Ikang Healthcare Group, Inc. - (NASDAQ:KANG)

Second Quarter 2018 Financial Results

• Net revenues were US$177.7 million, an increase of 16.6% year-over-year (an increase of 19.0% on RMB basis) ⁽¹⁾ 
• Non-GAAP basic and diluted income per ADS⁽³⁾ attributable to common shareholders were US$0.23 and US$0.23, respectively, as compared to US$0.29 and US$0.29, respectively, in the fiscal second quarter of 2017

'iKang's diversified and integrated portfolio of services continued to deliver solid performance for yet another quarter, while the continued investment in strategic initiatives demonstrated our forward-thinking vision to drive transformation in preventive private healthcare in China commented Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang.  Total net revenues for the fiscal second quarter and first fiscal six months grew by 16.6% and 22.4%, respectively, compared to those for the same period last year (by 19.0% and 19.8% on RMB basis). We finished the quarter with 115 self-owned medical centers and customers visits under both corporate and individual programs have increased by 15% to approximately 2.10 million as compared to the fiscal second quarter of 2017.

"Since the successful launch of iKangCare+ and iKangPartners+ plans in fiscal 2017, we have made significant strides in leveraging these initiatives to further diversify revenue streams and have yielded promising results over the past few quarters. We are also advancing several new initiatives to deepen our focus in areas of Ai through iKangAi+ and partnership with public hospitals through iKangNetwork+, which were initiatives recently launched in Beijing,Shanghai and Guangzhou" said Mr. Zhang. "We expect the impact of these efforts to accelerate through the remaining of fiscal 2018 and beyond. Our strategy is focused on placing our customers at the center of everything we do and I am very pleased with our progress in continuing to deliver increasing value at an accelerating pace to the millions of customers we serve, helping them live healthier lives and helping make the healthcare system work better for everyone."

"We are very excited of the enormous opportunities presented to us in the private preventive healthcare industry in China. As we look forward, we will drive our growth on the strength of practical innovation that anticipates and responds to increasing customer expectations and needs. We believe we are on solid trajectory to build on our continuous success and commitment to advancing our growth strategies that aim to deliver long-term and sustainable returns to our shareholders."

BEIJING, Dec. 14, 2018 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. (“iKang” or the “Company”) (Nasdaq: KANG), a major provider in China’s fast growing private preventive healthcare services market, today announced that it has entered into an amendment No. 3 (“Amendment No. 3”) to amend its previously announced agreement and plan of merger, dated as of March 26, 2018 and amended pursuant to Amendment No. 1 thereto dated as of May 29, 2018 and Amendment No. 2 thereto dated as of September 25, 2018 (the “Merger Agreement” and, as amended by Amendment No. 3, the “Amended Merger Agreement”), by and among the Company, IK Healthcare Investment Limited (“Parent”) and IK Healthcare Merger Limited (“Merger Sub”).

As previously disclosed, either the Company or Parent has had the right to terminate the Merger Agreement since November 1, 2018 because the merger contemplated by the Merger Agreement (the “Merger”) had not been completed by October 31, 2018 (the “Termination Date”). Pursuant to Amendment No. 3, the parties have agreed to extend the Termination Date to January 31, 2019.

Amendment No. 3 also amends the closing condition in Section 7.02(e) of the Merger Agreement to provide that the obligations of Parent and Merger Sub to consummate the Merger and the other transactions contemplated by the Merger Agreement are subject to the condition that the number of shares held by shareholders who have validly exercised and not effectively withdrawn or lost their rights to dissent from the Merger in accordance with Section 238 of the Cayman Islands Companies Law, represents no more than 15% of the total outstanding shares of the Company. The Company has been informed by Parent and Merger Sub that a substantial majority of the dissenting shareholders have agreed to withdraw as dissenters and, accordingly, it is expected that the closing condition set forth in Section 7.02(e) of the Amended Merger Agreement will be satisfied.

In addition, Amendment No. 3 amends the Merger Agreement to (i) include an additional closing condition for the benefit of Parent and Merger Sub that there has been no change in applicable laws which imposes certain restrictions or prohibitions with respect to the Company’s business and operations and (ii) provide that shares held by shareholders who have validly exercised and effectively withdrawn their rights to dissent from the Merger pursuant to agreements entered into between such shareholders and Merger Sub, will be cancelled for no consideration under the Amended Merger Agreement upon the effective time of the Merger.

The parties currently expect to close the Merger in January 2019, subject to the satisfaction of the closing conditions set forth in the Amended Merger Agreement.

BEIJING, Nov. 29, 2018 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. (“iKang” or the “Company”) (KANG), announced today that its board of directors (the “Board of Directors”) has unanimously approved the extension of its Rights Agreement, presently scheduled to expire on December 2, 2018, for another year.

The Rights Agreement is designed to ensure that all shareholders of the Company receive fair and equal treatment in the event that an unsolicited attempt is made to acquire the Company outside of the process led by a special committee of independent directors of the Company (the “Special Committee”).  The Board of Directors and the Special Committee have determined that it is advisable and in the best interests of the Company and its shareholders to extend the Rights Agreement for an additional year as the Special Committee and the Board of Directors are continuing to engage in discussions with IK Healthcare Investment Limited (“Parent”) and IK Healthcare Merger Limited (“Merger Sub”) in connection with the proposed merger (the “Merger”) pursuant to the agreement and plan of merger dated as of March 26, 2018, as amended pursuant to Amendment No. 1 thereto dated May 29, 2018 and Amendment No. 2 thereto dated as of September 25, 2018 (the “Merger Agreement”), by and among the Company, Parent and Merger Sub. As previously disclosed, the termination date under the Merger Agreement has passed.  The Company cautions its shareholders and others considering trading its securities that there is no indication or assurance that Parent and Merger Sub will waive the closing condition related to dissenting shareholders in Section 7.02(e) of the Merger Agreement and proceed to consummate the Merger.

BEIJING, Nov. 01, 2018 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. (“iKang” or the “Company”) (KANG), a major provider in China’s fast growing private preventive healthcare services market, today made the following announcement regarding the proposed merger (the “Merger”) pursuant to the agreement and plan of merger dated as of March 26, 2018, as amended pursuant to Amendment No. 1 thereto dated as of May 29, 2018 and Amendment No. 2 thereto dated as of September 25, 2018 (the “Merger Agreement”), by and among the Company, IK Healthcare Investment Limited (“Parent”) and IK Healthcare Merger Limited (“Merger Sub”).

As previously disclosed, under the Merger Agreement, either the Company or Parent have the right to terminate the Merger Agreement if the Merger has not been completed by October 31, 2018 (the “Termination Date”). Accordingly, as the Termination Date has passed and the Merger has not been completed, either the Company or Parent may terminate the Merger Agreement at any time going forward.

Under Section 7.02(e) of the Merger Agreement, the obligations of Parent and Merger Sub to consummate the Merger and the other transactions contemplated by the Merger Agreement are subject to the condition that the holders of no more than 15% of the total issued and outstanding shares of the Company have validly served notices of objection under Section 238(2) of the Cayman Islands Companies Law to object to the Merger. As previously disclosed, such closing condition under Section 7.02(e) of the Merger Agreement is not satisfied, and thus, Parent and Merger Sub are not obligated to consummate the Merger or the other transactions contemplated by the Merger Agreement.

The Company has continued to request that Parent and Merger Sub waive the closing condition under Section 7.02(e). However, Parent and Merger Sub have not agreed to waive the closing condition. The Special Committee of the Board of Directors is continuing to engage in discussions with Parent and Merger Sub, and the Board of Directors of the Company is evaluating the Company’s alternatives. The Company cautions its shareholders and others considering trading its securities that there is no indication or assurance that Parent and Merger Sub will waive the closing condition and proceed to consummate the Merger.

First Quarter 2018 Financial Results

• Net revenues were US$150.2 million, an increase of 30.0% year-over-year (an increase of 20.8% on RMB basis) (1)
• Non-GAAP basic and diluted income per ADS(3) attributable to common shareholders were US$0.09 and US$0.09, respectively, as compared to US$0.06 and US$0.06, respectively, in the fiscal first quarter of 2017.

“Our Fiscal first quarter was a strong start for fiscal year 2018, and we are pleased with our results, which continue to be driven by broad-based strength across our expanding and diverse service portfolio and across our nationwide network,” commented Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang.

“We finished the quarter with total net revenue of US$150.2 million and Non-GAAP net income of US$6.5 million, representing a year-over-year growth of 30.0% and 65.4% respectively (by 20.8% and 53.8% on RMB basis). Our customer base has continued to expand with 19.1% increase in customer visits.”

“The results of our performance for this quarter reflected the strong market demand as well as the success we have with our broad and increasingly integrated services portfolio.” said Mr. Zhang “ As we continue to focus on taking care of our customers and executing our iKangCare+ and iKangPartners+ plans, we have the opportunity to establish iKang as a truly differentiated leader in the private preventive healthcare industry as well as provide new levers for business growth.”

“We believe that iKang is well positioned to execute against the opportunity in the private preventive healthcare market. We believe the demand remains strong across our services and are confident in our long-term strategy to drive organic growth and leverage our scale, innovation and capital to deliver long-term value for customers and shareholders.”

Basic and Diluted Earnings per ADS
Basic and diluted loss per ADS attributable to common shareholders were US$0.09 and US$0.09, respectively, as compared to US$0.05 and US$0.05, respectively, in the same quarter of 2017.

