019 and 2020, respectively) | 77,375,000 | 11,858 | 73,731,000 |
Prepayments and other current assets (net of reserve of RMB9,013 and RMB12,528 (US$1,920) and including amounts due from related parties amounting to RMB3,833 and RMB1,845 (US$283) as of December 31, 2019 and 2020, respectively) | 213,043,000 | 32,650 | 94,868,000 |
Inventories | 21,610,000 | 3,312 | 4,341,000 |
Net investment in direct financing leases, current portion | 25,045,000 | 3,838 | 35,240,000 |
Total current assets | 675,998,000 | 103,601 | 282,487,000 |
Non-current assets: | |||
Restricted cash, non-current portion | 107,470,000 | 16,471 | 0 |
Property, plant and equipment, net | 2,559,191,000 | 392,213 | 1,898,861,000 |
Right of use assets, net | 639,967,000 | 98,079 | 647,080,000 |
Net investment in direct financing leases, non-current portion | 13,720,000 | 2,103 | 27,084,000 |
Goodwill | 213,656,000 | 32,744 | 210,443,000 |
Intangible assets, net | 522,821,000 | 80,126 | 532,489,000 |
Deposits for non-current assets (net of reserve of RMB93,260 and RMB8,500 (US$1,303) as of December 31, 2019 and 2020) | 247,837,000 | 37,983 | 624,132,000 |
Long-term investments | 313,020,000 | 47,972 | 64,948,000 |
Other non-current assets | 7,138,000 | 1,094 | 9,921,000 |
Prepayment for long term investment | 33,720,000 | 5,168 | 0 |
Total non-current assets | 4,658,540,000 | 713,953 | 4,014,958,000 |
Total assets | 5,334,538,000 | 817,554 | 4,297,445,000 |
Current liabilities: | |||
Accounts payable | 18,632,000 | 2,856 | 8,275,000 |
Accrued expenses and other liabilities | 330,090,000 | 50,589 | 277,101,000 |
Income tax payable | 858,000 | 132 | 752,000 |
Operating lease liabilities, current | 13,661,000 | 2,094 | 12,884,000 |
Short-term bank and other borrowings (including loan from related party of Nil and RMB 3,191 as of December 31, 2019 and 2020, respectively) | 24,481,000 | 3,752 | 285,500,000 |
Long-term bank and other borrowings, current portion (including loan from related party of RMB 10,120 and RMB 82,606 as of December 31, 2019 and 2020, respectively) | 124,395,000 | 19,064 | 42,939,000 |
Total current liabilities | 512,117,000 | 78,487 | 627,451,000 |
Non-current liabilities: | |||
Long-term bank and other borrowings, non-current portion (including loan from related party of Nil and RMB 102,757 as of December 31, 2019 and 2020, respectively) | 1,968,048,000 | 301,617 | 1,291,763,000 |
Deferred tax liabilities | 153,339,000 | 23,500 | 165,438,000 |
Operating lease liabilities, non-current | 223,478,000 | 34,250 | 218,817,000 |
Other long-term liabilities | 76,726,000 | 11,758 | 104,738,000 |
Total non-current liabilities | 2,421,591,000 | 371,125 | 1,780,756,000 |
Total liabilities | 2,933,708,000 | 449,612 | 2,408,207,000 |
Commitments and contingencies | |||
Contingently redeemable noncontrolling interest | 2,913,675,000 | 446,540 | 1,909,606,000 |
Equity (deficit): | |||
Treasury stock (12,111,537 and 12,101,847 shares as of December 31, 2019 and 2020, respectively) | (8,000) | (1) | (8,000) |
Additional paid-in capital | 1,840,026,000 | 281,996 | 1,759,941,000 |
Accumulated other comprehensive loss | (46,429,000) | (7,116) | (97,285,000) |
Accumulated deficit | (2,456,649,000) | (376,498) | (1,785,517,000) |
Total Concord Medical Services Holdings Limited shareholders' equity (deficit) | (662,955,000) | (101,603) | (122,764,000) |
Noncontrolling interests | 150,110,000 | 23,005 | 102,396,000 |
Total deficit | (512,845,000) | (78,598) | (20,368,000) |
Total liabilities, mezzanine equity and deficit | 5,334,538,000 | 817,554 | 4,297,445,000 |
Common Class A [Member] | |||
Equity (deficit): | |||
Ordinary shares | 68,000 | 10 | 68,000 |
Common Class B [Member] | |||
Equity (deficit): | |||
Ordinary shares | ¥ 37,000 | $ 6 | ¥ 37,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)shares |
Accounts receivable, allowance | ¥ 6,473 | $ 992 | ¥ 7,147 |
Reserve for prepayments and other current assets | 12,528 | 1,920 | 9,013 |
Prepayments and other current assets, due from related party | 1,845 | 283 | 3,833 |
Reserve for deposits of non-current assets | 8,500 | $ 1,303 | 93,260 |
Short-term bank and other borrowings, loan from related party | ¥ | 3,191 | 0 | |
Long-term bank and other borrowings, current portion, loan from related party | ¥ | 82,606 | 10,120 | |
Long-term bank and other borrowings, non-current portion, loan from related party | ¥ | ¥ 102,757 | ¥ 0 | |
Treasury stock, shares | 12,101,847 | 12,101,847 | 12,111,537 |
Common Class A [Member] | |||
Ordinary shares, par value per share | $ / shares | $ 0.0001 | ||
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Ordinary shares, shares issued | 96,565,584 | 96,565,584 | 96,565,584 |
Ordinary shares, shares outstanding | 84,463,737 | 84,463,737 | 84,454,047 |
Common Class B [Member] | |||
Ordinary shares, par value per share | $ / shares | $ 0.0001 | ||
Ordinary shares, shares authorized | 45,787,948 | 45,787,948 | 45,787,948 |
Ordinary shares, shares issued | 45,787,948 | 45,787,948 | 45,787,948 |
Ordinary shares, shares outstanding | 45,787,948 | 45,787,948 | 45,787,948 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | |
Revenues, net of value-added tax | ¥ 223,011 | $ 34,178 | ¥ 198,363 | ¥ 190,898 |
Cost of revenues | (209,928) | (32,173) | (214,193) | (171,136) |
Gross profit (loss) | 13,083 | 2,005 | (15,830) | 19,762 |
Operating expenses: | ||||
Selling expenses | (25,761) | (3,948) | (30,241) | (21,718) |
General and administrative expenses | (294,823) | (45,184) | (315,134) | (291,854) |
Impairment of long-lived assets | (8,500) | (1,303) | (76,089) | (5,433) |
Operating loss | (316,001) | (48,430) | (437,294) | (299,243) |
Interest expense (including interest expense to related party amounting to RMB193, RMB151 and RMB41,918 (US$6,219) for the years ended December 31, 2018, 2019 and 2020, respectively) | (81,359) | (12,469) | (28,700) | (46,232) |
Foreign exchange gain (loss) , net | (58,686) | (8,994) | 34,990 | 36,531 |
Gain (loss) on disposal of long-lived assets | 677 | 104 | (1,299) | 4,711 |
Interest income (including interest income from related party amounting to RMB285, RMB206 and RMB127(US$19) for the years ended December 31, 2018, 2019 and 2020, respectively) | 8,440 | 1,293 | 9,165 | 14,168 |
Income (loss) from equity method investments | 6,021 | 923 | (5,078) | (20,747) |
Gain (loss) on disposal of subsidiaries | (14,894) | (2,283) | 0 | 3,341 |
Other income, net | 6,312 | 967 | 37,138 | 34,206 |
Gain on disposal of an equity method investment | 7,837 | 1,201 | 0 | 48,019 |
Loss before income tax | (441,653) | (67,688) | (391,078) | (225,246) |
Income tax (expenses) benefit | 37,624 | 5,766 | 38,986 | (34,051) |
Net loss | (404,029) | (61,922) | (352,092) | (259,297) |
Net loss attributable to noncontrolling interests | 94,040 | 14,412 | 45,043 | 24,422 |
Net loss attributable to Concord Medical Services Holdings Limited | ¥ (309,989) | $ (47,510) | ¥ (307,049) | ¥ (234,875) |
Loss per share for Class A and Class B ordinary shares: | ||||
Basic and diluted | (per share) | ¥ (5.11) | $ (0.78) | ¥ (4.24) | ¥ (2.76) |
Weighted average number of class A and class B ordinary shares outstanding: | ||||
Basic and diluted | 131,053,858 | 131,053,858 | 130,238,498 | 130,104,787 |
Other comprehensive income (loss), net of tax of nil | ||||
Foreign currency translation, net tax of nil | ¥ 50,856 | $ 7,794 | ¥ (8,664) | ¥ (41,203) |
Total other comprehensive income (loss), net of tax | 50,856 | 7,794 | (8,664) | (41,203) |
Comprehensive loss | (353,173) | (54,128) | (360,756) | (300,500) |
Comprehensive loss attributable to noncontrolling interests | (94,040) | (14,412) | (43,930) | (22,902) |
Comprehensive loss attributable to Concord Medical Services Holdings Limited | (259,133) | (39,716) | (316,826) | (277,598) |
Equipment Leasing Revenues | ||||
Revenues, net of value-added tax | 52,906 | 8,108 | 58,559 | 76,723 |
Cost of revenues | (36,911) | (5,657) | (77,730) | (63,125) |
Services and other revenues | ||||
Revenues, net of value-added tax | 140,050 | 21,464 | 117,027 | 99,117 |
Cost of revenues | (143,443) | (21,984) | (119,096) | (100,232) |
Medicine income | ||||
Revenues, net of value-added tax | 30,055 | 4,606 | 22,777 | 15,058 |
Cost of revenues | ¥ (29,574) | $ (4,532) | ¥ (17,367) | ¥ (7,779) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Interest expense to related party | ¥ 41,918 | ¥ 151 | ¥ 193 |
Interest income to related party | 127 | 206 | 285 |
Foreign currency translation, net of tax | 0 | 0 | 0 |
Services and other revenues | |||
Revenues, net of business tax, value-added tax and related surcharges, financing lease income from related party | ¥ 0 | ¥ 5,081 | ¥ 9,141 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss | ¥ (404,029) | $ (61,922) | ¥ (352,092) | ¥ (259,297) |
Adjustments to reconcile net loss to net cash generated from operating activities: | ||||
Share-based compensation (note 22) | 20,621 | 3,160 | 20,593 | 11,139 |
Loss in derecognition of underlying assets at sales-type lease commencement (note 10) | 21,229 | 0 | ||
Depreciation of property, plant and equipment (note 9) | 55,030 | 8,434 | 44,358 | 40,855 |
Amortization of intangible assets (note 12) | 15,756 | 2,415 | 11,995 | 4,161 |
Amortization of land lease payments (note 10) | 9,513 | 1,458 | 9,462 | 9,610 |
Lease expense to reduce operating lease ROU | 23,030 | 3,530 | 16,698 | 0 |
(Income) loss from equity method investments | (6,021) | (923) | 5,078 | 20,747 |
(Gain) loss on disposal of long-lived assets | (677) | (104) | 1,299 | (4,711) |
Deferred tax expense | (13,347) | (2,046) | (22,458) | 7,502 |
Allowance for doubtful accounts, net | 6,058 | 928 | 24,544 | 10,605 |
Impairment of long-lived assets | 8,500 | 1,303 | 76,089 | 5,433 |
Impairment of Inventories | 890 | 1,702 | ||
Interest and consultation expenses | 81,359 | 12,469 | 53,229 | 46,232 |
(Gain) loss on disposal of subsidiaries (note 4) | 14,894 | 2,283 | 0 | (3,341) |
Gain from disposal of an equity method investment (note 14) | (7,837) | (1,201) | 0 | (48,019) |
Gain from revaluation of previously held equity interests (note 14) | (31,898) | (28,846) | ||
Changes in operating assets and liabilities net of effects of acquisition and disposals: | ||||
Accounts receivable | (6,167) | (945) | 3,574 | 48,384 |
Prepayments and other current assets | (82,497) | (12,643) | 11,047 | (9,876) |
Inventories | (14,446) | (2,214) | (1,827) | 1,803 |
Other non-current assets | 392 | 60 | 1,860 | 41,081 |
Accounts payable | 11,119 | 1,704 | 2,840 | 530 |
Accrued expenses and other liabilities | 15,171 | 2,326 | (60,947) | 51,879 |
Deferred revenue | 84,543 | 12,957 | 953 | 13,269 |
Income tax payable | 105 | 16 | (3,010) | (45,719) |
Accrued unrecognized tax benefit | (28,012) | (4,292) | (16,204) | 46,286 |
Operating lease liabilities | (12,824) | (1,965) | (12,649) | 0 |
Net cash used in operating activities | (229,766) | (35,212) | (195,347) | (38,591) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchase of short-term investments | (252,250) | |||
Redemption of short-term investments | 50,000 | 202,250 | ||
Purchase of land use right | (7,170) | (1,099) | 0 | |
Investment in equity method investees | (163,844) | (25,110) | (15,000) | |
Prepayments for long-term investments | (28,490) | (4,366) | 0 | |
Settlement of investment in CMCC | (105,119) | 0 | ||
Acquisitions of business, net of cash acquired | (8,336) | (1,278) | (420,559) | (528,740) |
Acquisitions of property, plant and equipment | (168,023) | (25,751) | (232,691) | (165,596) |
Acquisitions of intangible assets | (1,028) | (158) | (576) | (1,779) |
Deposits for the purchases of property, plant and equipment | (336,681) | (51,599) | (468,234) | (598,800) |
Refund from deposits for the purchases of property, plant and equipment | 15,000 | 9,844 | ||
Proceeds from disposal of an equity method investment (note 14) | 33,020 | 5,061 | 6,779 | 212,855 |
Proceeds from disposal of property, plant and equipment | 271 | 42 | 69,335 | 112,955 |
Proceeds from disposal of intangible assets | 2,563 | |||
Proceeds from principal portion of direct financing leases | 24,842 | 3,807 | 14,558 | 9,717 |
Proceeds from disposal of a subsidiary | 201,554 | 30,890 | 0 | |
Cash distribution from equity method investments | 11,626 | |||
Purchase of available-for-sale debt securities | (80,000) | (12,261) | 0 | |
Net cash used in investing activities | (533,885) | (81,822) | (1,071,507) | (1,000,355) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from short-term bank borrowings | 740,434 | 113,477 | 285,500 | 726,746 |
Proceeds from long-term bank and other borrowings | 857,110 | 131,358 | 934,406 | 472,607 |
Borrowings from related parties (note 24) | 26,560 | 4,070 | 174,314 | |
Repayment of secured borrowings | 0 | (243,268) | ||
Repayment of short-term bank and other borrowings | (1,029,176) | (157,728) | (442,817) | (864,251) |
Repayment of long-term bank and other borrowings | (241,825) | (37,061) | (253,828) | (504,792) |
Purchase of subsidiary shares from noncontrolling interests | (25,653) | (3,931) | (9,993) | (58,314) |
Capital injection from a noncontrolling interests in a subsidiary | 110,852 | 16,989 | 0 | |
Proceeds from issuance of contingently redeemable noncontrolling interests of a subsidiary | 700,000 | 107,280 | 1,500,000 | |
Net cash generated from financing activities | 1,138,302 | 174,454 | 513,268 | 1,203,042 |
Effect of foreign exchange rate changes on cash and cash equivalent and restricted cash | (2,563) | (394) | 1,161 | 459 |
Net increase (decrease) in cash | 372,088 | 57,026 | (752,425) | 164,555 |
Cash and cash equivalents and restricted cash at beginning of the year | 74,307 | 11,388 | 826,732 | 662,177 |
Cash and cash equivalents and restricted cash at end of the year | 446,395 | 68,414 | 74,307 | 826,732 |
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets | ||||
Cash and cash equivalents | 334,264 | 51,229 | 74,307 | 404,742 |
Restricted cash, current portion | 4,661 | 714 | 421,990 | |
Restricted cash, noncurrent portion | 107,470 | 16,471 | 0 | |
Total cash and cash equivalents and restricted cash | 446,395 | 74,307 | 826,732 | |
Supplemental schedule of major cash flows information: | ||||
Income tax paid | (3,259) | (499) | (17,267) | (36,559) |
Interest paid | (73,848) | (11,318) | (64,250) | (59,492) |
Supplemental schedule of major non-cash activities: | ||||
Acquisition of investment through effective settlement in other receivables, advance to suppliers and other payables (note 4) | 602 | 92 | 685,669 | 0 |
Acquisition of property, plant and equipment, construction in progress and other intangible assets through utilization of deposits | 704,312 | 107,941 | 388,960 | 205,816 |
Acquisition of property, plant and equipment, construction in progress and other intangible assets through utilization included in accrued expense and other liabilities | ¥ 50,736 | $ 7,776 | ¥ 29,632 | ¥ 22,747 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) ¥ in Thousands | Ordinary shares [Member]Cumulative Effect, Period of Adoption, AdjustmentCNY (¥) | Ordinary shares [Member]Cumulative Effect, Period of Adoption, AdjustmentUSD ($) | Ordinary shares [Member]CNY (¥)shares | Ordinary shares [Member]USD ($)shares | Treasury stock [Member]Cumulative Effect, Period of Adoption, AdjustmentCNY (¥) | Treasury stock [Member]CNY (¥) | Treasury stock [Member]USD ($) | Additional paid-in capital [Member]Cumulative Effect, Period of Adoption, AdjustmentCNY (¥) | Additional paid-in capital [Member]CNY (¥) | Additional paid-in capital [Member]USD ($) | Accumulated other comprehensive loss [Member]Cumulative Effect, Period of Adoption, AdjustmentCNY (¥) | Accumulated other comprehensive loss [Member]CNY (¥) | Accumulated other comprehensive loss [Member]USD ($) | Accumulated deficit [Member]Cumulative Effect, Period of Adoption, AdjustmentCNY (¥) | Accumulated deficit [Member]CNY (¥) | Accumulated deficit [Member]USD ($) | Noncontrolling interests [Member]Cumulative Effect, Period of Adoption, AdjustmentCNY (¥) | Noncontrolling interests [Member]CNY (¥) | Noncontrolling interests [Member]USD ($) | Contingently redeemable noncontrolling Interest [Member]Cumulative Effect, Period of Adoption, AdjustmentCNY (¥) | Contingently redeemable noncontrolling Interest [Member]CNY (¥) | Contingently redeemable noncontrolling Interest [Member]USD ($) | Cumulative Effect, Period of Adoption, AdjustmentCNY (¥) | CNY (¥) | USD ($) |
Cumulative adjustments for changes in accounting principles | ¥ | ¥ 105 | ¥ (8) | ¥ 1,860,763 | ¥ (47,418) | ¥ (879,393) | ¥ 80,869 | ¥ 0 | ¥ 1,014,918 | |||||||||||||||||
Balance at Dec. 31, 2017 | ¥ | ¥ 105 | (8) | 1,860,763 | (47,418) | (879,393) | 80,869 | 0 | 1,014,918 | |||||||||||||||||
Balance, shares at Dec. 31, 2017 | shares | 130,091,977 | 130,091,977 | |||||||||||||||||||||||
Net loss | ¥ 0 | $ 0 | 0 | 0 | 0 | (234,875) | (24,422) | 0 | (259,297) | ||||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 0 | (41,203) | 0 | 1,527 | 0 | (39,676) | ||||||||||||||||
Accretion of contingently redeemable noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (124,355) | 3,989 | 120,366 | (120,366) | ||||||||||||||||
Share-based compensation | 0 | 0 | 0 | 11,139 | 0 | 0 | 0 | 0 | 11,139 | ||||||||||||||||
Contribution from contingently redeemable noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,500,000 | 0 | ||||||||||||||||
Acquisition of additional shares of non-wholly owned subsidiaries | 0 | $ 0 | 0 | (35,770) | 0 | 0 | (22,545) | 0 | (58,315) | ||||||||||||||||
Restricted shares vested | ¥ | ¥ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Restricted shares vested (in shares) | shares | 86,400 | 86,400 | |||||||||||||||||||||||
Acquisition of noncontrolling interests | ¥ 0 | $ 0 | 0 | 0 | 0 | 0 | 99,480 | 0 | 99,480 | ||||||||||||||||
Modification of noncontrolling interests | 0 | $ 0 | 0 | (77,195) | 0 | 0 | (22,805) | 100,000 | (100,000) | ||||||||||||||||
Balance at Dec. 31, 2018 | ¥ 0 | $ 0 | ¥ 105 | ¥ 0 | (8) | ¥ 0 | 1,758,937 | ¥ 0 | (88,621) | ¥ 5,632 | (1,232,991) | ¥ 0 | 116,093 | ¥ 0 | 1,720,366 | ¥ 5,632 | 553,515 | ||||||||
Balance, shares at Dec. 31, 2018 | shares | 130,178,377 | 130,178,377 | |||||||||||||||||||||||
Cumulative adjustments for changes in accounting principles | 0 | 0 | ¥ 105 | 0 | (8) | 0 | 1,758,937 | 0 | (88,621) | 5,632 | (1,232,991) | 0 | 116,093 | 0 | 1,720,366 | 5,632 | 553,515 | ||||||||
Net loss | 0 | $ 0 | 0 | 0 | 0 | (307,049) | (45,043) | 0 | (352,092) | ||||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 0 | (8,664) | 0 | 1,113 | 0 | (7,551) | ||||||||||||||||
Accretion of contingently redeemable noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (245,477) | 56,237 | 189,240 | (189,240) | ||||||||||||||||
Share-based compensation | 0 | 0 | 0 | 20,593 | 0 | 0 | 0 | 0 | 20,593 | ||||||||||||||||
Contribution from contingently redeemable noncontrolling interests | 0 | 0 | 0 | 7 | 0 | 0 | 4,585 | 0 | 4,592 | ||||||||||||||||
Acquisition of additional shares of non-wholly owned subsidiaries | 0 | $ 0 | 0 | (19,596) | 0 | 0 | (30,589) | 0 | (50,185) | ||||||||||||||||
Restricted shares vested | ¥ | ¥ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Restricted shares vested (in shares) | shares | 63,618 | 63,618 | |||||||||||||||||||||||
Balance at Dec. 31, 2019 | ¥ | ¥ 105 | (8) | 1,759,941 | (97,285) | (1,785,517) | 102,396 | 1,909,606 | (20,368) | |||||||||||||||||
Balance, shares at Dec. 31, 2019 | shares | 130,241,995 | 130,241,995 | |||||||||||||||||||||||
Cumulative adjustments for changes in accounting principles | ¥ | ¥ 105 | (8) | 1,759,941 | (97,285) | (1,785,517) | 102,396 | 1,909,606 | (20,368) | |||||||||||||||||
Net loss | 0 | $ 0 | 0 | 0 | 0 | (309,989) | (94,040) | 0 | (404,029) | $ (61,922,000) | |||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 0 | 50,856 | 0 | 0 | 0 | 50,856 | ||||||||||||||||
Contribution from noncontrolling interest | 0 | 0 | 0 | 59,464 | 0 | 0 | 51,410 | 0 | 110,874 | ||||||||||||||||
Accretion of contingently redeemable noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (359,920) | 87,266 | 272,654 | (272,654) | ||||||||||||||||
Share-based compensation | 0 | 0 | 0 | 20,621 | 0 | 0 | 0 | 0 | 20,621 | ||||||||||||||||
Contribution from contingently redeemable noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 731,415 | 0 | ||||||||||||||||
Acquisition of additional shares of non-wholly owned subsidiaries | 0 | $ 0 | 0 | 0 | 0 | 0 | 3,078 | 0 | 3,078 | ||||||||||||||||
Restricted shares vested | ¥ | ¥ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Restricted shares vested (in shares) | shares | 9,690 | 9,690 | |||||||||||||||||||||||
Balance at Dec. 31, 2020 | 0 | 0 | ¥ 105 | $ 16,000 | 0 | (8) | $ (1,000) | 0 | 1,840,026 | $ 281,996,000 | 0 | (46,429) | $ (7,116,000) | (1,223) | (2,456,649) | $ (376,498,000) | 0 | 150,110 | $ 23,005,000 | 0 | 2,913,675 | $ 446,540,000 | (1,223) | (512,845) | (78,598,000) |
Balance, shares at Dec. 31, 2020 | shares | 130,251,685 | 130,251,685 | |||||||||||||||||||||||
Cumulative adjustments for changes in accounting principles | ¥ 0 | $ 0 | ¥ 105 | $ 16,000 | ¥ 0 | ¥ (8) | $ (1,000) | ¥ 0 | ¥ 1,840,026 | $ 281,996,000 | ¥ 0 | ¥ (46,429) | $ (7,116,000) | ¥ (1,223) | ¥ (2,456,649) | $ (376,498,000) | ¥ 0 | ¥ 150,110 | $ 23,005,000 | ¥ 0 | ¥ 2,913,675 | $ 446,540,000 | ¥ (1,223) | ¥ (512,845) | $ (78,598,000) |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2020 | |
ORGANIZATION AND BASIS OF PRESENTATION | |
ORGANIZATION AND BASIS OF PRESENTATION | 1. ORGANIZATION AND BASIS OF PRESENTATION The accompanying consolidated financial statements include the financial statements of Concord Medical Services Holdings Limited (the “Company”) and its subsidiaries, consolidated variable interest entity (the “VIE”) and subsidiaries of the VIE, which are collectively referred to as the “Group”. The Company was incorporated under the laws of the Cayman Islands on November 27, 2007. The Group is principally engaged in the leasing of radiotherapy and diagnostic imaging equipment, provision of management services to hospitals and provision of premium cancer and proton treatment services. During the year ended December 31, 2020, Concord Healthcare Singapore Pte. Ltd (“CHS”) has been disposed. This disposal does not represent a strategic shift on the Company’s major business and have no major effect on the Company’s results of operations respectively. Accordingly, assets and liabilities, revenues and expenses, and cash flows related to the disposed entity are not required to be reclassified in the accompanying consolidated financial statements as discontinued operations for all periods presented. (a) Percentage of Date of Place of ownership by Entities establishment/acquisition establishment the Company Principal activities Subsidiaries Ascendium Group Limited (“Ascendium”) September 10, 2007 British Virgin Islands (“BVI”) 100 % Investment holding China Medical Services Holdings Limited (“CMS Holdings”) July 18, 2008 Hong Kong 100 % Investment holding King Cheers Holdings Limited (“King Cheers”) May 18, 2001 Hong Kong 100 % Investment holding Shenzhen Aohua Medical Technology Development Co., Ltd. (“Aohua Technology ”)** February 21, 2008 PRC 49.44 % Leasing of medical equipment and provision of management services Shanghai Medstar Financial Leasing Company Limited ("Shanghai Medstar") March 21, 2003 PRC 100 % Leasing of medical equipment and provision of management services Meizhong Jiahe Medical Science & Technology Development Group Co., Ltd. (“Meizhong Jiahe”) * July 23, 2008 PRC 49.44 % Provision of management services Beijing Yundu Internet Technology Co., Ltd. (“Yundu”)** July 26, 2007 PRC 49.44 % Provision of management services Tianjin Concord Medical Technology Limited (“Tianjin Concord Medical”) April 22, 2010 PRC 100 % Leasing of medical equipment and provision of management services Guangzhou Concord Cancer Center Co., Ltd ("Guangzhou Concord Cancer Hospital")** June 29, 2011 PRC 39.55 % Medical treatment and service business CCM (Hong Kong) Medical Investments Limited (“CCM (HK)”) June 03, 2013 Hong Kong 100 % Investment holding Shanghai Concord Cancer Center Co., Ltd (“SHC”)** March 17, 2014 PRC 49.75 % Medical treatment and service business Datong Meizhong Jiahe Cancer Center (“DTMZ”)** October 23, 2014 PRC 49.44 % Medical treatment and service business Wuxi Concord Medical Development Ltd. ("Wuxi Concord”) December 29, 2015 PRC 100 % Provision of management services Percentage of Date of Place of ownership by Entities establishment/acquisition establishment the Company Principal activities Beijing Concord Medical Technology Ltd.(“BJCMT”) January 4, 2016 PRC 100 % Provision of management services Guofu Huimei (Tianjin) Investment Management Partnership Firm (LP) (“Guofu Huimei”) (note 4) October 8, 2018 PRC 100 % Investment holding Beijing Century Friendship Science & Technology Development Co., Ltd (“Beijing Century Friendship”) (note 4)** October 8, 2018 PRC 49.44 % Provision of management services and investment holding Beijing Proton Medical Center Co., Ltd (“BPMC”) (note 4) October 8, 2018 PRC 52.19 % Medical treatment and service business Shanghai Meizhong Jiahe Cancer Center Co., Ltd. (“CMCC”) (note 4)** October 8, 2018 PRC 46.30 % Medical treatment and service business Tianjin Jiatai Entity Management Limited Partnership ("Tianjin Jiatai") (note 4) November 18,2019 PRC 100 % Investment holding Shanghai Rongchi Medical Management Limited ("SH Rongchi") (note 4) November 18,2019 PRC 100 % Investment holding and provision of management services Oriental Light Group Limited ("Oriental") (note 4) November 18,2019 BVI 100 % Investment holding Shanghai Meizhong Jiahe Imaging Diagnostic Center Co., Ltd. ("SH MZJH") (note 4) November 18,2019 PRC 89.10 % Medical treatment and service business Wuxi Meizhong Jiahe Cancer Center Co., Ltd. ("Wuxi MZJH") (note 4) November 18,2019 PRC 98.64 % Medical treatment and service business Heze Meizhong Jiahe Cancer Center Co., Ltd. ("Heze MZJH") (note 4) November 18,2019 PRC 100 % Medical treatment and service business US Proton Therapy Holdings Limited (“Proton BVI”) May 16, 2011 BVI 100 % Investment holding US Proton Therapy Holdings Limited (“US Proton”) June 29, 2011 United States of America 100 % Investment holding Concord Medical Services (International) Pte. Ltd. (“China Medstar”) (formerly known as China Medstar Pte. Limited) August 8, 2003 Singapore 100 % Investment holding Guangzhou New Spring Hospital Management Ltd. ("New Spring Management") April 21, 2020 China 70 % Investment holding Guangzhou New Spring Medical Cancer Ltd ("New Spring Clinic") April 21, 2020 China 70 % Medical treatment and service business * On March 26, 2018, July 10, 2018 and on April 7, 2020, the Group entered into agreements with CICC Capital Management Company Limited (“CICC Capital”), a wholly-owned subsidiary of China International Capital Corporation Limited (“CICC”), together with six other investors (“Other Investors”) and CITIC Industrial Investment Group Limited (“CITIC Industrial”). Pursuant to the agreements, CICC Capital, Other Investors and CITIC Industrial make a strategic investment and subscribe new issued 60,000,000, 40,000,000 and 38,888,888 shares of the Group’s subsidiary MHM, with total consideration of RMB1,500,000 and RMB700,000. Pursuant to the agreement, CCIC Capital, Other Investors and CITIC Industrial can request the Group to redeem their interests in MHM upon the occurrence of certain events (i.e. failure to complete a qualified IPO by June 30, 2024). The same right is also given to the existing noncontrolling interest shareholder. Given these events are not solely within the control of MHM, the noncontrolling interests of CCIC Capital, Other Investors and CITIC Industrial are contingently redeemable noncontrolling interests and are classified as mezzanine equity. The noncontrolling interests of other existing noncontrolling interests’ holders are also reclassified from permanent equity to mezzanine equity as contingently redeemable noncontrolling interests. After the completion of all transactions mentioned above, the Group’s equity shares in MHM had been diluted from 85.34% to 49.44%. On December 1, 2020, the Group further obtained declaration from one of the noncontrolling shareholder of MHM, pursuant to which the noncontrolling shareholder delegates its 2.36% voting rights in the general meeting of shareholders of MHM to the Group irrevocably during the period it owns the share interest in MHM. The Group remained control of MHM since it is entitled to 51.8% of the voting right of MHM and it is entitled to delegate 5 out of 9 directors in the board of MHM. ** Aohua Technology, Yundu, Guangzhou Concord Cancer Hospital, SHC, Beijing Century Friendship and CMCC are subsidiaries of MHM. The Group accounts for the changes in accretion to the redemption value in accordance with ASC Topic 480, Distinguishing Liabilities from Equity. (b) Establishment of Onshore Fund and Offshore Fund Establishment of onshore fund In January 2016, the Group and Zhongrong Guofu Investment Management Company Limited (“ZR Guofu”) established an onshore fund, namely Guofu Huimei. The registered capital of Guofu Huimei is RMB1,009,000, of which RMB746,001and RMB262,999 were subscribed by ZR Guofu and the Group, for 73.93% and 26.07% equity interest, respectively. General partners of the Guofu Huimei are Shanghai Medstar and ZR Guofu. Further in April 2017, the Group and ZR Guofu entered into a supplemental contract to the framework agreement, pursuant to which, Guofu Huimei will be used as the platform to invest and provide loans to some domestic entities engaging in hospital business. During 2017, Guofu Huimei acquired 78.31% equity interest of Beijing Century Friendship which holds 55% equity interest of BPMC at consideration of RMB388,500, 54.8% equity interest of CMCC at consideration of RMB182,100, 28.77% equity interest of Tianjin Jiatai at consideration of RMB106,500 and established SH Rongchi with share capital of RMB695,305 with Tianjin Jiatai. The profit or loss of these domestic entities engaging in hospital business is shared proportionally among investors based on the percentage of their respective subscribed share capital. In addition, the Group’s share in Beijing Century Friendship, certain construction in progress and certain prepaid land lease payments are pledged to secure the capital contribution from ZR Guofu. Establishment of offshore fund In November 2016, the Company entered into a framework agreement with ZR Guofu to establish an offshore fund Zhongrong International Growth Fund SPC-ZR Concord Healthcare Investment Fund SP ("SP"), for the purpose of acquiring several hospital businesses of the Group, including 100% shares of CHS through China Medstar, 70% shares of Guangzhou Concord Cancer Hospital through CMS Holdings and 59.51% shares of PTC-Houston Management, LP (“PTC”) through Proton (BVI), collectively the “CCM Hospital Businesses”. ZR Guofu will provide management and consultation services on the funds and the Group will continue to manage the CCM Hospital Businesses. ZR Guofu subscribes Class A shares of SP with a consideration of RMB521,396, while the Group subscribes Class B shares of the SP using 1) creditor’s rights of RMB166,299 due from CCM Hospital Business and 2) RMB7,500 cash as consideration. Pursuant to the supplemental contract, the 75% equity interest in SP held by the ZR Guofu is contractually required to be repurchased by the Group at the end of four years from the establishment of SP in November 2016 at a consideration equivalent to the investment cost of RMB521,396. ZR Guofu is also entitled to an annual premium at 15% for its capital contribution of RMB521,396 in SP in the form of interest expense and consultation expense. The offshore fund SP was determined as a variable interest entity as the cash injection from ZR Guofu of RMB521,396 was not equity at risk. As the Company maintains the power to direct the activities that most significantly affect SP’s economic performances through supplemental contracts agreed terms and absorbs the expected losses of SP, the Company is the primary beneficiary of SP and consolidates SP and its subsidiaries under by ASC 810-10 Consolidation: Overall The 75% equity interest held by the ZR Guofu in SP is accounted for as a liability recorded as “Mandatorily redeemable noncontrolling interests” in the Company’s consolidated balance sheets as a result of the mandatory redemption feature and is carried at the redemption value at the end of each reporting date as determined in accordance with the contract terms from the day of on which control is transferred to the Company. The 15% annual premium is accrued as an interest expense and consultation expense during each reporting period. In November 2017, ZR Guofu transferred its rights to the mandatorily redeemable noncontrolling interest in SP to Tianjin Jiatai. In December 2017, CMS Holdings redeemed the mandatory redeemable noncontrolling interest from ZR Guofu of RMB97,106 to withdraw the CCM Hospital Businesses. On November 29, 2018, the PTC business had been disposed by Proton (BVI) (note 14). On November 19, 2020, CHS had been disposed by China Medstar (note 4). Repurchase of onshore fund In June 2018, MHM entered into agreements with Guofu Huimei to purchase its 78.31% equity interests in Beijing Century Friendship which holds 55% equity interest of BPMC and 54.8% equity interest in CMCC at a consideration of RMB388,500 and RMB182,100 respectively. Meanwhile, ZR Guofu and Guofu Huimei reached an agreement pursuant to which ZR Guofu will withdraw its original investments in Guofu Huimei, amounting to RMB746,000. Therefore, MHM hold 100% equity interest of Beijing Century Friendship, 80% equity interest of BPMC and 90% equity interests of CMCC upon execution and closing of the agreement and the Group became the sole shareholder of Guofu Huimei (note 4). After the withdrawal, ZR Guofu is no longer part of the onshore fund Guofu Huimei and the domestic hospital businesses. Repurchase of offshore fund During 2019, Tianjin Jiatai made total capital injections of RMB34,540 (US$5,105) to SH MZJH, leading to an increase in Tianjin Jiatai’s holding interest from 56.77% to 78.34%.On July 22, 2019, Wuxi Concord entered into an agreement with Tianjin Jiatai, to purchase all its 90% equity interests in Wuxi MZJH at a consideration of RMB27,000. After the acquisition, Wuxi MZJH became a wholly owned subsidiary of the Group. On August 23, 2019, Wuxi Concord further injected capital of RMB82,100 to Wuxi MZJH. On November 13, 2019, Guofu Huimei entered into agreements with ZR Guofu, pursuant to which ZR Guofu would withdraw its investment of 77.18% equity interests in Tianjin Jiatai at a consideration of RMB421,730. As a result of ZR’s withdrawal, the Group became the sole shareholder of Tianjin Jiatai and its subsidiaries, SH MZJH, Heze MZJH, SH Rongchi and Oriental, including Wuxi MZJH (collectively, the “Tianjin Jiatai Group”). The transaction is accounted for as a business acquisition of Tianjin Jiatai Group by the Group (note 4). Immediately prior to the acquisition of Tianjin Jiatai Group on November 18, 2019, the rights to the mandatory redeemable to noncontrolling interest in SP held by Tianjin Jiatai amounted to RMB434,216. The mandatorily redeemable noncontrolling interest , being a preexisting relationship between the parties, was settled as a result of the business combination. Upon the completion of the acquisition and the settlement of mandatorily redeemable noncontrolling interest , SP is no longer a VIE. On September 25, 2020, SP terminated all its business and completed its cancellation of business registration. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