BEIJING, Sept. 25, 2018 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. (“iKang” or the “Company”) (KANG), a major provider in China’s fast growing private preventive healthcare services market, today announced that it has entered into an amendment No. 2 (“Amendment No. 2”) to amend its previously announced agreement and plan of merger, dated as of March 26, 2018 and amended pursuant to Amendment No. 1 thereto dated as of May 29, 2018 (the “Merger Agreement” and, as amended by Amendment No. 2, the “Amended Merger Agreement”), by and among the Company, IK Healthcare Investment Limited (“Parent”) and IK Healthcare Merger Limited (“Merger Sub”).

Under the terms of the Merger Agreement, either the Company or Parent could terminate the Merger Agreement if the merger contemplated by the Merger Agreement (the “Merger”) has not been completed by September 26, 2018 (the “Termination Date”). Amendment No. 2 extends this Termination Date to October 31, 2018.

Under Section 7.02(e) of the Amended Merger Agreement, the obligations of Parent and Merger Sub to consummate the Merger and the other transactions contemplated by the Amended Merger Agreement are subject to the condition that the holders of no more than 15% of the total issued and outstanding shares of the Company have validly served notices of objection under Section 238(2) of the Cayman Islands Companies Law to object to the Merger. As previously announced, such closing condition under Section 7.02(e) of the Amended Merger Agreement is not satisfied and, thus, Parent and Merger Sub are not obligated to consummate the Merger or the other transactions contemplated by the Amended Merger Agreement.

The Company has formally requested that Parent and Merger Sub waive this closing condition. However, Parent and Merger Sub have indicated that they do not presently intend to waive the closing condition based on current circumstances. As such, the Company cautions its shareholders and others considering trading its securities that there is no indication or assurance that Parent and Merger Sub will waive such closing condition and proceed to consummate the Merger.

BEIJING, Sept. 07, 2018 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. (“iKang” or the “Company”) (Nasdaq: KANG), a major provider in China’s fast growing private preventive healthcare services market, today announced that IK Healthcare Investment Limited (“Parent”) and IK Healthcare Merger Limited (“Merger Sub”) have informed the Special Committee (the “Special Committee”) of the Board of Directors of the Company that Parent and Merger Sub are re-evaluating the commercial viability of the merger (the “Merger”) contemplated under the Agreement and Plan of Merger, dated as of March 26, 2018, entered into by and among Parent, Merger Sub and the Company (as amended on May 29, 2018, the “Merger Agreement”), and have requested an extension of the termination date under the Merger Agreement from September 26, 2018 to October 31, 2018.

Parent and Merger Sub made a public announcement regarding their current intentions with respect to the Merger and their request for an extension of the termination date under the Merger Agreement.  A copy of the announcement is attached as Annex A to this press release.  The Special Committee and the Board of Directors of the Company (the “Board”) are currently evaluating the request to extend the termination date by Parent and Merger Sub.

Due to the absence of any certainty as to whether the Buyer Group will proceed to consummate the Merger (even if the requested extension is agreed by the parties), the Special Committee and the Board are currently evaluating the potential risks to the Company if the Merger process is further delayed in light of, among other factors, the upcoming maturity in December 2018 of certain convertible loan agreements entered into by iKang Healthcare Technology Group Co. Ltd., one of our affiliated PRC entities, with an aggregate outstanding principal amount of RMB850 million (equivalent to approximately US$124.23 million) (the “Convertible Loans”).  The Company currently does not have sufficient cash to repay the Convertible Loans.  If the Merger is not consummated or the process is further delayed, the Company may not have adequate time or otherwise be able to obtain sufficient financing to repay and/or refinance the Convertible Loans in amounts or on terms acceptable to the Company, if at all.  Accordingly, the Special Committee and the Board have instructed management of the Company to explore potential financing alternatives for the Company in the event that the Merger is not consummated.

As previously disclosed, Parent and Merger Sub are not obligated to proceed with consummation of the Merger because the closing condition under Section 7.02(e) of the Merger Agreement is not satisfied.  This closing condition provides that the holders of no more than 15% of the total issued and outstanding shares of the Company have validly served notices of objection under Section 238(2) of the Cayman Islands Companies Law to object to the Merger. As of the deadline for shareholders to serve such notices of objection, the Company had received such notices from holders of the Company’s Class A common shares representing, collectively, approximately 32.37% of the total issued and outstanding shares of the Company.  The Company has formally requested that Parent and Merger Sub waive this closing condition.  However, Parent and Merger Sub have indicated that they do not presently intend to waive the closing condition based on current circumstances. As such, the Company cautions its shareholders and others considering trading its securities that, due to the non-satisfaction of the closing condition in Section 7.02(e) of the Merger Agreement, Parent and Merger Sub are not obligated to consummate the Merger or the other transactions contemplated by the Merger Agreement.

BEIJING, May 29, 2018 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. (“iKang” or the “Company”) (KANG), a major provider in China’s fast growing private preventive healthcare services market, today announced that it has entered into an amendment (the “Amendment”) to its previously announced Agreement and Plan of Merger dated as of March 26, 2018, by and among IK Healthcare Investment Limited, IK Healthcare Merger Limited and the Company (the “Merger Agreement” and, as amended by the Amendment, the “Amended Merger Agreement”).

Pursuant to the Amendment, Boyu Capital Fund III, L.P. will join the affiliates of Yunfeng Capital and Alibaba Group Holding Limited as a sponsor and provide equity financing for the transactions contemplated by the Amended Merger Agreement (the “Transactions”).

Third Quarter 2017 Financial Results 

• Net revenues were US$206.4 million, an increase of 33.5% year-over-year (an increase of 29.3% on RMB basis) (1)
• Non-GAAP basic and diluted income per ADS(3) attributable to common shareholders were US$0.40 and US$0.40, respectively, as compared to US$0.21 and US$0.21, respectively, in the fiscal third quarter of 2016.

“We delivered another very strong quarter with robust performance across all of our business, financial and operation metrics,” said Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang. “The continuous growth and outstanding performance are strong testaments to our strategic initiative of building an ecosystem of preventive healthcare service with iKangCare+ and iKangPartners+ plans and our focus on delivering innovative and premium service to our customers.

“In this quarter, iKang recorded an exceptional revenue growth of 33.5% year-over-year, supported by a 21.2% increase in customer visits and increasing demand for both our core and value-added services with the increase in the average selling price for both individual and corporate customers. As our scale continues to expand, service penetration continues to deepen and operations of medical centers continue to mature, our operating leverage has further enhanced and margins significantly increased. Our gross profit margin increased to 50.8% from 47.3%, operating margin to 23.1% from 17.4% and net profit margin to 13.1% from 9.1%.

"We have made great strides in executing our strategic priorities of iKangCare+ and iKangPartners+ plans to enable the Company to capitalize on the significant opportunity ahead of us.  Our energy and focus are on expanding our geographical coverage, deepening market penetration in fast-growing tier-2 and tier-3 cities, improving the utilization of our medical centers, improving operational efficiency and introducing additional value-added services to drive business expansion. We are very excited about our significant short term and long term opportunities as we continue to enhance our service differentiation and market leadership to drive sustainable profitable growth.”

GUIDANCE FOR FISCAL YEAR 2017 ENDING MARCH 31, 2018

For the fiscal year 2017 ending March 31, 2018, the Company reaffirms its guidance of net revenue to be between RMB3.57 billion and RMB3.72 billion, representing a year-on-year increase between 22% and 27%.

This guidance is based on the current market conditions and reflects the Company's current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.

BEIJING, March 12, 2018 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. (“iKang” or the “Company”) (Nasdaq:KANG), a major provider in China’s fast growing private preventive healthcare services market, today announced certain developments with respect to the previously disclosed potential going private transaction proposed by Yunfeng Capital (“Yunfeng”) on June 6, 2016, which the Company’s special committee of independent directors (the “Special Committee”) has been continuing to negotiate with Yunfeng.

The Special Committee has received a proposal from Yunfeng and Alibaba Investment Limited (“Alibaba”), proposing a transaction in which a consortium led by Yunfeng and Alibaba would acquire all of the outstanding Class A common shares (“Class A Shares”), Class C common shares (“Class C Shares,” and together with Class A Shares, the “Shares”) and American depositary shares (“ADSs,” each representing ½ of a Class A Share) of the Company in an all-cash transaction for US$20.00 per ADS or US$40.00 per Share (the “Yunfeng/Alibaba Proposal”).  The Special Committee has been informed that Yunfeng and Alibaba are in discussions with certain significant shareholders regarding their potential support for the Yunfeng/Alibaba Proposal and potential rollover arrangements in connection with the proposed transaction.

The Special Committee will carefully consider and evaluate, with the assistance of the Special Committee’s independent financial and legal advisors, the Yunfeng/Alibaba Proposal.

The Board cautions the Company’s shareholders and others considering trading in its securities that no decisions have been made with respect to the Yunfeng/Alibaba Proposal. There can be no assurance that any agreement will be executed or that the Yunfeng/Alibaba Proposal, any other potential proposal submitted to the Company or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to these or any other transactions, except as required under applicable law.