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”). Recently adopted accounting pronouncements Adoption of ASU 2016-13 In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost and is codified in ASC Topic 326, Credit Losses (“ASC 326”). ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The Company adopted ASU 2016-13 on January 1, 2020, using a modified retrospective transition method and did not restate the comparable periods, which resulted in a cumulative-effect adjustment to decrease the opening balance of retained earnings on January 1, 2020 by RMB1,223, representing the allowance for credit losses for account receivable, other current assets and net investment in direct financing lease and corresponding deferred tax impact. The Group maintains an allowance for credit losses for accounts receivable and other receivables included in prepayments and other current assets, which is recorded as an offset to accounts receivable and other receivables included in prepayments and other current assets, and the estimated credit losses charged to the allowance is classified as "General and administrative expenses" in the consolidated statements of comprehensive loss. When similar risk characteristics exist, the Group assesses collectability and measure expected credit losses on a collective basis for a pool of assets, whereas if similar risk characteristics do not exist, the Group assesses collectability and measures expected credit losses on an individual asset basis. The provision for expected credit losses is estimated based on the types of receivables and relevant customers, management’s experience with collection trends and the current and expected economic and business conditions. The Group evaluates the provision for expected credit losses on a regular basis and adjusts the provision based on changes in the customers’ circumstances and other available information. In determining the amount of the allowance for credit losses, the Group considers historic collection experience, the age of the accounts receivable and other receivables included in prepayments and other current assets, credit quality of the Group's customers or creditors, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the customer's ability to pay. The significant assumptions used including the disaggregation criteria and the estimated loss rates related to account receivables, and the credit rating of debtors probability of default and loss rates given default related to other receivables. Adoption of ASU 2018-13 In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework- Changes to the Disclosure Requirements for Fair Value Measurement. The update eliminates, modifies, and adds certain disclosure requirements for fair value measurements. The added disclosure requirements and the modified disclosure on the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. All other changes to disclosure requirements in this update should be applied retrospectively to all periods presented upon their effective date. The Company adopted this standard on January 1, 2020. There was no material impact to the Company's financial position or results of operations upon adoption. Going Concern The Company experienced net loss from continuing operations of RMB259,297, RMB352,092, RMB404,029 (US$61,922) for the years ended December 31, 2018, 2019 and 2020, respectively, and negative cash flows from operating activities of approximately RMB195,347 and RMB229,766 (US$35,212) for the years ended December 31, 2019 and 2020, respectively. As of December 31, 2020, the Company had cash position of RMB334,264 (US$51,229), working capital of RMB163,881 (US$25,114), an accumulated deficit of RMB2,456,649(US$376,498). These adverse conditions indicate that there is substantial doubt about the Company’s ability to continue as a going concern. In 2021, the Company had successfully completed the following financing activities to improve its liquidity: (1) the Company received capital injection from several investors for RMB400,000 (US$61,304) into the Company’s subsidiary by the date of this report; (2) the Company issued convertible bonds for approximately RMB 97,875 (US$15,000) to two investors in August, 2021; (3) the Company obtained credit facilities and loans that provided by several banks in the PRC for about RMB 418,366 (US$64,118) by the date of this report. Meanwhile, the Company plans to seek additional equity financing from new investors into its hospital business operation. Therefore, management believed that the substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued has been alleviated. However, there can be no assurance that capital will be available as necessary to meet the Company’s capital commitment on the investment in the hospital business, or, if the capital is available, that it will be timely and on terms acceptable to the Company. Based on cash flows projection from operating and financing activities and existing balance of cash and cash equivalents, management is of the opinion that the Company has sufficient funds for sustainable operations and it will be able to meet its payment obligations from operations and debt related commitments for the next twelve months from the issuance of the consolidated financial statements. Based on the above considerations, the accompanying financial statements have been prepared in accordance with U.S. GAAP, on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of asset and amounts and classification of liabilities that may be necessary should the Company be unable to continue as a going concern. 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, impairment of long-lived assets and goodwill, expected credit losses for accounts receivable and other receivables included in prepayments and other current assets, purchase price allocation, fair value measurement of retained noncontrolling interest after losing control of subsidiary, measurement of avaiavle for sale debt securities, unrecognized tax benefits, realization of deferred tax assets, share-based compensation expenses, incremental borrowing rate of right-of-use assets and related lease obligation. Actual results could materially differ from those estimates. Principles of consolidation The consolidated financial statements of the Group include the financial statements of the Company, its subsidiaries and the VIE and its subsidiaries for which the Company or a subsidiary of the Company is the primary beneficiary. All transactions and balances between the Company, subsidiaries and VIE and its subsidiaries have been eliminated upon consolidation. Results of acquired subsidiaries and its VIE and its subsidiaries are consolidated from the date on which control is transferred to the Company. Foreign currency translation and transactions The Company’s PRC subsidiaries determine their functional currencies to be the Chinese Renminbi (“RMB”) based on the criteria of ASC 830, Foreign Currency Matters Transactions denominated in foreign currencies are remeasured into the functional currency at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are remeasured at the exchange rates prevailing at the balance sheet date. Exchange gains and losses are included in the consolidated statements of comprehensive loss. Accumulated other comprehensive loss represents the cumulative foreign currency translation adjustments at each balance sheet date. Convenience translation Amounts in U.S. dollars are presented for the convenience of the reader and are translated at the noon buying rate of RMB6.525 to US$1.00 on December 31, 2020 as published on the website of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. Comparative Information Certain items reported in the prior year's consolidated statements have been reclassified to conform with the current year's presentation to facilitate comparison. Business combination and noncontrolling interests The Group accounts for business combinations using the purchase method of accounting in accordance with ASC 805, Business Combinations The Group derives estimates of the fair value of assets acquired and liabilities assumed using reasonable assumptions based on historical experiences and on the information obtained from management of the acquired companies. Critical estimates in valuing certain of the intangible assets and pre-existing agreements included but were not limited to the following: deriving estimates of future expected cash flows from the acquired business, the determination of an appropriate discount rate, deriving assumptions regarding the period of time that the related benefits would continue and the initial measurement and recognition of any contingent consideration arrangements and the evaluation of whether contingent consideration arrangement is in substance compensation for future services. Unanticipated events may occur which may affect the accuracy or validity of such assumptions or estimates. In a business combination achieved in stages, the Group re-measures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated income statements. For the Company's non-wholly owned subsidiaries, a noncontrolling interest is recognized to reflect portion of equity that is not attributable, directly or indirectly, to the Company. When the noncontrolling interest is contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Company, the noncontrolling interest is classified as mezzanine equity. The Company accretes changes in the redemption value over the period from the date that it becomes probable that the mezzanine equity will become redeemable to the earliest redemption date using the effective interest method. When the noncontrolling interest is mandatory redeemable on a fixed or determinable date, the noncontrolling interest is classified as liabilities. If a transaction does not meet the definition of a business, the transaction is recorded as an asset acquisition. Accordingly, the identifiable assets acquired and liabilities assumed are measured at the fair value of the consideration paid, based on their relative fair values at the acquisition date. Acquisition-related costs are included in the consideration paid and capitalized. Any contingent consideration payable that is dependent on the purchaser’s future activity is not included in the consideration paid until the activity requiring the payment is performed. Any resulting future amounts payable are recognized in profit or loss when incurred. No goodwill and no deferred tax asset or liability arising from the assets acquired and liabilities assumed are recognized upon the acquisition of assets. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, Cash and cash equivalents Cash and cash equivalents consist of cash on hand and demand deposits placed with banks which are unrestricted as to withdrawal and use and have original maturities less than three months. All highly liquid investments with a stated maturity of 90 days or less from the date of purchase are classified as cash equivalents. Restricted cash Restricted cash represents cash pledged to financial institutions as collateral for the Group’s short-term and long-term borrowings and was recorded under non-current on the classification of the underlying bank borrowings (note 18). Such restricted cash is not available to fund the general liquidity needs of the Group. The Group adopted Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows Restricted Cash Long-term investments The Group’s long-term investments consist of equity investments without readily determinable fair value,equity method investments and available-for-sale debt securities. The Group adopted ASC 321, Investments-Equity Securities, (“ASC 321”) on January 1, 2018 and the cumulative effect of adopting the new standard on opening accumulated deficit was not material. Pursuant to ASC 321, equity investments, except for those accounted for under the equity method and those that result in consolidation of the investee and certain other investments, are measured at fair value, and any changes in fair value are recognized in earnings. For equity securities without readily determinable fair value and do not qualify for the existing practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures Investments in equity investees represent investments in entities in which the Group can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC Subtopic 323-10, Investments-Equity Method and Joint Ventures: Overall Debt securities that the Group has the intent to hold the security for a long period or may sell the security in response to the changes in economic conditions are classified as available-for-sale. The Company reported it at fair value which was estimated using the net asset value in accordance with ASC 820-10-15-4 and the unrealized gains or losses from the changes in fair values are included in accumulated other comprehensive income. Upon sale, realized gains and losses are reported in net income. Goodwill Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. In accordance with ASC Topic 350, Goodwill and Other Intangible Assets In accordance with ASC 350, the Group assigned and assessed goodwill for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment. As of December 31, 2019, the Group has three reporting units consisting of network business, domestic hospital business and overseas hospital business. As of December 31, 2020, after the disposal of the CHS, the Group divided its business into two reporting units, including network business and hospital business. Goodwill resulted from the acquisitions of subsidiaries during the years ended December 31, 2019 and 2020 was assigned to domestic hospital business reporting unit. The Group early adopted ASU No. 2017-04, Simplifying the Test for Goodwill Impairment For the year ended December 31, 2019 and 2020, the Company elected to bypass the qualitative assessment and proceed directly to performing the quantitative goodwill impairment testing. The Company considered the future discounted cash flows expected to be generated by the hospital business to determine the fair value of the reporting unit. In determine the fair value of the reporting unit, the Company estimated significant assumptions including revenue growth rate, operating margin, capital expenditure, terminal growth rate and discount rate. The assumptions may be significantly affected by unexpected changes in future economic and market conditions, including the impact of COVID-19, as well as regulatory requirements. As of December 31, 2019 and 2020, the fair value of the reporting unit that the goodwill was assigned to exceeded its carrying amount, therefore, goodwill was not impaired and the Company was not required to perform further testing. Accounts receivable and credit losses for doubtful accounts Accounts receivable are recognized and carried at the original invoiced amount less allowance for credit losses. An estimate for the allowance for credit losses is discussed above ("Adoption of ASU 2016-13"). The receivable balances are written off when they are deemed uncollectible. The Group generally does not require collateral from its customers. Inventories Inventories, consisting of medicine, medical supplies and low-value consumables, are accounted for using the individual pricing method, and are valued at the lower of cost or market. Loan receivables Loan receivables represented the loans to related parties and third parties, which were measured at amortized cost and reported in the consolidated balance sheets at outstanding principle. Loan receivables with collection period within one year are classified as prepayments and other current assets in the consolidated balance sheets. Cash paid for loan originations and cash received from loan repayments are classified as operating activities in the consolidated statements of cash flows. Leases Lessee Accounting The Group leases office space, and land use rights. The Group’s offices leases generally have lease terms between 1 to 20 years. The Group’s lease agreements include fixed and variable lease payments and do not contain material residual value guarantees. The Group’s leases do not contain restrictions or covenants that restrict the Group from incurring other financial obligation. The Group also makes upfront payments to acquire the leased land from the owners, with lease periods of 50 years (“land use right”). There is no ongoing payment under the terms of these land use rights. The Group determines if an arrangement is a lease at inception and classifies leases as operating or finance leases in accordance with the recognition criteria in ASC 842 20 a. The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. b. The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise. c. The lease term is for a major part of the remaining economic life of the underlying asset. d. The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already included in the lease payments equals or exceeds substantially all of the fair value of the underlying asset. e. The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. The Group classifies a lease as an operating lease when it does not meet any one of these criteria. For operating leases, the Group recognizes a right-of-use (“ROU”) asset and a lease liability based on the present value of the lease payments over the lease term on the consolidated balance sheets at commencement date. Lease expense is recorded on a straight-line basis over the lease term. As the Group’s leases do not provide an implicit rate, the Group estimates its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. In estimating its incremental borrowing rate, the Group considers its credit rating, nature of underlying asset, and publicly available data of borrowing rates for loans of similar amount, currency and term as the lease. When the Group enters into sale-leaseback transactions as lessee, it first assesses whether the effectively transferred the underlying asset using the guidance in ASC 606. If the Group transfers the control of the leased asset to the buyer-lessor, the Group accounts for the sale of the underlying asset in accordance with ASC606. The subsequent leaseback of the asset is accounted for in accordance with ASC842 in the same manner as any other lease. If the seller-lessee does not transfer the control of the leased asset to the buyer-lessor, it is a failed sales-leaseback transaction and subsequently accounted for as a financing arrangement. Lessor Accounting The Group provides sales-type, direct financing and operating leases of various medical equipment primarily to hospitals in the PRC for periods ranging from 5 to 20 years. The Group classifies a lease as a sales-type lease in accordance with the recognition criteria in ASC 842-20-25 if the lease meets any one of the criteria mentioned above when determining a finance lease. For sales-type leases, the Group derecognizes the underlying asset and recognizes the net investment in the lease which is the sum of the lease receivable when collectability is probable at lease commencement. All initial direct costs are expensed at commencement date. The Group subsequently recognize interest income over the lease term using the effective interest method. Many of the Group’s leases contain variable lease payments based on the revenue or profit generated from the hospitals’ use of the underlying assets, the specific amounts of which are agreed monthly with the hospitals and settled based on the Group’s payment terms. In such circumstances, the Group recognizes a selling loss at commencement for the difference between the net investment in the lease and the carrying amount of the underlying asset. The Group does not include variable lease payments in the net investment in the lease and such payments are recognized as income in profit or loss in the period when the facts and circumstances on which the variable lease payments are based occur. When none of the criteria in ASC 842-20-25-2 are met, the Group classifies a lease as either a direct financing lease or an operating lease. The Group classifies as a direct financing lease if (i) the present value of the sum of lease payments and any residual value guarantee equals or exceeds substantially all the fair value of the underlying asset; and (ii) it is probable at inception that it will collect the lease payments plus any amount necessary to satisfy a residual value guarantee. If both of the criteria above are not met, the lease is classified as an operating lease. A general description of the Group’s lease income for each type of lease arrangement was as follows: i. The Group provides diagnostic imaging and/or radiation oncology system (“medical equipment”) to hospitals in the PRC through lease arrangements ranging from 5 to 20 years. In certain circumstances, the Group also provides full-time qualified system technician responsible for certain management services related to the radiotherapy or diagnostic services being performed by the hospital centers’ doctors to their patients. The Group receives a portion of the hospital’s revenue or profits from delivering the diagnostic imaging and / or radiation oncology services to patients, based on the revenue-sharing or profit-sharing formula predetermined in the contracts. The Group evaluates such arrangements at inception to determine whether they contain a lease and the lease classification under ASC 842. Most of such arrangements are classified as sales-type leases since these agreements often include an option to the hospitals to purchase the underlying asset which the hospitals are reasonably certain to exercise. Variable lease payments are fully constrained at inception of the contract. Variable fees are included in the arrangement transaction price when significant reversal is not expected to occur, which is the time when the hospital calculates the profit sharing under the arrangement and agreed upon by both parties, typically at month end. The Group’s arrangements may contain lease and non-lease components. Non-lease components primarily include payments for maintenance, update and consultation services related to the medical equipment. The Group allocates the lease and non-lease components of the contract consideration on a relative standalone selling price basis. ii. The Group elected the package of practical expedients which allowed the Group not to separate lease and non-lease components for diagnostic imaging and /or radiation oncology systems assets and recognizes profit sharing revenue under ASC 842. If there is a non-lease component whose pattern and timing is not the same the Group allocates the consideration on a relative standalone selling price basis. iii. The Group purchases hospital equipment from third party equipment manufacturers which is installed at various hospitals throughout the PRC. The hospitals utilize the hospital equipment radiotherapy or diagnostic services being performed by the hospital centers’ doctors to their patients. These lease arrangements include either title transfer upon maturity of the lease term or bargain purchase option held by the hospital. The Group receives fixed monthly rental payments from the hospital, which on a discounted basis does not give rise to any dealer profit. 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. 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: Estimated residual Category Estimated useful life value Buildings 20‑50 years — Medical equipment* 5‑20 years — Electronic and office equipment 3‑5 years — Motor vehicles 5 years — Leasehold improvement and building improvement shorter — * 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 to 20 years. Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extends the useful lives of property, plant and equipment is capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. Costs incurred in constructing new facilities, including progress payment, interest and other costs relating to the construction are capitalized and transferred to fixed assets upon completion. During the years ended December 31, 2018, 2019 and 2020 total interest costs incurred amounted to RMB101,717, RMB110,319 and RMB148,642, (US$22,780), respectively, in which interest costs capitalized amounted to RMB55,485, RMB81,619 and RMB67,283 (US$10,312), respectively. Intangible assets, net Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets acquired in a business combination were recognized initially at fair value at the date of acquisition. The operating license relates to the medical business qualification and permission for medical equipment operation. The favorable leases relate to favorable lease terms as lessee based on market conditions that exist on the date of acquisition and are amortized over the remaining term of the leases. The customer relationship assets relate to the ability to sell existing and future services to existing customers and have been estimated using the income method. Operating leases relate to favorable operating lease terms based on market conditions that exist on the date of acquisition and are amortized over the remaining term of the leases. The estimated useful life for the intangible assets is as follows: Estimated useful life Operating license 20 Favorable leases 12-17 Customer relationship 5‑16 Operating leases 9‑16 Software 3‑5 Impairment of long-lived assets The Group evaluates its long-lived assets or asset group including acquired intangibles with finite lives for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of a group of long-lived assets may not be fully recoverable. When these events occur, the Group evaluates the impairment by comparing the carrying amount of the assets to future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the asset group over its fair value, generally based upon discounted cash flows or market prices, management utilizes significant assumptions including revenue growth rate operating margin, capital expenditure and discount rate. These assumptions might be affected by expectations about future market and economic conditions, including the impact of COVID-19, as well as regulatory requirements. Impairment loss on long-lived assets of RMB5,433, RMB76,089 and RMB8,500 (US$1,303) was recognized for the years ended December 31, 2018, 2019 and 2020, respectively. Treasury stock The Company has share repurchase programs where the shares are acquired and subject to cancellation. When a corporation's stock is repurchased for constructive retirement with or without an intention to retire the stock formally in accordance with applicable laws, an excess of par or stated value over the cost of treasury shares shall be credited to additional paid-in capital. Fair value of financial instruments Financial instruments include cash and cash equivalents, restricted cash, accounts receivable, certain other current assets, net investment in direct financing leases, certain long-term investments, certain other non-current assets, short-term and long-term bank and other borrowings, accounts payables, certain other current liabilities, dividend payable and certain other long-term liabilities. The carrying amounts of the Group’s cash and cash equivalents, accounts receivable, certain other current assets and accounts payable approximate fair value because of their short maturities. The avaiable for sale debt securities are recorded at fair value that measured using net asset value per share as a practical expedient shall not be categorized within the fair value hierarchy in accordance with ASC 820-10-35-54B. . The carrying amounts of the Group’s short-term and long-term bank and other borrowing and secured borrowings mostly bear interest at floating rates and therefore approximate the fair value of these obligations. For those bank borrowings 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. Revenue recognition On January 1, 2018, the Group adopted ASU No. 2014-09, Revenue from Contracts with Customers, Revenue Recognition Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements or elements of an arrangement within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue wh |
CONCENTRATION OF RISKS
CONCENTRATION OF RISKS | 12 Months Ended |
Dec. 31, 2020 | |
CONCENTRATION OF RISKS | |
CONCENTRATION OF RISKS | 3. CONCENTRATION OF RISKS Concentration of credit risk Assets that potentially subject the Group to significant concentration of credit risk primarily consist of cash, restricted cash, accounts receivable, advances made to suppliers, loans receivables, advance made to and receivables form disposal of medical equipment from hospital customers. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. As of December 31, 2020, substantially all of the Group’s cash and restricted cash were deposited in financial institutions located in the PRC, Hong Kong, United States of America and in Singapore, which management believes are of high credit quality. Accounts receivable are typically unsecured and are derived from network revenue earned from hospitals in PRC, as well as hospital revenue earned from patients in PRC and Singapore. The risk with respect to accounts receivable is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring of outstanding balances. Advances made to suppliers are typically unsecured and arise from deposits paid in advance for future purchases of medical equipment. Due to the Group’s concentration of advances made to a limited number of suppliers and the significant prepayments that are made to them, any negative events or deterioration in financial strength with respect to the Group’s suppliers may cause material loss to the Group and have a material adverse effect on the Group’s financial condition and results of operations. The risk with respect to advances made to suppliers is mitigated by credit evaluations that the Group performs on its suppliers prior to making any advances and the ongoing monitoring of its suppliers’ performance. With respect to advances made to and receivables form disposal of medical equipment from hospital customers hospital customers, the Group conducts periodic credit evaluation of its customers but does not require collateral or other security from its hospital customers. Concentration of customers The Group currently generates a substantial portion of its revenue from a limited number of customers. As a percentage of revenues, the top five customers accounted for 35.0% 34.6% and 25.85% for the years ended December 31, 2018, 2019 and 2020, respectively. The loss of revenue from any of these customers would have a significant negative impact on the Group’s business. However, arrangements with customers are mostly long-term in nature. Due to the Group’s dependence on a limited number of customers and the profit sharing received by the Group depends on the performance of the hospitals that the Group does not control, any negative events with respect to the Group’s customers may cause material fluctuations or declines in the Group’s revenue and have a material adverse effect on the Group’s financial condition and results of operations. Concentration of suppliers A significant portion of the Group’s medical equipment and construction is sourced from its five largest suppliers who collectively accounted for 90%, 97%and 95% of total medical equipment and construction purchases of the Group for the years ended December 31, 2018, 2019 and 2020, 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. Foreign currency exchange rate risk The Group’s exposure to foreign currency exchange rate risk primarily relates to cash and restricted cash denominated in the US$. The depreciation (appreciation) of the RMB against US$ was 5.7%,1.3% and (6.3)% during the years ended December 31, 2018, 2019 and 2020, respectively. In the long term, the RMB may appreciate or depreciate more significantly in value against the U.S. dollar or other foreign currencies, depending on the market supply and demand with reference to a basket of currencies. |
ACQUISITIONS AND DISPOSALS
ACQUISITIONS AND DISPOSALS | 12 Months Ended |
Dec. 31, 2020 | |
ACQUISITIONS AND DISPOSALS | |
ACQUISITIONS AND DISPOSALS | 4. ACQUISITIONS AND DISPOSALS For the year ended December 31, 2018 Acquisition of Guofu Huimei, Beijing Century Friendship, BPMC and CMCC In June 2018, MHM, a subsidiary of the Group entered into separate agreements with Guofu Huimei, an equity investee of the Group, to purchase all its 78.31% equity interests in Beijing Century Friendship which holds 55% equity interests of BPMC and 54.8% equity interests of CMCC at consideration of RMB 388,500 and RMB182,100, respectively. The consideration was paid in June 2018 and July 2018 and related commercial registration was completed on July 26, 2018 and October 8, 2018, respectively. Meanwhile, ZR Guofu and Guofu Huimei reached an agreement, according to which ZR Guofu will withdraw its original investments in Guofu Huimei, amounting to RMB746,000, then the Group became the sole shareholder of Guofu Huimei after ZR Guofu's investment withdrawn in July 2018 and commercial registration completed on September 3, 2018. The Group previously held 21.69% equity interests in Beijing Century Friendship, 25% directly interests in BPMC, 35.2% equity interests of CMCC and 26.06% equity interests of Guofu Huimei prior to the transactions mentioned above. Upon the completion of the transactions, the Group will hold 100% equity interests of Beijing Century Friendship, 55% equity interests of BPMC and 90% equity interests of CMCC through MHM, 25% equity interests of BPMC through King Cheers and 100% equity interests of Guofu Huimei through Shanghai Medstar and BJCMT. The Group account for it as a single transaction and obtained control of Guofu Huimei, Beijing Century Friendship, BPMC and CMCC on October 8, 2018. The fair value of the gross assets acquired during the acquisition is not concentrated in a single identifiable asset or a group of similar identifiable assets and it meets the definition of a business and was accounted for as business acquisition under ASC 805. The Group has completed the valuations necessary, with the assistance of an independent third-party valuation firm, to assess the fair values of the tangible and intangible assets acquired, liabilities assumed and the noncontrolling interest, resulting a goodwill was recognized as of the acquisition date. The valuation utilized generally accepted valuation methodologies including the income, market and cost approaches. The following table summarizes the estimated fair values of the assets acquired, liabilities assumed and the noncontrolling interest as of October 8, 2018, the date of acquisition: RMB Current assets 47,827 Property, plant and equipment, net 17,297 Intangible assets* 454,013 Long term investments 300,504 Other non-current assets 108,322 Deferred tax assets 185 Goodwill 165,171 Current liabilities (61,454) Non-current liability (165,436) Deferred tax liabilities (113,340) Noncontrolling interests (99,480) Total 653,609 RMB Total purchase price is comprised of: - Cash consideration 570,600 - Fair value of previously hold equity interests 520,625 - Effective extinguishment of loans from the acquisition (437,616) Total 653,609 * Acquired amortizable intangible assets primarily include two operating licenses of hospitals of RMB164,440 and RMB272,910 respectively and a favorable lease contract of RMB16,010. The operating licenses have estimated amortization periods of 20 years and the favorable lease contract has estimated amortization periods of 12 years. The following unaudited supplemental pro forma consolidated financial information for the years ended December 31, 2017 and 2018 are presented as if the acquisition had occurred at the beginning of the periods presented. These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what the combined company’s operating results would have been had the acquisition taken place on January 1, 2017, nor do they project the future results of operations of the combined company. The actual results of operations of the combined company may differ significantly from the pro forma adjustments reflected here due to many factors. Unaudited Supplemental Pro Forma For the year ended December 31, 2017 2018 RMB RMB Net revenues 4,569 12,056 Net loss (70,018) (63,159) The results of operations of Guofu Huimei, Beijing Century Friendship, BPMC and CMCC since the acquisition date included in the consolidated statement of comprehensive loss of the Company for the year ended December 31, 2018 is as follows: For the Years Ended December 31, 2018 RMB Net revenues 4,827 Net loss (5,639) The aggregate purchase price allocation includes acquisition of certain acquirees, which were equity method investees of the Company prior to the acquisitions. In aggregate, a re-measurement gain relating to the Company’s pre-existing equity interest of RMB28,846 was recognized in other income in the consolidated income statement for the year ended December 31, 2018. The Company applied the equity method of accounting by recognizing its share of the profit or loss in these equity method investees up to their respective dates of acquisition. The fair value of the previously held equity interests was estimated based on the purchase price per share as of the acquisition date. The Company expects the acquisition to support its strategy to facilitate the Group’s long-term goal to develop specialized hospital chains in cancer / oncology treatment services including diagnostic imaging, radiation oncology treatment and medical oncology treatment. Goodwill arising from this acquisition was attributable to the synergies expected from the combined operations of proton hospitals, the assembled workforce and their knowledge and experience in the PRC. The goodwill recognized was not expected to be deductible for income tax purpose. Disposal of CMS Radiotherapy Holdings Limited (“CMS (USA)”) On January 25, 2016, Ascendium entered into an agreement to transfer 100% interest of CMS (USA), a BVI company previously incorporated by Ascendium in October 2013, to Beijing Allcure Medical Technology Co., Ltd. (“JWYK”), a related party, with consideration of RMB8,594. The purchase consideration was paid on November 10, 2016, while the transfer registration was completed on May 3, 2018. A gain on disposal of subsidiary of RMB3,341 was recognized in consolidated statements of comprehensive loss for the year ended December 31, 2018. For the year ended December 31, 2019 Acquisition of Tianjin Jiatai, SH Rongchi, Oriental, Heze MZJH, Wuxi MZJH and SH MZJH (“Tianjin Jiatai Group”) On July 22, 2019, Wuxi Concord entered into an agreement with Tianjin Jiatai, to purchase its 90% equity interests in Wuxi MZJH at a consideration of RMB27,000. On September 19, 2019, Guofu Huimei entered into an agreement with ZR Guofu to purchase its investment of 77.18% equity interests in Tianjin Jiatai Group at a cash consideration of RMB421,730 (US$60,578). The above transactions are entered into in conjunction of each other and therefore, are accounted for as a single transaction.On November 13, 2019, ZR Guofu signed another agreement with the Group and Tianjin Jiatai Group to withdraw from Tianjin Jiatai Group. As a result of ZR Guofu’s withdrawal, the Group became the sole shareholder of Tianjin Jiatai Group. The Group completed the related commercial registration on November 18, 2019. The Group consolidated Tianjin Jiatai Group upon the commercial registration completed. The Group expects the acquisition to support its strategy to develop specialized hospital chains in cancer and oncology treatment services, including diagnostic imaging, radiation oncology treatment and medical oncology treatment. The fair value of the gross assets acquired during the acquisition is not concentrated in a single identifiable asset or a group of similar identifiable assets and it meets the definition of a business and was accounted for as business acquisition under ASC 805. The aggregate purchase price allocation includes acquisition of certain entities which were equity method investees of the Group prior to the acquisitions and settlement of pre-existing receivables and payable between the Tianjin Jiatai Group and the Group. The Group recorded a re-measurement gain relating to its pre-existing equity interest of RMB31,898 (US$ 4,582) as other income in the consolidated income statement for the year ended December 31, 2019. The Company applied the equity method of accounting by recognizing its share of the profit or loss in these equity method investees up to their respective dates of acquisition. The fair value of the previously held equity interests was estimated based on the purchase price per share as of the acquisition date. Further the acquisition effectively settled preexisting receivables and payables between the Group and the acquired entities. The following is a reconciliation of the total purchase consideration for the acquisition: RMB - Cash consideration 421,730 - Fair value of previously hold equity interests 407,998 - Settlement of amounts due to Tianjin Jiatai Group (including the mandatorily redeemable noncontrolling interest in SP and purchase consideration of Wuxi MZJH) (675,854) - Settlement of advance from suppliers (94,530) - Settlement of other receivables 84,715 Total 144,059 The Group, with the assistance of an independent third-party valuation firm, assessed the fair values of the acquired identifiable assets and liabilities assumed. The following table summarizes the purchase consideration and fair values of the assets acquired and liabilities assumed as of the acquisition date: RMB Current assets 9,451 Property, plant and equipment, net 53,649 Intangible assets 89,000 Goodwill 45,272 Current liabilities (31,063) Deferred tax liabilities (22,250) Total 144,059 The acquired intangible assets primarily include operating license for hospitals of RMB84,000 and a favorable lease contract of RMB5,000. The estimated amortization period of the operating licenses and favorable lease contract was 20 years and 17 years, respectively. The Group recognized RMB 45,272 (US$6,503) in goodwill arising from this acquisition, attributed to the synergies it expects from the combined operations of proton hospitals, the assembled workforce and their knowledge and experience in the PRC. The goodwill recognized is not deductible for income tax purposes. The following unaudited supplemental pro forma consolidated financial information for the years ended December 31, 2018 and 2019 are presented as if the acquisition had occurred at the beginning of the periods presented. These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what the combined company’s operating results would have been had the acquisition taken place on January 1, 2018, nor do they project the future results of operations of the combined company. The actual results of operations of the combined company may differ significantly from the pro forma adjustments reflected here due to many factors. Unaudited Supplemental Pro Forma For the year ended December 31, 2018 2019 2019 RMB RMB US$ Net revenues 186,086 193,251 27,759 Net loss (376,130) (589,774) (84,716) The results of operations of Tianjin Jiatai, SH Rongchi, Oriental, Heze MZJH, SH MZJH and Wuxi MZJH since the acquisition date included in the consolidated statement of comprehensive loss of the Company for the year ended December 31, 2019 is as follows: For the Years Ended December 31, 2019 RMB US$ Net revenues 366 53 Net loss (7,902) (1,135) For the year ended December 31, 2020 Acquisition of New Spring Group In March 2020, MHM entered into a share purchase agreement with a third party, Guangzhou New Spring Hospital Management Co., Ltd (“New Spring Management”), to purchase 70% or 14,000,000 shares of New Spring Management with a consideration of RMB8,400. The business substance of the purchase was to acquire Guangzhou New Spring Hospital Clinic (“New Spring Clinic”), which was a wholly owned subsidiary of New Spring Management located in downtown Guangzhou, to attract more patients for the Group’s self-built cancer hospital in the suburb of Guangzhou. According to the agreement, the first to third instalment amounted to RMB7,560 in aggregate and was fully paid by MHM on the acquisition date, while the remaining RMB840 had been paid 6 months after the acquisition date as the original shareholder has fulfilled their obligation related to the acquisition. The acquisition date was on April 21, 2020 when the change of New Spring Management’s register information was completed. The fair value of the gross assets acquired during the acquisition is not concentrated in a single identifiable asset or a group of similar identifiable assets and it meets the definition of a business and was accounted for as business acquisition under ASC 805. The purchase price allocation was as follows: RMB Cash consideration in agreement 8,400 Non-controlling interest 3,078 Total 11,478 The Group, with the assistance of an independent third-party valuation firm, assessed the fair values of the acquired identifiable assets and liabilities assumed. The following table summarizes the purchase consideration and fair values of the assets acquired and liabilities assumed as of the acquisition date: RMB Current assets 424 Property, plant and equipment, net 3,281 Intangible assets 5,053 Goodwill 3,213 Long-term deferred and other non-current 1,202 Current liabilities (445) Deferred tax liabilities (1,250) Total 11,478 Disposal of CHS According to SPA, the share transfer price only included cash consideration of RMB 247,803, no other tangible or intangible assets, financial instruments or contingent consideration were specified. The cash consideration was firstly net off by settlement of the intercompany balance due from CHS of RMB602. The Group further paid a commission fee directly related to the transaction of RMB44,039, which was also accounted for a net off the cash consideration. Management evaluated the valuation of the retained 10% noncontrolling investment with the assistance of external valuer. As the transaction was not a related party transaction, the transfer price was considered a fair reflection of the 90% of the entity value. The valuer further considered the discount rate lack of control “DLOC” by comparing similar business combination cases in the same healthcare industry. The DLOC was finalized at 17% and the valuation of the retained noncontrolling investment was determined at RMB 22,925. There was no noncontrolling interest in CHS before the transaction. The carrying amount of the assets and liabilities of CHS was RMB235,714. With a foreign currency translation of RMB5,267, as a result, a loss on disposal of CHS of RMB14,894 was recognized in the consolidated statements of comprehensive loss for 2020. This disposal does not represent a strategic shift on the Company’s major business and have no major effect on the Company’s results of operations, the disposal of the entity does not qualify as discontinued operation. The breakdown of assets and liabilities as of November 19, 2020 (the disposal date), were as follows: RMB US$ Current assets 4,909 752 Other non-current assets 257,368 39,443 Current liabilities (26,024) (3,988) Non-current liabilities (539) (83) Net assets disposed 235,714 36,124 The breakdown of disposal loss are as summarized below: RMB US$ Cash proceeds 247,803 37,977 Settlement of amount due from CHS (602) (92) Commission fee (44,039) (6,749) Fair value of retained noncontrolling investment 22,925 3,513 Disposition of net assets (235,714) (36,124) Foreign currency translation (5,267) (808) Loss on disposal of CHS (14,894) (2,283) As the remaining investment only represented 10% voting shares in CHS and the Group did not retain any seats in board, management considered the Group in fact lost the ability to exercise significant influence over operating and financial policies of CHS. The remaining equity investment did not have readily determinable fair value, management elected to measure the remaining investment using measurement alternative at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. As at December 31, 2020, management determined there is no impairment indicator or any observable price change to the investment as the disposition date was near year end. |
RESTRICTED CASH
RESTRICTED CASH | 12 Months Ended |
Dec. 31, 2020 | |
RESTRICTED CASH | |
RESTRICTED CASH | 5. RESTRICTED CASH Restricted cash represented the proceeds from specialized bank borrowings for hospital construction. Balance of current restricted cash was nil and RMB4,661 (US$714), and noncurrent restricted cash was nil and RMB107,470 (US$16,471) as of December 31, 2019 and 2020, respectively. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2020 | |
ACCOUNTS RECEIVABLE | |
ACCOUNTS RECEIVABLE | 6. ACCOUNTS RECEIVABLE As at December 31, 2019 2020 2020 RMB RMB US$ Accounts receivable 80,878 83,848 12,850 Allowance for credit losses (7,147) (6,473) (992) Accounts receivable, net 73,731 77,375 11,858 The rollforward in the allowance for credit losses were as follows: For the Years Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Balance at the beginning of the year 12,969 3,585 7,147 1,095 Cumulative effect of adopting ASU 2016-13 — — 597 92 Disposal of subsidiary — — (60) (9) Provisions for the year 1,303 4,510 1,879 288 Reversal of provisions from prior periods due to subsequent cash collection during the year (709) (221) (1,415) (217) Amounts written off during the year (9,989) (734) (1,675) (257) Foreign exchange gain or loss 11 7 — — Balance at the end of the year 3,585 7,147 6,473 992 Provisions for allowance for doubtful debts are recorded in “general and administrative expenses” in the consolidated statements of comprehensive loss. Accounts receivable with carrying value of RMB30,524 and RMB33,686 (US$5,163)were used to secure certain bank borrowings as at December 31, 2019 and 2020 respectively (note 18). |
PREPAYMENTS AND OTHER CURRENT A
PREPAYMENTS AND OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
PREPAYMENTS AND OTHER CURRENT ASSETS | |
PREPAYMENTS AND OTHER CURRENT ASSETS | 7. PREPAYMENTS AND OTHER CURRENT ASSETS Prepayments and other current assets consist of the following: As at December 31, Notes 2019 2020 2020 RMB RMB US$ Due from suppliers i) 5,957 61,313 9,397 Loan receivables ii) 70,077 67,367 10,324 Advances to employees 4,271 3,654 560 Receivables from disposal of medical equipment 120 7,330 1,123 Interest receivable 2,891 157 24 Dividend receivable 766 766 117 Deductible value-added tax — 37,015 5,673 Tax refund iii) 14,466 222 34 Capital contribution of contingently redeemable noncontrolling interest iv) — 31,415 4,815 Due from hospital 406 831 127 Others v) 4,927 15,501 2,376 103,881 225,571 34,570 Allowance for credit losses (9,013) (12,528) (1,920) 94,868 213,043 32,650 The Group records allowance for doubtful debts in “general and administrative expenses” in the consolidated statements of comprehensive loss. i) Amounts due from suppliers represented prepayments made for orders and returnable deposits of cancelled orders. The risk of loss arising from non-performance by or bankruptcy of suppliers is assessed prior to the order of the equipment. The Group has provided reserve for bad debt amounting to nil and nil on the amounts due from suppliers as at December 31, 2019 and 2020, respectively. ii) Loan receivables represented the loans to other parties, including loans to related parties such as the Xi’an JiangyuanAndike Ltd. (“JYADK”) and Beijing Allcure Medical Information Technology Co., Ltd. (“Allcure Information”) of total amount of RMB 12,173 and RMB 10,688 (US $1,638 ) as at December 31, 2019 and 2020, and third parties of RMB57,904 and RMB 56,680 (US $8,687 ) as at December 31, 2019 and 2020, respectively. The Group recorded allowance for doubtful debts amounting to RMB 9,000 and RMB 9,000 (US$ 1,379 ) as at December 31, 2019 and 2020, respectively. Besides the credit losses provided to the balances to related parties, the Group recorded allowance for credit losses amounting to nil and RMB 3,005 (US $461 ) as of December 31, 2019 and 2020, respectively to balances to third parties. iii) Tax refund represented the overpayment of tax that would be refund by Internal Revenue Service. iv) Capital contribution of contingently redeemable noncontrolling interest is receivable from noncontrolling inverstors for the capital contribution with contingently redeemable rights and it is fully received subsequently in the year 2021. v) In June 2020, the Company signed cooperative agreement with Xinzitong to develop SAAS system, while this project failed as the Company is not satisfied with the development of Xinzitong, and both parties reached termination agreement. The Company has paid about RMB 8,120 (US$ 1,244 ) to Xinzitong as of 12/31/2020, which was agreed to be returned to the Group and received in April 2021. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2020 | |
INVENTORIES | |
INVENTORIES | 8. INVENTORIES As at December 31, 2019 2020 2020 RMB RMB US$ Medicine 2,625 5,276 809 Medical material 1,728 16,031 2,456 Low-value consumables 1,388 952 146 5,741 22,259 3,411 Less: inventory provision (1,400) (649) (99) 4,341 21,610 3,312 |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2020 | |
PROPERTY, PLANT AND EQUIPMENT, NET | |
PROPERTY, PLANT AND EQUIPMENT, NET | 9. PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consist of the following: As at December 31, 2019 2020 2020 RMB RMB US$ Buildings 277,569 16,801 2,575 Medical equipment 458,843 368,609 56,492 Electronic and office equipment 20,983 16,409 2,515 Motor vehicles 2,993 3,713 569 Leasehold improvement and building improvements 80,922 76,114 11,665 Construction in progress 1,390,495 2,320,686 355,661 Total 2,231,805 2,802,332 429,477 Less: accumulated depreciation (314,151) (224,348) (34,383) Impairment charges (18,793) (18,793) (2,881) 1,898,861 2,559,191 392,213 Depreciation expenses were RMB40,855, RMB44,358 and RMB55,030 (US$8,434) for the years ended December 31, 2018, 2019 and 2020, respectively. Impairment loss of RMB4,418, RMB6,453 and nil were recognized for network operating segment and impairment loss of RMB351, nil and nil for hospital operating segment for the years ended December 31, 2018, 2019 and 2020 respectively. Impairment charges mainly include impairment provided for medical equipment in several low performance network centers as well as idle assets. For the years ended December 31, 2018, 2019 and 2020, impairment of RMB41,272, RMB10,968 and RMB nil was written off for network operating segment upon the disposal of medical equipment and construction project. Impairment of nil, RMB353 and nil was written off for hospital operating segment upon the termination of construction project. The Group held equipment under operating lease contracts with customers with an original cost of RMB271,603 and RMB168,876 (US$25,881) and accumulated depreciation of RMB150,988 and 127,558 (US$19,549), as of December 31, 2019 and 2020, respectively. The total net book value of the Group's property, plant and equipment pledged as collateral for other borrowings as of December 31, 2019 and 2020 was RMB119,359 and RMB414,326 (US$63,498) (note 18), respectively. The total net book value of the Group's construction in progress pledged to secure bank and other borrowings as of December 31, 2019 and 2020 was RMB 1,152,379 and RMB 1,150,018(US$ 176,248) (note 18), respectively. |
LEASE
LEASE | 12 Months Ended |
Dec. 31, 2020 | |
LEASE | |
LEASE | 10. LEASE Leases of medical equipment as lessor The following table presents the lease receivables derive from the Group’s operating, sales-type and direct financing leases: As at December 31, 2019 2020 2020 RMB RMB US$ Current Account receivable - Operating lease 38,201 38,266 5,865 Account receivable - Sales-type lease 675 1,195 183 Net investment in direct financing leases 35,240 25,045 3,838 Non-current Net investment in direct financing leases 27,084 13,720 2,103 Total 101,200 78,226 11,989 Lease receivables for operating and sales-type leases are presented in accounts receivable on the consolidated balance sheets. Lease receivables for direct financing leases are presented as net investment in direct financing leases. As of December 31, 2019, and 2020, the allowance of lease receivables was RMB4,318 and RMB5,018 (US$769), respectively. Accordingly, risk of default with respect to these receivables is remote. Lease receivables with carrying value of RMB24,997 and RMB26,782 (US$4,105) (note 18) were pledged as collaterals for bank and other borrowings of RMB167,165 and RMB179,093 (US$27,447) as of December 31, 2019 and 2020, respectively. The following table presents the lease income recognized relating to the Group's operating, sales-type and direct financing leases: For the Year Ended December 31, 2020 Direct financing Sales-type leases leases Operating leases RMB US$ RMB US$ RMB US$ Selling loss recognized at the commencement date — — — — — — Interest income on net investment in the lease 4,130 633 2,929 449 — — Including: Income relating to variable lease payments not included in the measurement of the net investment in a lease 4,130 633 — — — — Lease income relating to lease payments 45,847 7,026 Including: Income relating to variable lease payments not included in the measurement of lease receivable — — — — 38,999 5,977 For the Year Ended December 31, 2019 Sales-type leases Direct financing leases Operating leases RMB US$ RMB US$ RMB US$ Selling loss recognized at the commencement date (21,229) (3,049) — — — — Interest income on net investment in the lease 1,130 162 3,944 567 — — Including: Income relating to variable lease payments not included in the measurement of the net investment in a lease 1,130 162 — — — — Lease income relating to lease payments 53,485 7,683 Including: Income relating to variable lease payments not included in the measurement of lease receivable — — — — 45,887 6,591 The Group's lease assets do not contain material residual value by the end of the lease term. In order to mitigate the risks associated with the residual value of its leased assets, the Group usually enters into arrangements where the lease terms are approximate to the economic useful life of the leased assets so as to minimize their residual value. Net investment in direct financing leases is comprised of: As at December 31, 2019 2020 2020 RMB RMB US$ Minimum lease payments to be received 68,520 41,304 6,330 Unearned income (6,196) (2,539) (389) Net investment in direct financing leases 62,324 38,765 5,941 Current 35,240 25,045 3,838 Non-current 27,084 13,720 2,103 Total 62,324 38,765 5,941 The future minimum lease payments to be received from such non-cancelable direct financing leases are as follows: Future minimum direct financing lease payments RMB US$ 2021 19,570 2,999 2022 10,184 1,561 2023 9,427 1,445 2024 2,123 325 2025 — — Above 5 years — — The future minimum lease payments to be received from such non-cancelable operating leases are as follows: Future minimum operating lease payments RMB US$ 2021 8,972 1,375 2022 8,972 1,375 2023 7,886 1,209 2024 7,196 1,103 2025 5,496 842 Above 5 years 13,708 2,101 Lease payments for the Group’s sales-type lease payments are all variable based on the profit or revenue generated from the underlying assets thus the Group does not recognize any net investment in the lease at commencement. Failed sales-leaseback transactions as seller-lessee The Group has failed sales-leaseback transactions in which the Group acts as seller-lessee but does not effectively transfer control of the underlying asset to the buyer-lessor. The Group accounts for failed sales-leaseback transactions as financings. The Group recorded RMB 91,904 (US$14,085) and RMB 478,694 (US$73,363) under “Long-term bank and other borrowings, current portion” and "Long-term bank and other borrowings, non-current portion", respectively as of December 31, 2020. The effective interest rate used in the computation of interest expense ranged from 9.10% to 14.35%. Interest expenses recorded in the Group’s consolidated statement of comprehensive loss amounted to RMB119, RMB21,644, and RMB44,880 (US$6,878) for the years ended December 31, 2018, 2019 and 2020, respectively. Operating leases as lessee The components of lease cost were as follows: For the year ended December 31, 2020 RMB US$ Operating lease cost 29,279 4,487 Short term lease cost 930 143 Total 30,209 4,630 For the year ended December 31, 2020, total operating and short-term lease costs of RMB16,792 (US$2,574) and RMB13,417 (US$2,056) were recorded in cost of revenue and general and administrative expenses, respectively. Other information For the year ended December 31, 2020 RMB US$ Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 22,224 3,406 ROU assets obtained in exchange for operating lease liabilities* 117,439 17,998 Weighted-average remaining lease terms (in years) 7 7 Weighted-average discount rate 5.66 % 5.66 % * Includes transition liabilities upon adoption of ASC 842, as well as new leases entered into during the year ended December 31, 2020. Changes in the ROU asset and liability are presented net within operating activities. Future minimum lease payments for operating leases as of December 31, 2020 are as follows: Minimum Lease Payments RMB US$ Year ending December 31, 2021 25,620 3,926 2022 27,657 4,239 2023 25,518 3,911 2024 22,708 3,480 2025 23,115 3,543 Thereafter 235,590 36,106 Total future lease payments 360,208 55,205 Less: Imputed interest 123,069 18,861 Total lease liability balance 237,139 36,344 The Group did not have any leasing transactions with related parties. Land use rights The following table presents the original cost payment, accumulated amortization and net carrying value of the Group’s land use rights for the periods presented: As at December 31, 2019 2020 2020 RMB RMB US$ Right-of-use Right-of-use Right-of-use Asset asset asset Land use rights 456,823 463,992 71,110 Less: accumulated amortization (27,962) (37,475) (5,743) Net carrying value 428,861 426,517 65,367 As of December 31, 2019 and 2020, the Group recorded land lease payment under “Right-of-use assets, net” of RMB428,861 and RMB426,517 (US$ 65,367), respectively. Amortization expenses for the years ended December 31, 2018, 2019 and 2020 were RMB9,610, RMB9,462 and RMB9,513 (US$1,458), respectively. The net book value of the Group’s land use right payments pledged to secure bank and other borrowings was RMB416,548 and RMB 414,470 (US$ 63,520) (note 18), respectively. The estimated annual amortization expenses for the land leases payment for each of the five succeeding years are as follows: Amortization RMB US$ 2021 9,621 1,475 2022 9,621 1,475 2023 9,621 1,475 2024 9,621 1,475 2025 9,621 1,475 |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2020 | |
GOODWILL | |
GOODWILL | 11. GOODWILL The goodwill of RMB210,443 and RMB213,656 (US$32,744) as of December 31, 2019 and 2020 represented the goodwill of RMB165,171 generated from the acquisition of GFMH, CMCC, SJYH and BPMC by the Group in 2018, the goodwill of RMB45,272 generated from the acquisition of Tianjin Jiatai Group by the Group in 2019, the goodwill of RMB3,213 (US$492) generated from the acquisition the New Spring Group in 2020 (Note 4). The changes in the carrying amount of goodwill are as follow: For the years ended December 31, 2018 2019 2020 RMB RMB RMB US$ Balance as of January 1 — 165,171 210,443 32,252 Addition 165,171 45,272 3,213 492 Impairment — — — — Balance as of December 31 165,171 210,443 213,656 32,744 No impairment was recognized for the years ended December 31, 2018, 2019 and 2020. |
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET | 12 Months Ended |
Dec. 31, 2020 | |
INTANGIBLE ASSETS, NET | |
INTANGIBLE ASSETS, NET | 12. INTANGIBLE ASSETS, NET Intangible assets consist of the following: Customer Operating Operating Favorable relationship lease license lease intangibles intangibles intangibles intangibles Others Total RMB RMB RMB RMB RMB RMB Intangible assets, net at January 1, 2019 3,027 254 435,294 15,692 2,577 456,844 Acquisition of subsidiaries (note4) — — 84,000 5,000 — 89,000 Addition of software — — — — 1,579 1,579 Disposal of centers (80) (7) — — — (87) Amortization expenses (125) (217) (8,717) (1,307) (1,629) (11,995) Intangible Asset impairment (2,822) (30) — — — (2,852) Intangible assets, net at December 31, 2019 — — 510,577 19,385 2,527 532,489 Acquisition of subsidiaries (note4) — — 5,000 — 53 5,053 Addition of software — — — — 1,028 1,028 Foreign Exchange Gain — — — — 7 7 Amortization expenses — — (12,609) (1,564) (1,583) (15,756) Intangible Asset impairment — — — — — — Intangible assets, net at December 31, 2020 — — 502,968 17,821 2,032 522,821 Intangible assets, net at December 31, 2020, in US$ — — 77,084 2,731 311 80,126 At December 31, 2020 Intangible assets, cost 32,449 2,759 526,350 21,010 10,886 593,454 Less: accumulated amortization (31,486) (2,680) (23,382) (3,189) (8,854) (69,591) Less: intangible asset impairment (963) (79) — — — (1,042) Intangible assets, net at December 31, 2020 — — 502,968 17,821 2,032 522,821 i) Amortization expenses for intangibles were RMB 4,161 , RMB 11,995 and RMB 15,756 (US $2,415 ) for the years ended December 31, 2018, 2019 and 2020, respectively. Impairment loss on intangible assets was nil , RMB 2,852 and nil for network operating segment in several low performance centers and early termination centers as well as idle assets for the years ended December 31, 2018, 2019 and 2020, respectively. The estimated annual amortization expenses for the above intangible assets for each of the five succeeding years are as follows: Amortization RMB US$ 2021 15,319 2,348 2022 14,691 2,251 2023 14,440 2,213 2024 14,390 2,205 2025 14,375 2,203 |
DEPOSITS FOR NON-CURRENT ASSETS
DEPOSITS FOR NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
DEPOSITS FOR NON-CURRENT ASSETS | |
DEPOSITS FOR NON-CURRENT ASSETS | 13. DEPOSITS FOR NON-CURRENT ASSETS Deposits for non-current assets consist of the following: As at December 31, 2019 2020 2020 RMB RMB US$ Deposits for purchases of property, plant and equipment* 717,392 256,337 39,286 Reserve for unrecoverable deposits (93,260) (8,500) (1,303) 624,132 247,837 37,983 * The amount represented interest-free non-refundable partial payments to suppliers of medical equipment and to construction engineering group for construction of hospitals. The remaining contractual obligations associated with these purchase contracts that the suppliers need to undertake are approximately RMB622,584 and RMB480,290 (US$73,608) as at December 31, 2019 and 2020 respectively, which are included in the amount disclosed as purchase commitments in note 26. The Group recognized impairment loss on deposits for non-current assets of nil, 62,400 and RMB8,500 (US$1,303) for the years ended December 31, 2018, 2019 and 2020, respectively. The amount of written off for the gross amount of deposits and the allowance is nil and RMB93,260 (US$14,293) for the years ended December 31, 2019 and 2020, respectively, since those deposits are deemed uncollectible. As at December 31, 2019 and 2020, certain of the Group’s deposits for non-current assets with a total net book value of nil and nil were pledged for other borrowings of nil and nil, respectively (note 18). |
LONG-TERM INVESTMENTS
LONG-TERM INVESTMENTS | 12 Months Ended |
Dec. 31, 2020 | |
LONG-TERM INVESTMENTS | |
LONG-TERM INVESTMENTS | 14. LONG-TERM INVESTMENTS Long-term investments held by the Group consisted of the following: As at December 31, 2019 2020 2020 RMB RMB US$ Equity investments without readily determinable fair value 22,160 45,085 6,909 Equity method investments 42,788 187,935 28,802 Available-for-sale debt securities — 80,000 12,261 Less: Impairment loss — — — Total 64,948 313,020 47,972 Equity investments without readily determinable fair value: Equity interest owned by the Group As at December 31, Note 2019 2020 RMB RMB Allcure Information i) 22,160 9.6 % 22,160 9.6 % Concord Healthcare Singapore Pte. Ltd ii) 100 % 22,925 10 % i) 20% equity interest of Allcure Information was obtained through the disposal of Allcure Medical Technology Co., Ltd. (“JWYK”) in 2015. During year ended December 31, 2018 Allcure Information issued new shares to other investors and diluted the share ownership of the Group to 9.6% . The price of newly issued shares is not considered an observable price change because they are not a similar investment of JWYK held by the Group due to the different rights and obligations associated with the investments. As at year ended December 31, 2020, the share ownership of the Group remained 9.6% . As of December 31, 2019 and 2020, no impairment was recorded for the investment. ii) As stated in note 4, the balance represented 10% remaining noncontrolling interests in CHS. The investment was accounted for using measurement alternative. As of December 31, 2020, no impairment indicator or observable price change in orderly transaction was noticed. The Group did not record any unrealized gains (upward adjustments) and losses (downward adjustments and impairment) for equity investments without readily determinable fair values for the years presented. Equity method investments: Equity interest owned by the Group as at December 31, Notes 2019 2020 RMB RMB Xi’an JiangyuanAndike Ltd. (“JYADK”) 8,035 29.70 % 11,161 29.70 % PTC i) 24,718 59.51 % — — Suzhou Shengshan Huiying Venture Capital Investment LLP. (“Suzhou Shengshan”) ii) 10,035 5.15 % 9,904 5.15 % Zhejiang Marine Leasing Ltd iii) — — 166,870 20 % i) On December 28, 2012, the Group acquired 44.55% limited partner interests of PTC, a limited partnership in Texas, U.S.A., and 45% legal interest of PTC GP Management LLC, a limited liability company registered in Texas, U.S.A and the sole general partner of PTC with 1% interest of PTC, with a consideration of RMB 201,176 in cash. On July 31, 2015, the Group acquired additional 14.34% limited partner interests of PTC and additional 17.07% legal interest of PTC GP Management LLC, with a consideration of RMB 30,063 in cash. After the additional investments, the Group owned 59.51% interests of PTC which ultimately holds 45.41% legal ownership interests of the University of Texas MD Anderson Cancer Center Proton Therapy Center (“MDA Proton”), a proton treatment center in Texas, U.S.A. In accordance with PTC GP Management LLC’s regulation, the Group is only entitled to designate two out of the five managers and simply majority (more than 50%) amongst the managers is required to pass any resolution. Furthermore, the regulation can only be amended at the request by managers or super majority (more than 2/3) of member interest. Thus, the Group is not able to control PTC GP Management LLC. According to the partnership agreements, the Group has significant influence over PTC which can demonstrate control over MDA Proton by acting as the sole general partner. On November 29, 2018, MDA Proton reached an agreement with University of Texas MD Anderson Cancer Center ("UTMDACC") to sell all its assets and liabilities to UTMDACC as well as terminating management service agreement between MDA Proton and PTC. The Group received the first, second and third installment of consideration RMB212,855, RMB6,779 and RMB30,751 (US$4,713) from PTC on dissolution between MDA Proton and PTC in 2018, 2019 and 2020. The carrying amount of the equity investment is nil as of December 31, 2020 and the disposal gain of RMB7,837 (US$1,162) in 2020. ii) In 2017 the Group entered into a partnership agreement to subscribe for 8.13% interest in Suzhou Shengshan, a partnership engaged in equity and capital investment, with a subscription amount of RMB 10,000 . In 2018, with the subscribed capital injection from new investors, the equity interest that the Group shared in Suzhou Shengshan was diluted to 5.41% as of December 31, 2018. In 2019, with the subscribed capital injection from new investors, the actual equity interest shared in Suzhou Shengshan was further diluted to 5.15% as of December 31, 2019. As of December 31, 2020 the percentage the Group held remained unchanged. According to the partnership agreement, the Group acts as a limited partner and has significant influence over Suzhou Shengshan's daily operation due to it’s agreed that all issue of operation and management shall be subject to the unanimous consent of all partners. iii) On February 28, 2019, China Medical Service Holdings Ltd. (HK), a subsidiary of the Group, entered into a shares purchase agreement with Merge Limited to purchase 20% equity interests of Zhejiang Marine. As the Group held 20% equity share and had the ability to exercise significant influence over the Zhejiang Marine, the Group applied the equity method of accounting to the investment. The registration change was completed on June 10, 2020 and Zhejiang Marine became an associate company of the Group since then. The total book value of the Group’s long-term investments pledged to secure other borrowings as of December 31, 2019 and 2020 was nil and RMB 166,870 (US $25,574 )(note 18), respectively. Available-for-sale debt securities: As at December 31, 2020 Redemption Redemption Notice Fair value Frequency Period RMB Private equity funds 80,000 Annually 5 80,000 Available-for-sale debt securities represent an investment in a private equity fund made in the year ended December 31, 2020. The private equity fund was controlled by a third-party fund management company. The fund was founded on June 27, 2016. The private equity fund invested into debt securities of a third-party company. The investment cannot be redeemed during the fund closed period. The Open Day was the annual date of the foundation date of the fund. This investment is carried at fair values which was estimated using the net asset value,and the unrealized gains or losses from the changes in fair values are included in accumulated other comprehensive income. |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
OTHER NON-CURRENT ASSETS | |
OTHER NON-CURRENT ASSETS | 15. OTHER NON-CURRENT ASSETS Other non-current assets consist of the following: As at December 31, 2019 2020 2020 RMB RMB US$ Deposit-long-term* 6,733 6,036 925 Long-term deferred assets 1,755 — — Advance to hospitals-noncurrent** 1,433 1,102 169 9,921 7,138 1,094 * Impairment losses of RMB400 and nil were provided for the balances as at December 31, 2019 and 2020. ** Impairment losses of RMB330 and RMB52 (US$8) were provided for the balances as at December 31, 2019 and 2020. |
ACCRUED EXPENSES AND OTHER LIAB
ACCRUED EXPENSES AND OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
ACCRUED EXPENSES AND OTHER LIABILITIES | |
ACCRUED EXPENSES AND OTHER LIABILITIES | 16. ACCRUED EXPENSES AND OTHER LIABILITIES The components of accrued expenses and other liabilities are as follows: As at December 31, 2019 2020 2020 RMB RMB US$ Accrued expenses 81,407 99,920 15,313 Salaries and welfare payable 21,959 24,701 3,786 Business and other taxes payable 3,822 8,396 1,287 Payable to acquire the non-controlling interests of CCM(HK) 44,963 25,166 3,857 MD Anderson consulting fee payable 41,478 20,391 3,125 Acquisition payable for investment in CMCC 12,657 11,863 1,818 Contractual liabilities 3,190 87,740 13,447 Other payables 67,625 51,913 7,956 277,101 330,090 50,589 |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2020 | |
SHAREHOLDERS' EQUITY | |
SHAREHOLDERS' EQUITY | 17. SHAREHOLDERS’ EQUITY Ordinary Shares The Company’s ordinary shares are divided into Class A ordinary shares and Class B ordinary shares. The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting and conversion rights. On January 27, 2015, the directors of the Company had resolved, subject to the adoption of the Amended M&A, to issue 45,787,948 Class B Ordinary Shares to Morgancreek Investment Holdings Limited (“Morgancreek”), in exchange of 45,787,948 Class A Ordinary Shares held by Morgancreek. During the year ended December 31, 2018, the 45,787,948 Class A ordinary shares of Morgancreek were converted to Class B ordinary shares. As of December 31, 2020, there were 84,463,737 Class A and 45,787,948 Class B ordinary shares outstanding. Share repurchase program On August 10, 2015, the Board of Director approved a share repurchase program pursuant to which, the Company is authorized to repurchase up to US$20,000 of its outstanding ADSs at a price not exceeding US$7.99 per ADS. During the year ended December 31, 2015 and 2016, the Company repurchased 614,033 and 967,408 ADSs, representing 1,842,099 and 2,902,224 ordinary shares, with a total consideration of US$3,111 and US$4,542 respectively. No ADS was repurchased in 2018, 2019 and 2020. Special dividend No special dividend or other dividend was declared in 2018, 2019 and 2020. |
BANK AND OTHER BORROWINGS
BANK AND OTHER BORROWINGS | 12 Months Ended |
Dec. 31, 2020 | |
BANK AND OTHER BORROWINGS | |
BANK AND OTHER BORROWINGS | 18. BANK AND OTHER BORROWINGS As at December 31, 2019 2020 2020 RMB RMB US$ Total bank and other borrowings 1,620,202 2,116,924 324,433 Comprised of: Short-term 285,500 24,481 3,752 Long-term, current portion 42,939 124,395 19,064 328,439 148,876 22,816 Long-term, non-current portion 1,291,763 1,968,048 301,617 1,620,202 2,116,924 324,433 Certain bank borrowings are secured by equipment with a net carrying value of RMB119,359 and RMB414,326 (US$63,498) (note 9), accounts receivable with a carrying value of RMB30,524 and RMB33,686 (US$5,163) (note 6) (including lease receivables with a carrying value of RMB24,997 and RMB26,782 (US$ 4,105) (note 10), certain land use rights (which are recorded as “right-of-use assets”) with a carrying value of RMB416,548 and RMB414,470 (US$63,520) (note 10), certain long-term investments with a carrying value of nil and RMB 166,870 (US$25,574) (note 14), certain construction in progress with a carrying value of RMB1,152,379 and RMB 1,150,018 (US$176,248) (note 9), deposit for non-current asset with a carrying value of nil and nil (note 13),and restricted cash of RMB nil and nil (note 5), as of December 31, 2019 and 2020, respectively. The short-term bank and other borrowing bore a weighted average interest of 7.73 % and 7.01% per annum, and the long-term bank and other borrowings bore a weighted average interest of 11.49% and 7.11% per annum, respectively, as of December 31, 2019 and 2020. Bank and other borrowings amounted to RMB 39,014 (US$5,979) (2019: RMB41,624) and RMB 2,077,911 (US$318,454) (2019: RMB1,578,578) were denominated in US$ and RMB, respectively as of December 31, 2020. The maturity analysis of the long-term bank and other borrowings are as follows: RMB US$ Within one year 124,395 19,064 Between one and two years 172,131 26,381 Between two and three years 248,715 38,117 Between three and four years 445,079 68,211 Above four years 1,102,123 168,908 2,092,443 320,681 As of December 31, 2020, the Group had unutilized short-term bank credit lines and unutilized long-term bank credit lines amounted to RMB 1,710 (US$262) and RMB 406,656 (US$62,323), respectively. |
RESTRICTED NET ASSETS
RESTRICTED NET ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
RESTRICTED NET ASSETS | |
RESTRICTED NET ASSETS | 19. RESTRICTED NET ASSETS The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Group’s PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries. In accordance with the PRC Regulations on Enterprises with Foreign Investment and their articles of association, a foreign invested enterprise established in the PRC is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A foreign invested enterprise is required to allocate at least 10% of its annual after-tax profit to the general reserve until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign invested enterprises. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. Additionally, in accordance with the company law of the PRC, a domestic enterprise is required to provide at least 10% of its annual after-tax profit to the statutory common reserve until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. A domestic enterprise is also required to provide discretionary surplus reserve, at the discretion of the board of directors, from the profits determined in accordance with the enterprise’s PRC statutory accounts. As a result of these PRC laws and regulations that require annual appropriations of 10% of after-tax income to be set aside prior to payment of dividends as general reserve fund, the Company’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. In addition, foreign exchange and other regulation in the PRC may further restrict the Company’s PRC subsidiaries from transferring funds to the Company in the form of dividends, loans and advances. The amount of net assets restricted was RMB 5,538,131 (US$848,756) as of December 31, 2020. |
TAXATION
TAXATION | 12 Months Ended |
Dec. 31, 2020 | |
TAXATION | |
TAXATION | 20. TAXATION Enterprise income tax: Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. In addition, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. British Virgin Islands Under the current laws of the British Virgin Islands, subsidiaries in British Virgin Islands are not subject to tax on income or capital gains. In addition, upon payments of dividends by these companies to their shareholders, no British Virgin Islands withholding tax will be imposed. United States US Proton is incorporated in the State of Delaware, U.S.A. in 2011. The entity is subject to U.S. Federal and state Income Tax (graduated income tax rate were 21%in 2018, 2019 and 2020 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, as such it is subject to Texas Franchise Tax. The amount of current income tax for federal and state for US Proton was 2,867, -1,358 and 1,672 (USD$256) for the years ended December 31, 2018, 2019, and 2020. Singapore China Medstar is incorporated in Singapore and does not conduct any substantive operations of its own. CHS, incorporated in Singapore, was acquired in April 2015 and was in a loss position since its establishment. No provision for Singapore profits tax has been made in the consolidated financial statements as the companies have no assessable profits for the years ended December 31, 2018, 2019 and 2020. In addition, upon payments of dividends by China Medstar and CHS to its shareholder, no Singapore withholding tax will be imposed. Hong Kong Subsidiaries in Hong Kong do not conduct any substantive operations of their own. No China The applicable rate for China entities is subject to the PRC EIT at the rate of 25%for the period since 2012. Dividends paid by PRC subsidiaries of the Group out of the profits earned after December 31, 2007 to non-PRC tax resident investors would be subject to PRC withholding tax. The withholding tax would be 10%, unless a foreign investor’s tax jurisdiction has a tax treaty with China that provides for a lower withholding tax rate and the foreign investor is qualified as a beneficial owner under the relevant tax treaty. In general, for circumstances not being tax evasion, the PRC tax authorities will conduct examinations of the PRC entities’ tax filings of up to five years. Accordingly, the PRC entities’ tax years from 2015 to 2020 remain subject to examination by the tax authorities. Loss before income taxes consists of: For the Years Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Non – PRC (98,709) (127,243) (142,750) (21,879) PRC (126,537) (263,835) (298,903) (45,809) (225,246) (391,078) (441,653) (67,688) The current and deferred components of the income tax expense (benefit) appearing in the consolidated statements of comprehensive loss are as follows: For the Year Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Current tax expense (benefit) 43,209 (16,570) (24,047) (3,685) Deferred tax benefit (9,158) (22,416) (13,577) (2,081) 34,051 (38,986) (37,624) (5,766) 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, 2018 2019 2020 2020 RMB RMB RMB US$ Loss before income taxes (225,246) (391,078) (441,653) (67,688) Income tax computed at the tax rate of 25% (56,309) (97,770) (110,413) (16,920) Effect of different tax rates in different jurisdictions 11,758 19,393 10,715 1,642 Non-deductible expenses 4,661 8,472 74,225 11,375 Non-taxable income (7,322) (234) (78,447) (12,023) Statutory income (expense) — 3,216 (2,544) (390) Interest and penalty — (6,811) (465) (71) Unrecognized tax positions 41,122 — — — Deferred tax expense — 32,358 (2,314) (355) Changes of valuation allowance 45,112 41,868 71,545 10,965 Withholding tax (4,971) (39,478) 74 11 Effect of tax rate change — — — — 34,051 (38,986) (37,624) (5,766) Deferred Tax The components of deferred taxes are as follows: As at December 31, 2019 2020 2020 RMB RMB US$ Deferred tax asset Net operating loss* 163,538 105,783 16,212 Foreign exchange loss — 3,232 495 Depreciation and amortization 6,262 9,954 1,526 Property, plant and equipment impairment 9,433 7,867 1,206 Deposits for non-current assets 16,350 18,475 2,831 Allowance for net investment in financing lease 4,518 4,856 744 Allowance for doubtful accounts 11,391 12,264 1,880 Lease liabilities 60,073 59,557 9,128 Other long-term assets 37,778 78,550 12,038 Equity investment 9,196 8,414 1,290 Others 1,891 2,686 413 Total deferred tax assets 320,430 311,638 47,763 less: Valuation allowance** (260,850) (257,579) (39,476) Net deferred tax assets 59,580 54,059 8,287 Deferred tax liabilities Foreign exchange gain (9,346) — — Equity investment (1,299) — — Property, plant and equipment (2,225) (1,665) (255) Disposal of Beijing Century Friendship (3,126) (3,126) (479) Intangible assets (132,566) (130,074) (19,937) Right-of-use assets (53,362) (53,354) (8,177) Capitalized interest (19,179) (19,179) (2,939) Others (3,915) — — Total deferred tax liabilities (225,018) (207,398) (31,787) Deferred tax assets, net — — — Deferred tax liabilities, net (165,438) (153,339) (23,500) * As of December 31, 2020, the Group had net operating losses from several of its PRC and oversea entities of RMB441,653 (US$67,688), which can be carried forward to offset future taxable profit. As per filed tax returns, the net operating loss from PRC entities will expire between 2021 to 2025. For the net operating loss from overseas entities, there is no limitation of expiration according to the statute of Hong Kong, Singapore and US. ** The Group records a valuation allowance on its deferred tax assets that is sufficient to reduce the deferred tax assets to an amount that is more likely than not to be realized. Future reversal of the valuation allowance will be recognized either when the benefit is realized or when it has been determined that it is more likely than not that the benefit in future earnings will be realized. The movement of valuation allowance is as follows: For the Year Ended December 31, 2019 2020 2020 RMB RMB US$ Balance at the beginning of year (217,076) (260,850) (39,977) Change of valuation allowance in the current year (43,774) 3,271 501 Balance at the end of year (260,850) (257,579) (39,476) Unrecognized Tax Benefits The reconciliation of the beginning and ending amount of unrecognized tax benefits excluding the penalty and interest is as follows: For the Years Ended December 31, 2019 2020 2020 RMB RMB US$ Balance at the beginning of year 81,000 98,984 15,170 Changes based on tax positions related to the current year 21,238 (6,446) (988) Additions related to prior year tax position 548 2,171 333 Decreases related to prior year tax position (2,810) (20,304) (3,112) Decreases relating to expiration of applicable statute of limitation (1,386) (7,213) (1,105) Foreign currency translation 394 (2,099) (322) Balance at the end of year 98,984 65,093 9,976 As of December 31, 2019, and 2020, the Group had unrecognized tax benefit of RMB 98,984 and RMB65,093 (US$ 9,976), respectively, among which, RMB27,385 and RMB20,975 (US$3,215) were presented on a net basis against the deferred tax assets related to tax losses carry forwards on the consolidated balance sheets. At December 31, 2019 and 2020, there were RMB60,711 and RMB29,030 (US$4,449) of unrecognized tax benefits that if recognized would affect the annual effective tax rate. The final outcome of the tax uncertainty is dependent upon various matters including tax examinations, interpretation of tax laws or expiration of statute of limitations. However, due to the uncertainties associated with the status of examinations, including the protocols of finalizing audits by the relevant tax authorities, there is a high degree of uncertainty regarding the future cash outflows associated with these tax uncertainties. However, an estimate of the range of the possible change cannot be made at this time. The Group recognized an increase amounting to RMB8,309, a decrease amounting to RMB6,802 and a decrease amounting to RMB465 (US$71) in interest and penalties during the years ended December 31, 2018, 2019 and 2020, respectively. As of December 31, 2019, and 2020, the Group recognized of interest and penalties of RMB31,141 and RMB30,610 (US$4,691), respectively. Uncertain tax benefits were recorded as other long-term liabilities. Value-added taxes (“VAT”) Revenue earned from the provision of leasing and technical services was subject to 5% business tax prior to the pilot of VAT reform (e.g. Shanghai starts the VAT pilot on January 1, 2012). The final stage of VAT reform has come into effect on 1 May 2016, the pilot program of the collection of VAT in lieu of business tax has been promoted nationwide in a comprehensive manner. Under the current VAT regulation, for the contracts signed prior to the pilot of VAT reform or the movable property acquired prior to the pilot of VAT reform for operating leasing, the relevant rental income from leasing arrangement of movable property could adopt the simple tax calculation method and be subject to 3% VAT levy rate. Other than the above, if the contracts signed after the pilot of VAT reform, the rental income derived from movable property leasing arrangement is subject to VAT at 17%. After a new VAT reform came into effect on 1 April 2019, the rental income derived from movable property leasing arrangement is subject to VAT at 13%. The technical service income is subject to VAT at 6%. |