BEIJING, Jan. 03, 2018 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. (“iKang” or the “Company”) (KANG), a major provider in China’s fast growing private preventive healthcare services market, today announced that it will form an investment fund with AVIC Trust Co., Ltd. (“AVIC Trust”).  AVIC Trust’s ultimate shareholder is Aviation Industry Corporation of China.

The aggregate size the investment fund will not exceed RMB 502 million. An affiliate of Mr. Lee Ligang Zhang, iKang’s Chairman and CEO, and an affiliate of AVIC Trust will act as general partners and each contribute RMB 1 million to the investment fund. iKang’s PRC affiliated entity, iKang Healthcare Technology Group Co., Ltd. (“iKang Healthcare Technology”), and AVIC Trust will contribute up to RMB 70 million and RMB 430 million, respectively, to the investment fund as limited partners.

The Company has reached a re-financing arrangement with the investment fund.  Pursuant to the arrangement, the investment fund will purchase from iKang Guobin Healthcare Group Co., Ltd. (iKang Guobin), a wholly-owned subsidiary of iKang Healthcare Technology, 25% equity interest in New China Life Insurance Health Investment Management Co., Ltd. (“NCI Health”) with a cash consideration of RMB 425 million.  After the equity transfer, iKang Guobin holds 20% equity share in NCI Health.  iKang Guobin has the right to repurchase after 12 months and the obligation to repurchase in 36 months such 25% equity interest from the investment fund at a price equal to the original transfer price with an annual return rate of 10%.  The Company will act as the guarantor for the repurchase.

"Further to our announcement to set up the first healthcare investment fund in July this year, I am very pleased to partner with AVIC Trust to establish an investment fund for the purchase of 25% equity interest in NCI Health," Mr. Zhang remarked. "Whilst we will retain the flexibility to repurchase the asset, the cash of RMB425million from the sale will further strengthen our financial position to expedite investments in network expansion of medical centers and in development of value based services that resonates with customers' growing demand for premier preventive healthcare service in China."

"As we focus on advancing our strategies in the fast growing and rapidly changing private preventive healthcare market in China, our leadership team remains steadfast in their commitment to continue making a real difference as we strengthen our portfolio of value based services with shareholders long term interests at the forefront of our actions."

BEIJING, Nov. 29, 2017 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. (“iKang” or the “Company”) (KANG), announced today that its Board of Directors has unanimously approved the extension of its Rights Agreement, presently scheduled to expire on December 2, 2017, for another year.

As the Rights Agreement was designed to ensure that all shareholders of the Company receive fair and equal treatment in the event that an unsolicited attempt is made to acquire the Company outside of the process led by a special committee of independent directors, the Board of Directors and the special committee have determined that it is advisable and in the best interests of the Company and its shareholders to extend the Rights Agreement for an additional year, as the special committee continues to consider and evaluate the proposal submitted by Yunfeng Capital to acquire the Company.

First Quarter 2017 Financial Results

• Net revenues were US$115.6 million, an increase of 14.2% year-over-year (an increase of 19.9% on RMB basis)
• Basic and diluted income per ADS attributable to common shareholders were US$0.05 and US$0.05, respectively, as compared to US$0.03 and US$0.03, respectively, in the fiscal first quarter of 2016.

“Our fiscal first quarter 2017 earnings represent a solid foundation to start the fiscal year. Total net revenues and Non-GAAP net income for the fiscal first quarter grew by 14.2% and 55.3% respectively (by 19.9% and 63.1% respectively on RMB basis), compared to those for the same period last year. The solid performance is underpinned by the continued focus on expanding the network, enhancing customer engagement and broadening the value based services and revenue sources," said Mr. Lee Ligang Zhang. “Over the course of June and July, we have launched a number of strategic initiatives including iKang Partners+ and iKangCare+ which is a comprehensive advisory healthcare platform for corporate customers and individuals, a healthcare investment fund to invest in medical centers and the partnership to introduce IBM Watson for Oncology cognitive computing solutions as part of iKangcare+ and iKang Partners+ initiatives and build the IBM Watson for Oncology Center in iKang’s existing and future medical centers in China.

“With iKangCare+ and iKang Partners+ strategies, iKang is now fully utilizing the latest technologies in genetic testing and in vitro diagnosis to offer more advanced screening services to our corporate customers and individuals. The value proposition we bring to the marketplace is clearly resonating with consumers as we continued to improve the quality, efficiency and affordability of private preventive healthcare for our loyal corporate customers and also seized opportunities from the fast growing individual customer segment. Our growing portfolio of facilities and services continues to provide customers with the premium level of care. iKang’s nationwide network of 104 operating medical centers as of today creates a strong platform for growing our core and ancillary services which we see continued revenue growth trajectory for fiscal 2017.

“The management remains focused on and fully committed to customers, partners and shareholders. It is because of this that we continue to make strides in advancing our strategy to invest in growing our network, portfolio of facilities and services with improved efficiencies, hence, we are well positioned for a sustainable long term business growth,” Mr. Zhang concluded.

GUIDANCE FOR FISCAL YEAR 2017 ENDING MARCH 31, 2018

For the Fiscal Year 2017 ending March 31, 2018, the Company reaffirms its guidance of net revenue to be between RMB3.57 billion and RMB3.72 billion, representing a year-on-year increase between 22% and 27%. The Company also expects that 12-15 new medical centers will start commercial operation in Fiscal Year 2017.

BEIJING, July 28, 2017 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. (“iKang” or the “Company”) (KANG), a major provider in China’s fast-growing private preventive healthcare services market, has officially announced its strategic partnership with BAHEAL Intelligent Technology to introduce IBM Watson for Oncology cognitive computing solutions into iKang service platform and jointly establish IBM Watson for Oncology Centers in China. This partnership is part of the recently launched iKangCare+ and iKangPartners+ initiatives. Both companies will collaborate to build the IBM Watson for Oncology Center within existing 108 and future iKang medical centers. This will bring IBM Watson solutions into China’s preventive healthcare management industry for the first time, benefiting millions of iKang’s clients and cancer patients referred to iKang by BAHEAL Intelligent Technology and oncologists. In the future, iKang and BAHEAL Intelligent Technology will collaborate on the development of the Watson for Genomics solution when it becomes available in the China market.

IBM Watson is the first commercially available cognitive computing capability, representing a new era in computing. BAHEAL Intelligent Technology, a subsidiary of BAHEAL Pharmaceutical Group and a strategic partner of IBM Watson Health in the China market, has been granted exclusive distribution rights for Watson for Oncology and Watson for Genomics in China in March and June of 2017 respectively. As of today, 13 major general hospitals in 8 provinces and cities have established Watson for Oncology Centers. The collaboration with iKang also marks the first application of Watson Health in a major private preventive healthcare management company in China.

Mr. Gang Fu, President of BAHEAL Pharmaceutical Group commented, “With the advancement of medical science, cancer has become a chronic disease. As long as it is detected at an early stage, one third of cancers can be prevented, one third can be cured and another one third can be treated so that patients’ lifespans will be extended. The AI is able to generate more insights based on information such as lifestyles of patients, psychological history, medical records and genetic testing results. It can detect signs of cancer at a very early stage and provide more accurate treatment advice based on analysis of huge amounts of data.” Mr. Gang Fu wished to accelerate the pace of intelligence-led revolution in cancer prevention and treatment through cooperation with iKang.

Mr. Lee Ligang Zhang, Founder, Chairman and CEO of iKang commented, “It has been 20 years since the first private medical examination center was opened in China in 1997. Through these years of development, China’s private medical examination centers no longer play a supplementary role but have taken up the same responsibilities as public hospitals in the preventive healthcare service industry. More than half of the medical examinations are done in private medical examination centers in Beijing. However, we have not seen a revolutionary change in the preventive healthcare management sector, but the application of AI and big data creates an opportunity for an unprecedented revolution in the whole healthcare industry.”

Furthermore, the collaboration between iKang and BAHEAL Intelligent Technology will enable both parties to apply their respective expertise and core competence in hospitals, research, medical expertise and information technology, further deepen collaboration in areas including artificial intelligence, big data and precision medicine, serving cancer patients diagnosed in and referred to iKang’s medical centers to improve the treatment accuracy and service efficiency. At the same time, both parties will leverage on the collaboration to provide advanced research and training programs to doctors. Mr. Lee Ligang Zhang made an interesting metaphor saying “Let’s take a pilot as an analogy to a doctor. If an intelligent navigation system as what has been used in aviation was given to doctors, doctors would be empowered to provide more accurate and effective diagnosis and treatment plans.”

Referring patients diagnosed with cancer at iKang’s medical centers to the right specialists is one of the most important services that iKang is providing, following the launch of its latest strategy of iKangCare+ and iKangPartners+. Cancer being diagnosed during the medical examination at iKang, will receive not only offers of free second opinions and assessment services with specialists in any top hospitals in the country, but also treatment solutions provided by Watson for Oncology Center. The Watson for Oncology platform has received very strict training in a world class cancer center, the Memorial Sloan-Kettering Cancer Center (MSKCC), since 2011. It has assimilated over 300 professional medical journals, more than 250 medical books, and over 15 million pages of medical information and clinical research. Now the treatment recommendations provided by Watson and MSKCC’s top experts reached 90% or above concordance. At present, Watson for Oncology Center offers treatment solutions in breast cancer, lung cancer, rectal cancer, colon cancer, gastric cancer, cervical cancer and ovarian cancer. It is anticipated that coverage will expand to 9 - 12 categories of cancer by the end of 2017.