Other long-term liabilities
Other long-term liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Other long-term liabilities | |
Other long-term liabilities | 21. Other long-term liabilities As at December 31, Notes 2019 2020 2020 RMB RMB US$ Accrued unrecognized tax benefits & surcharge i) 102,740 74,728 11,452 Lease deposit received from hospital 1,998 1,998 306 104,738 76,726 11,758 i) The amounts of unrecognized tax benefit are based on the recognition and measurement criteria of ASC Topic 740. The balance is presented as non-current liabilitiy in the consolidated financial statements as at December 31, 2020 due to the fact that the Group does not anticipate payments of cash within one year. The Group recorded accrued unrecognized tax benefits & surcharge amounting to RMB 102,740 and RMB 74,728 (US$ 11,452 ) (note 26) as of December 31, 2019 and 2020, respectively. |
SHARE-BASED AWARDS
SHARE-BASED AWARDS | 12 Months Ended |
Dec. 31, 2020 | |
SHARE-BASED AWARDS | |
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, which was subsequently amended on November 17, 2009 and November 26, 2011 to increase the number of ordinary shares available for grant under the plan. The total number of the Company’s ordinary shares that may be issued under the 2008 Share Incentive Plan is up to 13,218,000 ordinary shares. Share options On February 18, 2014, the Company granted options to purchase 3,479,604 ordinary shares to its employees at an exercise price of $2.04 per share that have a contractual life of eight years and vest over four equal installments on the first, second, third, and fourth anniversary of the grant date. The Company recognizes the compensation expense on a straight-line basis over the requisite service period for the entire award. The Company calculated the estimated grant date fair value of the share options granted on February 18, 2014, using a Binomial Tree Model, with key assumptions as follows. February 18, 2014 Risk-free interest rate 2.33 % Dividend yield 5 % Exercise multiple 2.5 Expected volatility range 39.03 % The risk-free rate was based on the US Treasury bond yield curve in effect at the time of grant for periods corresponding with the expected term of the option. The dividend yield was estimated based on the average of historical dividend yields of the Company. The volatility assumption was estimated based on the historical price volatility of ordinary shares of comparable companies in the health care industry. The following table summarizes employee share options activities for the year ended December 31, 2020: Weighted Weighted- Weighted Average Average Average Remaining Aggregate Number of Exercise Grant-date Contractual Intrinsic Share Options Granted to Employees Shares Price Fair Value Term (Years) Value Outstanding, January 1, 2020 2,774,229 US$ 2.04 US$ 0.65 2.14 — Lapsed — US$ — US$ — — — Outstanding, December 31, 2020 2,774,229 US$ 2.04 US$ 0.65 1.13 — Exercisable at December 31, 2020 2,774,229 US$ 2.04 US$ 0.65 1.13 — 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, 2018, 2019 and 2020. As of December 31, 2020, unrecognized share-based compensation cost related to share options was nil. Restricted shares On February 18, 2014, July 1, 2014 and August 1, 2014, the Company granted 1,370,250, 21,132 and 69,564 restricted shares of the Company (“Restricted Shares”) to the employees of the Company, respectively. The Restricted Shares have a service condition where the grantees can remove restriction on 25% of total number of Restricted Shares on annual basis over a four-year period ending the fourth anniversary of the grant date. The Group did not grant any Restricted Shares in 2015 and 2016. On August 7, 2017, August 8, 2017, September 13, 2017 and October 2, 2018, the Company granted 1,453,950, 3,319,200, 45,000 and 5,992,605 Restricted Shares to the employees of the Company, respectively. The Restricted Shares have a service condition where the grantees can remove restriction on 25% of total number of restricted shares on annual basis over a four-year period ending the fourth anniversary of the grant date. Fair Value per Share at the Grant Grant Date Number of Awards date (US$) February 18, 2014 1,370,250 1.93 July 1, 2014 21,132 2.35 August 1, 2014 69,564 2.44 August 7, 2017 1,453,950 1.33 August 8, 2017 3,319,200 1.34 September 13, 2017 45,000 1.33 October 2, 2018 5,992,605 1.19 The Company recognizes the compensation expense on a straight-line basis over the requisite service period for the entire award. Restricted Shares activity for the year ended December 31, 2020 was as follows: Weighted Numbers average grant of shares date fair value RMB US$ Outstanding, January 1, 2020 11,426,934 1.32 Granted — — Forfeited (384,180) 1.59 Exercised (9,690) 1.93 Outstanding, December 31, 2020 11,033,064 1.31 Exercisable, December 31, 2020 884,259 1.98 Expected to vest, December 31, 2020 10,148,805 1.25 As of December 31, 2020, unrecognized share-based compensation cost related to Restricted Shares was RMB25,689 (US$3,937) which is expected to be recognized over a weighted-average vesting period of 1.17 years. The share-based compensation expense of the share options and Restricted Shares granted to employees for the years ended December 31, 2018, 2019 and 2020 is as follows: For the Years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ General and administrative expenses 9,173 17,673 17,553 2,690 Selling expenses 1,966 2,920 3,068 470 11,139 20,593 20,621 3,160 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue | |
Revenue | 23. Revenue Revenue consists of ASC 606 and ASC 842 revenue. The Group's revenues , net of value-added tax, disaggregated by revenue source are as follows: For the Years Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ ASC 606 revenue: Management services and technical services 50,291 48,416 36,948 5,663 Brand royalty fees 5,189 5,081 — — Consumable and equipment sales 5,867 9,482 26,105 4,001 Medical service 37,770 54,048 76,997 11,800 Medicine income 15,058 22,777 30,055 4,606 ASC 606 revenue 114,175 139,804 170,105 26,070 ASC 842 revenue: Operating lease income* 71,864 53,485 45,847 7,026 Sales-type lease income* — 1,130 4,130 633 Direct financing lease income* 4,859 3,944 2,929 449 ASC 842 revenue 76,723 58,559 52,906 8,108 Total revenue 190,898 198,363 223,011 34,178 * Operating lease income, sales-type lease income and direct financing lease income were recognized under ASC 842, Leases |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | 24. RELATED PARTY TRANSACTIONS a) Related parties # Name of Related Parties Relationship with the Group JYADK Equity investee of the Group Zhejiang Marine Leasing Ltd.*** Equity investee of the Group since June 10, 2020 Guofu Huimei * Equity investee of the Group till October 7, 2018 CMCC * Equity investee of the Group till October 7, 2018 Beijing Century Friendship * Equity investee of the Group till October 7, 2018 Tianjin Jiatai ** Equity investee of the Group till November 17,2019 Wuxi MZJH ** Equity investee of the Group till November 17,2019 SH Rongchi ** Equity investee of the Group till November 17,2019 SH MZJH ** Equity investee of the Group till November 17,2019 Allcure Information An entity controlled by a director of the Company Shanghai Huifu Technology Limited An entity controlled by a director of the Company Cherrylane Investments Limited An entity controlled by a director of the Company # These are the related parties that have engaged in significant transactions with the Company for the years ended December 31, 2018, 2019 and 2020. * Guofu Huimei, CMCC and Beijing Century Friendship were equity investee of the Group previously, which have been acquired by the Group since October 8, 2018 and have become subsidiaries of the Group. ** Tianjin Jiatai, SH Rongchi, SH MZJH and Wuxi MZJH were equity investee of the Group previously, which have been acquired by the Group since November 18, 2019 and have become subsidiaries of the Group. ***Zhejiang Marine Leasing Ltd, which have been invested by the Group since June 10, 2020 and have become an associate of the Group. b) The Group had the following related party transactions for the years ended December 31, 2018, 2019 and 2020. For the Years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Loan to: Tianjin Jiatai 50 5,949 — — Wuxi MZJH 460 1,640 — — SH MZJH 1,000 28,002 — — 1,510 35,591 — — Interest income from: JYADK 285 206 127 19 Loan from: Beijing Century Friendship 30,551 — — — CMCC 13,408 — — — Shanghai Huifu Technology Limited 22,000 — — — Wuxi MZJH 1,850 — — — SH Rongchi 18,820 — — — SH MZJH 12,420 — — — Cherrylane Investments Limited 12,720 — — — Zhejiang Marine Leasing Ltd — — 199,000 30,498 111,769 — 199,000 30,498 Interest expense to: Tianjin Jiatai 193 — — — Guofu Huimei 15,997 — — — Cherrylane Investments Limited — 151 587 90 Zhejiang Marine Leasing Ltd — — 41,331 6,129 16,190 151 41,918 6,219 Repayment to: Tianjin Jiatai 36,420 34,540 — — Shanghai Huifu Technology Limited 20,285 1,715 — — Cherrylane Investments Limited 2,750 — — — SH Rongchi — 1,029 — — Zhejiang Marine Leasing Ltd — — 272,640 41,784 59,455 37,284 272,640 41,784 Repayment from: JYADK — 1,485 1,485 228 SH MZJH — 26,000 — — — 27,485 1,485 228 Management service income from: SH MZJH 4,810 5,081 — — CMCC 4,331 — — — 9,141 5,081 — — (c) The balances between the Group and its related parties as of December 31, 2019 and 2020 are listed below. As at December 31, 2019 2020 2020 RMB RMB US$ Due from related parties, current: JYADK 3,833 1,845 283 Due to related parties, current Zhejiang Marine Leasing Ltd — 3,191 489 Cherrylane Investments Limited 10,120 9,461 1,450 10,120 12,652 1,939 Due to related parties, non-current Zhejiang Marine Leasing Ltd — 102,757 15,748 Due to related parties, non-current, due within 1 year Zhejiang Marine Leasing Ltd — 73,145 11,210 |
EMPLOYEE DEFINED CONTRIBUTION P
EMPLOYEE DEFINED CONTRIBUTION PLAN | 12 Months Ended |
Dec. 31, 2020 | |
EMPLOYEE DEFINED CONTRIBUTION PLAN | |
EMPLOYEE DEFINED CONTRIBUTION PLAN | 25. EMPLOYEE DEFINED CONTRIBUTION PLAN Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the PRC subsidiaries of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Group has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits, which were expensed as incurred, were RMB13,291 and RMB22,868 and RMB28,228 (US$4,326) for the years ended December 31, 2018, 2019 and 2020, respectively. Obligations for contributions to defined contribution retirement plans for full-time employees in Singapore are recognized as expense in the statements of comprehensive income (loss) as incurred. The total amounts for such employee benefits were approximately RMB315, RMB290 and RMB106 (US$16) for the years ended December 31, 2018, 2019 and 2020, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 26. COMMITMENTS AND CONTINGENCIES Purchase commitments The Group has commitments to purchase certain medical equipment of RMB622,584 and RMB480,290 (US73,608) at December 31, 2019 and 2020, respectively, which are scheduled to be paid within following years. Income taxes As of December 31, 2020, the Group has recognized approximately RMB 74,728 (US$11,452) as an accrual for unrecognized tax positions. The final outcome of the tax uncertainty is dependent upon various matters including tax examinations, interpretation of tax laws or expiration of status of limitation. However, due to the uncertainties associated with the status of examinations, including the protocols of finalizing audits by the relevant tax authorities, there is a high degree of uncertainty regarding the future cash outflows associated with these tax uncertainties. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2020 | |
SEGMENT REPORTING | |
SEGMENT REPORTING | 27. SEGMENT REPORTING For the years ended December 31, 2018, 2019 and 2020, the Group had two operating segments, including network and hospital. The operating segments also represented the reporting segments. The Group’s CODM assess the performance of the operating segments based on the measures of revenues costs and gross profit (loss) by the network and hospital segment. After the disposal of CHS on November 19, 2020, the Group's hospital reporting segment is only consisted of hospitals located in the PRC. Other than the information provided below, the CODM do not use any other measures by segments. Summarized information by segments for the years ended December 31, 2018, 2019 and 2020 is as follows: For the year ended December 31, 2020 Network Hospital Total RMB RMB RMB US$ Revenues from external customers 115,959 107,052 223,011 34,178 Cost of sales (52,725) (157,203) (209,928) (32,173) Gross profit (loss) 63,234 (50,151) 13,083 2,005 For the year ended December 31, 2019 Network Hospital Total RMB RMB RMB Revenues from external customers 121,537 76,826 198,363 Cost of sales (77,131) (137,062) (214,193) Gross profit (loss) 44,406 (60,236) (15,830) For the year ended December 31, 2018 Network Hospital Total RMB RMB RMB Revenues from external customers 138,070 52,828 190,898 Cost of sales (79,266) (91,870) (171,136) Gross profit (loss) 58,804 (39,042) 19,762 As at December 31, 2019 2020 2020 RMB RMB US$ Segment assets Network 1,030,782 1,725,936 264,512 Hospital 3,266,663 3,608,602 553,042 Total segment assets 4,297,445 5,334,538 817,554 Major Customers No single customer represented 10%or more of total net revenue for the years ended December 31, 2018, 2019 and 2020. Geographic Information Net revenue by country is based upon the sales location that predominately represents the customer location. For the Years Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Revenues from PRC 149,548 164,167 199,370 30,555 Revenues from Singapore 41,350 34,196 23,641 3,623 Total revenues 190,898 198,363 223,011 34,178 Total long-lived assets excluding financial instruments, intangible assets, long-term investment and goodwill by country were as follows: As at December 31, 2019 2020 2020 RMB RMB US$ PRC 2,890,858 3,474,849 532,544 Singapore 280,970 — — Total long-lived assets 3,171,828 3,474,849 532,544 |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2020 | |
LOSS PER SHARE | |
LOSS PER SHARE | 28. LOSS PER SHARE A reconciliation of net loss attributable to the Company in the consolidated statements of comprehensive loss to the numerator for the computation of basic and diluted loss per share for the years ended December 31, 2018, 2019 and 2020 is as follows: For the Years Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Net loss attributable to Concord Medical Services Holdings Limited (234,875) (307,049) (309,989) (47,510) Accretion of contingently redeemable noncontrolling interests (124,355) (245,477) (359,920) (55,160) Numerator for EPS computation (359,230) (552,526) (669,909) (102,670) For the Years Ended December 31 2018 2019 2020 2020 Class A Class B Class A Class B Class A Class A Class B Class B RMB RMB RMB RMB RMB USD RMB USD Numerator Net loss attributable to ordinary shareholders used in calculating loss per ordinary share – basic and diluted (328,403) (30,827) (358,274) (194,252) (435,855) (66,799) (234,054) (35,871) Denominator: Weighted average number of ordinary shares outstanding used in calculating loss per share – basic and diluted 118,940,054 11,164,733 84,450,550 45,787,948 85,265,910 85,265,910 45,787,948 45,787,948 Loss per share – basic and diluted (2.76) (2.76) (4.24) (4.24) (5.11) (0.78) (5.11) (0.78) The effects of share options and restricted shares have been excluded from the computation of diluted loss per share for the years ended December 31, 2018, 2019 and 2020 as their effects would be anti-dilutive. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2020 | |
FAIR VALUE MEASUREMENTS | |
FAIR VALUE MEASUREMENTS | 29. FAIR VALUE MEASUREMENTS The Group applies ASC Topic 820, Fair Value Measurements and Disclosures ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Include other inputs that are directly or indirectly observable in the market place. Level 3 - Unobservable inputs which are supported by little or no market activity. ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. The Group apply fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Goodwill, intangible assets, and other long-lived assets are measured at fair value on a nonrecurring basis, only if impairment is indicated. Certain equipment and long-lived assets related to the Group’s low-performance centers were impaired to their fair value on a nonrecurring basis. As of December 31, 2020, the resulting impairment charge of nil was recorded in “impairment of long-lived assets” in the consolidated statements of comprehensive loss. The Group calculated the fair value of long-lived assets based on estimated future discounted cash flows based on a discount rate of 14% and expected remaining useful life of such assets and classified the fair value as a Level 3 measurement due to the significance of unobservable inputs. The inputs used to measure the estimated fair value of goodwill are classified as Level 3 in the fair value hierarchy due to the significance of unobservable inputs using company-specific information. Fair Value Measurement at the End of the Reporting Period Using Quoted Prices in Active Significance Markets for Other Significant As of Identical Observable Unobservable December 31, Assets Inputs Inputs Total 2019 (Level 1) (Level 2) (Level 3) Loss RMB RMB RMB RMB RMB Description Nonrecurring fair value measurements: Long-lived assets held and used 1,985 — — 1,985 (6,849) |
PARENT COMPANY ONLY CONDENSED F
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | 30. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION Condensed balance sheets As at December 31 2019 2020 2020 RMB RMB US$ ASSETS Current assets: Cash and cash equivalent 540 2,079 319 Amounts due from subsidiaries 404,213 375,162 57,496 Total current assets 404,753 377,241 57,815 Non-current assets: Investments in subsidiaries 1,154,986 567,330 86,946 Prepayment for long-term investment — 5,230 801 Total assets 1,559,739 949,801 145,562 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accrued expenses and other liabilities 55,409 35,476 5,437 Amounts due to subsidiaries 1,627,094 1,577,280 241,729 Total current liabilities 1,682,503 1,612,756 247,166 Total liabilities 1,682,503 1,612,756 247,166 Shareholders’ equity (deficit): Class A ordinary shares (par value of US$0.0001per share; authorized shares-500,000,000; issued shares-142,353,532 as of December 31, 2019 and 2020; outstanding shares-84,454,047 and 84,463,737 as of December 31, 2019 and 2020, respectively) 68 68 10 Class B ordinary shares (par value of US$0.0001per share; authorized shares‑45,787,948; issued shares-45,787,948 and 45,787,948 as of December 31, 2018 and 2019; outstanding shares- 45,787,948 and 45,787,948 as of December 31, 2019 and 2020, respectively) 37 37 6 Treasury stock (12,111,537 and 12,101,847 shares as of December 31, 2019 and 2020, respectively) (8) (8) (1) Additional paid-in capital 1,759,941 1,840,026 281,996 Accumulated other comprehensive loss (97,285) (46,429) (7,116) Accumulated deficit (1,785,517) (2,456,649) (376,498) Total shareholders’ equity (deficit) (122,764) (662,955) (101,603) Total liabilities and shareholders’ equity (deficit) 1,559,739 949,801 145,563 Condensed statements of comprehensive loss For the Years Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Revenues — — — — Cost of revenues — — — — General and administrative expenses (17,051) (39,118) (23,598) (3,617) Selling expenses (2,021) (2,938) (2,969) (455) Operating loss (19,072) (42,056) (26,567) (4,072) Equity in loss of subsidiaries (333,682) (514,070) (621,932) (95,317) Interest income 14 1,977 588 90 Interest expense (15,325) (6,481) (3,036) (465) Foreign exchange gain 8,835 8,104 (18,962) (2,906) Net loss (359,230) (552,526) (669,909) (102,670) Other comprehensive income (loss), net of tax of nil foreign currency translation adjustments (41,203) (8,664) 50,856 7,794 Total other comprehensive (loss) income (41,203) (8,664) 50,856 7,794 Comprehensive loss (400,433) (561,190) (619,053) (94,876) Condensed statements of cash flows For the Years Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Net cash (used in ) generated from operating activities (5,024) (31,460) 9,041 1,386 Net cash generated (used in) from investing activities 294,551 311,716 (7,468) (1,145) Net cash used in financing activities (284,824) (280,483) — — Exchange rate effect on cash (7,085) 45 (34) (5) Net (decrease) increase in cash (2,382) (182) 1,539 236 Cash at beginning of the year 3,104 722 540 83 Cash at end of the year 722 540 2,079 319 Basis of presentation For the presentation of the parent company only condensed financial information, the Company records its investment in subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments - Equity Method and Joint Ventures |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 31. SUBSEQUENT EVENTS Capital injection from six investors In April 2021, the Group entered into an investment agreement with five legal entities and one natural individual pursuant to which, Jiaxing Shengshi Equity Investment Limited Partnership, Jinjiang Lingfu Jiazi Equity Investment Limitned Partnership, Jiaxing Lecheng Investment Limited Partnership, Gongqingcheng Jinhe Investment Limited Partnership, Hainan Qianyuan Jiamei Consultant Limited Partnership, Mr. Tian subscribed 18,805,826 shares of the Group’s subsidiary MHM in exchange for RMB400,000. The Group received the consideration in August 2021. Upon completion of all transactions mentioned above, the Group’s ownership in MHM will be diluted from 49.44% to 46.56%. Convertible bond issued to two investors In August 2021, the Company’s subsidiary, Ascendium Group Limited, issued convertible bonds of US$5,000 and US$10,000, which were subscribed by two external investors, Great Lion Global Limited and Vantage Chance Limited, respectively. The Company has received US$11,000 by the date of this report, and the remaining will be received before the end of October 2021. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
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”). |
Going Concern | Going Concern The Company experienced net loss from continuing operations of RMB259,297, RMB352,092, RMB404,029 (US$61,922) for the years ended December 31, 2018, 2019 and 2020, respectively, and negative cash flows from operating activities of approximately RMB195,347 and RMB229,766 (US$35,212) for the years ended December 31, 2019 and 2020, respectively. As of December 31, 2020, the Company had cash position of RMB334,264 (US$51,229), working capital of RMB163,881 (US$25,114), an accumulated deficit of RMB2,456,649(US$376,498). These adverse conditions indicate that there is substantial doubt about the Company’s ability to continue as a going concern. In 2021, the Company had successfully completed the following financing activities to improve its liquidity: (1) the Company received capital injection from several investors for RMB400,000 (US$61,304) into the Company’s subsidiary by the date of this report; (2) the Company issued convertible bonds for approximately RMB 97,875 (US$15,000) to two investors in August, 2021; (3) the Company obtained credit facilities and loans that provided by several banks in the PRC for about RMB 418,366 (US$64,118) by the date of this report. Meanwhile, the Company plans to seek additional equity financing from new investors into its hospital business operation. Therefore, management believed that the substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued has been alleviated. However, there can be no assurance that capital will be available as necessary to meet the Company’s capital commitment on the investment in the hospital business, or, if the capital is available, that it will be timely and on terms acceptable to the Company. Based on cash flows projection from operating and financing activities and existing balance of cash and cash equivalents, management is of the opinion that the Company has sufficient funds for sustainable operations and it will be able to meet its payment obligations from operations and debt related commitments for the next twelve months from the issuance of the consolidated financial statements. Based on the above considerations, the accompanying financial statements have been prepared in accordance with U.S. GAAP, on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of asset and amounts and classification of liabilities that may be necessary should the Company be unable to continue as a going concern. |
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, impairment of long-lived assets and goodwill, expected credit losses for accounts receivable and other receivables included in prepayments and other current assets, purchase price allocation, fair value measurement of retained noncontrolling interest after losing control of subsidiary, measurement of avaiavle for sale debt securities, unrecognized tax benefits, realization of deferred tax assets, share-based compensation expenses, incremental borrowing rate of right-of-use assets and related lease obligation. Actual results could materially differ from those estimates. |
Principles of consolidation | Principles of consolidation The consolidated financial statements of the Group include the financial statements of the Company, its subsidiaries and the VIE and its subsidiaries for which the Company or a subsidiary of the Company is the primary beneficiary. All transactions and balances between the Company, subsidiaries and VIE and its subsidiaries have been eliminated upon consolidation. Results of acquired subsidiaries and its VIE and its subsidiaries are consolidated from the date on which control is transferred to the Company. |
Foreign currency translation and transactions | Foreign currency translation and transactions The Company’s PRC subsidiaries determine their functional currencies to be the Chinese Renminbi (“RMB”) based on the criteria of ASC 830, Foreign Currency Matters Transactions denominated in foreign currencies are remeasured into the functional currency at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are remeasured at the exchange rates prevailing at the balance sheet date. Exchange gains and losses are included in the consolidated statements of comprehensive loss. Accumulated other comprehensive loss represents the cumulative foreign currency translation adjustments at each balance sheet date. |
Convenience translation | Convenience translation Amounts in U.S. dollars are presented for the convenience of the reader and are translated at the noon buying rate of RMB6.525 to US$1.00 on December 31, 2020 as published on the website of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. |
Comparative Information | Comparative Information Certain items reported in the prior year's consolidated statements have been reclassified to conform with the current year's presentation to facilitate comparison. |
Business combination and noncontrolling interests | Business combination and noncontrolling interests The Group accounts for business combinations using the purchase method of accounting in accordance with ASC 805, Business Combinations The Group derives estimates of the fair value of assets acquired and liabilities assumed using reasonable assumptions based on historical experiences and on the information obtained from management of the acquired companies. Critical estimates in valuing certain of the intangible assets and pre-existing agreements included but were not limited to the following: deriving estimates of future expected cash flows from the acquired business, the determination of an appropriate discount rate, deriving assumptions regarding the period of time that the related benefits would continue and the initial measurement and recognition of any contingent consideration arrangements and the evaluation of whether contingent consideration arrangement is in substance compensation for future services. Unanticipated events may occur which may affect the accuracy or validity of such assumptions or estimates. In a business combination achieved in stages, the Group re-measures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated income statements. For the Company's non-wholly owned subsidiaries, a noncontrolling interest is recognized to reflect portion of equity that is not attributable, directly or indirectly, to the Company. When the noncontrolling interest is contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Company, the noncontrolling interest is classified as mezzanine equity. The Company accretes changes in the redemption value over the period from the date that it becomes probable that the mezzanine equity will become redeemable to the earliest redemption date using the effective interest method. When the noncontrolling interest is mandatory redeemable on a fixed or determinable date, the noncontrolling interest is classified as liabilities. If a transaction does not meet the definition of a business, the transaction is recorded as an asset acquisition. Accordingly, the identifiable assets acquired and liabilities assumed are measured at the fair value of the consideration paid, based on their relative fair values at the acquisition date. Acquisition-related costs are included in the consideration paid and capitalized. Any contingent consideration payable that is dependent on the purchaser’s future activity is not included in the consideration paid until the activity requiring the payment is performed. Any resulting future amounts payable are recognized in profit or loss when incurred. No goodwill and no deferred tax asset or liability arising from the assets acquired and liabilities assumed are recognized upon the acquisition of assets. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash on hand and demand deposits placed with banks which are unrestricted as to withdrawal and use and have original maturities less than three months. All highly liquid investments with a stated maturity of 90 days or less from the date of purchase are classified as cash equivalents. |
Restricted cash | Restricted cash Restricted cash represents cash pledged to financial institutions as collateral for the Group’s short-term and long-term borrowings and was recorded under non-current on the classification of the underlying bank borrowings (note 18). Such restricted cash is not available to fund the general liquidity needs of the Group. The Group adopted Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows Restricted Cash |
Long-term investments | Long-term investments The Group’s long-term investments consist of equity investments without readily determinable fair value,equity method investments and available-for-sale debt securities. The Group adopted ASC 321, Investments-Equity Securities, (“ASC 321”) on January 1, 2018 and the cumulative effect of adopting the new standard on opening accumulated deficit was not material. Pursuant to ASC 321, equity investments, except for those accounted for under the equity method and those that result in consolidation of the investee and certain other investments, are measured at fair value, and any changes in fair value are recognized in earnings. For equity securities without readily determinable fair value and do not qualify for the existing practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures Investments in equity investees represent investments in entities in which the Group can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC Subtopic 323-10, Investments-Equity Method and Joint Ventures: Overall |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. In accordance with ASC Topic 350, Goodwill and Other Intangible Assets In accordance with ASC 350, the Group assigned and assessed goodwill for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment. As of December 31, 2019, the Group has three reporting units consisting of network business, domestic hospital business and overseas hospital business. As of December 31, 2020, after the disposal of the CHS, the Group divided its business into two reporting units, including network business and hospital business. Goodwill resulted from the acquisitions of subsidiaries during the years ended December 31, 2019 and 2020 was assigned to domestic hospital business reporting unit. The Group early adopted ASU No. 2017-04, Simplifying the Test for Goodwill Impairment For the year ended December 31, 2019 and 2020, the Company elected to bypass the qualitative assessment and proceed directly to performing the quantitative goodwill impairment testing. The Company considered the future discounted cash flows expected to be generated by the hospital business to determine the fair value of the reporting unit. In determine the fair value of the reporting unit, the Company estimated significant assumptions including revenue growth rate, operating margin, capital expenditure, terminal growth rate and discount rate. The assumptions may be significantly affected by unexpected changes in future economic and market conditions, including the impact of COVID-19, as well as regulatory requirements. As of December 31, 2019 and 2020, the fair value of the reporting unit that the goodwill was assigned to exceeded its carrying amount, therefore, goodwill was not impaired and the Company was not required to perform further testing. |
Accounts receivable and credit losses for doubtful accounts | Accounts receivable and credit losses for doubtful accounts Accounts receivable are recognized and carried at the original invoiced amount less allowance for credit losses. An estimate for the allowance for credit losses is discussed above ("Adoption of ASU 2016-13"). The receivable balances are written off when they are deemed uncollectible. The Group generally does not require collateral from its customers. |
Inventories | Inventories Inventories, consisting of medicine, medical supplies and low-value consumables, are accounted for using the individual pricing method, and are valued at the lower of cost or market. |
Loan receivables | Loan receivables Loan receivables represented the loans to related parties and third parties, which were measured at amortized cost and reported in the consolidated balance sheets at outstanding principle. Loan receivables with collection period within one year are classified as prepayments and other current assets in the consolidated balance sheets. Cash paid for loan originations and cash received from loan repayments are classified as operating activities in the consolidated statements of cash flows. |
Leases | Leases Lessee Accounting The Group leases office space, and land use rights. The Group’s offices leases generally have lease terms between 1 to 20 years. The Group’s lease agreements include fixed and variable lease payments and do not contain material residual value guarantees. The Group’s leases do not contain restrictions or covenants that restrict the Group from incurring other financial obligation. The Group also makes upfront payments to acquire the leased land from the owners, with lease periods of 50 years (“land use right”). There is no ongoing payment under the terms of these land use rights. The Group determines if an arrangement is a lease at inception and classifies leases as operating or finance leases in accordance with the recognition criteria in ASC 842 20 a. The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. b. The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise. c. The lease term is for a major part of the remaining economic life of the underlying asset. d. The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already included in the lease payments equals or exceeds substantially all of the fair value of the underlying asset. e. The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. The Group classifies a lease as an operating lease when it does not meet any one of these criteria. For operating leases, the Group recognizes a right-of-use (“ROU”) asset and a lease liability based on the present value of the lease payments over the lease term on the consolidated balance sheets at commencement date. Lease expense is recorded on a straight-line basis over the lease term. As the Group’s leases do not provide an implicit rate, the Group estimates its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. In estimating its incremental borrowing rate, the Group considers its credit rating, nature of underlying asset, and publicly available data of borrowing rates for loans of similar amount, currency and term as the lease. When the Group enters into sale-leaseback transactions as lessee, it first assesses whether the effectively transferred the underlying asset using the guidance in ASC 606. If the Group transfers the control of the leased asset to the buyer-lessor, the Group accounts for the sale of the underlying asset in accordance with ASC606. The subsequent leaseback of the asset is accounted for in accordance with ASC842 in the same manner as any other lease. If the seller-lessee does not transfer the control of the leased asset to the buyer-lessor, it is a failed sales-leaseback transaction and subsequently accounted for as a financing arrangement. Lessor Accounting The Group provides sales-type, direct financing and operating leases of various medical equipment primarily to hospitals in the PRC for periods ranging from 5 to 20 years. The Group classifies a lease as a sales-type lease in accordance with the recognition criteria in ASC 842-20-25 if the lease meets any one of the criteria mentioned above when determining a finance lease. For sales-type leases, the Group derecognizes the underlying asset and recognizes the net investment in the lease which is the sum of the lease receivable when collectability is probable at lease commencement. All initial direct costs are expensed at commencement date. The Group subsequently recognize interest income over the lease term using the effective interest method. Many of the Group’s leases contain variable lease payments based on the revenue or profit generated from the hospitals’ use of the underlying assets, the specific amounts of which are agreed monthly with the hospitals and settled based on the Group’s payment terms. In such circumstances, the Group recognizes a selling loss at commencement for the difference between the net investment in the lease and the carrying amount of the underlying asset. The Group does not include variable lease payments in the net investment in the lease and such payments are recognized as income in profit or loss in the period when the facts and circumstances on which the variable lease payments are based occur. When none of the criteria in ASC 842-20-25-2 are met, the Group classifies a lease as either a direct financing lease or an operating lease. The Group classifies as a direct financing lease if (i) the present value of the sum of lease payments and any residual value guarantee equals or exceeds substantially all the fair value of the underlying asset; and (ii) it is probable at inception that it will collect the lease payments plus any amount necessary to satisfy a residual value guarantee. If both of the criteria above are not met, the lease is classified as an operating lease. A general description of the Group’s lease income for each type of lease arrangement was as follows: i. The Group provides diagnostic imaging and/or radiation oncology system (“medical equipment”) to hospitals in the PRC through lease arrangements ranging from 5 to 20 years. In certain circumstances, the Group also provides full-time qualified system technician responsible for certain management services related to the radiotherapy or diagnostic services being performed by the hospital centers’ doctors to their patients. The Group receives a portion of the hospital’s revenue or profits from delivering the diagnostic imaging and / or radiation oncology services to patients, based on the revenue-sharing or profit-sharing formula predetermined in the contracts. The Group evaluates such arrangements at inception to determine whether they contain a lease and the lease classification under ASC 842. Most of such arrangements are classified as sales-type leases since these agreements often include an option to the hospitals to purchase the underlying asset which the hospitals are reasonably certain to exercise. Variable lease payments are fully constrained at inception of the contract. Variable fees are included in the arrangement transaction price when significant reversal is not expected to occur, which is the time when the hospital calculates the profit sharing under the arrangement and agreed upon by both parties, typically at month end. The Group’s arrangements may contain lease and non-lease components. Non-lease components primarily include payments for maintenance, update and consultation services related to the medical equipment. The Group allocates the lease and non-lease components of the contract consideration on a relative standalone selling price basis. ii. The Group elected the package of practical expedients which allowed the Group not to separate lease and non-lease components for diagnostic imaging and /or radiation oncology systems assets and recognizes profit sharing revenue under ASC 842. If there is a non-lease component whose pattern and timing is not the same the Group allocates the consideration on a relative standalone selling price basis. iii. The Group purchases hospital equipment from third party equipment manufacturers which is installed at various hospitals throughout the PRC. The hospitals utilize the hospital equipment radiotherapy or diagnostic services being performed by the hospital centers’ doctors to their patients. These lease arrangements include either title transfer upon maturity of the lease term or bargain purchase option held by the hospital. The Group receives fixed monthly rental payments from the hospital, which on a discounted basis does not give rise to any dealer profit. 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. |
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: Estimated residual Category Estimated useful life value Buildings 20‑50 years — Medical equipment* 5‑20 years — Electronic and office equipment 3‑5 years — Motor vehicles 5 years — Leasehold improvement and building improvement shorter — * 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 to 20 years. Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extends the useful lives of property, plant and equipment is capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. Costs incurred in constructing new facilities, including progress payment, interest and other costs relating to the construction are capitalized and transferred to fixed assets upon completion. During the years ended December 31, 2018, 2019 and 2020 total interest costs incurred amounted to RMB101,717, RMB110,319 and RMB148,642, (US$22,780), respectively, in which interest costs capitalized amounted to RMB55,485, RMB81,619 and RMB67,283 (US$10,312), respectively. |
Intangible assets, net | Intangible assets, net Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets acquired in a business combination were recognized initially at fair value at the date of acquisition. The operating license relates to the medical business qualification and permission for medical equipment operation. The favorable leases relate to favorable lease terms as lessee based on market conditions that exist on the date of acquisition and are amortized over the remaining term of the leases. The customer relationship assets relate to the ability to sell existing and future services to existing customers and have been estimated using the income method. Operating leases relate to favorable operating lease terms based on market conditions that exist on the date of acquisition and are amortized over the remaining term of the leases. The estimated useful life for the intangible assets is as follows: Estimated useful life Operating license 20 Favorable leases 12-17 Customer relationship 5‑16 Operating leases 9‑16 Software 3‑5 |
Impairment of long-lived assets | Impairment of long-lived assets The Group evaluates its long-lived assets or asset group including acquired intangibles with finite lives for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of a group of long-lived assets may not be fully recoverable. When these events occur, the Group evaluates the impairment by comparing the carrying amount of the assets to future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the asset group over its fair value, generally based upon discounted cash flows or market prices, management utilizes significant assumptions including revenue growth rate operating margin, capital expenditure and discount rate. These assumptions might be affected by expectations about future market and economic conditions, including the impact of COVID-19, as well as regulatory requirements. Impairment loss on long-lived assets of RMB5,433, RMB76,089 and RMB8,500 (US$1,303) was recognized for the years ended December 31, 2018, 2019 and 2020, respectively. |
Treasury stock | Treasury stock The Company has share repurchase programs where the shares are acquired and subject to cancellation. When a corporation's stock is repurchased for constructive retirement with or without an intention to retire the stock formally in accordance with applicable laws, an excess of par or stated value over the cost of treasury shares shall be credited to additional paid-in capital. |
Fair value of financial instruments | Fair value of financial instruments Financial instruments include cash and cash equivalents, restricted cash, accounts receivable, certain other current assets, net investment in direct financing leases, certain long-term investments, certain other non-current assets, short-term and long-term bank and other borrowings, accounts payables, certain other current liabilities, dividend payable and certain other long-term liabilities. The carrying amounts of the Group’s cash and cash equivalents, accounts receivable, certain other current assets and accounts payable approximate fair value because of their short maturities. The avaiable for sale debt securities are recorded at fair value that measured using net asset value per share as a practical expedient shall not be categorized within the fair value hierarchy in accordance with ASC 820-10-35-54B. . The carrying amounts of the Group’s short-term and long-term bank and other borrowing and secured borrowings mostly bear interest at floating rates and therefore approximate the fair value of these obligations. For those bank borrowings 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. |
Revenue recognition | Revenue recognition On January 1, 2018, the Group adopted ASU No. 2014-09, Revenue from Contracts with Customers, Revenue Recognition Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements or elements of an arrangement within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Group only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Group reviews the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. The Group recognizes revenue based on the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied or as it is satisfied. The Group is a principal and records revenue on a gross basis when the Group is primarily responsible for fulfilling the service, has discretion in establish pricing and controls the promised service before transferring that service to customers. Otherwise, the Group records revenue at the net amounts as commissions. The Group recognizes revenues net of value added taxes (“VAT”). If revenue recognition is deferred to a later period, the related VAT are also deferred and will be recognized only upon recognition of the deferred revenue. ASC 606 revenue i. The Group provides stand-alone management and technical services to certain hospitals which already possess radiotherapy and diagnostic equipment. Management services typically include the provision of diagnosis and treatment techniques, expert support, advertising and promotion as well as comprehensive operational management services. Technical services mainly include maintenance and upgrade of the radiotherapy and diagnostic equipment. Combining our management services and technical services, our planned cloud system solutions provides a more comprehensive set of services, from pre-purchasing consultation to equipment installation and maintenance. The fees for management and technical services are calculated based on a predetermined percentage of monthly revenue generated by the hospital unit or in limited instances on a fixed monthly fee. Variable fees are fully constrained at contract inception due to the uncertainty of the hospital units’ monthly revenue. Variable fees are included in the transaction price when a significant reversal of revenue recognized is not expected to occur, typically upon receipt of the monthly revenue statement from hospitals. Fixed monthly fees are recognized ratably over the service term. ii. Medical equipment sales represented sales of different sets of medical facilities like CT machines, DR machines and respirators to procurement agent of the hospitals in PRC. Consumable sales represented the sales of surgical supplies to certain hospitals in PRC. For most of the medical equipment sales contracts, the Group is primarily responsible for fulfilling the promise to provide the specified medical equipment with the inventory risk before the equipment has been transferred, and the Group also has the discretion in establishing the price. As a result, the Group acts as a principal under these contracts and management recognizes revenue on a gross basis. While under some of the medical equipment and consumable sales contracts, the Group acts primarily as a reseller and does not have pricing authority or have title to the inventory prior to delivery to the hospital. The Group is an agent and generally records revenue related to consumables sales on a net basis when the consumables are delivered to the customer and the sales price is determinable. iii. Brand royalty fees represented the right to use the brand of Meizhong Jiahe by several newly set-up specialty cancer hospitals on a fixed annual fee. Fixed annum fees are recognized ratably over the service term. iv. Hospital revenue consists of medicine income and medical service income. Medical service income include revenue generated from outpatients, which mainly consist of activities for physical examinations, treatments, surgeries and tests, as well as that generated from inpatients, which mainly consist of activities for clinical examinations and treatments, surgeries, and other fees such as room charges and nursing care. The Group is a principal as it is primarily responsible for providing medical services to the income, controls the promised services before transferring to patients, and has pricing discretion. The Group generally records revenue generated from medical service on a gross basis. In limited instances, the patient services are provided by visiting consultants, who are doctors/medical experts without labor contracts with the Group and not considered as the Group’s employees. As the visiting consultants have the discretion to take their patients to other hospital for the required treatment and set their own consultation fee charged to patients, the Group is an agent in such arrangement. The Group collects fees on behalf of the visiting consultants and records revenue at the net amounts as commissions. v. Medicine income includes medicine prescribed to patients during or after treatment by the doctors in the Group’s hospital business. The Group is a principal as it is primarily responsible for providing medicine to the patients and has pricing discretion. The Group generally records medicine income on a gross basis. |
Cost of revenue | Cost of revenue Network costs 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 of lease and management service arrangements 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 sales-type lease Cost of sales-type lease as a lessor is recorded as the carrying value of the underlying asset at lease commencement. (3) 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. (4) Cost of medical equipment and consumables sales Cost of equipment and consumables sales, recorded either gross or net against the related revenue, includes the cost of the medical equipment and consumables purchased, and other direct costs involved in the consumables sales. Hospital costs Hospital costs mainly include medicine costs, medical consumables, labor costs of doctors, nurses and other staff involved in the care or treatment of patients, depreciation, hospital buildings rental fee, utilities as well as other related costs incurred in the normal business of a hospital. |
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 ( ), 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 is 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 Share-based awards and restricted shares granted to employees are accounted for under ASC 718, Compensation-Stock Compensation In accordance with ASC 718 , The Group adopted ASU 2018-07 on January 1, 2019 using the modified retrospective method and measures equity awards using their fair value on grant date. The impact of adopting the new standard was insignificant. |
Loss per share | Loss per share The Company computes earnings per Class A and Class B ordinary shares in accordance with ASC Topic 260, Earnings Per Share Loss per share is computed in accordance with ASC 260, Earnings Per Share The liquidation and dividend rights of the holders of the Company’s Class A and Class B ordinary shares are identical, except with respect to voting rights. As a result, and in accordance with ASC 260, the undistributed earnings for each year are allocated based on the contractual participation rights of the Class A and Class B ordinary shares as if the earnings for the year had been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. For the purposes of calculating the Company’s basic and diluted earnings per Class A and Class B ordinary shares, the ordinary shares relating to the options that were exercised are assumed to have been outstanding from the date of exercise of such options. |
Comprehensive loss | Comprehensive loss Comprehensive loss is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income |
Segment reporting | Segment reporting In accordance with ASC 280, Segment Reporting |
Impact of COVID-19 | Impact of COVID-19 During the year ended December 31, 2020, the Company’s operations has been affected by the COVID-19 pandemic. The Company’s revenues in network operation segment declined compared to the prior period mainly due to quarantine in hospitals and decreasing willing in cancer treatment demand in private hospitals. The Company has also provided additional credit losses for accounts receivable and recognized impairment charges on its long-lived assets in the year ended December 31, 2020, due to the impact of COVID-19 and other factors. There are still uncertainties of COVID-19’s future impact, and the extent of the impact will depend on a number of factors, including the duration and severity of COVID-19, possibility of a second wave in China, the development and progress of distribution of COVID-19 vaccine and other medical treatment, the potential change and demand in cancer treatment in private hospitals, the actions taken by government authorities, particularly to contain the outbreak, stimulate the economy to improve business condition especially for small and medium entities, almost all of which are beyond the Company’s control. As a result, certain of the Company’s estimates and assumptions, including the allowance for credit losses, the valuation of certain equity investments, long-term investments and long-lived assets subject to impairment assessments, require significant judgments and carry a higher degree of variabilities and volatilities that could result in material changes to the Company’s current estimates in future periods. |
Recently adopted accounting pronouncements | Recently adopted accounting pronouncements Adoption of ASU 2016-13 In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost and is codified in ASC Topic 326, Credit Losses (“ASC 326”). ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The Company adopted ASU 2016-13 on January 1, 2020, using a modified retrospective transition method and did not restate the comparable periods, which resulted in a cumulative-effect adjustment to decrease the opening balance of retained earnings on January 1, 2020 by RMB1,223, representing the allowance for credit losses for account receivable, other current assets and net investment in direct financing lease and corresponding deferred tax impact. The Group maintains an allowance for credit losses for accounts receivable and other receivables included in prepayments and other current assets, which is recorded as an offset to accounts receivable and other receivables included in prepayments and other current assets, and the estimated credit losses charged to the allowance is classified as "General and administrative expenses" in the consolidated statements of comprehensive loss. When similar risk characteristics exist, the Group assesses collectability and measure expected credit losses on a collective basis for a pool of assets, whereas if similar risk characteristics do not exist, the Group assesses collectability and measures expected credit losses on an individual asset basis. The provision for expected credit losses is estimated based on the types of receivables and relevant customers, management’s experience with collection trends and the current and expected economic and business conditions. The Group evaluates the provision for expected credit losses on a regular basis and adjusts the provision based on changes in the customers’ circumstances and other available information. In determining the amount of the allowance for credit losses, the Group considers historic collection experience, the age of the accounts receivable and other receivables included in prepayments and other current assets, credit quality of the Group's customers or creditors, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the customer's ability to pay. The significant assumptions used including the disaggregation criteria and the estimated loss rates related to account receivables, and the credit rating of debtors probability of default and loss rates given default related to other receivables. Adoption of ASU 2018-13 In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework- Changes to the Disclosure Requirements for Fair Value Measurement. The update eliminates, modifies, and adds certain disclosure requirements for fair value measurements. The added disclosure requirements and the modified disclosure on the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. All other changes to disclosure requirements in this update should be applied retrospectively to all periods presented upon their effective date. The Company adopted this standard on January 1, 2020. There was no material impact to the Company's financial position or results of operations upon adoption. Recent accounting pronouncement pending adoption In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. ASU 2019-12 eliminates certain exceptions related to the approach for intra period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This guidance is effective for PBEs for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect any material impact on the consolidated statements as a result of adopting the new standard. In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force) ("ASU 2020-01"), which clarifies the interactions of the accounting for certain equity securities under ASC 321, investments accounted for under the equity method of accounting in ASC 323, and the accounting for certain forward contracts and purchased options accounted for under ASC 815. ASU 2020-01 could change how an entity accounts for (i) an equity security under the measurement alternative and (ii) a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with ASC 825. These amendments improve current U.S. GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. Early adoption is permitted. The Company does not expect any material impact on the consolidated statements as a result of adopting the new standard. In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06"), which focuses on amending the legacy guidance on convertible instruments and the derivatives scope exception for contracts in an entity's own equity. ASU 2020-06 simplifies an issuer's accounting for convertible instruments by reducing the number of accounting models that require separate accounting for embedded conversion features. ASU 2020-06 also simplifies the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification. Further, ASU 2020-06 enhances information transparency by making targeted improvements to the disclosures for convertible instruments and earnings-per-share (EPS) guidance, i.e., aligning the diluted EPS calculation for convertible instruments by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in the diluted EPS calculation when an instrument may be settled in cash or shares, adding information about events or conditions that occur during the reporting period that cause conversion contingencies to be met or conversion terms to be significantly changed. This update will be effective for the Company's fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Entities can elect to adopt the new guidance through either a modified retrospective method of transition or a fully retrospective method of transition. The Company is currently in the process of evaluating the impact of adopting ASU 2020-06 on its consolidated financial statements and related disclosure. |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
ORGANIZATION AND BASIS OF PRESENTATION | |
Schedule of Subsidiaries | Percentage of Date of Place of ownership by Entities establishment/acquisition establishment the Company Principal activities Subsidiaries Ascendium Group Limited (“Ascendium”) September 10, 2007 British Virgin Islands (“BVI”) 100 % Investment holding China Medical Services Holdings Limited (“CMS Holdings”) July 18, 2008 Hong Kong 100 % Investment holding King Cheers Holdings Limited (“King Cheers”) May 18, 2001 Hong Kong 100 % Investment holding Shenzhen Aohua Medical Technology Development Co., Ltd. (“Aohua Technology ”)** February 21, 2008 PRC 49.44 % Leasing of medical equipment and provision of management services Shanghai Medstar Financial Leasing Company Limited ("Shanghai Medstar") March 21, 2003 PRC 100 % Leasing of medical equipment and provision of management services Meizhong Jiahe Medical Science & Technology Development Group Co., Ltd. (“Meizhong Jiahe”) * July 23, 2008 PRC 49.44 % Provision of management services Beijing Yundu Internet Technology Co., Ltd. (“Yundu”)** July 26, 2007 PRC 49.44 % Provision of management services Tianjin Concord Medical Technology Limited (“Tianjin Concord Medical”) April 22, 2010 PRC 100 % Leasing of medical equipment and provision of management services Guangzhou Concord Cancer Center Co., Ltd ("Guangzhou Concord Cancer Hospital")** June 29, 2011 PRC 39.55 % Medical treatment and service business CCM (Hong Kong) Medical Investments Limited (“CCM (HK)”) June 03, 2013 Hong Kong 100 % Investment holding Shanghai Concord Cancer Center Co., Ltd (“SHC”)** March 17, 2014 PRC 49.75 % Medical treatment and service business Datong Meizhong Jiahe Cancer Center (“DTMZ”)** October 23, 2014 PRC 49.44 % Medical treatment and service business Wuxi Concord Medical Development Ltd. ("Wuxi Concord”) December 29, 2015 PRC 100 % Provision of management services Percentage of Date of Place of ownership by Entities establishment/acquisition establishment the Company Principal activities Beijing Concord Medical Technology Ltd.(“BJCMT”) January 4, 2016 PRC 100 % Provision of management services Guofu Huimei (Tianjin) Investment Management Partnership Firm (LP) (“Guofu Huimei”) (note 4) October 8, 2018 PRC 100 % Investment holding Beijing Century Friendship Science & Technology Development Co., Ltd (“Beijing Century Friendship”) (note 4)** October 8, 2018 PRC 49.44 % Provision of management services and investment holding Beijing Proton Medical Center Co., Ltd (“BPMC”) (note 4) October 8, 2018 PRC 52.19 % Medical treatment and service business Shanghai Meizhong Jiahe Cancer Center Co., Ltd. (“CMCC”) (note 4)** October 8, 2018 PRC 46.30 % Medical treatment and service business Tianjin Jiatai Entity Management Limited Partnership ("Tianjin Jiatai") (note 4) November 18,2019 PRC 100 % Investment holding Shanghai Rongchi Medical Management Limited ("SH Rongchi") (note 4) November 18,2019 PRC 100 % Investment holding and provision of management services Oriental Light Group Limited ("Oriental") (note 4) November 18,2019 BVI 100 % Investment holding Shanghai Meizhong Jiahe Imaging Diagnostic Center Co., Ltd. ("SH MZJH") (note 4) November 18,2019 PRC 89.10 % Medical treatment and service business Wuxi Meizhong Jiahe Cancer Center Co., Ltd. ("Wuxi MZJH") (note 4) November 18,2019 PRC 98.64 % Medical treatment and service business Heze Meizhong Jiahe Cancer Center Co., Ltd. ("Heze MZJH") (note 4) November 18,2019 PRC 100 % Medical treatment and service business US Proton Therapy Holdings Limited (“Proton BVI”) May 16, 2011 BVI 100 % Investment holding US Proton Therapy Holdings Limited (“US Proton”) June 29, 2011 United States of America 100 % Investment holding Concord Medical Services (International) Pte. Ltd. (“China Medstar”) (formerly known as China Medstar Pte. Limited) August 8, 2003 Singapore 100 % Investment holding Guangzhou New Spring Hospital Management Ltd. ("New Spring Management") April 21, 2020 China 70 % Investment holding Guangzhou New Spring Medical Cancer Ltd ("New Spring Clinic") April 21, 2020 China 70 % Medical treatment and service business * On March 26, 2018, July 10, 2018 and on April 7, 2020, the Group entered into agreements with CICC Capital Management Company Limited (“CICC Capital”), a wholly-owned subsidiary of China International Capital Corporation Limited (“CICC”), together with six other investors (“Other Investors”) and CITIC Industrial Investment Group Limited (“CITIC Industrial”). Pursuant to the agreements, CICC Capital, Other Investors and CITIC Industrial make a strategic investment and subscribe new issued 60,000,000, 40,000,000 and 38,888,888 shares of the Group’s subsidiary MHM, with total consideration of RMB1,500,000 and RMB700,000. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
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: Estimated residual Category Estimated useful life value Buildings 20‑50 years — Medical equipment* 5‑20 years — Electronic and office equipment 3‑5 years — Motor vehicles 5 years — Leasehold improvement and building improvement shorter — * 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 to 20 years. |
Schedule of estimated useful life for the intangible assets | Estimated useful life Operating license 20 Favorable leases 12-17 Customer relationship 5‑16 Operating leases 9‑16 Software 3‑5 |
ACQUISITIONS AND DISPOSALS (Tab
ACQUISITIONS AND DISPOSALS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Breakdown of Assets and Liabilities | RMB US$ Current assets 4,909 752 Other non-current assets 257,368 39,443 Current liabilities (26,024) (3,988) Non-current liabilities (539) (83) Net assets disposed 235,714 36,124 |
Schedule of gain on disposal | RMB US$ Cash proceeds 247,803 37,977 Settlement of amount due from CHS (602) (92) Commission fee (44,039) (6,749) Fair value of retained noncontrolling investment 22,925 3,513 Disposition of net assets (235,714) (36,124) Foreign currency translation (5,267) (808) Loss on disposal of CHS (14,894) (2,283) |
Schedule of Reconciliation of total purchase consideration | RMB - Cash consideration 421,730 - Fair value of previously hold equity interests 407,998 - Settlement of amounts due to Tianjin Jiatai Group (including the mandatorily redeemable noncontrolling interest in SP and purchase consideration of Wuxi MZJH) (675,854) - Settlement of advance from suppliers (94,530) - Settlement of other receivables 84,715 Total 144,059 |
Schedule of actual results from acquisition date | For the Years Ended December 31, 2019 RMB US$ Net revenues 366 53 Net loss (7,902) (1,135) |
Guofu Huimei, Beijing Century Friendship, BPMC And CMCC [Member] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | RMB Current assets 47,827 Property, plant and equipment, net 17,297 Intangible assets* 454,013 Long term investments 300,504 Other non-current assets 108,322 Deferred tax assets 185 Goodwill 165,171 Current liabilities (61,454) Non-current liability (165,436) Deferred tax liabilities (113,340) Noncontrolling interests (99,480) Total 653,609 RMB Total purchase price is comprised of: - Cash consideration 570,600 - Fair value of previously hold equity interests 520,625 - Effective extinguishment of loans from the acquisition (437,616) Total 653,609 * Acquired amortizable intangible assets primarily include two operating licenses of hospitals of RMB164,440 and RMB272,910 respectively and a favorable lease contract of RMB16,010. The operating licenses have estimated amortization periods of 20 years and the favorable lease contract has estimated amortization periods of 12 years. The following unaudited supplemental pro forma consolidated financial information for the years ended December 31, 2017 and 2018 are presented as if the acquisition had occurred at the beginning of the periods presented. These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what the combined company’s operating results would have been had the acquisition taken place on January 1, 2017, nor do they project the future results of operations of the combined company. The actual results of operations of the combined company may differ significantly from the pro forma adjustments reflected here due to many factors. Unaudited Supplemental Pro Forma For the year ended December 31, 2017 2018 RMB RMB Net revenues 4,569 12,056 Net loss (70,018) (63,159) The results of operations of Guofu Huimei, Beijing Century Friendship, BPMC and CMCC since the acquisition date included in the consolidated statement of comprehensive loss of the Company for the year ended December 31, 2018 is as follows: For the Years Ended December 31, 2018 RMB Net revenues 4,827 Net loss (5,639) |
Tianjin Jiatai Group [Member] | |
Schedule of pro forma results | RMB Current assets 9,451 Property, plant and equipment, net 53,649 Intangible assets 89,000 Goodwill 45,272 Current liabilities (31,063) Deferred tax liabilities (22,250) Total 144,059 The acquired intangible assets primarily include operating license for hospitals of RMB84,000 and a favorable lease contract of RMB5,000. The estimated amortization period of the operating licenses and favorable lease contract was 20 years and 17 years, respectively. The Group recognized RMB 45,272 (US$6,503) in goodwill arising from this acquisition, attributed to the synergies it expects from the combined operations of proton hospitals, the assembled workforce and their knowledge and experience in the PRC. The goodwill recognized is not deductible for income tax purposes. The following unaudited supplemental pro forma consolidated financial information for the years ended December 31, 2018 and 2019 are presented as if the acquisition had occurred at the beginning of the periods presented. These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what the combined company’s operating results would have been had the acquisition taken place on January 1, 2018, nor do they project the future results of operations of the combined company. The actual results of operations of the combined company may differ significantly from the pro forma adjustments reflected here due to many factors. Unaudited Supplemental Pro Forma For the year ended December 31, 2018 2019 2019 RMB RMB US$ Net revenues 186,086 193,251 27,759 Net loss (376,130) (589,774) (84,716) |
Guangzhou New Spring Hospital Management Co., Ltd. | New Spring Group | Beijing MeizhongJiahe Hospital Management Co., Ltd. ("MHM") [Member] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | RMB Current assets 424 Property, plant and equipment, net 3,281 Intangible assets 5,053 Goodwill 3,213 Long-term deferred and other non-current 1,202 Current liabilities (445) Deferred tax liabilities (1,250) Total 11,478 |
Schedule of Reconciliation of total purchase consideration | RMB Cash consideration in agreement 8,400 Non-controlling interest 3,078 Total 11,478 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
ACCOUNTS RECEIVABLE | |
Schedule of Accounts Receivable | As at December 31, 2019 2020 2020 RMB RMB US$ Accounts receivable 80,878 83,848 12,850 Allowance for credit losses (7,147) (6,473) (992) Accounts receivable, net 73,731 77,375 11,858 The rollforward in the allowance for credit losses were as follows: For the Years Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Balance at the beginning of the year 12,969 3,585 7,147 1,095 Cumulative effect of adopting ASU 2016-13 — — 597 92 Disposal of subsidiary — — (60) (9) Provisions for the year 1,303 4,510 1,879 288 Reversal of provisions from prior periods due to subsequent cash collection during the year (709) (221) (1,415) (217) Amounts written off during the year (9,989) (734) (1,675) (257) Foreign exchange gain or loss 11 7 — — Balance at the end of the year 3,585 7,147 6,473 992 |
PREPAYMENTS AND OTHER CURRENT_2
PREPAYMENTS AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
PREPAYMENTS AND OTHER CURRENT ASSETS | |
Schedule of Prepayments and Other Current Assets | Prepayments and other current assets consist of the following: As at December 31, Notes 2019 2020 2020 RMB RMB US$ Due from suppliers i) 5,957 61,313 9,397 Loan receivables ii) 70,077 67,367 10,324 Advances to employees 4,271 3,654 560 Receivables from disposal of medical equipment 120 7,330 1,123 Interest receivable 2,891 157 24 Dividend receivable 766 766 117 Deductible value-added tax — 37,015 5,673 Tax refund iii) 14,466 222 34 Capital contribution of contingently redeemable noncontrolling interest iv) — 31,415 4,815 Due from hospital 406 831 127 Others v) 4,927 15,501 2,376 103,881 225,571 34,570 Allowance for credit losses (9,013) (12,528) (1,920) 94,868 213,043 32,650 The Group records allowance for doubtful debts in “general and administrative expenses” in the consolidated statements of comprehensive loss. i) Amounts due from suppliers represented prepayments made for orders and returnable deposits of cancelled orders. The risk of loss arising from non-performance by or bankruptcy of suppliers is assessed prior to the order of the equipment. The Group has provided reserve for bad debt amounting to nil and nil on the amounts due from suppliers as at December 31, 2019 and 2020, respectively. ii) Loan receivables represented the loans to other parties, including loans to related parties such as the Xi’an JiangyuanAndike Ltd. (“JYADK”) and Beijing Allcure Medical Information Technology Co., Ltd. (“Allcure Information”) of total amount of RMB 12,173 and RMB 10,688 (US $1,638 ) as at December 31, 2019 and 2020, and third parties of RMB57,904 and RMB 56,680 (US $8,687 ) as at December 31, 2019 and 2020, respectively. The Group recorded allowance for doubtful debts amounting to RMB 9,000 and RMB 9,000 (US$ 1,379 ) as at December 31, 2019 and 2020, respectively. Besides the credit losses provided to the balances to related parties, the Group recorded allowance for credit losses amounting to nil and RMB 3,005 (US $461 ) as of December 31, 2019 and 2020, respectively to balances to third parties. iii) Tax refund represented the overpayment of tax that would be refund by Internal Revenue Service. iv) Capital contribution of contingently redeemable noncontrolling interest is receivable from noncontrolling inverstors for the capital contribution with contingently redeemable rights and it is fully received subsequently in the year 2021. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
INVENTORIES | |
Schedule of Inventory | As at December 31, 2019 2020 2020 RMB RMB US$ Medicine 2,625 5,276 809 Medical material 1,728 16,031 2,456 Low-value consumables 1,388 952 146 5,741 22,259 3,411 Less: inventory provision (1,400) (649) (99) 4,341 21,610 3,312 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
PROPERTY, PLANT AND EQUIPMENT, NET | |
Schedule of Property, Plant and Equipment, Net | As at December 31, 2019 2020 2020 RMB RMB US$ Buildings 277,569 16,801 2,575 Medical equipment 458,843 368,609 56,492 Electronic and office equipment 20,983 16,409 2,515 Motor vehicles 2,993 3,713 569 Leasehold improvement and building improvements 80,922 76,114 11,665 Construction in progress 1,390,495 2,320,686 355,661 Total 2,231,805 2,802,332 429,477 Less: accumulated depreciation (314,151) (224,348) (34,383) Impairment charges (18,793) (18,793) (2,881) 1,898,861 2,559,191 392,213 |
LEASE (Tables)
LEASE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
LEASE | |
Schedule of component lease receivables | As at December 31, 2019 2020 2020 RMB RMB US$ Current Account receivable - Operating lease 38,201 38,266 5,865 Account receivable - Sales-type lease 675 1,195 183 Net investment in direct financing leases 35,240 25,045 3,838 Non-current Net investment in direct financing leases 27,084 13,720 2,103 Total 101,200 78,226 11,989 |
Schedule of component sales-type and direct financing leases | For the Year Ended December 31, 2020 Direct financing Sales-type leases leases Operating leases RMB US$ RMB US$ RMB US$ Selling loss recognized at the commencement date — — — — — — Interest income on net investment in the lease 4,130 633 2,929 449 — — Including: Income relating to variable lease payments not included in the measurement of the net investment in a lease 4,130 633 — — — — Lease income relating to lease payments 45,847 7,026 Including: Income relating to variable lease payments not included in the measurement of lease receivable — — — — 38,999 5,977 For the Year Ended December 31, 2019 Sales-type leases Direct financing leases Operating leases RMB US$ RMB US$ RMB US$ Selling loss recognized at the commencement date (21,229) (3,049) — — — — Interest income on net investment in the lease 1,130 162 3,944 567 — — Including: Income relating to variable lease payments not included in the measurement of the net investment in a lease 1,130 162 — — — — Lease income relating to lease payments 53,485 7,683 Including: Income relating to variable lease payments not included in the measurement of lease receivable — — — — 45,887 6,591 |
Schedule of Net Investment in Direct Financing Leases | As at December 31, 2019 2020 2020 RMB RMB US$ Minimum lease payments to be received 68,520 41,304 6,330 Unearned income (6,196) (2,539) (389) Net investment in direct financing leases 62,324 38,765 5,941 Current 35,240 25,045 3,838 Non-current 27,084 13,720 2,103 Total 62,324 38,765 5,941 |
Schedule of future minimum lease payments to be received from such non-cancelable direct financing leases | Future minimum direct financing lease payments RMB US$ 2021 19,570 2,999 2022 10,184 1,561 2023 9,427 1,445 2024 2,123 325 2025 — — Above 5 years — — |
Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases | Future minimum operating lease payments RMB US$ 2021 8,972 1,375 2022 8,972 1,375 2023 7,886 1,209 2024 7,196 1,103 2025 5,496 842 Above 5 years 13,708 2,101 |
Schedule of components of lease cost | For the year ended December 31, 2020 RMB US$ Operating lease cost 29,279 4,487 Short term lease cost 930 143 Total 30,209 4,630 |
Schedule of cash flow and other information operating leases | For the year ended December 31, 2020 RMB US$ Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 22,224 3,406 ROU assets obtained in exchange for operating lease liabilities* 117,439 17,998 Weighted-average remaining lease terms (in years) 7 7 Weighted-average discount rate 5.66 % 5.66 % * Includes transition liabilities upon adoption of ASC 842, as well as new leases entered into during the year ended December 31, 2020. Changes in the ROU asset and liability are presented net within operating activities. |
Summary of future minimum lease payments | Minimum Lease Payments RMB US$ Year ending December 31, 2021 25,620 3,926 2022 27,657 4,239 2023 25,518 3,911 2024 22,708 3,480 2025 23,115 3,543 Thereafter 235,590 36,106 Total future lease payments 360,208 55,205 Less: Imputed interest 123,069 18,861 Total lease liability balance 237,139 36,344 |
Schedule of prepaid land lease payments | As at December 31, 2019 2020 2020 RMB RMB US$ Right-of-use Right-of-use Right-of-use Asset asset asset Land use rights 456,823 463,992 71,110 Less: accumulated amortization (27,962) (37,475) (5,743) Net carrying value 428,861 426,517 65,367 |
Schedule of estimated annual amortization expenses | Amortization RMB US$ 2021 9,621 1,475 2022 9,621 1,475 2023 9,621 1,475 2024 9,621 1,475 2025 9,621 1,475 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
GOODWILL | |
Schedule of Goodwill | For the years ended December 31, 2018 2019 2020 RMB RMB RMB US$ Balance as of January 1 — 165,171 210,443 32,252 Addition 165,171 45,272 3,213 492 Impairment — — — — Balance as of December 31 165,171 210,443 213,656 32,744 |
INTANGIBLE ASSETS, NET (Tables)
INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
INTANGIBLE ASSETS, NET | |
Schedule of Acquired Intangible Assets | Intangible assets consist of the following: Customer Operating Operating Favorable relationship lease license lease intangibles intangibles intangibles intangibles Others Total RMB RMB RMB RMB RMB RMB Intangible assets, net at January 1, 2019 3,027 254 435,294 15,692 2,577 456,844 Acquisition of subsidiaries (note4) — — 84,000 5,000 — 89,000 Addition of software — — — — 1,579 1,579 Disposal of centers (80) (7) — — — (87) Amortization expenses (125) (217) (8,717) (1,307) (1,629) (11,995) Intangible Asset impairment (2,822) (30) — — — (2,852) Intangible assets, net at December 31, 2019 — — 510,577 19,385 2,527 532,489 Acquisition of subsidiaries (note4) — — 5,000 — 53 5,053 Addition of software — — — — 1,028 1,028 Foreign Exchange Gain — — — — 7 7 Amortization expenses — — (12,609) (1,564) (1,583) (15,756) Intangible Asset impairment — — — — — — Intangible assets, net at December 31, 2020 — — 502,968 17,821 2,032 522,821 Intangible assets, net at December 31, 2020, in US$ — — 77,084 2,731 311 80,126 At December 31, 2020 Intangible assets, cost 32,449 2,759 526,350 21,010 10,886 593,454 Less: accumulated amortization (31,486) (2,680) (23,382) (3,189) (8,854) (69,591) Less: intangible asset impairment (963) (79) — — — (1,042) Intangible assets, net at December 31, 2020 — — 502,968 17,821 2,032 522,821 i) Amortization expenses for intangibles were RMB 4,161 , RMB 11,995 and RMB 15,756 (US $2,415 ) for the years ended December 31, 2018, 2019 and 2020, respectively. Impairment loss on intangible assets was nil , RMB 2,852 and nil for network operating segment in several low performance centers and early termination centers as well as idle assets for the years ended December 31, 2018, 2019 and 2020, respectively. The estimated annual amortization expenses for the above intangible assets for each of the five succeeding years are as follows: |