Mr. Phil Wu, leader of Watson Health Greater China region, attended the signing ceremony and commented that “incorporating the advantages of Watson Health, medical industrial insights accumulated by IBM over the past 30 years in China, and the support by our collaboration partners, we shall achieve a more accurate and personalized evidence-based cancer treatment solution, develop a highly precise forecast model for chronic disease risks and a cognitive decision-making supporting system for data analysis evidence, in order to promote proactive personal health management.”

Fourth Quarter 2016 Financial Results

• Net revenues were US$60.2 million, an increase of 13.9% year-over-year (an increase of 19.9% on RMB basis)
• Non-GAAP basic and diluted loss per ADS(3) attributable to common shareholders were US$0.48 and US$0.48, respectively, as compared to US$0.35 and US$0.35, respectively, in the fiscal fourth quarter of 2015.

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the results. “The fiscal fourth quarter of 2016 capped off a solid Fiscal Year for iKang against a backdrop of general economic slowdown in China, with continuous growth off a larger base across the board that sets us on a strong trajectory to continue into Fiscal Year 2017. For Fiscal Year 2016, customer visits recorded a year-over-year increase of 22.1% to 5.6 million with net revenues grew at 24.5% on RMB basis annually. We are not only consolidating our leading position in tier 1 cities but also strategically entering into more lucrative tier 2 and tier 3 cities in China. As a result, tier 2 and tier 3 cities have achieved 49.2% growth in Fiscal Year 2016.

As Compared to three years ago when we completed IPO in April 2014, our growth and expansion has been phenomenal. We have significantly expanded our nationwide network from 45 medical centers in 15 cities in early 2014 to 108 medical centers in 33 cities as of today. Total number of visits has increased from 2.7 million in Fiscal Year 2013 to 5.6 million in Fiscal Year 2016 while our revenues have grown from RMB1.24 billion in Fiscal Year 2013 to RMB2.93 billion in Fiscal Year 2016.

Furthermore, we have also built a strategic alliance with two regional medical checkup chains and New China Insurance Healthcare Company through equity investment. The three companies owned a total of 44 medical centers in 31 cities, 17 cities among which iKang does not have an established presence, hence further expanding iKang’s national coverage. Together with iKang’s self-owned medical centers, we have built a network with ownership of 152 medical centers across 50 cities in Mainland China and Hong Kong. We strongly believe that this alliance is a win-win in fostering closer partnership and cooperation.

In addition to expanding our nationwide network coverage and optimizing the operational efficiency of each operating medical center, we have also been making significant progress with initiatives over Fiscal Year 2016 to leverage our fast growing network to deepen client penetration through broadening of our service offerings such as genetic testing and screening services for early detection of colon and stomach cancer. The reception of these additional services has been very positive.

Our financial performance for Fiscal Year 2016 was impacted by the one-time expenses relating to privatization and the significant addition of the newly built/acquired medical centers in order to capture the growth opportunity in tier 2 and tier 3 tier cities. With the ramping up of these new medical centers, we expect that our EBITDA margin will improve in Fiscal Year 2017.

Mr. Zhang concluded, “In Fiscal Year 2017, we will continue to make investment in mobile health, linking our customer and our services both online and offline. Our extensive network places us in an excellent position to capitalize on the fast growing market opportunities in private preventive healthcare segment. We believe that we are on course to build on our success with a strong management team fully committed to advancing our growth strategies that aims to deliver long-term and sustainable returns to our shareholders.

GUIDANCE FOR FISCAL YEAR 2017 ENDING MARCH 31, 2018

For the Fiscal Year 2017 ending March 31, 2018, the Company expects its net revenue to be between RMB3.52 billion and RMB3.72 billion, representing a year-on-year increase between 22% and 27%. The Company also expects that 12-15 new medical centers will start commercial operation in Fiscal Year 2017.

Second Quarter 2016 Financial Results

• Net revenues were US$119.7 million, an increase of 21.4% year-over-year (an increase of 28.3% on RMB basis).
• Non-GAAP basic and diluted income per ADS(3) attributable to common shareholders were US$0.09 and US$0.09, respectively, as compared to US$0.18 and US$0.17, respectively, in the fiscal second quarter of 2015.

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the results. “iKang’s growth continues its positive trend with year-over-year revenue growth achieving 21.4% (an increase of 28.3% on RMB basis) (1) for fiscal second quarter of 2016. We are pleased with our performance to date and look forward to continuing the growth for the remainder of fiscal 2016.”

“The revenue growth this quarter has primarily been driven by the continuous investment to expand our geographical coverage and deepen market penetration in high growth tier two and three cities. Compared to September 30, 2015, we have added 18 new medical centers and expanded into six new cities – Foshan, Xi’an, Ningbo, Wuhu, Guiyang and Jinan, bringing our network to 95 medical centers as of September 30, 2016. We expect that 11 more new self-built medical centers will commence operation by the end of the fiscal year ending March 31, 2017. Although our net margin was affected by the accelerated expansion to new cities as well as the one-time cost associated with the ongoing privatization, we have strong confidence that our focus on building new capacity and capabilities in existing and new cities will yield pleasing results in the years ahead.”

Mr. Zhang concluded, “In spite of the uncertainties surrounding the privatization, the management remains unwavering in their commitment and focus on strategic priorities of building a sustainable and long-term business that capitalizes on China’s fast growing private preventive healthcare sector. We believe that our growth strategy will lead us to solid and continued growth in fiscal 2016 and beyond.”

BEIJING, Nov. 28, 2016 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. (“iKang” or the “Company”) (KANG), announced today that its Board of Directors has unanimously approved the extension of its Rights Agreement, presently scheduled to expire on December 2, 2016, for another year.

As the Rights Agreement was designed to ensure that all shareholders of the Company receive fair and equal treatment in the event that an unsolicited attempt is made to acquire the Company outside of the process led by a special committee of independent directors, the Board and the special committee have determined that it is advisable and in the best interests of the Company and its stockholders to extend the Rights Agreement for an additional year, as the special committee continues to consider and evaluate the proposal submitted by Yunfeng Capital to acquire the Company.

First Quarter 2016 Financial Results

• Net revenues were US$101.2 million, an increase of 17.3% year-over-year (an increase of 23.5% on RMB basis)
• Non-GAAP basic and diluted income per ADS(3) attributable to common shareholders were US$0.04 and US$0.04, respectively, as compared to US$0.16 and US$0.16, respectively, in the fiscal first quarter of 2015.

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the results. “iKang recorded a solid performance in the fiscal first quarter of 2016, with overall revenue growth of 23.5% year-over-year. This increase, spread over a broader customer base, indicates a positive direction for the Company to expand as we continue to execute our strategic priorities of investing in sustainable, long term growth.”

“Over the past quarter, iKang has invested in a number of market initiatives to expand our geographical coverage and deepen market penetration in fast-growing tier two and three cities. Compared to June 30, 2015, we have added 19 new medical centers and expanded into seven new cities – Weihai, Weifang, Xi’an, Wuhu, Guiyang, Ningbo and Foshan – bringing our network to 92 medical centers as of August 31, 2016. We have also invested in new service offerings for our expanding network and remain focused on investing in the renovation, upgrade and ramping up of our acquired medical centers.”

Mr. Zhang concluded, “amid an economic slowdown, the management remains fully committed to executing our dual expansion strategy that aligns acquisitions and investments with a self-built model to advance network expansion. iKang will continue to leverage this initiative to capture the tremendous opportunities prevalent in the fast-growing Chinese private preventative healthcare services market while delivering profitable and sustainable business growth.”

BEIJING, June 06, 2016 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. (“iKang” or the “Company”) (Nasdaq:KANG), China’s largest private preventive healthcare services provider, today announced that its board of directors (the “Board”) received a preliminary non-binding proposal letter, dated June 6, 2016, from Yunfeng Capital, proposing a going-private transaction in which Yunfeng Capital would acquire all of the outstanding Class A common shares (“Class A Shares”), Class C common shares (“Class C Shares,” and together with Class A Shares, the “Shares”) and American depositary shares (“ADSs,” each representing ½ of a Class A Share) of the Company in an all-cash transaction for US$20.00 to US$25.00 per ADS or US$40.00 to US$50.00 per Share (the “Yunfeng Capital Proposal”). 

BEIJING, May 24, 2016 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. (“iKang” or the “Company”) (Nasdaq:KANG), China’s largest private preventive healthcare services provider, reported that, on April 28, 2016, the Company filed a complaint (the “Copyright Claim”) with the Shanghai Intellectual Property Court against Shanghai Mei Dong Software Development Co., Ltd. (“Shanghai Mei Dong”), WANG Haifeng, Deputy General Manager of Shanghai Mei Dong, Meinian Onehealth Healthcare (Group) Co., Ltd. (“Meinian Onehealth”), and Shanghai Sheng Jia Clinic Co., Ltd. (“Sheng Jia”) as they have jointly infringed the Company’s copyright of medical examination software systems (the “Infringed Softwares”). The Company has requested Meinian Onehealth and Sheng Jia to delete and stop using the relevant softwares (the “Infringing Softwares”), mitigate the impacts, apologize publicly for their violations, and repay the financial damages they have caused in the amount of RMB 53 million. The Shanghai Intellectual Property Court has accepted the Company’s complaint (Case number: (2016) Hu73 Min Chu 339-342).

iKang also applied for preservation of evidence to the Shanghai Intellectual Property Court, requesting preservation of the relevant evidence to codes, programs, files and databases from Shanghai Mei Dong and Sheng Jia’s computers and servers. After investigation, Shanghai Intellectual Property Court has approved iKang’s application (Civil Ruling Paper Number: (2016) Hu73 Min Chu 340).