Schedule of Estimated Annual Amortization Expenses | Amortization RMB US$ 2021 15,319 2,348 2022 14,691 2,251 2023 14,440 2,213 2024 14,390 2,205 2025 14,375 2,203 |
DEPOSITS FOR NON-CURRENT ASSE_2
DEPOSITS FOR NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
DEPOSITS FOR NON-CURRENT ASSETS | |
Schedule of Deposits for Non-Current Assets | As at December 31, 2019 2020 2020 RMB RMB US$ Deposits for purchases of property, plant and equipment* 717,392 256,337 39,286 Reserve for unrecoverable deposits (93,260) (8,500) (1,303) 624,132 247,837 37,983 * The amount represented interest-free non-refundable partial payments to suppliers of medical equipment and to construction engineering group for construction of hospitals. The remaining contractual obligations associated with these purchase contracts that the suppliers need to undertake are approximately RMB622,584 and RMB480,290 (US$73,608) as at December 31, 2019 and 2020 respectively, which are included in the amount disclosed as purchase commitments in note 26. The Group recognized impairment loss on deposits for non-current assets of nil, 62,400 and RMB8,500 (US$1,303) for the years ended December 31, 2018, 2019 and 2020, respectively. The amount of written off for the gross amount of deposits and the allowance is nil and RMB93,260 (US$14,293) for the years ended December 31, 2019 and 2020, respectively, since those deposits are deemed uncollectible. |
LONG-TERM INVESTMENTS (Tables)
LONG-TERM INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
LONG-TERM INVESTMENTS | |
Schedule Of Long Term Investments | Long-term investments held by the Group consisted of the following: As at December 31, 2019 2020 2020 RMB RMB US$ Equity investments without readily determinable fair value 22,160 45,085 6,909 Equity method investments 42,788 187,935 28,802 Available-for-sale debt securities — 80,000 12,261 Less: Impairment loss — — — Total 64,948 313,020 47,972 |
Schedule Of Equity Investments Without Readily Determinable Fair Values | Equity investments without readily determinable fair value: Equity interest owned by the Group As at December 31, Note 2019 2020 RMB RMB Allcure Information i) 22,160 9.6 % 22,160 9.6 % Concord Healthcare Singapore Pte. Ltd ii) 100 % 22,925 10 % i) 20% equity interest of Allcure Information was obtained through the disposal of Allcure Medical Technology Co., Ltd. (“JWYK”) in 2015. During year ended December 31, 2018 Allcure Information issued new shares to other investors and diluted the share ownership of the Group to 9.6% . The price of newly issued shares is not considered an observable price change because they are not a similar investment of JWYK held by the Group due to the different rights and obligations associated with the investments. As at year ended December 31, 2020, the share ownership of the Group remained 9.6% . As of December 31, 2019 and 2020, no impairment was recorded for the investment. ii) As stated in note 4, the balance represented 10% remaining noncontrolling interests in CHS. The investment was accounted for using measurement alternative. As of December 31, 2020, no impairment indicator or observable price change in orderly transaction was noticed. |
Schedule of Equity Method Investments | Equity method investments: Equity interest owned by the Group as at December 31, Notes 2019 2020 RMB RMB Xi’an JiangyuanAndike Ltd. (“JYADK”) 8,035 29.70 % 11,161 29.70 % PTC i) 24,718 59.51 % — — Suzhou Shengshan Huiying Venture Capital Investment LLP. (“Suzhou Shengshan”) ii) 10,035 5.15 % 9,904 5.15 % Zhejiang Marine Leasing Ltd iii) — — 166,870 20 % i) On December 28, 2012, the Group acquired 44.55% limited partner interests of PTC, a limited partnership in Texas, U.S.A., and 45% legal interest of PTC GP Management LLC, a limited liability company registered in Texas, U.S.A and the sole general partner of PTC with 1% interest of PTC, with a consideration of RMB 201,176 in cash. On July 31, 2015, the Group acquired additional 14.34% limited partner interests of PTC and additional 17.07% legal interest of PTC GP Management LLC, with a consideration of RMB 30,063 in cash. After the additional investments, the Group owned 59.51% interests of PTC which ultimately holds 45.41% legal ownership interests of the University of Texas MD Anderson Cancer Center Proton Therapy Center (“MDA Proton”), a proton treatment center in Texas, U.S.A. In accordance with PTC GP Management LLC’s regulation, the Group is only entitled to designate two out of the five managers and simply majority (more than 50%) amongst the managers is required to pass any resolution. Furthermore, the regulation can only be amended at the request by managers or super majority (more than 2/3) of member interest. Thus, the Group is not able to control PTC GP Management LLC. According to the partnership agreements, the Group has significant influence over PTC which can demonstrate control over MDA Proton by acting as the sole general partner. On November 29, 2018, MDA Proton reached an agreement with University of Texas MD Anderson Cancer Center ("UTMDACC") to sell all its assets and liabilities to UTMDACC as well as terminating management service agreement between MDA Proton and PTC. The Group received the first, second and third installment of consideration RMB212,855, RMB6,779 and RMB30,751 (US$4,713) from PTC on dissolution between MDA Proton and PTC in 2018, 2019 and 2020. The carrying amount of the equity investment is nil as of December 31, 2020 and the disposal gain of RMB7,837 (US$1,162) in 2020. ii) In 2017 the Group entered into a partnership agreement to subscribe for 8.13% interest in Suzhou Shengshan, a partnership engaged in equity and capital investment, with a subscription amount of RMB 10,000 . In 2018, with the subscribed capital injection from new investors, the equity interest that the Group shared in Suzhou Shengshan was diluted to 5.41% as of December 31, 2018. In 2019, with the subscribed capital injection from new investors, the actual equity interest shared in Suzhou Shengshan was further diluted to 5.15% as of December 31, 2019. As of December 31, 2020 the percentage the Group held remained unchanged. According to the partnership agreement, the Group acts as a limited partner and has significant influence over Suzhou Shengshan's daily operation due to it’s agreed that all issue of operation and management shall be subject to the unanimous consent of all partners. iii) On February 28, 2019, China Medical Service Holdings Ltd. (HK), a subsidiary of the Group, entered into a shares purchase agreement with Merge Limited to purchase 20% equity interests of Zhejiang Marine. As the Group held 20% equity share and had the ability to exercise significant influence over the Zhejiang Marine, the Group applied the equity method of accounting to the investment. The registration change was completed on June 10, 2020 and Zhejiang Marine became an associate company of the Group since then. The total book value of the Group’s long-term investments pledged to secure other borrowings as of December 31, 2019 and 2020 was nil and RMB 166,870 (US $25,574 )(note 18), respectively. |
Schedule of available-for-sale debt securities | Available-for-sale debt securities: As at December 31, 2020 Redemption Redemption Notice Fair value Frequency Period RMB Private equity funds 80,000 Annually 5 80,000 |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
OTHER NON-CURRENT ASSETS | |
Schedule of Other Non-Current Assets | As at December 31, 2019 2020 2020 RMB RMB US$ Deposit-long-term* 6,733 6,036 925 Long-term deferred assets 1,755 — — Advance to hospitals-noncurrent** 1,433 1,102 169 9,921 7,138 1,094 * Impairment losses of RMB400 and nil were provided for the balances as at December 31, 2019 and 2020. ** Impairment losses of RMB330 and RMB52 (US$8) were provided for the balances as at December 31, 2019 and 2020. |
ACCRUED EXPENSES AND OTHER LI_2
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
ACCRUED EXPENSES AND OTHER LIABILITIES | |
Schedule of Accrued Expenses and Other Liabilities | The components of accrued expenses and other liabilities are as follows: As at December 31, 2019 2020 2020 RMB RMB US$ Accrued expenses 81,407 99,920 15,313 Salaries and welfare payable 21,959 24,701 3,786 Business and other taxes payable 3,822 8,396 1,287 Payable to acquire the non-controlling interests of CCM(HK) 44,963 25,166 3,857 MD Anderson consulting fee payable 41,478 20,391 3,125 Acquisition payable for investment in CMCC 12,657 11,863 1,818 Contractual liabilities 3,190 87,740 13,447 Other payables 67,625 51,913 7,956 277,101 330,090 50,589 |
BANK AND OTHER BORROWINGS (Tabl
BANK AND OTHER BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Instrument [Line Items] | |
Schedule of Bank and Other Borrowings | As at December 31, 2019 2020 2020 RMB RMB US$ Total bank and other borrowings 1,620,202 2,116,924 324,433 Comprised of: Short-term 285,500 24,481 3,752 Long-term, current portion 42,939 124,395 19,064 328,439 148,876 22,816 Long-term, non-current portion 1,291,763 1,968,048 301,617 1,620,202 2,116,924 324,433 |
Long-term Bank and Other Borrowings [Member] | |
Debt Instrument [Line Items] | |
Schedule of Maturities of Long-Term and Other Debt | RMB US$ Within one year 124,395 19,064 Between one and two years 172,131 26,381 Between two and three years 248,715 38,117 Between three and four years 445,079 68,211 Above four years 1,102,123 168,908 2,092,443 320,681 |
TAXATION (Tables)
TAXATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
TAXATION | |
Schedule of Income (Loss) from Continuing Operations Before Income Taxes | For the Years Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Non – PRC (98,709) (127,243) (142,750) (21,879) PRC (126,537) (263,835) (298,903) (45,809) (225,246) (391,078) (441,653) (67,688) |
Schedule of Income Tax Expense from Continuing Operations | For the Year Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Current tax expense (benefit) 43,209 (16,570) (24,047) (3,685) Deferred tax benefit (9,158) (22,416) (13,577) (2,081) 34,051 (38,986) (37,624) (5,766) |
Reconciliation of Differences Between Statutory Tax Rate and Effective Tax Rate | For the Years Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Loss before income taxes (225,246) (391,078) (441,653) (67,688) Income tax computed at the tax rate of 25% (56,309) (97,770) (110,413) (16,920) Effect of different tax rates in different jurisdictions 11,758 19,393 10,715 1,642 Non-deductible expenses 4,661 8,472 74,225 11,375 Non-taxable income (7,322) (234) (78,447) (12,023) Statutory income (expense) — 3,216 (2,544) (390) Interest and penalty — (6,811) (465) (71) Unrecognized tax positions 41,122 — — — Deferred tax expense — 32,358 (2,314) (355) Changes of valuation allowance 45,112 41,868 71,545 10,965 Withholding tax (4,971) (39,478) 74 11 Effect of tax rate change — — — — 34,051 (38,986) (37,624) (5,766) |
Schedule of Deferred Taxes | The components of deferred taxes are as follows: As at December 31, 2019 2020 2020 RMB RMB US$ Deferred tax asset Net operating loss* 163,538 105,783 16,212 Foreign exchange loss — 3,232 495 Depreciation and amortization 6,262 9,954 1,526 Property, plant and equipment impairment 9,433 7,867 1,206 Deposits for non-current assets 16,350 18,475 2,831 Allowance for net investment in financing lease 4,518 4,856 744 Allowance for doubtful accounts 11,391 12,264 1,880 Lease liabilities 60,073 59,557 9,128 Other long-term assets 37,778 78,550 12,038 Equity investment 9,196 8,414 1,290 Others 1,891 2,686 413 Total deferred tax assets 320,430 311,638 47,763 less: Valuation allowance** (260,850) (257,579) (39,476) Net deferred tax assets 59,580 54,059 8,287 Deferred tax liabilities Foreign exchange gain (9,346) — — Equity investment (1,299) — — Property, plant and equipment (2,225) (1,665) (255) Disposal of Beijing Century Friendship (3,126) (3,126) (479) Intangible assets (132,566) (130,074) (19,937) Right-of-use assets (53,362) (53,354) (8,177) Capitalized interest (19,179) (19,179) (2,939) Others (3,915) — — Total deferred tax liabilities (225,018) (207,398) (31,787) Deferred tax assets, net — — — Deferred tax liabilities, net (165,438) (153,339) (23,500) * As of December 31, 2020, the Group had net operating losses from several of its PRC and oversea entities of RMB441,653 (US$67,688), which can be carried forward to offset future taxable profit. As per filed tax returns, the net operating loss from PRC entities will expire between 2021 to 2025. For the net operating loss from overseas entities, there is no limitation of expiration according to the statute of Hong Kong, Singapore and US. ** The Group records a valuation allowance on its deferred tax assets that is sufficient to reduce the deferred tax assets to an amount that is more likely than not to be realized. Future reversal of the valuation allowance will be recognized either when the benefit is realized or when it has been determined that it is more likely than not that the benefit in future earnings will be realized. |
Schedule of Movement of Valuation Allowance | For the Year Ended December 31, 2019 2020 2020 RMB RMB US$ Balance at the beginning of year (217,076) (260,850) (39,977) Change of valuation allowance in the current year (43,774) 3,271 501 Balance at the end of year (260,850) (257,579) (39,476) |
Reconciliation of Accrued Unrecognized Tax Positions | The reconciliation of the beginning and ending amount of unrecognized tax benefits excluding the penalty and interest is as follows: For the Years Ended December 31, 2019 2020 2020 RMB RMB US$ Balance at the beginning of year 81,000 98,984 15,170 Changes based on tax positions related to the current year 21,238 (6,446) (988) Additions related to prior year tax position 548 2,171 333 Decreases related to prior year tax position (2,810) (20,304) (3,112) Decreases relating to expiration of applicable statute of limitation (1,386) (7,213) (1,105) Foreign currency translation 394 (2,099) (322) Balance at the end of year 98,984 65,093 9,976 |
Other long-term liabilities (Ta
Other long-term liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other long-term liabilities | |
Schedule of other long-term liabilities | As at December 31, Notes 2019 2020 2020 RMB RMB US$ Accrued unrecognized tax benefits & surcharge i) 102,740 74,728 11,452 Lease deposit received from hospital 1,998 1,998 306 104,738 76,726 11,758 i) The amounts of unrecognized tax benefit are based on the recognition and measurement criteria of ASC Topic 740. The balance is presented as non-current liabilitiy in the consolidated financial statements as at December 31, 2020 due to the fact that the Group does not anticipate payments of cash within one year. The Group recorded accrued unrecognized tax benefits & surcharge amounting to RMB 102,740 and RMB 74,728 (US$ 11,452 ) (note 26) as of December 31, 2019 and 2020, respectively. |
SHARE-BASED AWARDS (Tables)
SHARE-BASED AWARDS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SHARE-BASED AWARDS | |
Schedule of Assumptions Used | February 18, 2014 Risk-free interest rate 2.33 % Dividend yield 5 % Exercise multiple 2.5 Expected volatility range 39.03 % |
Schedule of Stock Options | The following table summarizes employee share options activities for the year ended December 31, 2020: Weighted Weighted- Weighted Average Average Average Remaining Aggregate Number of Exercise Grant-date Contractual Intrinsic Share Options Granted to Employees Shares Price Fair Value Term (Years) Value Outstanding, January 1, 2020 2,774,229 US$ 2.04 US$ 0.65 2.14 — Lapsed — US$ — US$ — — — Outstanding, December 31, 2020 2,774,229 US$ 2.04 US$ 0.65 1.13 — Exercisable at December 31, 2020 2,774,229 US$ 2.04 US$ 0.65 1.13 — |
Summary of Restricted Shares | Fair Value per Share at the Grant Grant Date Number of Awards date (US$) February 18, 2014 1,370,250 1.93 July 1, 2014 21,132 2.35 August 1, 2014 69,564 2.44 August 7, 2017 1,453,950 1.33 August 8, 2017 3,319,200 1.34 September 13, 2017 45,000 1.33 October 2, 2018 5,992,605 1.19 The Company recognizes the compensation expense on a straight-line basis over the requisite service period for the entire award. Restricted Shares activity for the year ended December 31, 2020 was as follows: Weighted Numbers average grant of shares date fair value RMB US$ Outstanding, January 1, 2020 11,426,934 1.32 Granted — — Forfeited (384,180) 1.59 Exercised (9,690) 1.93 Outstanding, December 31, 2020 11,033,064 1.31 Exercisable, December 31, 2020 884,259 1.98 Expected to vest, December 31, 2020 10,148,805 1.25 |
Schedule of Share-Based Compensation Expense | For the Years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ General and administrative expenses 9,173 17,673 17,553 2,690 Selling expenses 1,966 2,920 3,068 470 11,139 20,593 20,621 3,160 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue | |
Schedule of Deferred revenue Recognition | For the Years Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ ASC 606 revenue: Management services and technical services 50,291 48,416 36,948 5,663 Brand royalty fees 5,189 5,081 — — Consumable and equipment sales 5,867 9,482 26,105 4,001 Medical service 37,770 54,048 76,997 11,800 Medicine income 15,058 22,777 30,055 4,606 ASC 606 revenue 114,175 139,804 170,105 26,070 ASC 842 revenue: Operating lease income* 71,864 53,485 45,847 7,026 Sales-type lease income* — 1,130 4,130 633 Direct financing lease income* 4,859 3,944 2,929 449 ASC 842 revenue 76,723 58,559 52,906 8,108 Total revenue 190,898 198,363 223,011 34,178 * Operating lease income, sales-type lease income and direct financing lease income were recognized under ASC 842, Leases |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
RELATED PARTY TRANSACTIONS | |
Schedule of Related Party Transactions | a) Related parties # Name of Related Parties Relationship with the Group JYADK Equity investee of the Group Zhejiang Marine Leasing Ltd.*** Equity investee of the Group since June 10, 2020 Guofu Huimei * Equity investee of the Group till October 7, 2018 CMCC * Equity investee of the Group till October 7, 2018 Beijing Century Friendship * Equity investee of the Group till October 7, 2018 Tianjin Jiatai ** Equity investee of the Group till November 17,2019 Wuxi MZJH ** Equity investee of the Group till November 17,2019 SH Rongchi ** Equity investee of the Group till November 17,2019 SH MZJH ** Equity investee of the Group till November 17,2019 Allcure Information An entity controlled by a director of the Company Shanghai Huifu Technology Limited An entity controlled by a director of the Company Cherrylane Investments Limited An entity controlled by a director of the Company # These are the related parties that have engaged in significant transactions with the Company for the years ended December 31, 2018, 2019 and 2020. * Guofu Huimei, CMCC and Beijing Century Friendship were equity investee of the Group previously, which have been acquired by the Group since October 8, 2018 and have become subsidiaries of the Group. ** Tianjin Jiatai, SH Rongchi, SH MZJH and Wuxi MZJH were equity investee of the Group previously, which have been acquired by the Group since November 18, 2019 and have become subsidiaries of the Group. ***Zhejiang Marine Leasing Ltd, which have been invested by the Group since June 10, 2020 and have become an associate of the Group. b) The Group had the following related party transactions for the years ended December 31, 2018, 2019 and 2020. For the Years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Loan to: Tianjin Jiatai 50 5,949 — — Wuxi MZJH 460 1,640 — — SH MZJH 1,000 28,002 — — 1,510 35,591 — — Interest income from: JYADK 285 206 127 19 Loan from: Beijing Century Friendship 30,551 — — — CMCC 13,408 — — — Shanghai Huifu Technology Limited 22,000 — — — Wuxi MZJH 1,850 — — — SH Rongchi 18,820 — — — SH MZJH 12,420 — — — Cherrylane Investments Limited 12,720 — — — Zhejiang Marine Leasing Ltd — — 199,000 30,498 111,769 — 199,000 30,498 Interest expense to: Tianjin Jiatai 193 — — — Guofu Huimei 15,997 — — — Cherrylane Investments Limited — 151 587 90 Zhejiang Marine Leasing Ltd — — 41,331 6,129 16,190 151 41,918 6,219 Repayment to: Tianjin Jiatai 36,420 34,540 — — Shanghai Huifu Technology Limited 20,285 1,715 — — Cherrylane Investments Limited 2,750 — — — SH Rongchi — 1,029 — — Zhejiang Marine Leasing Ltd — — 272,640 41,784 59,455 37,284 272,640 41,784 Repayment from: JYADK — 1,485 1,485 228 SH MZJH — 26,000 — — — 27,485 1,485 228 Management service income from: SH MZJH 4,810 5,081 — — CMCC 4,331 — — — 9,141 5,081 — — |
Schedule of Related Party Balances | (c) The balances between the Group and its related parties as of December 31, 2019 and 2020 are listed below. As at December 31, 2019 2020 2020 RMB RMB US$ Due from related parties, current: JYADK 3,833 1,845 283 Due to related parties, current Zhejiang Marine Leasing Ltd — 3,191 489 Cherrylane Investments Limited 10,120 9,461 1,450 10,120 12,652 1,939 Due to related parties, non-current Zhejiang Marine Leasing Ltd — 102,757 15,748 Due to related parties, non-current, due within 1 year Zhejiang Marine Leasing Ltd — 73,145 11,210 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SEGMENT REPORTING | |
Schedule of segment information | Summarized information by segments for the years ended December 31, 2018, 2019 and 2020 is as follows: For the year ended December 31, 2020 Network Hospital Total RMB RMB RMB US$ Revenues from external customers 115,959 107,052 223,011 34,178 Cost of sales (52,725) (157,203) (209,928) (32,173) Gross profit (loss) 63,234 (50,151) 13,083 2,005 For the year ended December 31, 2019 Network Hospital Total RMB RMB RMB Revenues from external customers 121,537 76,826 198,363 Cost of sales (77,131) (137,062) (214,193) Gross profit (loss) 44,406 (60,236) (15,830) For the year ended December 31, 2018 Network Hospital Total RMB RMB RMB Revenues from external customers 138,070 52,828 190,898 Cost of sales (79,266) (91,870) (171,136) Gross profit (loss) 58,804 (39,042) 19,762 As at December 31, 2019 2020 2020 RMB RMB US$ Segment assets Network 1,030,782 1,725,936 264,512 Hospital 3,266,663 3,608,602 553,042 Total segment assets 4,297,445 5,334,538 817,554 |
Schedule of net revenue by country based upon the sales location that predominately represents the customer location | Net revenue by country is based upon the sales location that predominately represents the customer location. For the Years Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Revenues from PRC 149,548 164,167 199,370 30,555 Revenues from Singapore 41,350 34,196 23,641 3,623 Total revenues 190,898 198,363 223,011 34,178 |
Schedule of total long-lived assets excluding financial instruments, intangible assets and deferred tax assets by country | Total long-lived assets excluding financial instruments, intangible assets, long-term investment and goodwill by country were as follows: As at December 31, 2019 2020 2020 RMB RMB US$ PRC 2,890,858 3,474,849 532,544 Singapore 280,970 — — Total long-lived assets 3,171,828 3,474,849 532,544 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
LOSS PER SHARE | |
Schedule of Basic and Diluted Income Per Share | A reconciliation of net loss attributable to the Company in the consolidated statements of comprehensive loss to the numerator for the computation of basic and diluted loss per share for the years ended December 31, 2018, 2019 and 2020 is as follows: For the Years Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Net loss attributable to Concord Medical Services Holdings Limited (234,875) (307,049) (309,989) (47,510) Accretion of contingently redeemable noncontrolling interests (124,355) (245,477) (359,920) (55,160) Numerator for EPS computation (359,230) (552,526) (669,909) (102,670) For the Years Ended December 31 2018 2019 2020 2020 Class A Class B Class A Class B Class A Class A Class B Class B RMB RMB RMB RMB RMB USD RMB USD Numerator Net loss attributable to ordinary shareholders used in calculating loss per ordinary share – basic and diluted (328,403) (30,827) (358,274) (194,252) (435,855) (66,799) (234,054) (35,871) Denominator: Weighted average number of ordinary shares outstanding used in calculating loss per share – basic and diluted 118,940,054 11,164,733 84,450,550 45,787,948 85,265,910 85,265,910 45,787,948 45,787,948 Loss per share – basic and diluted (2.76) (2.76) (4.24) (4.24) (5.11) (0.78) (5.11) (0.78) The effects of share options and restricted shares have been excluded from the computation of diluted loss per share for the years ended December 31, 2018, 2019 and 2020 as their effects would be anti-dilutive. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
FAIR VALUE MEASUREMENTS | |
Schedule of fair value measurements for each class of assets on nonrecurring basis | Fair Value Measurement at the End of the Reporting Period Using Quoted Prices in Active Significance Markets for Other Significant As of Identical Observable Unobservable December 31, Assets Inputs Inputs Total 2019 (Level 1) (Level 2) (Level 3) Loss RMB RMB RMB RMB RMB Description Nonrecurring fair value measurements: Long-lived assets held and used 1,985 — — 1,985 (6,849) |
PARENT COMPANY ONLY CONDENSED_2
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | |
Condensed balance sheets | Condensed balance sheets As at December 31 2019 2020 2020 RMB RMB US$ ASSETS Current assets: Cash and cash equivalent 540 2,079 319 Amounts due from subsidiaries 404,213 375,162 57,496 Total current assets 404,753 377,241 57,815 Non-current assets: Investments in subsidiaries 1,154,986 567,330 86,946 Prepayment for long-term investment — 5,230 801 Total assets 1,559,739 949,801 145,562 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accrued expenses and other liabilities 55,409 35,476 5,437 Amounts due to subsidiaries 1,627,094 1,577,280 241,729 Total current liabilities 1,682,503 1,612,756 247,166 Total liabilities 1,682,503 1,612,756 247,166 Shareholders’ equity (deficit): Class A ordinary shares (par value of US$0.0001per share; authorized shares-500,000,000; issued shares-142,353,532 as of December 31, 2019 and 2020; outstanding shares-84,454,047 and 84,463,737 as of December 31, 2019 and 2020, respectively) 68 68 10 Class B ordinary shares (par value of US$0.0001per share; authorized shares‑45,787,948; issued shares-45,787,948 and 45,787,948 as of December 31, 2018 and 2019; outstanding shares- 45,787,948 and 45,787,948 as of December 31, 2019 and 2020, respectively) 37 37 6 Treasury stock (12,111,537 and 12,101,847 shares as of December 31, 2019 and 2020, respectively) (8) (8) (1) Additional paid-in capital 1,759,941 1,840,026 281,996 Accumulated other comprehensive loss (97,285) (46,429) (7,116) Accumulated deficit (1,785,517) (2,456,649) (376,498) Total shareholders’ equity (deficit) (122,764) (662,955) (101,603) Total liabilities and shareholders’ equity (deficit) 1,559,739 949,801 145,563 |
Condensed statements of comprehensive loss | Condensed statements of comprehensive loss For the Years Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Revenues — — — — Cost of revenues — — — — General and administrative expenses (17,051) (39,118) (23,598) (3,617) Selling expenses (2,021) (2,938) (2,969) (455) Operating loss (19,072) (42,056) (26,567) (4,072) Equity in loss of subsidiaries (333,682) (514,070) (621,932) (95,317) Interest income 14 1,977 588 90 Interest expense (15,325) (6,481) (3,036) (465) Foreign exchange gain 8,835 8,104 (18,962) (2,906) Net loss (359,230) (552,526) (669,909) (102,670) Other comprehensive income (loss), net of tax of nil foreign currency translation adjustments (41,203) (8,664) 50,856 7,794 Total other comprehensive (loss) income (41,203) (8,664) 50,856 7,794 Comprehensive loss (400,433) (561,190) (619,053) (94,876) |
Condensed statements of cash flows | Condensed statements of cash flows For the Years Ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Net cash (used in ) generated from operating activities (5,024) (31,460) 9,041 1,386 Net cash generated (used in) from investing activities 294,551 311,716 (7,468) (1,145) Net cash used in financing activities (284,824) (280,483) — — Exchange rate effect on cash (7,085) 45 (34) (5) Net (decrease) increase in cash (2,382) (182) 1,539 236 Cash at beginning of the year 3,104 722 540 83 Cash at end of the year 722 540 2,079 319 |
ORGANIZATION AND BASIS OF PRE_3
ORGANIZATION AND BASIS OF PRESENTATION (Schedule of Subsidiaries) (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 01, 2020 | |
Subsidiary or Equity Method Investee [Line Items] | ||
Entity Incorporation, State or Country Code | E9 | |
Ascendium Group Limited ("Ascendium") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Sep. 10, 2007 | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Investment holding | |
China Medical Services Holdings Limited ("CMS Holdings") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Jul. 18, 2008 | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Investment holding | |
King Cheers Holdings Limited ("King Cheers") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | May 18, 2001 | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Investment holding | |
Shenzhen Aohua Medical Technology Development Co., Ltd. ("Aohua Technology ") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Feb. 21, 2008 | |
Percentage of ownership by the Company | 49.44% | |
Principal activities | Leasing of medical equipment and provision of management services | |
Shanghai Medstar Financial Leasing Company Limited ("Shanghai Medstar") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Mar. 21, 2003 | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Leasing of medical equipment and provision of management services | |
Meizhong Jiahe Medical Technology Development Group Co., Ltd. ("MHM") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Jul. 23, 2008 | |
Percentage of ownership by the Company | 49.44% | |
Principal activities | Provision of management services | |
Beijing MeizhongJiahe Hospital Management Co., Ltd. ("MHM") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Percentage of ownership by the Company | 51.80% | 2.36% |
Beijing Yundu Internet Technology Co., Ltd. ("Yundu") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Jul. 26, 2007 | |
Percentage of ownership by the Company | 49.44% | |
Principal activities | Provision of management services | |
Tianjin Concord Medical Technology Limited ("Tianjin Concord Medical") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Apr. 22, 2010 | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Leasing of medical equipment and provision of management services | |
Guangzhou Concord Cancer Center Co., Ltd ("Guangzhou Concord Cancer Hospital") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Jun. 29, 2011 | |
Percentage of ownership by the Company | 39.55% | |
Principal activities | Medical treatment and service business | |
CCM (Hong Kong) Medical Investments Limited ("CCM (HK)") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Jun. 3, 2013 | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Investment holding | |
Shanghai Concord Cancer Center SHC [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Mar. 17, 2014 | |
Percentage of ownership by the Company | 49.75% | |
Principal activities | Medical treatment and service business | |
Datong Meizhong Jiahe Cancer Center ("DTMZ") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Oct. 23, 2014 | |
Percentage of ownership by the Company | 49.44% | |
Principal activities | Medical treatment and service business | |
Wuxi Concord Medical Development Ltd.Wuxi Concord" [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Dec. 29, 2015 | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Provision of management services | |
Beijing Concord Medical Technology Ltd.("BJCMT") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Jan. 4, 2016 | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Provision of management services | |
Guofu Huimei Tianjin investment management partnership [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Oct. 8, 2018 | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Investment holding | |
Beijing Century Friendship Science & Technology Development Co., Ltd ("Beijing Century Friendship") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Oct. 8, 2018 | |
Percentage of ownership by the Company | 49.44% | |
Principal activities | Provision of management services and investment holding | |
Beijing Proton Medical Center Co Ltd [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Oct. 8, 2018 | |
Percentage of ownership by the Company | 52.19% | |
Principal activities | Medical treatment and service business | |
Shanghai Meizhong Jiahe Cancer Centers Co Ltd [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Oct. 8, 2018 | |
Percentage of ownership by the Company | 46.30% | |
Principal activities | Medical treatment and service business | |
Tianjin Jiatai Entity Management limited Partnership [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Nov. 18, 2019 | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Investment holding | |
Shanghai Rongchi Medical Management Limited [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Nov. 18, 2019 | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Investment holding and provision of management services | |
Oriental Light Group Limited [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Nov. 18, 2019 | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Investment holding | |
Shanghai Meizhong Jiahe Imaging Diagnostic Center Co Ltd [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Nov. 18, 2019 | |
Percentage of ownership by the Company | 89.10% | |
Principal activities | Medical treatment and service business | |
Wuxi Meizhong Jiahe Cancer Center [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Nov. 18, 2019 | |
Percentage of ownership by the Company | 98.64% | |
Principal activities | Medical treatment and service business | |
Heze Meizhong Jiahe Cancer Center Co Ltd [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Nov. 18, 2019 | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Medical treatment and service business | |
US Proton Therapy Holdings Limited ("US Proton") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Jun. 29, 2011 | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Investment holding | |
US Proton Therapy Holdings Limited ("Proton BVI") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | May 16, 2011 | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Investment holding | |
Concord Medical Services (International) Pte. Ltd. ("China Medstar") (formerly known as China Medstar Pte. Limited) [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of establishment/acquisition | Aug. 8, 2003 | |
Percentage of ownership by the Company | 100.00% | |
Principal activities | Investment holding | |
Guangzhou New Spring Hospital Management Ltd. ("New Spring Management") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Principal activities | Investment holding | |
Guangzhou New Spring Medical Cancer Ltd ("New Spring Clinic") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Principal activities | Medical treatment and service business |
ORGANIZATION AND BASIS OF PRE_4
ORGANIZATION AND BASIS OF PRESENTATION (Narrative) (Details) ¥ in Thousands, $ in Thousands | Apr. 07, 2020CNY (¥)shares | Nov. 13, 2019CNY (¥) | Aug. 23, 2019CNY (¥) | Jul. 22, 2019CNY (¥) | Jul. 10, 2018CNY (¥)shares | Mar. 26, 2018shares | Jul. 31, 2018CNY (¥) | Jun. 30, 2018CNY (¥) | Nov. 30, 2017CNY (¥) | Nov. 30, 2016CNY (¥) | Jan. 31, 2016CNY (¥) | Dec. 31, 2020CNY (¥)director | Dec. 31, 2020USD ($)director | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016shares | Dec. 31, 2015shares | Dec. 31, 2020USD ($) | Dec. 01, 2020 | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Nov. 18, 2019CNY (¥) | Jun. 29, 2018 | Dec. 31, 2017USD ($) | Nov. 30, 2016USD ($) |
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Capital Contributed | $ | $ 10,000 | ||||||||||||||||||||||||
Capital injected amount | ¥ 700,000 | $ 107,280 | ¥ 1,500,000 | ||||||||||||||||||||||
Stock Repurchased During Period, Shares | shares | 967,408 | 614,033 | |||||||||||||||||||||||
Payments to Acquire Equity Method Investments | 163,844 | $ 25,110 | ¥ 15,000 | ||||||||||||||||||||||
Equity Method Investments | 187,935 | $ 28,802 | ¥ 42,788 | ||||||||||||||||||||||
Common Unit Value Authorized | ¥ 1,009,000 | ||||||||||||||||||||||||
Allowance for Doubtful Accounts Receivable, Current | ¥ 6,473 | $ 992 | 7,147 | ||||||||||||||||||||||
Guofu Huimei Investment Management Limited Partnership [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Equity Method Investments | ¥ 746,000 | ||||||||||||||||||||||||
ZR Group [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Percentage of Ownership in Equity Interest To Be Repurchased | 75.00% | 75.00% | |||||||||||||||||||||||
Consideration To Be Made on Acquisition of Equity Interest | $ | $ 521,396 | ||||||||||||||||||||||||
ZR Group [Member] | ZR ConcordHealthcare Investment Fund SP ("SP") [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Creditor's rights settled for acquisition of equity interest | ¥ 166,299 | ||||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 7,500 | ||||||||||||||||||||||||
ZR Guofu [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Percentage of equity interest withdrawn | 77.18% | ||||||||||||||||||||||||
Consideration | ¥ 421,730 | ||||||||||||||||||||||||
Period of equity interest repurchased | 4 years | ||||||||||||||||||||||||
Creditor's rights settled for acquisition of equity interest | ¥ 97,106 | ||||||||||||||||||||||||
Consideration for repurchase of equity interest | ¥ 521,396 | ||||||||||||||||||||||||
Annual Premium Percentage to be Paid | 15.00% | 15.00% | |||||||||||||||||||||||
Partners' Capital Account, Contributions | ¥ 746,001 | ||||||||||||||||||||||||
Percentage Of Interest In Partnership | 73.93% | ||||||||||||||||||||||||
ZR Guofu [Member] | Guofu Huimei Investment Management Limited Partnership [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Partners' Capital Account, Contributions | ¥ 746,000 | ||||||||||||||||||||||||
ZR Guofu [Member] | ZR ConcordHealthcare Investment Fund SP ("SP") [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Consideration To Be Made on Acquisition of Equity Interest | ¥ 521,396 | ||||||||||||||||||||||||
Shanghai Rongchi Medical Management Limited [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Common Unit Value Authorized | ¥ 695,305 | ||||||||||||||||||||||||
The Group [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Partners' Capital Account, Contributions | ¥ 262,999 | ||||||||||||||||||||||||
Percentage Of Interest In Partnership | 26.07% | ||||||||||||||||||||||||
SH MZJH | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Capital Contributed | ¥ 34,540 | ||||||||||||||||||||||||
SH MZJH | ZR ConcordHealthcare Investment Fund SP ("SP") [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Creditor's rights settled for acquisition of equity interest | ¥ 82,100 | ||||||||||||||||||||||||
Beijing Century Friendship Science and Technology Development Co., Ltd. [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Percentage of equity interest sold | 100.00% | 21.69% | |||||||||||||||||||||||
Business Combination, Consideration Transferred | 388,500 | ||||||||||||||||||||||||
Beijing Century Friendship Science and Technology Development Co., Ltd. [Member] | Guofu Huimei Investment Management Limited Partnership [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Sale of Stock, Percentage of Ownership after Transaction | 85.34% | 85.34% | |||||||||||||||||||||||
Shanghai Meizhongjiahe ProMed Cancer Centers Co., Ltd [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Percentage of equity interest sold | 90.00% | ||||||||||||||||||||||||
Business Combination, Consideration Transferred | 182,100 | ||||||||||||||||||||||||
Tianjin Jiatai Entity Management limited Partnership [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 106,500 | ||||||||||||||||||||||||
SH MZJH | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Capital Contributed | $ | $ 5,105 | ||||||||||||||||||||||||
Percentage of equity interest sold | 56.77% | 56.77% | 78.34% | 78.34% | |||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 27,000 | ||||||||||||||||||||||||
CCM (Hong Kong) Medical Investments Limited ("CCM (HK)") [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Percentage of equity interests acquired | 100.00% | 100.00% | |||||||||||||||||||||||
Zhongjin Jiatai [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Percentage of equity interests acquired | 49.44% | 49.44% | |||||||||||||||||||||||
Shanghai Medstar Financial Leasing Company Limited ("Shanghai Medstar") [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Percentage of equity interests acquired | 100.00% | 100.00% | |||||||||||||||||||||||
Beijing Proton Medical Center Co Ltd [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Percentage of equity interests acquired | 52.19% | 52.19% | |||||||||||||||||||||||
Percentage of equity interest sold | 80.00% | ||||||||||||||||||||||||
Tianjin Jiatai Group [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Percentage of equity interest sold | 90.00% | ||||||||||||||||||||||||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | ¥ 434,216 | ||||||||||||||||||||||||
Tianjin Concord Medical Technology Limited ("Tianjin Concord Medical") [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Percentage of equity interests acquired | 100.00% | 100.00% | |||||||||||||||||||||||
Tianjin Jiatai Entity Management limited Partnership [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Percentage of equity interests acquired | 100.00% | 100.00% | |||||||||||||||||||||||
Beijing MeizhongJiahe Hospital Management Co., Ltd. ("MHM") [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Percentage of equity interests acquired | 51.80% | 51.80% | 2.36% | ||||||||||||||||||||||
Guangzhou Concord Medical Cancer Hospital Co Ltd [Member] | ZR Guofu [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Percentage of Shares Acquire for Business | 70.00% | ||||||||||||||||||||||||
PTC Houston Management [Member] | ZR Guofu [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Percentage of Shares Acquire for Business | 59.51% | ||||||||||||||||||||||||
CCM Hospital Business [Member] | ZR Guofu [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Percentage of Shares Acquire for Business | 100.00% | ||||||||||||||||||||||||
Beijing MeizhongJiahe Hospital Management Co., Ltd. ("MHM") [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 38,888,888 | 40,000,000 | 60,000,000 | ||||||||||||||||||||||
Number of directors entitled to delegate | director | 5 | 5 | |||||||||||||||||||||||
Number of total directors | director | 9 | 9 | |||||||||||||||||||||||
Beijing MeizhongJiahe Hospital Management Co., Ltd. ("MHM") [Member] | CITIC Industrial [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 700,000 | ||||||||||||||||||||||||
Beijing MeizhongJiahe Hospital Management Co., Ltd. ("MHM") [Member] | Beijing Century Friendship Science and Technology Development Co., Ltd. [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Percentage Of Interest In Partnership | 78.31% | ||||||||||||||||||||||||
Beijing MeizhongJiahe Hospital Management Co., Ltd. ("MHM") [Member] | Beijing Century Friendship Science and Technology Development Co., Ltd. [Member] | Guofu Huimei Investment Management Limited Partnership [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 78.31% | ||||||||||||||||||||||||
Beijing MeizhongJiahe Hospital Management Co., Ltd. ("MHM") [Member] | Shanghai Meizhongjiahe ProMed Cancer Centers Co., Ltd [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 182,100 | ||||||||||||||||||||||||
Beijing MeizhongJiahe Hospital Management Co., Ltd. ("MHM") [Member] | CCIC Capital and Other Investor [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 1,500,000 | ||||||||||||||||||||||||
Beijing MeizhongJiahe Hospital Management Co., Ltd. ("MHM") [Member] | Beijing Proton Medical Center Co Ltd [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Percentage of equity interests acquired | 55.00% | ||||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 388,500 | ||||||||||||||||||||||||
Beijing MeizhongJiahe Hospital Management Co., Ltd. ("MHM") [Member] | Shanghai Meizhong Jiahe Cancer Center Co Ltd [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Percentage of equity interests acquired | 54.80% | ||||||||||||||||||||||||
Beijing Century Friendship Science and Technology Development Co., Ltd. [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 78.31% | 78.31% | |||||||||||||||||||||||
Beijing Proton Medical Center Co Ltd [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 55.00% | 55.00% | |||||||||||||||||||||||
Shanghai Meizhongjiahe ProMed Cancer Centers Co., Ltd [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 54.80% | ||||||||||||||||||||||||
Tianjin Jiatai Entity Management limited Partnership [Member] | |||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 28.77% | 28.77% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Information Relating to Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Buildings [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 |
Buildings [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | P50Y |
Medical equipment [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 |
Medical equipment [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | P20Y |
Electronic and office equipment [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 |
Electronic and office equipment [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | P5Y |
Motor vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | P5Y |
Leasehold improvement and building improvement [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | P5Y |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of estimated useful life for the intangible assets) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Favorable leases [Member] | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 12 years |
Favorable leases [Member] | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 17 years |
Customer relationship [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 16 years |
Customer relationship [Member] | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 5 years |
Operating leases [Member] | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 9 years |
Operating leases [Member] | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 16 years |
Software [Member] | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 3 years |
Software [Member] | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 5 years |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | Jan. 01, 2020CNY (¥) | Jan. 01, 2018CNY (¥) | Dec. 31, 2017USD ($) | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Noon buying rate | 6.525 | 6.525 | ||||||
Conversion from noon buying rate to per share value | $ / shares | $ 1 | |||||||
Description of Items to be Classified as Cash Equivalents | 90 | 90 | ||||||
Net loss from continuing operations | ¥ (404,029) | $ (61,922) | ¥ (352,092) | ¥ (259,297) | ||||
Net cash (used in ) generated from operating activities | (229,766) | (35,212) | (195,347) | (38,591) | ||||
Capital Contributed | $ | $ 10,000 | |||||||
Interest Costs Incurred | 148,642 | 22,780 | 110,319 | 101,717 | ||||
Interest and other costs relating to construction capitalized | 67,283 | 10,312 | 81,619 | 55,485 | ||||
Impairment on long-lived assets | 8,500 | 1,303 | 76,089 | ¥ 5,433 | ||||
Deferred Tax Liabilities, Loss Transfer | 0 | 9,346 | $ 0 | |||||
Cash and cash equivalents | 334,264 | 74,307 | 51,229 | |||||
Working capital | 163,881 | 25,114 | ||||||
Accumulated deficit | (2,456,649) | ¥ (1,785,517) | $ (376,498) | |||||
Capital injection from several investors | 400,000 | 61,304 | ||||||
Cash inflows from convertible bonds | 97,875 | 15,000 | ||||||
Cash inflows from credit facilities and loans | ¥ 418,366 | $ 64,118 | ||||||
ASU 2016-13 | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Accumulated deficit | ¥ 1,223 | |||||||
Minimum | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Lessor, Sales-type Lease, Term of Contract | 5 years | 5 years | ||||||
Maximum | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Lessor, Sales-type Lease, Term of Contract | 20 years | 20 years | ||||||
Offices and facility under leases | Minimum | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Lessee, Operating Lease, Term of Contract | 1 year | 1 year | ||||||
Lessee, Finance Lease, Term of Contract | 1 year | 1 year | ||||||
Offices and facility under leases | Maximum | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Lessee, Finance Lease, Term of Contract | 20 years | 20 years | ||||||
Land use rights under leases | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Lessee, Operating Lease, Term of Contract | 50 years | 50 years | ||||||
Lessee, Finance Lease, Term of Contract | 50 years | 50 years | ||||||
Equipment leased to others | Minimum | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Lessor, Sales-type Lease, Term of Contract | 5 years | 5 years | ||||||
Equipment leased to others | Maximum | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Lessor, Sales-type Lease, Term of Contract | 20 years | 20 years | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Accumulated deficit | ¥ 5,600 |
CONCENTRATION OF RISKS (Narrati
CONCENTRATION OF RISKS (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2020customerUSD ($) | Dec. 31, 2019customerUSD ($) | Dec. 31, 2018customerUSD ($) | |
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10.00% | 10.00% | 10.00% |
Foreign currency exchange rate risk | |||
Appreciation and depreciation of the RMB against US dollar (as a percent) | 6.30% | 1.30% | 5.70% |
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Number of customers | customer | 5 | 5 | 5 |
Concentration risk percentage | 25.85% | 34.60% | 35.00% |
Supplier Concentration Risk [Member] | Cost of Goods, Total [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 95.00% | 97.00% | 90.00% |
Number of suppliers | $ | 5 | 5 | 5 |
ACQUISITIONS AND DISPOSALS (Sch
ACQUISITIONS AND DISPOSALS (Schedule of purchase price as of the date of acquisition) (Details) ¥ in Thousands, $ in Thousands | Nov. 18, 2019CNY (¥) | Oct. 08, 2018CNY (¥) | Mar. 31, 2020CNY (¥) | Mar. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Business Acquisition [Line Items] | |||||||||
Goodwill | ¥ 213,656 | $ 32,744 | ¥ 210,443 | $ 32,252 | ¥ 165,171 | ||||
CHS [Member] | |||||||||
Total purchase price is comprised of [Abstract] | |||||||||
Cash consideration | ¥ 22,925 | ||||||||
Guofu Huimei, Beijing Century Friendship, BPMC And CMCC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Current assets | ¥ 47,827 | ||||||||
Property, plant and equipment, net | 17,297 | ||||||||
Intangible assets | 454,013 | ||||||||
Long term investments | 300,504 | ||||||||
Other non-current assets | 108,322 | ||||||||
Deferred tax assets | 185 | ||||||||
Goodwill | 165,171 | ||||||||
Current liabilities | (61,454) | ||||||||
Non-current liability | (165,436) | ||||||||
Deferred tax liabilities | (113,340) | ||||||||
Non-controlling interests | (99,480) | ||||||||
Total | 653,609 | ||||||||
Total purchase price is comprised of [Abstract] | |||||||||
Cash consideration | 570,600 | ||||||||
- Fair value of previously hold equity interests | 520,625 | ||||||||
- Settlement of amounts | (437,616) | ||||||||
Total | ¥ 653,609 | ||||||||
Tianjin Jiatai Group [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Current assets | ¥ 9,451 | ||||||||
Property, plant and equipment, net | 53,649 | ||||||||
Intangible assets | 89,000 | ||||||||
Goodwill | 45,272 | ||||||||
Current liabilities | (31,063) | ||||||||
Deferred tax liabilities | (22,250) | ||||||||
Total | 144,059 | ||||||||
Total purchase price is comprised of [Abstract] | |||||||||
Cash consideration | 421,730 | ||||||||
- Fair value of previously hold equity interests | 407,998 | ||||||||
- Settlement of amounts | (675,854) | ||||||||
- Settlement of advance to suppliers | (94,530) | ||||||||
- Settlement of other receivable | 84,715 | ||||||||
Total | ¥ 144,059 | ||||||||
Guangzhou New Spring Hospital Management Co., Ltd. | New Spring Group | Beijing MeizhongJiahe Hospital Management Co., Ltd. ("MHM") [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Current assets | ¥ 424 | ||||||||
Property, plant and equipment, net | 3,281 | ||||||||
Intangible assets | 5,053 | ||||||||
Goodwill | 3,213 | ||||||||
Long-term deferred and other non-current | 1,202 | ||||||||
Current liabilities | (445) | ||||||||
Deferred tax liabilities | (1,250) | ||||||||
Total | 11,478 | ||||||||
Total purchase price is comprised of [Abstract] | |||||||||
Cash consideration | 8,400 | $ 7,560 | |||||||
Total | ¥ 11,478 |
ACQUISITIONS AND DISPOSALS (S_2
ACQUISITIONS AND DISPOSALS (Schedule of Pro forma Results) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | |
Tianjin Jiatai, SH Rongchi, Oriental, Heze MZJH, Wuxi MZJH And SH MZJH [Member] | ||||
Business Acquisition [Line Items] | ||||
Net revenues | ¥ 193,251 | $ 27,759 | ¥ 186,086 | |
Net loss | (589,774) | $ (84,716) | ¥ (376,130) | |
Guofu Huimei, Beijing Century Friendship, BPMC And CMCC [Member] | ||||
Business Acquisition [Line Items] | ||||
Net revenues | ¥ 12,056 | 4,569 | ||
Net loss | ¥ (63,159) | ¥ (70,018) |
ACQUISITIONS AND DISPOSALS (S_3
ACQUISITIONS AND DISPOSALS (Schedule of Actual Results from Acquisition Date) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | |
Tianjin Jiatai, SH Rongchi, Oriental, Heze MZJH, Wuxi MZJH And SH MZJH [Member] | |||
Business Acquisition [Line Items] | |||
Net revenues | ¥ 366 | $ 53 | |
Net loss | ¥ (7,902) | $ (1,135) | |
Guofu Huimei, Beijing Century Friendship, BPMC And CMCC [Member] | |||
Business Acquisition [Line Items] | |||
Net revenues | ¥ 4,827 | ||
Net loss | ¥ (5,639) |
ACQUISITIONS AND DISPOSALS (Acq
ACQUISITIONS AND DISPOSALS (Acquisition of New Spring Group) (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($) | Mar. 31, 2020CNY (¥) | Dec. 31, 2018CNY (¥) | |
Business Acquisition [Line Items] | |||
Non-controlling interest | ¥ 99,480 | ||
New Spring Group | Beijing MeizhongJiahe Hospital Management Co., Ltd. ("MHM") [Member] | Guangzhou New Spring Hospital Management Co., Ltd. | |||
Business Acquisition [Line Items] | |||
Cash consideration in agreement | $ 7,560 | ¥ 8,400 | |
Non-controlling interest | 3,078 | ||
Total | $ 8,400 | ¥ 11,478 |
ACQUISITIONS AND DISPOSALS (Sum
ACQUISITIONS AND DISPOSALS (Summary of Assets and Liabilities Attributable To Discontinued Operations (Details) - CHS ¥ in Thousands, $ in Thousands | Nov. 19, 2020CNY (¥) | Nov. 19, 2020USD ($) | Nov. 19, 2019USD ($) |
Business Acquisition [Line Items] | |||
Current assets | ¥ 4,909 | $ 752 | |
Other non-current assets | 257,368 | 39,443 | |
Current liabilities | (26,024) | (3,988) | |
Non-current liabilities | (539) | (83) | |
Net assets disposed | ¥ 235,714 | $ 36,124 | $ 36,124 |
ACQUISITIONS AND DISPOSALS (S_4
ACQUISITIONS AND DISPOSALS (Summary of Recognized Gain On Disposal (Details) - CHS ¥ in Thousands, $ in Thousands | Nov. 19, 2020CNY (¥) | Nov. 19, 2020USD ($) | Nov. 19, 2019USD ($) |
Business Acquisition [Line Items] | |||
Cash proceeds | ¥ 247,803 | $ 37,977 | |
Settlement of amount due from CHS | (602) | (92) | |
Commission fee | (44,039) | (6,749) | |
Fair value of retained noncontrolling investment | 22,925 | 3,513 | |
Disposition of net assets | (235,714) | $ (36,124) | (36,124) |
Foreign currency translation | (5,267) | (808) | |
Loss on disposal of CHS | ¥ (14,894) | $ (2,283) |
ACQUISITIONS AND DISPOSALS (Nar
ACQUISITIONS AND DISPOSALS (Narrative) (Details) ¥ in Thousands, $ in Thousands | Nov. 05, 2020USD ($) | May 11, 2020CNY (¥) | Nov. 18, 2019CNY (¥) | Nov. 13, 2019CNY (¥) | Nov. 13, 2019USD ($) | Jul. 22, 2019CNY (¥) | Oct. 08, 2018CNY (¥)agreement | Mar. 31, 2020CNY (¥)shares | Mar. 31, 2020USD ($) | Jul. 31, 2018CNY (¥) | Jun. 30, 2018CNY (¥) | Jan. 31, 2016CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2020USD ($) | Dec. 01, 2020 | Mar. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Jun. 29, 2018 | Jan. 25, 2016CNY (¥) |
Business Acquisition [Line Items] | |||||||||||||||||||||||
Goodwill | ¥ 213,656 | ¥ 210,443 | ¥ 165,171 | $ 32,744 | $ 32,252 | ||||||||||||||||||
Shanghai Meizhongjiahe ProMed Cancer Centers Co., Ltd [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 182,100 | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 90.00% | ||||||||||||||||||||||
Beijing Century Friendship Science and Technology Development Co., Ltd. [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 388,500 | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 21.69% | |||||||||||||||||||||
Beijing Century Friendship Science and Technology Development Co., Ltd. [Member] | Guofu Huimei Investment Management Limited Partnership [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Percentage of interest held after disposal | 85.34% | ||||||||||||||||||||||
ZR Guofu [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Partners' Capital Account, Contributions | ¥ 746,001 | ||||||||||||||||||||||
Percentage of equity interest withdrawn | 77.18% | 77.18% | |||||||||||||||||||||
ZR Guofu [Member] | Guofu Huimei Investment Management Limited Partnership [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Partners' Capital Account, Contributions | ¥ 746,000 | ||||||||||||||||||||||
CHS | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Recognized a gain on the disposal | ¥ 14,894 | ||||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 602 | ¥ 247,803 | |||||||||||||||||||||
Cash consideration | 44,039 | ||||||||||||||||||||||
Percentage of equity interest withdrawn | 90.00% | ||||||||||||||||||||||
Percentage of interest held after disposal | 10.00% | ||||||||||||||||||||||
Discontinued Operation Equity Method Investment Retained After Disposal | ¥ 22,925 | $ 5,267 | |||||||||||||||||||||
Equity interest remained after disposal of transaction (as a percentage) | 0.00% | ||||||||||||||||||||||
Fair value of the retained noncontrolling equity interest | ¥ 235,714 | ||||||||||||||||||||||
CMS Radiotherapy Holdings Limited [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Percentage of equity interest transferred | 100.00% | ||||||||||||||||||||||
Gain Loss On Disposal Beijing Century Friendship and BPMC | 3,341 | ||||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | ¥ 8,594 | ||||||||||||||||||||||
Guofu Huimei [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 26.06% | |||||||||||||||||||||
Beijing MeizhongJiahe Hospital Management Co., Ltd. ("MHM") [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 51.80% | 51.80% | 2.36% | ||||||||||||||||||||
Shanghai Meizhongjiahe ProMed Cancer Centers Co., Ltd [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Subscribed Amount to be Injected in Acquisition of Equity Interest | ¥ 182,100 | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 90.00% | 35.20% | |||||||||||||||||||||
Shanghai Meizhongjiahe ProMed Cancer Centers Co., Ltd [Member] | Beijing Century Friendship Science and Technology Development Co., Ltd. [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 54.80% | ||||||||||||||||||||||
Beijing Proton Medical Center [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Subscribed Amount to be Injected in Acquisition of Equity Interest | ¥ 388,500 | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 55.00% | 25.00% | |||||||||||||||||||||
Beijing Proton Medical Center [Member] | Beijing Century Friendship Science and Technology Development Co., Ltd. [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 55.00% | ||||||||||||||||||||||
Beijing Proton Medical Center [Member] | King Cheers Holdings Limited ("King Cheers") [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | ||||||||||||||||||||||
Shanghai Rongchi Medical Management Limited [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | |||||||||||||||||||||
CHS | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 10.00% | 100.00% | 10.00% | 100.00% | |||||||||||||||||||
Percentage of interest held after disposal | 10.00% | ||||||||||||||||||||||
CHS [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Cash consideration | ¥ 22,925 | ||||||||||||||||||||||
Dispose of equity method investment (as a percentage) | 17.00% | ||||||||||||||||||||||
CHS [Member] | CHS | CHS | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 10.00% | 10.00% | |||||||||||||||||||||
Guofu Huimei, Beijing Century Friendship, BPMC And CMCC [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 28,846 | ||||||||||||||||||||||
Cash consideration | ¥ 570,600 | ||||||||||||||||||||||
Goodwill | ¥ 165,171 | ||||||||||||||||||||||
Guofu Huimei, Beijing Century Friendship, BPMC And CMCC [Member] | Operating license [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Number of licenses | agreement | 2 | ||||||||||||||||||||||
Estimated amortization periods | 20 years | ||||||||||||||||||||||
Guofu Huimei, Beijing Century Friendship, BPMC And CMCC [Member] | Operating License Agreement One [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Acquired amortizable intangible assets | ¥ 164,440 | ||||||||||||||||||||||
Guofu Huimei, Beijing Century Friendship, BPMC And CMCC [Member] | Operating License Agreement Two [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Acquired amortizable intangible assets | 272,910 | ||||||||||||||||||||||
Guofu Huimei, Beijing Century Friendship, BPMC And CMCC [Member] | Favorable leases [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Acquired amortizable intangible assets | ¥ 16,010 | ||||||||||||||||||||||
Estimated amortization periods | 12 years | ||||||||||||||||||||||
Tianjin Jiatai Group [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Payments to Fund Operations of Acquiree | ¥ 84,000 | ||||||||||||||||||||||
Cash consideration | ¥ 421,730 | ||||||||||||||||||||||
Gain On Revaluation Of Investment | 31,898 | $ 4,582 | |||||||||||||||||||||
Acquired amortizable intangible assets | 5,000 | ||||||||||||||||||||||
Goodwill | ¥ 45,272 | ||||||||||||||||||||||
Tianjin Jiatai Group [Member] | Operating license [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Estimated amortization periods | 20 years | ||||||||||||||||||||||
Tianjin Jiatai Group [Member] | Favorable leases [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Estimated amortization periods | 17 years | ||||||||||||||||||||||
Goodwill | ¥ 45,272 | $ 6,503 | |||||||||||||||||||||
Tianjin Jiatai Group [Member] | ZR Guofu [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Percentage of equity interest transferred | 77.18% | 77.18% | |||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 421,730 | $ 60,578 | |||||||||||||||||||||
Tianjin Jiatai Group [Member] | SH MZJH | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Percentage of equity interest transferred | 90.00% | ||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 27,000 | ||||||||||||||||||||||
Guangzhou New Spring Hospital Management Co., Ltd. | New Spring Group | Beijing MeizhongJiahe Hospital Management Co., Ltd. ("MHM") [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 70.00% | 70.00% | |||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 11,478 | $ 8,400 | |||||||||||||||||||||
Cash consideration | ¥ 8,400 | $ 7,560 | |||||||||||||||||||||
Contingent consideration liability | $ | $ 840 | ||||||||||||||||||||||
Period for Contingent Consideration Payable | 6 months | 6 months | |||||||||||||||||||||
Capital amount (in shares) | shares | 14,000,000 | 14,000,000 | |||||||||||||||||||||
Goodwill | ¥ 3,213 | ||||||||||||||||||||||
Beijing MeizhongJiahe Hospital Management Co., Ltd. ("MHM") [Member] | Shanghai Meizhongjiahe ProMed Cancer Centers Co., Ltd [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Business Combination, Consideration Transferred | ¥ 182,100 | ||||||||||||||||||||||
Beijing MeizhongJiahe Hospital Management Co., Ltd. ("MHM") [Member] | Beijing Century Friendship Science and Technology Development Co., Ltd. [Member] | Guofu Huimei Investment Management Limited Partnership [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 78.31% |
RESTRICTED CASH (Details)
RESTRICTED CASH (Details) $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
RESTRICTED CASH | |||
Restricted cash current | ¥ 4,661,000 | $ 714 | ¥ 0 |
Restricted cash non-current | ¥ 107,470,000 | $ 16,471 | ¥ 0 |
ACCOUNTS RECEIVABLE (Schedule o
ACCOUNTS RECEIVABLE (Schedule of Accounts Receivable) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | |
ACCOUNTS RECEIVABLE | |||||
Accounts receivable | ¥ 83,848 | ¥ 80,878 | $ 12,850 | ||
Allowance for credit losses | (6,473) | (7,147) | (992) | ||
Accounts receivable, net | 77,375 | 73,731 | $ 11,858 | ||
The rollforward in the allowance for credit losses were as follows: | |||||
Balance at the beginning of the year | 7,147 | $ 1,095 | 3,585 | ¥ 12,969 | |
Cumulative effect of adopting ASU 2016-13 | 597 | 92 | |||
Disposal of subsidiary | (60) | (9) | |||
Provisions for the year | 1,879 | 288 | 4,510 | 1,303 | |
Reversal of provisions from prior periods due to subsequent cash collection during the year | (1,415) | (217) | (221) | (709) | |
Amounts written off during the year | (1,675) | (257) | (734) | (9,989) | |
Foreign exchange gain or loss | 0 | 0 | 7 | 11 | |
Balance at the end of the year | ¥ 6,473 | $ 992 | ¥ 7,147 | ¥ 3,585 |
ACCOUNTS RECEIVABLE (Narrative)
ACCOUNTS RECEIVABLE (Narrative) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
ACCOUNTS RECEIVABLE | |||
Accounts receivable used to secure bank borrowings | ¥ 33,686 | $ 5,163 | ¥ 30,524 |
PREPAYMENTS AND OTHER CURRENT_3
PREPAYMENTS AND OTHER CURRENT ASSETS (Schedule of Prepayments and Other Current Assets) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
PREPAYMENTS AND OTHER CURRENT ASSETS | |||
Due from suppliers | ¥ 61,313 | $ 9,397 | ¥ 5,957 |
Due from hospitals | 831 | 127 | 406 |
Loan receivables | 67,367 | 10,324 | 70,077 |
Advances to employees | 3,654 | 560 | 4,271 |
Receivables from disposal of medical equipment | 7,330 | 1,123 | 120 |
Interest receivable | 157 | 24 | 2,891 |
Dividend receivable | 766 | 117 | 766 |
Deductible value-added tax-current | 37,015 | 5,673 | |
Tax refund | 222 | 34 | 14,466 |
Capital contribution of contingently redeemable noncontrolling interest | 31,415 | 4,815 | |
Others | 15,501 | 2,376 | 4,927 |
Prepayments and other current assets, gross | 225,571 | 34,570 | 103,881 |
Allowance for credit losses | (12,528) | (1,920) | (9,013) |
Prepayments and other current assets | ¥ 213,043 | $ 32,650 | ¥ 94,868 |
PREPAYMENTS AND OTHER CURRENT_4
PREPAYMENTS AND OTHER CURRENT ASSETS (Narrative) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Prepaid Expenses And Other Current Assets [Line Items] | |||
Reserve For Unrecoverable Deposits Current | ¥ 12,528 | $ 1,920 | ¥ 9,013 |
Notes, Loans and Financing Receivable, Net, Current | 56,680 | 8,687 | 57,904 |
Allowance for credit losses, third party loans | 3,005 | 461 | 0 |
JYADK [Member] | |||
Prepaid Expenses And Other Current Assets [Line Items] | |||
Reserve For Unrecoverable Deposits Current | 9,000 | 1,379 | 9,000 |
Amounts due from subsidiaries | 1,845 | 283 | 3,833 |
Suppliers [Member] | |||
Prepaid Expenses And Other Current Assets [Line Items] | |||
Reserve For Unrecoverable Deposits Current | 0 | 0 | |
Xi'an JiangyuanAndike Ltd And Beijing Allcure Medical Information Technology Co Ltd [Member] | |||
Prepaid Expenses And Other Current Assets [Line Items] | |||
Amounts due from subsidiaries | 10,688 | 1,638 | ¥ 12,173 |
Xinzitong [Member] | SAAS System [Member] | |||
Prepaid Expenses And Other Current Assets [Line Items] | |||
Due to Affiliate | ¥ 8,120 | $ 1,244 |
INVENTORIES (Schedule of Invent
INVENTORIES (Schedule of Inventory) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Inventory [Line Items] | |||
Inventories | ¥ 21,610 | $ 3,312 | ¥ 4,341 |
Inventory, Gross | 22,259 | 3,411 | 5,741 |
Less: inventory provision | (649) | (99) | (1,400) |
Medicine [Member] | |||
Inventory [Line Items] | |||
Inventories | 5,276 | 809 | 2,625 |
Medical material [Member] | |||
Inventory [Line Items] | |||
Inventories | 16,031 | 2,456 | 1,728 |
Low-value Consumables [Member] | |||
Inventory [Line Items] | |||
Inventories | ¥ 952 | $ 146 | ¥ 1,388 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Schedule of Property Plant and Equipment Net) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2020USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | ¥ 2,802,332 | ¥ 2,231,805 | $ 429,477 | |
Less: accumulated depreciation | (224,348) | (314,151) | (34,383) | |
Impairment charges | (18,793) | $ (2,881) | (18,793) | |
Property, plant and equipment after impairment | 2,559,191 | 1,898,861 | 392,213 | |
Buildings [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 16,801 | 277,569 | 2,575 | |
Medical equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 368,609 | 458,843 | 56,492 | |
Electronic and office equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 16,409 | 20,983 | 2,515 | |
Motor vehicles [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 3,713 | 2,993 | 569 | |
Leasehold improvement and building improvement [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 76,114 | 80,922 | 11,665 | |
Construction in progress [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | ¥ 2,320,686 | ¥ 1,390,495 | $ 355,661 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT, NET - (Narrative) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation of property, plant and equipment | ¥ 55,030 | $ 8,434 | ¥ 44,358 | ¥ 40,855 | |
Tangible Asset Impairment Charges | 0 | 6,453 | 4,418 | ||
Impairment Write Off | 0 | 10,968 | 41,272 | ||
Equipment underoperating lease, cost | 168,876 | 271,603 | $ 25,881 | ||
Equipment under operating lease, accumulated depreciation | 127,558 | 150,988 | 19,549 | ||
Property and equipment pledged as collateral for other borrowings | 414,326 | 119,359 | 63,498 | ||
Property and equipment pledged to secure bank and other borrowings | 1,150,018 | 1,152,379 | $ 176,248 | ||
Hospital [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 0 | 351 | ||
Impairment Write Off | ¥ 0 | ¥ 353 | ¥ 0 |
LEASE (Narrative) (Details)
LEASE (Narrative) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | |
Lessor, Lease, Description [Line Items] | |||||
Lease receivables | ¥ 5,018 | ¥ 4,318 | $ 769 | ||
Lease receivables pledged as collaterals for bank and other borrowings | 26,782 | 24,997 | 4,105 | ||
Derecognition of underlying assets | 179,093 | $ 27,447 | 167,165 | ||
Operating lease income | 45,847 | 7,026 | 53,485 | ¥ 71,864 | |
Short-term Lease, Cost | 930 | 143 | |||
Secured Debt, Other | 414,470 | 416,548 | 63,520 | ||
Prepaid land lease amortization expenses | 426,517 | 65,367 | 428,861 | ||
Right-of-use asset amortization expenses | 9,513 | 1,458 | 9,462 | 9,610 | |
Failed sale-leaseback transactions as seller-lessee | |||||
Sale leaseback liability current | 91,904 | 14,085 | |||
Interest expenses | 44,880 | 6,878 | ¥ 21,644 | ¥ 119 | |
Sale leaseback liability non current | 478,694 | $ 73,363 | |||
Cost of revenue | |||||
Lessor, Lease, Description [Line Items] | |||||
Short-term Lease, Cost | 16,792 | 2,574 | |||
General and administrative expenses | |||||
Lessor, Lease, Description [Line Items] | |||||
Short-term Lease, Cost | ¥ 13,417 | $ 2,056 | |||
Minimum | |||||
Failed sale-leaseback transactions as seller-lessee | |||||
Effective interest rate | 9.10% | 9.10% | |||
Maximum | |||||
Failed sale-leaseback transactions as seller-lessee | |||||
Effective interest rate | 14.35% | 14.35% |
LEASE (Lease receivables) (Deta
LEASE (Lease receivables) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Current | |||
Account receivable - Operating lease | ¥ 38,266 | $ 5,865 | ¥ 38,201 |
Account receivable - Sales-type lease | 1,195 | 183 | 675 |
Net investment in direct financing leases, current portion | 25,045 | 3,838 | 35,240 |
Noncurrent | |||
Net investment in direct financing leases, non-current portion | 13,720 | 2,103 | 27,084 |
Total | ¥ 78,226 | $ 11,989 | ¥ 101,200 |
LEASE (Lease income) (Details)
LEASE (Lease income) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | |
Sales-type leases [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Selling loss recognized at the commencement date | ¥ (21,229) | $ (3,049) | ||
Interest income on net investment in the lease | ¥ 4,130 | $ 633 | 1,130 | 162 |
Including: Income relating to variable lease payments not included in the measurement of the net investment in a lease | 4,130 | 633 | 1,130 | 162 |
Direct financing leases [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Interest income on net investment in the lease | 2,929 | 449 | 3,944 | 567 |
Operating leases [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease income relating to lease payments | 45,847 | 7,026 | 53,485 | 7,683 |
Including: Income relating to variable lease payments not included in the measurement of lease receivable | ¥ 38,999 | $ 5,977 | ¥ 45,887 | $ 6,591 |
LEASE (Net investment in direct
LEASE (Net investment in direct financing leases) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
NET INVESTMENT IN DIRECT FINANCING LEASES | |||
Minimum lease payments to be received | ¥ 41,304 | $ 6,330 | ¥ 68,520 |
Unearned income | (2,539) | (389) | (6,196) |
Net investment in direct finance leases | 38,765 | 5,941 | 62,324 |
Current | 25,045 | 3,838 | 35,240 |
Non-current | 13,720 | 2,103 | 27,084 |
Total | ¥ 38,765 | $ 5,941 | ¥ 62,324 |
LEASE (Schedule of non-cancella
LEASE (Schedule of non-cancellable direct financing leases) (Details) - Dec. 31, 2020 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
LEASE | ||
2021 | ¥ 19,570 | $ 2,999 |
2022 | 10,184 | 1,561 |
2023 | 9,427 | 1,445 |
2024 | ¥ 2,123 | $ 325 |
LEASE ( Schedule of non-cancell
LEASE ( Schedule of non-cancellable operating lease payment) (Details) - Dec. 31, 2020 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
LEASE | ||
2021 | ¥ 8,972 | $ 1,375 |
2022 | 8,972 | 1,375 |
2023 | 7,886 | 1,209 |
2024 | 7,196 | 1,103 |
2025 | 5,496 | 842 |
Above 5 years | ¥ 13,708 | $ 2,101 |
LEASE (Other operating leases)
LEASE (Other operating leases) (Details) - 12 months ended Dec. 31, 2020 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
LEASE | ||
Operating lease cost | ¥ 29,279 | $ 4,487 |
Short term lease cost | 930 | 143 |
Total | ¥ 30,209 | $ 4,630 |
LEASE (Other information) (Deta
LEASE (Other information) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | |
LEASE | ||
Operating cash flows from operating leases | ¥ 22,224 | $ 3,406 |
ROU assets obtained in exchange for operating lease liabilities | ¥ 117,439 | $ 17,998 |
Weighted-average remaining lease term (in years) | 7 years | 7 years |
Weighted-average discount rate | 5.66% | 5.66% |
LEASE (Schedule of future lease
LEASE (Schedule of future lease payments) (Details) - Dec. 31, 2020 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2021 | ¥ 25,620 | $ 3,926 |
2022 | 27,657 | 4,239 |
2023 | 25,518 | 3,911 |
2024 | 22,708 | 3,480 |
2025 | 23,115 | 3,543 |
Thereafter | 235,590 | 36,106 |
Total future lease payments | 360,208 | 55,205 |
Less: Imputed interest | 123,069 | 18,861 |
Total lease liability balance | ¥ 237,139 | $ 36,344 |
LEASE (Schedule of Prepaid Land
LEASE (Schedule of Prepaid Land Lease Payments) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
LEASE | |||
Prepaid land lease payments | ¥ 463,992 | $ 71,110 | ¥ 456,823 |
Less: accumulated amortization | (37,475) | (5,743) | (27,962) |
Net carrying value | ¥ 426,517 | $ 65,367 | ¥ 428,861 |
LEASE (Schedule of Estimated An
LEASE (Schedule of Estimated Annual Amortization Expenses) (Details) - Dec. 31, 2020 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
LEASE | ||
2021 | ¥ 9,621 | $ 1,475 |
2022 | 9,621 | 1,475 |
2023 | 9,621 | 1,475 |
2024 | 9,621 | 1,475 |
2025 | ¥ 9,621 | $ 1,475 |
GOODWILL (Carrying Amount) (Det
GOODWILL (Carrying Amount) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | ¥ 210,443 | $ 32,252 | ¥ 165,171 | |
Addition | 3,213 | 492 | 45,272 | ¥ 165,171 |
Goodwill, Ending Balance | ¥ 213,656 | $ 32,744 | ¥ 210,443 | ¥ 165,171 |
GOODWILL (Narrative) (Details)
GOODWILL (Narrative) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
GOODWILL | ||||||
Goodwill, Acquired During Period | ¥ 3,213 | $ 492 | ¥ 45,272 | ¥ 165,171 | ||
Goodwill | ¥ 213,656 | ¥ 210,443 | ¥ 165,171 | $ 32,744 | $ 32,252 |
INTANGIBLE ASSETS, NET (Schedul
INTANGIBLE ASSETS, NET (Schedule of Acquired Intangible Assets) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Intangible assets, net: | ||||
Intangible assets, net, beginning balance | ¥ 532,489 | ¥ 456,844 | ||
Acquisition of subsidiaries (note 4) | 5,053 | 89,000 | ||
Addition of software | 1,028 | 1,579 | ||
Foreign Exchange Gain | 7 | |||
Disposal of centers | (87) | |||
Amortization expenses | (15,756) | $ (2,415) | (11,995) | ¥ (4,161) |
Intangible asset impairment | (2,852) | |||
Intangible assets, cost | 593,454 | |||
Less: accumulated amortization | (69,591) | |||
Less: intangible asset impairment | (1,042) | |||
Intangible assets, net, ending balance | 522,821 | 80,126 | 532,489 | 456,844 |
Customer relationship [Member] | ||||
Intangible assets, net: | ||||
Intangible assets, net, beginning balance | 3,027 | |||
Disposal of centers | (80) | |||
Amortization expenses | (125) | |||
Intangible asset impairment | (2,822) | |||
Intangible assets, cost | 32,449 | |||
Less: accumulated amortization | (31,486) | |||
Less: intangible asset impairment | (963) | |||
Intangible assets, net, ending balance | 3,027 | |||
Operating leases [Member] | ||||
Intangible assets, net: | ||||
Intangible assets, net, beginning balance | 254 | |||
Disposal of centers | (7) | |||
Amortization expenses | (217) | |||
Intangible asset impairment | (30) | |||
Intangible assets, cost | 2,759 | |||
Less: accumulated amortization | (2,680) | |||
Less: intangible asset impairment | (79) | |||
Intangible assets, net, ending balance | 254 | |||
Operating license [Member] | ||||
Intangible assets, net: | ||||
Intangible assets, net, beginning balance | 510,577 | 435,294 | ||
Acquisition of subsidiaries (note 4) | 5,000 | 84,000 | ||
Amortization expenses | (12,609) | (8,717) | ||
Intangible assets, cost | 526,350 | |||
Less: accumulated amortization | (23,382) | |||
Intangible assets, net, ending balance | 502,968 | 77,084 | 510,577 | 435,294 |
Favorable Lease Intangibles [Member] | ||||
Intangible assets, net: | ||||
Intangible assets, net, beginning balance | 19,385 | 15,692 | ||
Acquisition of subsidiaries (note 4) | 5,000 | |||
Amortization expenses | (1,564) | (1,307) | ||
Intangible assets, cost | 21,010 | |||
Less: accumulated amortization | (3,189) | |||
Intangible assets, net, ending balance | 17,821 | 2,731 | 19,385 | 15,692 |
Other Intangible Assets [Member] | ||||
Intangible assets, net: | ||||
Intangible assets, net, beginning balance | 2,527 | 2,577 | ||
Acquisition of subsidiaries (note 4) | 53 | |||
Addition of software | 1,028 | 1,579 | ||
Foreign Exchange Gain | 7 | |||
Amortization expenses | (1,583) | (1,629) | ||
Intangible assets, cost | 10,886 | |||
Less: accumulated amortization | (8,854) | |||
Intangible assets, net, ending balance | ¥ 2,032 | $ 311 | ¥ 2,527 | ¥ 2,577 |
INTANGIBLE ASSETS, NET (Sched_2
INTANGIBLE ASSETS, NET (Schedule of Estimated Annual Amortization Expenses) (Details) - Dec. 31, 2020 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
INTANGIBLE ASSETS, NET | ||
2021 | ¥ 15,319 | $ 2,348 |
2022 | 14,691 | 2,251 |
2023 | 14,440 | 2,213 |
2024 | 14,390 | 2,205 |
2025 | ¥ 14,375 | $ 2,203 |
INTANGIBLE ASSETS, NET (Narrati
INTANGIBLE ASSETS, NET (Narrative) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expenses | ¥ 15,756 | $ 2,415 | ¥ 11,995 | ¥ 4,161 |
Acquired Finite Lived Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expenses | 15,756 | $ 2,415 | 11,995 | 4,161 |
Impairment loss on intangible assets | ¥ 0 | ¥ 2,852 | ¥ 0 |
DEPOSITS FOR NON-CURRENT ASSE_3
DEPOSITS FOR NON-CURRENT ASSETS (Schedule of Deposits for Non-Current Assets) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
DEPOSITS FOR NON-CURRENT ASSETS | |||
Deposits for purchases of property, plant and equipment | ¥ 256,337 | $ 39,286 | ¥ 717,392 |
Reserve for unrecoverable deposits | (8,500) | (1,303) | (93,260) |
Deposits | ¥ 247,837 | $ 37,983 | ¥ 624,132 |
DEPOSITS FOR NON-CURRENT ASSE_4
DEPOSITS FOR NON-CURRENT ASSETS (Schedule of Deposits for Non-Current Assets) (Narrative) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2018CNY (¥) | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Assets, Noncurrent | ¥ 4,658,540 | ¥ 4,014,958 | $ 713,953 | ||
Capital Addition Purchase Commitments [Member] | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Commitments to purchase certain medical equipment | 480,290 | 622,584 | 73,608 | ||
Impairment loss on deposit assets | 8,500 | 62,400 | $ 1,303 | ¥ 0 | |
Write off for gross amount of deposits and allowance | 93,260 | $ 14,293 | 0 | ||
Assets, Noncurrent | 0 | 0 | |||
Debt Instrument, Face Amount | ¥ 0 | ¥ 0 |
LONG-TERM INVESTMENTS (Details)
LONG-TERM INVESTMENTS (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
LONG-TERM INVESTMENTS | |||
Equity investments without readily determinable fair values | ¥ 45,085 | $ 6,909 | ¥ 22,160 |
Equity method investments | 187,935 | 28,802 | 42,788 |
Available-for-sale debt securities | 80,000 | 12,261 | |
Total | ¥ 313,020 | $ 47,972 | ¥ 64,948 |
LONG-TERM INVESTMENTS (Details
LONG-TERM INVESTMENTS (Details 1) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2015 | |
CHS | ||||
Allcure Information | 10.00% | 100.00% | ||
Equity Method Investments, Fair Value Disclosure | ¥ 22,925 | |||
Sale of Stock, Percentage of Ownership after Transaction | 10.00% | |||
Allcure Information [Member] | ||||
Allcure Information | 9.60% | 9.60% | 9.60% | 20.00% |
Equity Method Investments, Fair Value Disclosure | ¥ 22,160 | |||
Impairment | ¥ 0 | ¥ 0 |
LONG-TERM INVESTMENTS (Schedule
LONG-TERM INVESTMENTS (Schedule of Equity Method Investments) (Details 2) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Xi'an JiangyuanAndike Ltd. ("JYADK") [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity interest in equity method investment | 29.70% | 29.70% | |
Equity Method Investments, Fair Value Disclosure | ¥ 11,161 | ¥ 8,035 | |
PTC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity interest in equity method investment | 0.00% | 59.51% | |
Equity Method Investments, Fair Value Disclosure | ¥ 0 | ¥ 24,718 | |
Suzhou Shengshan Huiying Venture Capital Investment LLP. ("Suzhou Shengshan") [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity interest in equity method investment | 5.15% | 5.15% | 5.41% |
Equity Method Investments, Fair Value Disclosure | ¥ 9,904 | ¥ 10,035 | |