On May 17, 2015, Shanghai Intellectual Property Court appointed a team of judges and bailiffs to make onsite investigation at Shanghai Mei Dong and Sheng Jia, taking measures to transfer the relevant source code and database information for preservation. The judges have also questioned WANG Haifeng and took a statement.

The Company stated in the Copyright Claim that iKang’s medical examination software systems lay a critical and fundamental role in the Company’s high-quality medical examination services to its customers. The Infringed Softwares were jointly developed by iKang’s technology team and medical team, and were solely owned by the Company. In early 2014, WANG Haifeng, who was involved in the development of the Infringed Softwares, was approached by Shanghai Mei Dong and Meinian Onehealth. WANG Haifeng then left iKang and joined Shanghai Mei Dong to take charge of its medical examination software development.

The medical examination softwares WANG Haifeng developed for Shanghai Mei Dong and Meinian Onehealth were a modified version of the Infringed Softwares with the same or very similar files, source code, object programs, business model and database structure.

The business scope of Shanghai Mei Dong, a wholly-owned subsidiary of Meinian Onehealth, is the development and marketing of medical examination softwares. As soon as the Infringing Softwares became available, Shanghai Mei Dong distributed it to Meinian Onehealth’s medical centers all over the country, and the Infringing Softwares became an irreplaceable part of Meinian Onehealth’s operation and management. In addition, Shanghai Mei Dong sold the Infringing Softwares to other medical examination centers such as Sheng Jia to make the illegal gain. After the trial, if the relevant defendant is convicted of infringement, around 200 medical centers across the country owned by Meinian Onehealth, as well as Sheng Jia who bought softwares from Shanghai Meidong, will be ordered to delete and stop using the Infringing Softwares.

Before the Copyright Claim, iKang had commenced another civil action (“Trade Secrets Claim”) against Mu Yuanmao in January 2016, a former sales head of Meinian Onehealth, Meinian Onehealth, Meinian Onehealth Healthcare Holdings Co., Ltd., Guangzhou Meinian Clinic Co., Ltd. and Guangzhou Meinian Onehealth Medical Technology Co., Ltd. (collectively, the “Meinian Onehealth Group”). The Trade Secrets Claim has been accepted by The People's Court of Chaoyang District of Beijing. The Trade Secrets Claim states that Mu Yuanmao and the Meinian Onehealth Group have jointly infringed the Company’s trade secrets and are therefore liable to the Company for the losses totaling RMB 50 million caused thereby.

MU Yuanmao had been placed under criminal detention by the Internet Supervision Division of the Beijing Municipal Public Security Bureau on November 27, 2014. The People's Court of Chaoyang District of Beijing held a public trial on October 29, 2015 and reached a finding of guilty in January 2016, sentencing MU Yuanmao to 16 months in prison.

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented, “As a pioneer in China's preventive healthcare services market, iKang strives to maintain orderly market competition, while protecting the interests of shareholders and customers as well the healthy development of China’s medical examination industry. Our lawsuit against Meinian is necessary to confront unlawful practices in the industry and ensure that there is a level playing field for the healthy development & prosperity of the industry, which must focus on providing uniquely added value & choices to consumers.” He added, “Fair competition in the medical examination industry is not only beneficial to the public with improved medical examination services, it also inspires true innovation and holds industry players accountable for their actions. iKang always embraces competition and remains committed to fighting against any illegal activities such as Meinian’s infringement that could impinge on our legitimate rights.”

BEIJING, May 20, 2016 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. (“iKang” or the “Company”) (KANG), China’s largest private preventive healthcare services provider, today announced that it has completed the acquisition of 100% equity interest in Beijing Bohui Clinic Co. Ltd. (“Beijing Bohui”) and Beijing Zhongpu Bohui Clinic Co. Ltd. (“Zhongpu Bohui”). Beijing Bohui has now officially opened after its relocation, acquiring all necessary licenses including the Medical Institutions Practice License and Business License, and Zhongpu Bohui is currently in the middle of evaluating a new location for its business.

iKang currently operates 18 medical centers in Beijing before the acquisition, and Beijing Bohui enjoys a prime location in Dongcheng District where iKang has no presence. With its loyal customer base, high quality of service and stellar reputation, Bohui will help to further reinforce iKang’s leading position in Beijing’s highly competitive market.

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the acquisition. “We are delighted to welcome Bohui and their committed team into our family. This acquisition will further enhance iKang’s competitiveness in Beijing as Beijing Bohui’s excellent location and its mid-end positioning fit perfectly into iKang’s business strategy.”

He added, “As a pioneer in China's preventive healthcare services market, iKang will continue to optimize our network by accelerating market expansion in China to increase our competitiveness and offer a better nationwide service.”

BEIJING, March 23, 2016 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. (iKang or the Company) (Nasdaq:KANG), China's largest private preventive healthcare services provider, today announced that it has formed a joint venture (�Joint Venture�) with Guizhou Hearst Healthcare Management Co., Ltd. iKang now owns a 60% equity in the Joint Venture, which controls 100% ownership of Guizhou Wishstar Medical Center.

This acquisition marks iKang�s first in Guiyang and will effectively expand its presence in the Southwest China market. Guiyang has been dubbed a global capital of summer resorts due to its cool and pleasant weather, and has been recommended by the government to develop its healthcare industry.

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the investment. "We are delighted to welcome Wishstar and their committed team into our family. Guizhou is a key strategic market for iKang in 2016, and Wishstar�s healthcare vision aligns excellently with our own. Their already stellar reputation in Guiyang means that with this Joint Venture we can quickly enter into the local market and extend our presence throughout the province."

He added, "As a pioneer in China's preventive healthcare services market, iKang will continue to optimize our network by accelerating market expansion in tier 2 and 3 cities, especially in new cities such as Guiyang, to enhance our competitiveness and offer a better nationwide service."

BEIJING, Feb. 02, 2016 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. (iKang or the Company) (Nasdaq:KANG), China's largest private preventive healthcare services provider, today announced that it has completed a strategic investment in New China Life Insurance Health Investment Management Co., Ltd. (NCI Health). After the investment, New China Life Insurance Co., Ltd. (NCI), iKang and another investor hold 45%, 45% and 10% equity interest in NCI Health, respectively.

NCI Health was established by New China Life Insurance Co., Ltd. on December 13, 2012. It has invested in and operates a total of 16 medical centers in 16 cities, namely, Xi�an, Wuhan, Qingdao, Baoji, Chengdu, Chongqing, Hefei, Changsha, Yantai, Zhengzhou, Jinan, Huhehaote, Changde, Nanjing, Tangshan, and Hangzhou. These medical centers mainly provide medical examination services to corporate and individual customers.

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the investment, �We are delighted to make this strategic investment in NCI Health and form a strategic partnership with NCI. With the combined network built by NCI Health and iKang, we believe that both companies will be able to provide consistently high quality medical services to their respective corporate and individual customers, with expanded geographic coverage.�

Mr. Zhang added, "As the largest player in China's preventative healthcare services market, iKang will continue to build on its dual expansion strategy that aligns acquisitions and investments with a self-built model. With this strategy we intend to capture even greater opportunities in the current covered regions and beyond to provide an enhanced nationwide service."

The Hina Group Holdings has served as the exclusive financial advisor to iKang in this transaction.

BEIJING, Dec. 22, 2015 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. (iKang or the Company) (Nasdaq:KANG), China�s largest private preventive healthcare services provider, today announced that it has acquired 70% equity interest of Xi�an iKang Health Management, which has 100% ownership in three medical centers under the brand name of Xi�an INLUNG, namely Xian Lianhu INLUNG Medical Center, Xi�an Weiyang INLUNG Medical Center and Xian Yanta INLUNG Medical Center.

This acquisition will mark iKang's first steps into Xi�an, the capital city of Shaanxi. The provincial capital is a leading city among the five northwestern provinces. Xi�an INLUNG, founded in 2011 with a well-established customer base and a dedicated medical team, is one of the major private medical examinations service providers in Xi�an.

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the acquisition. �We are delighted to welcome these new medical centers into our family. Xian is another key strategic market for iKang. The acquisition of these three medical centers will not only help to strengthen our presence in tier 2 cities, it will also enable us to expand our reach into nearby cities in Shaanxi and build a much stronger presence in Northwest China.�

BEIJING, Dec. 02, 2015 (GLOBE NEWSWIRE) -- The Board of Directors of iKang Healthcare Group, Inc. (the Company) today adopted a Rights Agreement and authorized the issuance of one Right for each outstanding Class A Common Share and Class C Common Share (the Rights Plan).  After careful consideration, the Board of Directors of the Company (the Board) deemed it appropriate and prudent to adopt the Rights Plan at this time in order to ensure that all shareholders of the Company receive fair and equal treatment in the event that an unsolicited attempt is made to acquire the Company outside of the process led by the special committee of independent directors of the Company (the �Special Committee�), which was formed to consider the possibility of a going private transaction involving the Company. 