Zhejiang Marine Leasing Ltd | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity interest in equity method investment | 20.00% | 0.00% | |
Equity Method Investments, Fair Value Disclosure | ¥ 166,870 | ¥ 0 |
LONG-TERM INVESTMENTS (Narrativ
LONG-TERM INVESTMENTS (Narrative) (Details) ¥ in Thousands, $ in Thousands | Jul. 31, 2015CNY (¥) | Dec. 28, 2012CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2020USD ($) | Jun. 10, 2020 | Jul. 22, 2019 | Dec. 31, 2017USD ($) | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Maximum voting percentage required to pass resolution | 50.00% | 50.00% | ||||||||||
Disposal gain | ¥ 7,837 | $ 1,201 | ¥ 0 | ¥ 48,019 | ||||||||
Capital Contributed | $ | $ 10,000 | |||||||||||
Long-term investments pledged to secure other borrowings | 166,870 | 0 | $ 25,574 | |||||||||
Tianjin Jiatai Entity Management limited Partnership [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Business Combination, Consideration Transferred | ¥ 106,500 | |||||||||||
MDA Proton [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | 30,751 | ¥ 6,779 | ¥ 212,855 | $ 4,713 | ||||||||
Discontinued Operation Equity Method Investment Retained After Disposal | 0 | |||||||||||
Disposal gain | ¥ 7,837 | $ 1,162 | ||||||||||
PTC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 14.34% | 44.55% | 59.51% | 59.51% | ||||||||
Business Combination, Consideration Transferred | ¥ 30,063 | ¥ 201,176 | ||||||||||
PTC GP Management LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investment Legal Interest Percentage | 17.07% | 45.00% | ||||||||||
General Partner of PTC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 1.00% | |||||||||||
MDA Proton [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investment Legal Interest Percentage | 45.41% | 45.41% | ||||||||||
Tianjin Jiatai Group [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 90.00% | |||||||||||
CHS | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 10.00% | 100.00% | 10.00% | |||||||||
SH MZJH | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Capital Contributed | ¥ 34,540 | |||||||||||
PTC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 0.00% | 59.51% | 0.00% | |||||||||
Allcure Information [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 9.60% | 9.60% | 9.60% | 9.60% | 20.00% | |||||||
Suzhou Shengshan Huiying Venture Capital Investment LLP. ("Suzhou Shengshan") [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 5.15% | 5.15% | 5.41% | 5.15% | ||||||||
JKSY [Member] | Suzhou Shengshan [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 8.13% | |||||||||||
China Medical Services Holdings Limited ("CMS Holdings") [Member] | Zhejiang Marine | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 20.00% |
LONG-TERM INVESTMENTS (Availabl
LONG-TERM INVESTMENTS (Available-for-sale debt securities) (Details) - 12 months ended Dec. 31, 2020 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities - Fair Value | ¥ 80,000 | $ 12,261 |
Private equity funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities - Fair Value | ¥ 80,000 | |
Available-for-sale debt securities - Redemption frequency | Annually | |
Minimum | Private equity funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities - Redemption Notice Period | 5 days | |
Maximum | Private equity funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities - Redemption Notice Period | 9 days |
OTHER NON-CURRENT ASSETS (Sched
OTHER NON-CURRENT ASSETS (Schedule of Other Non-Current Assets) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
OTHER NON-CURRENT ASSETS | |||
Deposits - long-term | ¥ 6,036 | $ 925 | ¥ 6,733 |
Long-term deferred assets | 1,755 | ||
Advance to hospitals-noncurrent | 1,102 | 169 | 1,433 |
Other non-current assets | ¥ 7,138 | $ 1,094 | ¥ 9,921 |
OTHER NON-CURRENT ASSETS (Narra
OTHER NON-CURRENT ASSETS (Narrative) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
OTHER NON-CURRENT ASSETS | |||
Deposit - long term, impairment loss | ¥ 0 | ¥ 400 | |
Advance to hospitals-non current, impairment loss | ¥ 52 | $ 8 | ¥ 330 |
ACCRUED EXPENSES AND OTHER LI_3
ACCRUED EXPENSES AND OTHER LIABILITIES (Schedule of Accrued Expenses and Other Liabilities) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
ACCRUED EXPENSES AND OTHER LIABILITIES | |||
Accrued expenses | ¥ 99,920 | $ 15,313 | ¥ 81,407 |
Salaries and welfare payable | 24,701 | 3,786 | 21,959 |
Business and other taxes payable | 8,396 | 1,287 | 3,822 |
Payable to acquire the non-controlling interests of CCM(HK) | 25,166 | 3,857 | 44,963 |
MD Anderson consulting fee payable | 20,391 | 3,125 | 41,478 |
Acquisition payable for investment in CMCC | 11,863 | 1,818 | 12,657 |
Contractual liabilities | 87,740 | 13,447 | 3,190 |
Other payables | 51,913 | 7,956 | 67,625 |
Total | ¥ 330,090 | $ 50,589 | ¥ 277,101 |
SHAREHOLDERS' EQUITY (Narrative
SHAREHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 10, 2015 | Jan. 27, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2015 |
Consideration to repurchase shares | $ 4,542 | $ 3,111 | |||||
Shares repurchased | 967,408 | 614,033 | |||||
Amount of dividend paid | $ 0 | $ 0 | $ 0 | ||||
Ordinary shares [Member] | |||||||
Shares repurchased | 2,902,224 | 1,842,099 | |||||
American Depositary Shares [Member] | |||||||
Consideration to repurchase shares | $ 20,000 | ||||||
Shares repurchased | 0 | 0 | 0 | ||||
American Depositary Shares [Member] | Maximum | |||||||
Price per share | $ 7.99 | ||||||
Common Class A [Member] | |||||||
Conversion of Stock, Shares Converted | 45,787,948 | 45,787,948 | |||||
Common Stock, Shares, Outstanding | 84,463,737 | 84,454,047 | |||||
Common Class B [Member] | |||||||
Conversion of Stock, Shares Issued | 45,787,948 | ||||||
Common Stock, Shares, Outstanding | 45,787,948 | 45,787,948 |
BANK AND OTHER BORROWINGS (Sche
BANK AND OTHER BORROWINGS (Schedule of Bank and Other Borrowings) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
BANK AND OTHER BORROWINGS | |||
Total bank and other borrowings | ¥ 2,116,924 | $ 324,433 | ¥ 1,620,202 |
Short-term | 24,481 | 3,752 | 285,500 |
Long-term, current portion | 124,395 | 19,064 | 42,939 |
Total | 148,876 | 22,816 | 328,439 |
Long-term, non-current portion | ¥ 1,968,048 | $ 301,617 | ¥ 1,291,763 |
BANK AND OTHER BORROWINGS (Sc_2
BANK AND OTHER BORROWINGS (Schedule of Maturities of Long-Term and Other Debt) (Details) - Dec. 31, 2020 - Long-term Bank and Other Borrowings [Member] ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Debt Instrument [Line Items] | ||
Within one year | ¥ 124,395 | $ 19,064 |
Between one and two years | 172,131 | 26,381 |
Between two and three years | 248,715 | 38,117 |
Between three and four years | 445,079 | 68,211 |
Above four years | 1,102,123 | 168,908 |
Total | ¥ 2,092,443 | $ 320,681 |
BANK AND OTHER BORROWINGS (Narr
BANK AND OTHER BORROWINGS (Narrative) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Debt Instrument [Line Items] | |||
Property and equipment pledged as collateral | ¥ 414,326 | $ 63,498 | ¥ 119,359 |
Accounts receivable used to secure bank borrowings | 33,686 | 5,163 | 30,524 |
Lease receivables | 26,782 | 4,105 | 24,997 |
Assets, Noncurrent | 4,658,540 | $ 713,953 | 4,014,958 |
Restricted cash | ¥ 0 | ¥ 0 | |
Short-term bank borrowings, weighted average interest rate | 7.01% | 7.01% | 7.73% |
Bank Loans | ¥ 39,014 | $ 5,979 | ¥ 41,624 |
Other Borrowings | 2,077,911 | 318,454 | 1,578,578 |
Carrying value of Long-term investments | 166,870 | 25,574 | 0 |
Land [Member] | |||
Debt Instrument [Line Items] | |||
Property and equipment pledged as collateral | 414,470 | 63,520 | 416,548 |
Construction in progress [Member] | |||
Debt Instrument [Line Items] | |||
Property and equipment pledged as collateral | ¥ 1,150,018 | $ 176,248 | ¥ 1,152,379 |
Long-term Bank and Other Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Long-term bank and other borrowings, weighted average interest rate | 7.11% | 7.11% | 11.49% |
Short Term Bank Credit Lines [Member] | |||
Debt Instrument [Line Items] | |||
Unutilized bank credit lines | ¥ 1,710 | $ 262 | |
Long Term Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Unutilized bank credit lines | 406,656 | $ 62,323 | |
Capital Addition Purchase Commitments [Member] | |||
Debt Instrument [Line Items] | |||
Assets, Noncurrent | ¥ 0 | ¥ 0 |
RESTRICTED NET ASSETS (Narrativ
RESTRICTED NET ASSETS (Narrative) (Details) - 12 months ended Dec. 31, 2020 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Restricted Net Assets [Line Items] | ||
Percentage of after-tax profit to general reserve | 10.00% | |
Amount of net assets restricted | ¥ 5,538,131 | $ 848,756 |
Foreign Tax Authority [Member] | ||
Restricted Net Assets [Line Items] | ||
Percentage of after-tax profit to general reserve | 10.00% | |
Percentage of general reserve registered capital | 50.00% | |
Domestic Tax Authority [Member] | ||
Restricted Net Assets [Line Items] | ||
Percentage of after-tax profit to general reserve | 10.00% | |
Percentage of general reserve registered capital | 50.00% |
TAXATION (Narrative) (Details)
TAXATION (Narrative) (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Apr. 30, 2019 | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2011 | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Income Tax Contingency [Line Items] | ||||||||||
Applicable tax rates | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | ||||
Withholding Tax Rate | 10 | 10 | ||||||||
Income tax payable | $ 132 | ¥ 858 | ¥ 752 | |||||||
Uncertain tax position, impact on taxes | 71 | ¥ 465 | ¥ 6,802 | ¥ 8,309 | ||||||
Accrued interest and penalties | 4,691 | 30,610 | 31,141 | |||||||
Unrecognized tax benefits, net deferred tax asset related to tax loss carryforwards | 3,215 | 20,975 | 27,385 | |||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 4,449 | 29,030 | 60,711 | |||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 67,688 | 441,653 | 391,078 | 225,246 | ||||||
Business tax rate | 5 | |||||||||
Net operating loss carryforwards | 67,688 | 441,653 | ||||||||
Deferred Tax Assets, Net of Valuation Allowance | 8,287 | 54,059 | 59,580 | |||||||
Current Federal, State and Local, Tax Expense (Benefit) | 256 | ¥ 1,672 | ¥ (1,358) | 2,867 | ||||||
Unrecognized Tax Benefits | $ 9,976 | $ 15,170 | ¥ 81,000 | ¥ 65,093 | ¥ 98,984 | |||||
Movable Property [Member] | ||||||||||
Income Tax Contingency [Line Items] | ||||||||||
Value added tax | 3.00% | 3.00% | ||||||||
Property Leasing Arrangement [Member] | ||||||||||
Income Tax Contingency [Line Items] | ||||||||||
Value added tax | 13.00% | 17.00% | 17.00% | |||||||
Technical Service [Member] | ||||||||||
Income Tax Contingency [Line Items] | ||||||||||
Value added tax | 6.00% | 6.00% | ||||||||
United States of America [Member] | ||||||||||
Income Tax Contingency [Line Items] | ||||||||||
Applicable tax rates | 21.00% | 21.00% | 21.00% | 21.00% | 21.00% | 21.00% | ||||
SINGAPORE | ||||||||||
Income Tax Contingency [Line Items] | ||||||||||
Income tax profits | $ | $ 0 | $ 0 | $ 0 | |||||||
HONG KONG | ||||||||||
Income Tax Contingency [Line Items] | ||||||||||
Income tax profits | ¥ | ¥ 0 |
TAXATION (Schedule of (Loss) In
TAXATION (Schedule of (Loss) Income from Continuing Operations Before Income Taxes) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
TAXATION | ||||
Non - PRC | ¥ (142,750) | $ (21,879) | ¥ (127,243) | ¥ (98,709) |
PRC | (298,903) | (45,809) | (263,835) | (126,537) |
Loss before income tax | ¥ (441,653) | $ (67,688) | ¥ (391,078) | ¥ (225,246) |
TAXATION (Schedule of Income Ta
TAXATION (Schedule of Income Tax Expense from Continuing Operations) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
TAXATION | ||||
Current tax expense (benefit) | ¥ (24,047) | $ (3,685) | ¥ (16,570) | ¥ 43,209 |
Deferred tax benefit | (13,577) | (2,081) | (22,416) | (9,158) |
Income tax expense | ¥ (37,624) | $ (5,766) | ¥ (38,986) | ¥ 34,051 |
TAXATION (Reconciliation of Dif
TAXATION (Reconciliation of Differences Between Statutory Tax Rate and Effective Tax Rate) (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
TAXATION | |||
Statutory income tax rate | 25.00% | 25.00% | 25.00% |
TAXATION (Schedule of Deferred
TAXATION (Schedule of Deferred Taxes) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Deferred tax asset | |||
Net operating loss | ¥ 105,783 | $ 16,212 | ¥ 163,538 |
Foreign exchange loss | 3,232 | 495 | 0 |
Depreciation and amortization | 9,954 | 1,526 | 6,262 |
Property, plant and equipment impairment | 7,867 | 1,206 | 9,433 |
Deposits for non-current assets | 18,475 | 2,831 | 16,350 |
Allowance for net investment in financing lease | 4,856 | 744 | 4,518 |
Allowance for doubtful accounts | 12,264 | 1,880 | 11,391 |
Lease liabilities | 59,557 | 9,128 | 60,073 |
Other long-term assets | 78,550 | 12,038 | 37,778 |
Equity investment | 8,414 | 1,290 | 9,196 |
Others | 2,686 | 413 | 1,891 |
Total deferred tax assets | 311,638 | 47,763 | 320,430 |
less:Valuation allowance | (257,579) | (39,476) | (260,850) |
Net deferred tax assets | 54,059 | 8,287 | 59,580 |
Deferred tax liabilities | |||
Foreign exchange gain | 0 | 0 | (9,346) |
Equity investment | 0 | 0 | (1,299) |
Property, plant and equipment | (1,665) | (255) | (2,225) |
Disposal of Beijing Century Friendship | (3,126) | (479) | (3,126) |
Intangible assets | (130,074) | (19,937) | (132,566) |
Right-of-use assets | (53,354) | (8,177) | (53,362) |
Capitalized interest | (19,179) | (2,939) | (19,179) |
Others | 0 | 0 | (3,915) |
Total deferred tax liabilities | (207,398) | (31,787) | (225,018) |
Deferred tax assets, net | 0 | 0 | 0 |
Deferred tax liabilities, net | ¥ (153,339) | $ (23,500) | ¥ (165,438) |
TAXATION (Schedule of Movement
TAXATION (Schedule of Movement of Valuation Allowance) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
TAXATION | |||
Balance at the beginning of year | ¥ (260,850) | $ (39,977) | ¥ (217,076) |
Change of valuation allowance in the current year | 3,271 | 501 | (43,774) |
Balance at the end of year | ¥ (257,579) | $ (39,476) | ¥ (260,850) |
TAXATION (Reconciliation of Acc
TAXATION (Reconciliation of Accrued Unrecognized Tax Positions) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
TAXATION | |||
Balance at the beginning of year | ¥ 98,984 | $ 15,170 | ¥ 81,000 |
Changes based on tax positions related to the current year | (6,446) | (988) | 21,238 |
Additions related to prior year tax position | 2,171 | 333 | 548 |
Reversal related to prior year tax position | (20,304) | (3,112) | (2,810) |
Decrease relating to expiration of applicable statute of limitation | (7,213) | (1,105) | (1,386) |
Foreign currency translation | (2,099) | (322) | 394 |
Balance at the end of year | ¥ 65,093 | $ 9,976 | ¥ 98,984 |
Other long-term liabilities (De
Other long-term liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Other long-term liabilities | |||
Accrued unrecognized tax benefits & surcharge | ¥ 74,728 | $ 11,452 | ¥ 102,740 |
Lease deposit received from hospital | 1,998 | 306 | 1,998 |
Other long-term liabilities | ¥ 76,726 | $ 11,758 | ¥ 104,738 |
SHARE-BASED AWARDS (Narrative)
SHARE-BASED AWARDS (Narrative) (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Oct. 02, 2018shares | Sep. 13, 2017shares | Aug. 08, 2017shares | Aug. 07, 2017shares | Aug. 01, 2014shares | Jul. 01, 2014shares | Feb. 18, 2014$ / sharesshares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2019shares | Dec. 31, 2018shares | Dec. 31, 2016shares | Dec. 31, 2015shares | Dec. 31, 2020USD ($)shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Ordinary shares that may be issued | 13,218,000 | 13,218,000 | |||||||||||
Options granted | 3,479,604 | ||||||||||||
Options granted, exercise price | $ / shares | $ 2.04 | ||||||||||||
Unrecognized share-based compensation cost | ¥ | ¥ 0 | ||||||||||||
Shares exercised | 0 | 0 | 0 | ||||||||||
Restricted shares [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Unrecognized share-based compensation cost | ¥ 25,689 | $ 3,937 | |||||||||||
Shares granted | 5,992,605 | 45,000 | 3,319,200 | 1,453,950 | 69,564 | 21,132 | 1,370,250 | 0 | 0 | ||||
Shares vesting description | The Restricted Shares have a service condition where the grantees can remove restriction on 25% of total number of Restricted Shares on annual basis over a four-year period ending the fourth anniversary of the grant date. | ||||||||||||
Weighted-average vesting period over which deferred cost is expected to be recognized | 1 year 2 months 1 day |
SHARE-BASED AWARDS (Schedule of
SHARE-BASED AWARDS (Schedule of Assumptions Used) (Details) | Feb. 18, 2014 |
SHARE-BASED AWARDS | |
Risk-free interest rate | 2.33% |
Dividend yield | 5.00% |
Exercise multiple | 2.50% |
Expected volatility range | 39.03% |
SHARE-BASED AWARDS (Schedule _2
SHARE-BASED AWARDS (Schedule of Stock Options) (Details) - USD ($) | Feb. 18, 2014 | Dec. 31, 2020 | Dec. 31, 2019 |
Number of Shares | |||
Outstanding, beginning balance | 2,774,229 | ||
Granted | 3,479,604 | ||
Lapsed | 0 | ||
Outstanding, ending balance | 2,774,229 | 2,774,229 | |
Exercisable | 2,774,229 | ||
Weighted Average Exercise Price | |||
Outstanding, beginning balance | $ 2.04 | ||
Granted | $ 2.04 | ||
Lapsed | 0 | ||
Outstanding, ending balance | 2.04 | $ 2.04 | |
Exercisable | 2.04 | ||
Weighted Average Grant-date Fair Value | |||
Outstanding, beginning balance | 0.65 | ||
Lapsed | 0 | ||
Outstanding, ending balance | 0.65 | $ 0.65 | |
Exercisable | $ 0.65 | ||
Weighted Average Remaining Contractual Term (Years) | |||
Outstanding | 1 year 1 month 17 days | 2 years 1 month 20 days | |
Lapsed | 0 years | ||
Exercisable | 1 year 1 month 17 days | ||
Aggregate Intrinsic Value | |||
Outstanding at Beginning of the period | $ 0 | ||
Exercisable | 0 | ||
Outstanding at Ending of the period | $ 0 | $ 0 |
SHARE-BASED AWARDS (Summary of
SHARE-BASED AWARDS (Summary of Restricted Shares) (Details) - $ / shares | Oct. 02, 2018 | Sep. 13, 2017 | Aug. 08, 2017 | Aug. 07, 2017 | Aug. 01, 2014 | Jul. 01, 2014 | Feb. 18, 2014 | Dec. 31, 2020 | Dec. 31, 2016 | Dec. 31, 2015 |
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] | ||||||||||
Numbers of shares, Beginning balance | 11,426,934 | |||||||||
Numbers of shares, Granted | 5,992,605 | 45,000 | 3,319,200 | 1,453,950 | 69,564 | 21,132 | 1,370,250 | 0 | 0 | |
Numbers of shares, Vested | (9,690) | |||||||||
Numbers of shares, Forfeited | (384,180) | |||||||||
Numbers of shares, Ending balance | 11,033,064 | |||||||||
Numbers of shares, Exercisable | 884,259 | |||||||||
Expected to vest | 10,148,805 | |||||||||
Weighted average grant date fair value, Beginning balance | $ 1.32 | |||||||||
Weighted average grant date fair value, Vested | 1.93 | |||||||||
Weighted average grant date fair value, Forfeited | 1.59 | |||||||||
Weighted average grant date fair value, Ending balance | 1.31 | |||||||||
Weighted average grant date fair value, Exercisable | 1.98 | |||||||||
Expected to vest | $ 1.25 | |||||||||
Restricted shares [Member] | February 18, 2014 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Numbers of shares, Granted | 1,370,250 | |||||||||
Weighted average grant date fair value, Granted | $ 1.93 | |||||||||
Restricted shares [Member] | July 1, 2014 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Numbers of shares, Granted | 21,132 | |||||||||
Weighted average grant date fair value, Granted | $ 2.35 | |||||||||
Restricted shares [Member] | August 1, 2014 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Numbers of shares, Granted | 69,564 | |||||||||
Weighted average grant date fair value, Granted | $ 2.44 | |||||||||
Restricted shares [Member] | August 7, 2017 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Numbers of shares, Granted | 1,453,950 | |||||||||
Weighted average grant date fair value, Granted | $ 1.33 | |||||||||
Restricted shares [Member] | August 8, 2017 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Numbers of shares, Granted | 3,319,200 | |||||||||
Weighted average grant date fair value, Granted | $ 1.34 | |||||||||
Restricted shares [Member] | September 13, 2017 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Numbers of shares, Granted | 45,000 | |||||||||
Weighted average grant date fair value, Granted | $ 1.33 | |||||||||
Restricted shares [Member] | October 2, 2018 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Numbers of shares, Granted | 5,992,605 | |||||||||
Weighted average grant date fair value, Granted | $ 1.19 |
SHARE-BASED AWARDS (Schedule _3
SHARE-BASED AWARDS (Schedule of Share-Based Compensation Expense) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | ¥ 20,621 | $ 3,160 | ¥ 20,593 | ¥ 11,139 |
General and administrative expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | 17,553 | 2,690 | 17,673 | 9,173 |
Selling Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | ¥ 3,068 | $ 470 | ¥ 2,920 | ¥ 1,966 |
Revenue (Details)
Revenue (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | ¥ 170,105 | $ 26,070 | ¥ 139,804 | ¥ 114,175 |
Out of scope of ASC 606 revenue: | ||||
Leasing and management services* | 45,847 | 7,026 | 53,485 | 71,864 |
Sales-type lease income* | 4,130 | 633 | 1,130 | |
Direct financing lease income* | 2,929 | 449 | 3,944 | 4,859 |
Total, out of scope of ASC 606 revenue | 52,906 | 8,108 | 58,559 | 76,723 |
Total revenue | 223,011 | 34,178 | 198,363 | 190,898 |
Management services and technical services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 36,948 | 5,663 | 48,416 | 50,291 |
Brand royalty fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5,081 | 5,189 | ||
Consumable and equipment sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 26,105 | 4,001 | 9,482 | 5,867 |
Medical service | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 76,997 | 11,800 | 54,048 | 37,770 |
Medicine income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 30,055 | 4,606 | 22,777 | 15,058 |
Out of scope of ASC 606 revenue: | ||||
Total revenue | ¥ 30,055 | $ 4,606 | ¥ 22,777 | ¥ 15,058 |
RELATED PARTY TRANSACTIONS (Sch
RELATED PARTY TRANSACTIONS (Schedule of Related Party Transactions) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Loan to: | ¥ 0 | $ 0 | ¥ 35,591 | ¥ 1,510 |
Interest income from: | 127 | 19 | 206 | 285 |
Loan from: | 199,000 | 30,498 | 0 | 111,769 |
Interest expense to: | 41,918 | 6,219 | 151 | 193 |
Repayment to: | 272,640 | 41,784 | 37,284 | 59,455 |
Repayment from: | 1,485 | 228 | 27,485 | 0 |
Management service income from: | 0 | 0 | 5,081 | 9,141 |
Tianjin Jiatai [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loan to: | 0 | 0 | 5,949 | 50 |
Interest expense to: | 0 | 0 | 0 | 193 |
Repayment to: | 0 | 0 | 34,540 | 36,420 |
JYADK [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest income from: | 127 | 19 | 206 | 285 |
Repayment from: | 1,485 | 228 | 1,485 | 0 |
SH MZJH [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loan to: | 0 | 0 | 28,002 | 1,000 |
Loan from: | 0 | 0 | 0 | 12,420 |
Repayment from: | 0 | 0 | 26,000 | 0 |
Management service income from: | 0 | 0 | 5,081 | 4,810 |
Shanghai Huifu Technology Limited [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loan from: | 0 | 0 | 0 | 22,000 |
Repayment to: | 0 | 0 | 1,715 | 20,285 |
Wuxi MZJH [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loan to: | 0 | 0 | 1,640 | 460 |
Loan from: | 0 | 0 | 0 | 1,850 |
SH Rongchi [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loan from: | 0 | 0 | 0 | 18,820 |
Repayment to: | 0 | 0 | 1,029 | 0 |
Cherrylane Investment Limited [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loan from: | 0 | 0 | 0 | 12,720 |
Interest expense to: | 587 | 90 | 151 | 0 |
Repayment to: | 0 | 0 | 0 | 2,750 |
Zhejiang Marine Leasing Ltd | ||||
Related Party Transaction [Line Items] | ||||
Loan from: | 199,000 | 30,498 | 0 | 0 |
Interest expense to: | 41,331 | 6,129 | 0 | 0 |
Repayment to: | 272,640 | 41,784 | 0 | 0 |
Guofu Huimei [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest expense to: | 0 | 0 | 0 | 15,997 |
Beijing Century Friendship [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loan from: | 0 | 0 | 0 | 30,551 |
CMCC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loan from: | 0 | 0 | 0 | 13,408 |
Management service income from: | 0 | 0 | 0 | 4,331 |
Shanghai Epu Investment Limited [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest expense to: | ¥ 41,918 | $ 6,219 | ¥ 151 | ¥ 16,190 |
RELATED PARTY TRANSACTIONS (S_2
RELATED PARTY TRANSACTIONS (Schedule of Related Party Balances) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Related Party Transaction [Line Items] | |||
Due to related parties - current | ¥ 12,652 | $ 1,939 | ¥ 10,120 |
Cherrylane Investment Limited [Member] | |||
Related Party Transaction [Line Items] | |||
Due to related parties - current | 9,461 | 1,450 | 10,120 |
JYADK [Member] | |||
Related Party Transaction [Line Items] | |||
Due from related parties, current: | 1,845 | 283 | 3,833 |
Zhejiang Marine Leasing Ltd | |||
Related Party Transaction [Line Items] | |||
Due to related parties - current | 3,191 | 489 | 0 |
Due to related parties - noncurrent | 102,757 | 15,748 | 0 |
Due to related parties, non-current, due within 1 year | ¥ 73,145 | $ 11,210 | ¥ 0 |
EMPLOYEE DEFINED CONTRIBUTION_2
EMPLOYEE DEFINED CONTRIBUTION PLAN (Narrative) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
CHINA | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Contributions to defined contribution plans | ¥ 28,228 | $ 4,326 | ¥ 22,868 | ¥ 13,291 |
Singapore [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Contributions to defined contribution plans | ¥ 106 | $ 16 | ¥ 290 | ¥ 315 |
TAXATION (Reconciliation of D_2
TAXATION (Reconciliation of Differences Between Statutory Tax Rate and Effective Tax Rate) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
TAXATION | ||||
Loss before income taxes | ¥ (441,653) | $ (67,688) | ¥ (391,078) | ¥ (225,246) |
Income tax computed at the tax rate of 25% | (110,413) | (16,920) | (97,770) | (56,309) |
Effect of different tax rates in different jurisdictions | 10,715 | 1,642 | 19,393 | 11,758 |
Non-deductible expenses | 74,225 | 11,375 | 8,472 | 4,661 |
Non-taxable income | (78,447) | (12,023) | (234) | (7,322) |
Statutory income (expense) | (2,544) | (390) | 3,216 | 0 |
Interest and penalty | (465) | (71) | (6,811) | 0 |
Unrecognized tax positions | 0 | 0 | 0 | 41,122 |
Deferred tax expense | (2,314) | (355) | 32,358 | 0 |
Changes of valuation allowance | 71,545 | 10,965 | 41,868 | 45,112 |
Withholding tax | 74 | 11 | (39,478) | (4,971) |
Effect of tax rate change | 0 | 0 | 0 | 0 |
Income tax expense | ¥ (37,624) | $ (5,766) | ¥ (38,986) | ¥ 34,051 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Long-term Purchase Commitment [Line Items] | |||
Unrecognized tax positions | ¥ 74,728 | $ 11,452 | |
Capital Addition Purchase Commitments [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Commitments to Acquire Certain Medical Equipment | ¥ 480,290 | $ 73,608 | ¥ 622,584 |
SEGMENT REPORTING (Narrative) (
SEGMENT REPORTING (Narrative) (Details) - segment | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEGMENT REPORTING | |||
Number of operating segments | 2 | 2 | 2 |
Concentration Risk Threshold Percentage | 10.00% | 10.00% | 10.00% |
SEGMENT REPORTING (Schedule of
SEGMENT REPORTING (Schedule of Segment Information) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | |
Segment reporting [Line Items] | |||||
Revenues from external customers | ¥ 223,011 | $ 34,178 | ¥ 198,363 | ¥ 190,898 | |
Cost of sales | (209,928) | (32,173) | (214,193) | (171,136) | |
Gross profit (loss) | 13,083 | $ 2,005 | (15,830) | 19,762 | |
Total assets | 5,334,538 | 4,297,445 | $ 817,554 | ||
Network Segment [Member] | |||||
Segment reporting [Line Items] | |||||
Revenues from external customers | 115,959 | 121,537 | 138,070 | ||
Cost of sales | (52,725) | (77,131) | (79,266) | ||
Gross profit (loss) | 63,234 | 44,406 | 58,804 | ||
Hospital [Member] | |||||
Segment reporting [Line Items] | |||||
Revenues from external customers | 107,052 | 76,826 | 52,828 | ||
Cost of sales | (157,203) | (137,062) | (91,870) | ||
Gross profit (loss) | (50,151) | (60,236) | ¥ (39,042) | ||
Operation segment [Member] | |||||
Segment reporting [Line Items] | |||||
Total assets | 5,334,538 | 4,297,445 | 817,554 | ||
Operation segment [Member] | Network Segment [Member] | |||||
Segment reporting [Line Items] | |||||
Total assets | 1,725,936 | 1,030,782 | 264,512 | ||
Operation segment [Member] | Hospital [Member] | |||||
Segment reporting [Line Items] | |||||
Total assets | ¥ 3,608,602 | ¥ 3,266,663 | $ 553,042 |
SEGMENT REPORTING (Schedule o_2
SEGMENT REPORTING (Schedule of Net Revenue by Country based upon Sales Location that Predominately represents Customer Location) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Segment reporting [Line Items] | ||||
Net Revenues | ¥ 223,011 | $ 34,178 | ¥ 198,363 | ¥ 190,898 |
CHINA | ||||
Segment reporting [Line Items] | ||||
Net Revenues | 199,370 | 30,555 | 164,167 | 149,548 |
SINGAPORE | ||||
Segment reporting [Line Items] | ||||
Net Revenues | ¥ 23,641 | $ 3,623 | ¥ 34,196 | ¥ 41,350 |
SEGMENT REPORTING (Schedule o_3
SEGMENT REPORTING (Schedule of Total long-lived assets excluding financial instruments, intangible assets, long-term investment and goodwill by country) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Segment reporting [Line Items] | |||
Total long-lived assets other than financial instruments, intangible assets and deferred tax assets | ¥ 3,474,849 | $ 532,544 | ¥ 3,171,828 |
CHINA | |||
Segment reporting [Line Items] | |||
Total long-lived assets other than financial instruments, intangible assets and deferred tax assets | ¥ 3,474,849 | $ 532,544 | 2,890,858 |
SINGAPORE | |||
Segment reporting [Line Items] | |||
Total long-lived assets other than financial instruments, intangible assets and deferred tax assets | ¥ 280,970 |
LOSS PER SHARE (Schedule of Bas
LOSS PER SHARE (Schedule of Basic and Diluted Income Per Share) (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | |
Numerator: | ||||
Net loss attributable to Concord Medical Services Holdings Limited | ¥ (309,989) | $ (47,510) | ¥ (307,049) | ¥ (234,875) |
Accretion of contingently redeemable noncontrolling interests | (359,920) | (55,160) | (245,477) | (124,355) |
Numerator for EPS computation | ¥ (669,909) | $ (102,670) | ¥ (552,526) | ¥ (359,230) |
Denominator: | ||||
Weighted average number of ordinary shares outstanding used in calculating loss per share - basic and diluted | 131,053,858 | 131,053,858 | 130,238,498 | 130,104,787 |
Loss per share - basic and diluted | (per share) | ¥ (5.11) | $ (0.78) | ¥ (4.24) | ¥ (2.76) |
Common Class A [Member] | ||||
Numerator: | ||||
Net loss attributable to ordinary shareholders used in calculating loss per ordinary share - basic and diluted | ¥ (435,855) | $ (66,799) | ¥ (358,274) | ¥ (328,403) |
Denominator: | ||||
Weighted average number of ordinary shares outstanding used in calculating loss per share - basic and diluted | 85,265,910 | 85,265,910 | 84,450,550 | 118,940,054 |
Loss per share - basic and diluted | (per share) | ¥ (5.11) | $ (0.78) | ¥ (4.24) | ¥ (2.76) |
Common Class B [Member] | ||||
Numerator: | ||||
Net loss attributable to ordinary shareholders used in calculating loss per ordinary share - basic and diluted | ¥ (234,054) | $ (35,871) | ¥ (194,252) | ¥ (30,827) |
Denominator: | ||||
Weighted average number of ordinary shares outstanding used in calculating loss per share - basic and diluted | 45,787,948 | 45,787,948 | 45,787,948 | 11,164,733 |
Loss per share - basic and diluted | (per share) | ¥ (5.11) | $ (0.78) | ¥ (4.24) | ¥ (2.76) |
FAIR VALUE MEASUREMENTS (Schedu
FAIR VALUE MEASUREMENTS (Schedule of Fair Value Measurements for Each Class of Assets on Nonrecurring Basis) (Details) - Nonrecurring [Member] ¥ in Thousands | 12 Months Ended |
Dec. 31, 2019CNY (¥) | |
FAIR VALUE MEASUREMENTS [Line Items] | |
Long-lived assets held and used | ¥ 1,985 |
Total loss | (6,849) |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |
FAIR VALUE MEASUREMENTS [Line Items] | |
Long-lived assets held and used | 0 |
Significance Other Observable Inputs (Level 2) [Member] | |
FAIR VALUE MEASUREMENTS [Line Items] | |
Long-lived assets held and used | 0 |
Level 3 | |
FAIR VALUE MEASUREMENTS [Line Items] | |
Long-lived assets held and used | ¥ 1,985 |
FAIR VALUE MEASUREMENTS (Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | |||
Impairment charge, long-lived assets | ¥ 18,793 | $ 2,881 | ¥ 18,793 |
Nonrecurring [Member] | |||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | |||
Impairment charge, long-lived assets | ¥ 0 | ||
Level 3 | Measurement Input, Discount Rate [Member] | |||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | |||
Long Lived Assets Measurement Input | 14 | 14 |
PARENT COMPANY ONLY CONDENSED_3
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Condensed balance Sheets) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Current assets: | ||||||
Cash and cash equivalent | ¥ 334,264 | $ 51,229 | ¥ 74,307 | |||
Total current assets | 675,998 | 103,601 | 282,487 | |||
Non-current assets: | ||||||
Prepayment for long-term investment | 33,720 | 5,168 | 0 | |||
Total assets | 5,334,538 | 817,554 | 4,297,445 | |||
Current liabilities: | ||||||
Accrued expenses and other liabilities | 330,090 | 50,589 | 277,101 | |||
Amount due to inter-companies | 12,652 | 1,939 | 10,120 | |||
Total current liabilities | 512,117 | 78,487 | 627,451 | |||
Total liabilities | 2,933,708 | 449,612 | 2,408,207 | |||
Shareholders' equity: | ||||||
Treasury stock (12,111,537 and 12,101,847 shares as of December 31, 2019 and 2020, respectively) | (8) | (1) | (8) | |||
Additional paid-in capital | 1,840,026 | 281,996 | 1,759,941 | |||
Accumulated other comprehensive loss | (46,429) | (7,116) | (97,285) | |||
Accumulated deficit | (2,456,649) | (376,498) | (1,785,517) | |||
Total Concord Medical Services Holdings Limited shareholders' equity (deficit) | (662,955) | (101,603) | (122,764) | |||
Total liabilities, mezzanine equity and deficit | 5,334,538 | 817,554 | 4,297,445 | |||
Common Class A [Member] | ||||||
Shareholders' equity: | ||||||
Ordinary shares | 68 | 10 | 68 | |||
Common Class B [Member] | ||||||
Shareholders' equity: | ||||||
Ordinary shares | 37 | 6 | 37 | |||
Parent Company [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalent | 2,079 | 319 | 540 | $ 83 | ¥ 722 | ¥ 3,104 |
Amounts due from subsidiaries | 375,162 | 57,496 | 404,213 | |||
Total current assets | 377,241 | 57,815 | 404,753 | |||
Non-current assets: | ||||||
Investments in subsidiaries | 567,330 | 86,946 | 1,154,986 | |||
Prepayment for long-term investment | 5,230 | 801 | ||||
Total assets | 949,801 | 145,562 | 1,559,739 | |||
Current liabilities: | ||||||
Accrued expenses and other liabilities | 35,476 | 5,437 | 55,409 | |||
Amount due to inter-companies | 1,577,280 | 241,729 | 1,627,094 | |||
Total current liabilities | 1,612,756 | 247,166 | 1,682,503 | |||
Total liabilities | 1,612,756 | 247,166 | 1,682,503 | |||
Shareholders' equity: | ||||||
Treasury stock (12,111,537 and 12,101,847 shares as of December 31, 2019 and 2020, respectively) | (8) | (1) | (8) | |||
Additional paid-in capital | 1,840,026 | 281,996 | 1,759,941 | |||
Accumulated other comprehensive loss | (46,429) | (7,116) | (97,285) | |||
Accumulated deficit | (2,456,649) | (376,498) | (1,785,517) | |||
Total Concord Medical Services Holdings Limited shareholders' equity (deficit) | (662,955) | (101,603) | (122,764) | |||
Total liabilities, mezzanine equity and deficit | 949,801 | 145,563 | 1,559,739 | |||
Parent Company [Member] | Common Class A [Member] | ||||||
Shareholders' equity: | ||||||
Ordinary shares | 68 | 10 | 68 | |||
Parent Company [Member] | Common Class B [Member] | ||||||
Shareholders' equity: | ||||||
Ordinary shares | ¥ 37 | $ 6 | ¥ 37 |
PARENT COMPANY ONLY CONDENSED_4
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Condensed balance Sheets) (Parenthetical) (Details) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Condensed Financial Statements, Captions [Line Items] | ||
Treasury Stock, Shares | 12,101,847 | 12,111,537 |
Common Class A [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Ordinary shares, par value per share | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 |
Ordinary shares, shares issued | 96,565,584 | 96,565,584 |
Ordinary shares, shares outstanding | 84,463,737 | 84,454,047 |
Common Class B [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Ordinary shares, par value per share | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 45,787,948 | 45,787,948 |
Ordinary shares, shares issued | 45,787,948 | 45,787,948 |
Ordinary shares, shares outstanding | 45,787,948 | 45,787,948 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Treasury Stock, Shares | 12,101,847 | 12,111,537 |
Parent Company [Member] | Common Class A [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Ordinary shares, par value per share | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 |
Ordinary shares, shares issued | 142,353,532 | 142,353,532 |
Ordinary shares, shares outstanding | 84,463,737 | 84,454,047 |
Parent Company [Member] | Common Class B [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Ordinary shares, par value per share | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 45,787,948 | 45,787,948 |
Ordinary shares, shares issued | 45,787,948 | 45,787,948 |
Ordinary shares, shares outstanding | 45,787,948 | 45,787,948 |
PARENT COMPANY ONLY CONDENSED_5
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Condensed statements of comprehensive loss) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | ¥ 223,011 | $ 34,178 | ¥ 198,363 | ¥ 190,898 |
Cost of revenues | (209,928) | (32,173) | (214,193) | (171,136) |
General and administrative expenses | (294,823) | (45,184) | (315,134) | (291,854) |
Selling expenses | (25,761) | (3,948) | (30,241) | (21,718) |
Operating loss | (316,001) | (48,430) | (437,294) | (299,243) |
Interest income | 8,440 | 1,293 | 9,165 | 14,168 |
Interest expense | (81,359) | (12,469) | (28,700) | (46,232) |
Foreign exchange gain | (58,686) | (8,994) | 34,990 | 36,531 |
Net loss attributable to Concord Medical Services Holdings Limited | (309,989) | (47,510) | (307,049) | (234,875) |
Other comprehensive (loss) income, net of tax of nil foreign currency translation adjustments | (50,856) | (7,794) | 8,664 | 41,203 |
Total other comprehensive income (loss), net of tax | 50,856 | 7,794 | (8,664) | (41,203) |
Comprehensive loss attributable to Concord Medical Services Holdings Limited | (259,133) | (39,716) | (316,826) | (277,598) |
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Cost of revenues | 0 | 0 | 0 | 0 |
General and administrative expenses | (23,598) | (3,617) | (39,118) | (17,051) |
Selling expenses | (2,969) | (455) | (2,938) | (2,021) |
Operating loss | (26,567) | (4,072) | (42,056) | (19,072) |
Equity in loss of subsidiaries | (621,932) | (95,317) | (514,070) | (333,682) |
Interest income | 588 | 90 | 1,977 | 14 |
Interest expense | (3,036) | (465) | (6,481) | (15,325) |
Foreign exchange gain | (18,962) | (2,906) | 8,104 | 8,835 |
Net loss attributable to Concord Medical Services Holdings Limited | (669,909) | (102,670) | (552,526) | (359,230) |
Other comprehensive (loss) income, net of tax of nil foreign currency translation adjustments | 50,856 | 7,794 | (8,664) | (41,203) |
Total other comprehensive income (loss), net of tax | 50,856 | 7,794 | (8,664) | (41,203) |
Comprehensive loss attributable to Concord Medical Services Holdings Limited | ¥ (619,053) | $ (94,876) | ¥ (561,190) | ¥ (400,433) |
PARENT COMPANY ONLY CONDENSED_6
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Condensed statements of comprehensive loss) (Parenthetical) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Statements, Captions [Line Items] | |||
Foreign currency translation, net of tax | ¥ 0 | ¥ 0 | ¥ 0 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Foreign currency translation, net of tax | ¥ 0 | ¥ 0 | ¥ 0 |
PARENT COMPANY ONLY CONDENSED_7
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Condensed statements of cash flows) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in ) generated from operating activities | ¥ (229,766) | $ (35,212) | ¥ (195,347) | ¥ (38,591) |
Net cash generated (used in) from investing activities | (533,885) | (81,822) | (1,071,507) | (1,000,355) |
Net cash used in financing activities | 1,138,302 | 174,454 | 513,268 | 1,203,042 |
Cash at beginning of the year | 74,307 | |||
Cash at end of the year | 334,264 | 51,229 | 74,307 | |
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in ) generated from operating activities | 9,041 | 1,386 | (31,460) | (5,024) |
Net cash generated (used in) from investing activities | (7,468) | (1,145) | 311,716 | 294,551 |
Net cash used in financing activities | (280,483) | (284,824) | ||
Exchange rate effect on cash | (34) | (5) | 45 | (7,085) |
Net (decrease) increase in cash | 1,539 | 236 | (182) | (2,382) |
Cash at beginning of the year | 540 | 83 | 722 | 3,104 |
Cash at end of the year | ¥ 2,079 | $ 319 | ¥ 540 | ¥ 722 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) - Subsequent Events | 1 Months Ended | |||
Oct. 31, 2021USD ($) | Aug. 31, 2021USD ($) | Apr. 30, 2021CNY (¥)shares | Apr. 29, 2021 | |
Subsequent Event [Line Items] | ||||
Proceeds from issuance of bonds | $ 11,000 | |||
MHM | ||||
Subsequent Event [Line Items] | ||||
Percentage of ownership by the Company | 46.56% | 49.44% | ||
Common stock shares subscribed | shares | 18,805,826 | |||
Common Stock Exchange value | ¥ | ¥ 400,000 | |||
Ownership percentage | 46.56% | 49.44% | ||
Great Lion Global Limited | Investor | ||||
Subsequent Event [Line Items] | ||||
Convertible bonds | $ 5,000 | |||
Vantage Chance Limited | Investor | ||||
Subsequent Event [Line Items] | ||||
Convertible bonds | $ 10,000 |