As disclosed on September 10, 2015, the Special Committee was formed following the submission of a non-binding �going private� proposal by Ligang Zhang (Mr. Zhang), founder, chairman and chief executive officer of the Company and certain of his affiliated entities, and FV Investment Holdings (the �Founder Buyer Group Proposal).  Subsequently, a non-binding competing going private proposal was submitted by Jiangsu Sanyou Group Co., Ltd., Cathay Capital Private Equity SAS, Shenzhen Ping An Decheng Investment Co., Ltd., Taiping Guofa (Suzhou) Capital Management Co., Ltd., Sequoia China Investment Management LLP and Huatai Ruilian Fund Management Co., Ltd. (the �Jiangsu Sanyou Buyer Group Proposal�). 

The Special Committee will carefully consider and evaluate, with the assistance of the Special Committee�s independent financial and legal advisors, the Jiangsu Sanyou Buyer Group Proposal, the Founder Buyer Group Proposal and the Company�s strategic alternatives.  The adoption of the Rights Plan will ensure that the Special Committee and the Board have sufficient time to duly consider and pursue any strategic alternatives of the Company that are in the best interests of the Company and its shareholders, and does not prevent the Special Committee or the Board from considering or accepting any acquisition proposal if the Board (acting upon the recommendation of the Special Committee) determines that such action is fair, advisable and in the best interests of the Company and its shareholders. 

Pursuant to the Rights Plan, until the earlier of (i) the Company�s announcement that a person or group has acquired 10% or more of the Company's Class A Common Shares (an �Acquiring Person�) or the date and time on which any Acquiring Person has acquired more than 50% of the Company's Class A Common Shares (in either case, the Flip-in Date) and (ii) the tenth business day, or such later date designated by the Board,  after any person or group commences a tender or exchange offer that will result in such person or group owning 10% or more of the Company�s Class A Common Shares, the Rights will be evidenced by the Common Share certificates, will automatically trade with the Common Shares and will not be exercisable.  Thereafter, separate Rights certificates will be distributed and each Right will entitle its holder to purchase one Class A Common Share for an exercise price of $80.

Upon  the occurrence of the Flip-in Date, each Right (other than Rights beneficially owned by any Acquiring Person or transferees thereof, which Rights become void) will entitle its holder to purchase, for the exercise price, a number of the Company's Class A Common Shares having a market value of twice the exercise price.  Also, if after an Acquiring Person controls the Company's Board of Directors or is the owner of 50% or more of the Company's  Class A Common Shares, the Company is involved in a merger or sells assets representing more than 50% of its assets, operating income or cash flow and, in the case of a merger, the Acquiring Person will receive different treatment than all other shareholders or the transaction is with the Acquiring Person, each Right will entitle its holder to purchase, for the exercise price, a number of shares of common shares of the Acquiring Person having a market value of twice the exercise price.  If any person or group acquires between 10% and 50% of the Company�s Class A Common Shares, the Board may, at its option, exchange one share of the Company�s Class A Common Stock for each Right.

The record date to determine shareholders of the Company entitled to receive the Rights is December 13, 2015.  The Rights Plan will expire no later than December 2, 2016 unless renewed by the Board. 

The Rights may be redeemed exclusively by the Special Committee for $0.001 per Right prior to the Flip-in Date, and the Rights Plan may be amended by the Company (acting upon the recommendation or direction of the Special Committee).

A letter to shareholders regarding the Rights Agreement and a Summary of certain terms of the Rights Agreement will be mailed to shareholders.

Second Quarter 2015 Financial Results

• Net revenues were US$98.6 million, an increase of 23.9% year-over-year
• Non-GAAP basic and diluted income per ADS(3)attributable to common shareholders were US$0.18 and US$0.17, respectively, as compared to US$0.25 and US$0.24, respectively, in the fiscal second quarter of 2014.

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the results. “I am pleased with our performance with an increase in total net revenue by 32.3% year-over-year for Fiscal six months ended September 30, 2015.  The Company’s performance was fully in line with our expectations.

“We have made great strides in executing on our strategic objectives to expand into new areas of growth and strengthen our capabilities as the prime mover in China’s fast moving private preventive healthcare services market. iKang acquired three high quality former Ciming franchisees in August that serves to consolidate our nationwide network of medical centres, and we will continue to augment our coverage with strategic high-end, high quality centres. We have also continued our investment for the future of iKang by expediting our expansion in the mobile healthcare space.”

Mr. Zhang concluded, “At a time when our strategic initiatives are bearing fruit and new niche services are underway, our greater focus on the increased integration of our newly acquired centres will enable us to further enhance our business line. We remain unwavering in our commitment to focus on growing our network, executing on our transformation strategies and building our business for the long run.”

BEIJING, Nov. 30, 2015 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. (iKang or the Company) (Nasdaq:KANG), China's largest private preventive healthcare services provider, today announced that its board of directors (the Board) received on November 29, 2015 a preliminary non-binding proposal letter, dated November 27, 2015, from Jiangsu Sanyou Group Co., Ltd. (Jiangsu Sanyou), Cathay Capital Private Equity SAS (Cathay), Shenzhen Ping An Decheng Investment Co., Ltd. (Ping An), Taiping Guofa (Suzhou) Capital Management Co., Ltd. (Taiping), Sequoia China Investment Management LLP (Sequoia) and Huatai Ruilian Fund Management Co., Ltd. (Huatai Ruilian and together with Jiangsu Sanyou, Cathay, Ping An, Taiping and Sequoia, the Jiangsu Sanyou Buyer Group), proposing a going-private transaction in which the Jiangsu Sanyou Buyer Group would acquire all of the outstanding Class A common shares (Class A Shares), Class C common shares (Class C Shares, and together with Class A Shares, the Shares) and American depositary shares (ADSs,each representing of a Class A Share) of the Company in an all-cash transaction for US$22.00 per ADS or US$44.00 per Share (the Jiangsu Sanyou Buyer Group Proposal). 

The Jiangsu Sanyou Buyer Group proposal letter states, among other matters, that its proposed acquisition price represents a premium of 36.9% to the closing trading price of the Company's ADSs on August 28, 2015, the last trading day before the Company publicly announced receipt of the preliminary non-binding going private proposal letter, dated August 31, 2015, from Mr. Ligang Zhang (Mr. Zhang), founder, chairman and chief executive officer of iKang, and certain of his affiliated entities, and FV Investment Holdings (the Founder Buyer Group Proposal�).  The Jiangsu Sanyou Buyer Group proposal letter further states that the Jiangsu Sanyou Buyer Group intends to finance its proposed transaction with equity capital from the members of the Jiangsu Sanyou Buyer Group

BEIJING, Sept. 10, 2015 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. ("iKang" or the "Company") (Nasdaq:KANG), China's largest private preventive healthcare services provider, today announced that in response to the preliminary non-binding proposal dated August 31, 2015 (the "Proposal") received by the Company's board of directors (the "Board") from Mr. Ligang Zhang ("Mr. Zhang"), founder, chairman and chief executive officer of iKang and certain of his affiliated entities, and FV Investment Holdings ("FountainVest", together with Mr. Zhang and his affiliated entities, the "Buyer Group") to acquire the Company in a "going private" transaction, the Board has formed a special committee of independent directors who are not affiliated to any member of the Buyer Group (the "Special Committee") consisting of Ruby Lu, Daqing Qi and Gavin Zhengdong Ni to evaluate the Proposal. The Special Committee intends to retain advisors, including an independent financial advisor and legal counsel, to assist it in its evaluation.

The Company cautions its shareholders and others considering trading its securities that neither the Board nor the Special Committee has made any decision with respect to the Company's response to the Proposal. There can be no assurance that any definitive offer will be made by the Buyer Group or any other person, that any definitive agreement will be executed relating to the proposed transaction, or that the proposed transaction or any other transaction will be approved or consummated.

BEIJING, Aug. 31, 2015 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. ("iKang" or the "Company") (Nasdaq:KANG), China's largest private preventive healthcare services provider, today announced that its board of directors (the "Board") has received a non-binding proposal letter, dated August 31, 2015, from Mr. Ligang Zhang ("Mr. Zhang"), founder, chairman and chief executive officer of iKang and certain of his affiliated entities, and FV Investment Holdings ("FountainVest", together with Mr. Zhang and his affiliated entities, the "Buyer Group"), proposing a "going-private" transaction (the "Transaction") to acquire all of the outstanding Class A common shares ("Shares") and American depositary shares ("ADSs", each representing � Share) of the Company not already owned by the Buyer Group for US$17.80 in cash per American depositary share of the Company ("ADS"), which represents a premium of 10.8% to the closing trading price of the Company's ADSs on August 28, 2015, and a premium of 18.0% and 9.7% to the volume-weighted average closing price of the Company's ADSs during the last 7 and 30 trading days, respectively.

According to the proposal letter, the Buyer Group intends to fund the consideration payable in the Transaction with a combination of debt and/or equity capital, and rollover equity in the Company. A copy of the proposal letter is attached as Annex A to this press release.

The Board intends to form a special committee consisting of independent directors to consider this proposal.

The Board cautions the Company's shareholders and others considering trading in its securities that the Board just received the non-binding proposal letter from the Buyer Group and no decisions have been made with respect to the Company's response to the Transaction. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law. 

FIRST QUARTER 2016 FINANCIAL RESULTS

• Net revenues for the fiscal first quarter were US$86.3 million, representing a 43.4% increase from US$60.2 million in the same period in the last fiscal year.
• Non-GAAP basic and diluted loss per ADS attributable to common shareholders were US$0.16 and US$0.16, respectively, compared to basic and diluted loss per ADS attributable to common shareholders of US$0.14 and US$0.13, respectively, in the same quarter of fiscal 2014.

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the results. "We have begun fiscal 2015 on a promising track, having consecutively delivered growth above guidance and across all business lines. Net revenues in the first quarter grew 43.4% from the corresponding period last year. Operating income increased 155.4% year-over-year and net income surged up 447.6% year-over-year. Our core business in medical examination and disease screening is continuing to perform very well, growing at a fast pace as we continue to focus on maintaining that growth through our strategic imperatives. We have broadened and enhanced our services in dental and other medical service offerings, and have made pleasing progress through diversification as revenues from dental services and other services jumped by 161.3% and 87.4% year-over-year, respectively.

"We have been bullish with our network expansion strategy. In the fiscal first quarter we acquired 12 new medical centers in May and three more in June, adding 15 new medical centers to our fast-expanding nationwide network. In addition, we have recently acquired three more centers in August, and have completed construction of another. With a total of 19 new medical centers, we have made great progress in realizing our annual guidance of 20-25 over full fiscal 2015. As of August 24, 2015, iKang owns and operates 77⁽¹⁾ medical centers across 22 cities in China, 44 of which are in tier one cities and 33 in tier two and three cities. In addition to consolidating our leadership position in medical examination services, we are continuing to build the foundation for long-term mobile healthcare services to drive the transformative growth of iKang. The reception following the launch of our mobile apps earlier this year has been immensely encouraging."

⁽¹⁾ Among the 77 self-owned medical centers, three medical centers are currently operated primarily by the minority shareholders of these medical centers or their parent company.

Mr. Zhang concluded, "In light of our strong results, the diligent execution of our strategic imperatives, and our investment in the future of iKang, we are confident that we will be able to leverage our dominant position in China's private preventative healthcare services market to carry our momentum in an exciting direction, with tremendous market opportunities on the horizon. As we look ahead to the rest of fiscal 2015, we will continue our network expansion, consolidate our nationwide presence and invest in the development of the mobile healthcare space, all with a focus on building long-term returns for our shareholders."

GUIDANCE FOR FISCAL YEAR 2015 ENDING MARCH 31, 2016

For the fiscal year 2015 ending March 31, 2016, the Company reaffirms its net revenues guidance to be between US$383 million and US$390 million, representing a year-on-year increase between 32% and 34%.

This guidance is based on the current market conditions and reflects the Company's current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.

BEIJING, Aug. 18, 2015 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. ("iKang" or the "Company") (Nasdaq:KANG), China's largest private preventive healthcare services provider, today announced that it has formed a joint venture ("Joint Venture") with former shareholders of Yantai Ciming Laishan Clinic Co. Ltd., Weihai Ciming Clinic Co. Ltd. and Weifang Kuiwen Ciming Clinic Co. Ltd. in three major cities respectively in Shandong. There is also a new medical center under construction in Yantai (the medical centers above are hereafter referred to as "Shandong Ciming Centers"). Shandong Ciming was franchised from Ciming Checkup Group, a private preventive healthcare services provider in China. iKang now owns a 70% equity in the Joint Venture which controls the 100% ownership of Shandong Ciming Centers, respectively.

This acquisition marks the third time in less than one year that Ciming franchisees have moved away from Ciming Checkup Group and others in favour of iKang. These medical centers, now a total of seven from five cities, represent some of the top performers among Ciming franchisees. Together with the acquisition of two Hongkang medical centers in Yantai, iKang now operates five medical centers in three major cities in Shandong.

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the acquisition. "We are delighted to welcome these new acquisitions into our family. Shandong is a key strategic market for iKang in 2015 because of its large population and prominent economy. Acquiring these high-quality medical centers that also cater to mid to high-end customers will help us to quickly expand our coverage in this important market. Our further expansion into tier-3 cities such as Yantai, Weihai and Weifang will continue to enhance our competitiveness and bolster our footprint across Shandong and East China.

He added, "As the largest player in China's preventative healthcare services market, iKang will continue to build on its dual expansion strategy that aligns acquisitions with a self-building model to capture even greater opportunities in the region and beyond to provide an enhanced nationwide service."

BEIJING, June 30, 2015 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. ("iKang" or the "Company") (Nasdaq:KANG), China's largest private preventive healthcare services provider, today announced that it has formed a joint venture ("Joint Venture") with former shareholders of Yinchuan Ciming Clinic Co., Ltd. ("Yinchuan Ciming" or "Yinchuan Ciming Medical Center"). Yinchuan Ciming was franchised from Ciming Checkup Group, the third largest private preventive healthcare services provider in China. iKang now owns 70% equity in the Joint Venture, which itself controls 100% ownership of Yinchuan Ciming. Yinchuan Ciming is the largest private preventive healthcare services provider in Yinchuan and has been renamed to Yinchuan iKang. Yinchuan is the capital city of Ningxia Hui Autonomous Region in China.

This acquisition has particular strategic significance for iKang as it will act as a beacon to attract more high-quality Ciming franchises to join iKang. Yinchuan Ciming Medical Center ranked among the top Ciming franchises in 2014 in terms of revenue. In November 2014, iKang acquired three medical centers that were franchised from Ciming Checkup Group in the city of Shenyang. This acquisition marks the second time that a Ciming franchisee has turned down Ciming Checkup Group and others in favour of iKang.

Ms. Huiwen Zhao, Co-founder and Managing Director of Yinchuan Ciming, commented, "As a former operation director at the Medical Examination Center of Ningxia General Hospital of Armed Police Forces, which is one of the top hospitals in Yinchuan, we take medical quality and reputation very seriously. When we sought an equity partnership with leading private preventive healthcare services providers in China, iKang is unquestionably the only player that meets our strict criteria. iKang enjoys the best reputation among the top players in the sector and is the only provider which has adopted the same medical equipment and diagnostic standards as some of the best hospitals in China. If iKang offered franchise businesses, we would have chosen iKang previously. This was the reason why we chose to join iKang. We are very excited about this partnership and look forward to expanding the gold standard of healthcare services in China."

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, also commented on the acquisition. "We are very pleased to welcome Yinchuan Ciming into the iKang family. Yinchuan Ciming has a mid-to-high end customer base which is very similar to iKang and allows us to pursue mutual benefits and create synergy through future development. I strongly believe that the addition of the high quality medical and service teams will further enhance our best-in-class brand reputation."

He added, "As a pioneer in China's preventive healthcare service market, iKang will continue to optimize our network by accelerating market expansion in tier 2 and 3 cities, especially in new cities such as Yinchuan, to enhance our competitiveness and offer a better nationwide service."

BEIJING, June 24, 2015 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. ("iKang" or the "Company") (Nasdaq:KANG), China's largest private preventive healthcare services provider, has acquired 100% equity interest in Yantai Hongkang Tijian Co. Ltd. and Yantai Hongkang Jiankang Tijian Co. Ltd. Each of the above company wholly owns a medical center specializing in medical examination services in the city of Yantai. iKang thereby indirectly acquired two medical centers in Yantai.

This acquisition will mark iKang's first foray into Shandong Province, which has a population close to 100 million and built itself as one of the largest economies in China. Hongkang, founded in 2009 with a well-established customer base and excellent medical team, is the No.1 private medical examination service provider in Yantai, which is ranked as the No. 2 city in term of GDP in Shandong Province.

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the acquisition. "We are very pleased to welcome Hongkang into the iKang family. Not only will these acquisitions help to strengthen our presence in lucrative tier 3 cities such as Yantai, it will also enable us to expand our reach into nearby cities in Shandong Province and build a much greater presence in the whole province. Our dual expansion strategy, aligning acquisitions with a self-building model, ensures that our penetration into important new markets such as Shandong will bring effective rewards as this acquisition establishes us as the largest medical examination provider in Yantai. Our already sizeable presence in East China is steadily growing, and further cements our position as the largest player in the preventive healthcare services market in China."

Fourth Quarter 2014 Financial Results

• Net revenues were US$42.4 million, an increase of 43.5% year-over-year.
• Non-GAAP basic and diluted loss per ADS⁽³⁾ attributable to common shareholders were US$0.11 and US$0.11, respectively, as compared to US$0.45 and US$0.45, respectively, in the fiscal fourth quarter of 2013

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the results. "The fiscal fourth quarter of 2014 capped off a successful 2014 Fiscal Year for iKang, with robust growth across the board that sets us on a strong trajectory to continue into Fiscal 2015. For the Fiscal Year 2014, customer visits recorded a year-over-year increase of 33.5% to 3.6 million; net revenues exceeded the high end of our guidance range, increasing 43.7% annually, and Non-GAAP net income increased 60.9% as compared to Fiscal Year 2013. This has enabled us to consolidate our leading position in tier-1 cities and expand strategically into lucrative tier-2 and tier-3 cities in China. Including our most recent acquisition on May 27, 2015, we have increased our nationwide network to 70 medical centers in 18 cities as compared to 45 medical centers in 15 cities at the end of Fiscal Year 2013.

We have also been making substantial progress with initiatives over Fiscal Year 2014 to upgrade our services and diversify our offerings to further enhance scale and profitability. In addition to medical examination services for corporate accounts, we have continued success in cross-selling disease screening and dental services to existing clients. In Fiscal Year 2014, we established 25 dental clinics either within or adjacent to our medical centers, and we also opened and operate three medical centers under the brand name "iKang Evergreen," targeted at high-end clients, in Beijing, Nanjing and Guangzhou. As a result, revenues from disease screening services increased 31.1% and revenues from other services increased 95.4% year-over-year.

Foreseeing the potential development of mobile healthcare services in China, a keystone strategic development for the future of iKang is to build up a health management service platform company with capabilities to offer multi-discipline healthcare services. Our new mobile health initiative intends to lay foundations for Big Data-based health management services. In April 2015, we launched the iKang Personalized Medical Examination App to provide a more convenient and personalized medical examination services for individual and corporate customers. We also released the iKang Doctor Referral App, designed to provide a greater range of health management services using mobile internet technology to build up a platform that links up doctors' appointments, doctors' visits and follow-up services."

Mr. Zhang concluded, "Our successful listing on the Nasdaq a year ago has offered us many phenomenal opportunities over the past year, and places us in an excellent position to capitalize on opportunities in Fiscal 2015. We believe that we are on course to build on our success next year with continued focus on integrating new medical centers, advancing our strategy through mobile technology initiatives, building infrastructure for the future of health management service platform, and delivering long-term and sustainable returns to our shareholders."

GUIDANCE FOR FISCAL YEAR 2015 ENDING MARCH 31, 2016

For the fiscal year 2015 ending March 31, 2016, the Company expects its net revenues to be between US$383 million and US$390 million, representing a year-on-year increase between 32% and 34%.

This guidance is based on the current market conditions and reflects the Company's current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.

BEIJING, May 27, 2015 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. ("iKang" or the "Company") (Nasdaq:KANG), China's largest private preventive healthcare services provider, today announced that it had acquired a 100% equity interest in Beijing Tianzhikangjian Investment Management Co., Ltd. ("Beijing Tianzhikangjian"), thereby indirectly acquiring an 82.85% equity interest in Beijing Tianjian Sunny Healthcare Technology Co., Ltd. ("Tianjian Sunny"). Tianjian Sunny, formerly known as Sinopharm Sunny, is a prominent medical examination center chain with 11 medical centers in 5 major cities in China. Tianjian Sunny was previously majority owned by China National Pharmaceutical Group Corporation ("Sinopharm"), a global Fortune 500 Company. Beijing Tianzhikangjian acquired all the equity interest in Tianjian Sunny owned by Sinopharm in April 2015, and has since become the largest shareholder of Tianjian Sunny.

Tianjian Sunny's medical centers include six centers in Beijing, two centers in Hangzhou, one center in Changsha, one center in Wuhan, and one traditional Chinese medicine outpatient center in Guangzhou. Tianjian Sunny is a pioneer of medical examination services in China and enjoys a strong presence in Beijing.

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the acquisition. "We are very excited with the prospects of this acquisition across multiple fronts. First, the medical examination centers will be integrated into our extensive nationwide network, which will continue to enhance our leadership position in tier one cities like Beijing and further strengthen our presence in tier two cities like Hangzhou. Secondly, the acquisition will expand our reach to new cities such as Wuhan and Changsha, which translates to approximately 17 million people and comprise two of the most important markets in the middle of China. Combined with iKang and Tianjian Sunny, we now operate 17 medical centers in Beijing, and cement our place as the dominant player in the capital."

He continued, "Last but not least, with the addition of the experienced and talented medical team, we will continue to consolidate our leadership position as the largest, best in class player in the preventive healthcare services market in China. On behalf of the rest of the management team, I extend our warm welcome and look forward to receiving them into the iKang family."

BEIJING, May 18, 2015 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. ("iKang" or the "Company") (Nasdaq:KANG), China's largest private preventive healthcare services provider, today announced that it has acquired a 100% share of Ommay Health Management Co., Ltd., a middle to high-end private medical examination service center in Chengdu that was officially founded in June 2007.

Ommay Health Management is the very first private medical examination service center established in a prime location in Chengdu, and was built specifically for the mid to high-end market. Ommay serves both individual customers and corporate clients including Fortune 500 companies. Its equipment is mainly sourced from top international brands and its lab reagents are mainly supplied by Roche. Furthermore, many physicians working at Ommay come from third-grade A-level public hospitals with the title of associate chief physicians or above. As of today, physicians from third-grade A-level public hospitals are regarded as best trained and most experienced physicians in China. Ommay maintains a strong regional influence, and is well renowned for its high quality of service and stellar reputation.

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the acquisition. "Chengdu is one of our key target markets, and by integrating Ommay Health Management into our solid nationwide network, we will expand our self-owned medical centers in Chengdu from 3 to 4. This acquisition allows iKang to continue leading the industry while expanding our product and service offerings in Chengdu, and further consolidate our leading position in second and third tier cities in China."

He continued, "This acquisition also amplifies our commitment to expand and strengthen our leadership position as the largest player in the preventive healthcare services market in China. I strongly believe the addition of the talented medical and service teams in these centers also further enhances our best-in-class brand reputation and I look forward to welcoming them into the iKang family."

BEIJING, April 9, 2015 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. ("iKang" or the "Company") (Nasdaq:KANG), China's largest private preventive healthcare services provider, launched its personalized medical examination mobile app ("iKang Medical Exam APP") on March 27, 2015.

One of the key features of iKang's preventative healthcare services is to fully inform individuals about the findings from the latest discoveries and research, and the latest clinical guidelines from around the world, especially from the US and China. By empowering individuals with a greater understanding of their own health and lifestyles before medical examinations, the iKang Medical Exam APP will make more personalized recommendations for individuals to take the necessary diagnostic tests and make the experience more effective. In its essence, the iKang Medical Exam APP is founded on balancing the risks and rewards of preventative medical examinations and providing individuals with well-informed choices.

According to Frost & Sullivan, medical examination services offered as part of corporate employee benefits accounted for about 80% of the market in 2014, with self-paid individual visits making up the remaining 20%.

In China, a typical medical examination service includes blood tests, a chest X-ray, an abdominal ultrasound and an ECG. In addition to these, the individual will undergo examination by an internist, a surgeon, an ENT specialist, and a dentist. Women will also undergo examination by a gynecologist. As all of these procedures are typically conducted in one morning, the whole process must be efficiently coordinated. Historically, most companies only offer two standard packages: one for men and one for women. For some companies, standard packages are split into four categories according to age brackets. However, this kind of standardized examination cannot meet the rising demand for personalized services. When a physician finds someone at risk of certain diseases during the examination, the physician will recommend additional tests. But without a comprehensive overview of the individuals' medical records and their lifestyles, the physician might miss tests or make wrong recommendation for certain diseases.

The iKang Medical Exam APP offers a "one-click" service that allows both self-paid individuals and corporate employees to upgrade their old-fashioned standardized medical examination packages to personalized packages, based on their medical records and lifestyle. Individuals can make reservations on the iKang Medical Exam APP and retrieve their medical examination results online seven days later.

The iKang Medical Exam APP is built upon the data analysis from epidemiological studies on how age, sex, genetic testing results, medical history and lifestyle affect outcomes in specific diseases, and offers up-to-date clinical guidelines for diagnosis for each specific disease. The development team continually examines the latest research and clinical guidelines from the US and China that concern the most common chronic diseases, including cancer, diabetes and cardiovascular diseases, and incorporates this data into the iKang Medical Exam APP's algorithms. The iKang Medical Exam APP can then utilize this information in conjunction with the individual's own information to make recommendations for specific tests that are entirely tailored to each individual.

For example, the median age for women diagnosed with breast cancer is 61 years old in the US. The American Cancer Society recommends that women undergo a mammogram every year starting at age 40, which is 21 years ahead of the breast cancer median age. Women at higher risk of breast cancer, based on certain factors, should get both an MRI and a mammogram every year. In China, the median age for women diagnosed with breast cancer is around 50, which is 11 years younger than in the US. The current government program for women receiving breast cancer and cervical cancer screening starts at the age of 35 in China, which is about 16 years ahead of the median age of onset breast cancer. The latest studies conducted by a group of physicians from Beijing Union Medical College Hospital showed that ultrasound was more effective than a mammogram for Chinese women. Based on all of the data above, the iKang Medical Exam APP recommends Chinese women age 35 and older have a breast ultrasound every year. And for Chinese women at high risk of breast cancer, an ultrasound is recommended regardless of age. In the most comprehensive examination, women will receive an ultrasound, a mammogram, and an MRI.

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the iKang Medical Exam APP. "In the next three to five years, I believe personalized medical examination services should become mainstream in China. Corporations only need to set a budget for their employees instead of choosing specific examination packages for them. Employees will then have the full freedom to receive personalized medical examinations based on their medical records and lifestyles. For additional tests beyond the basic budget, employees would pay the additional costs out of their own pockets. This is iKang's first step into the mobile healthcare arena, and it is time to change the way that medical examination services are delivered in China." He continued, "iKang will continuously enhance this mobile app to provide solutions in areas such as online consultation, to help individuals understand medical examination reports, and benefit in the future from follow-up services facilitated by wearable devices." Mr. Zhang received a master's degree in genetics from Harvard University and, prior to iKang, founded eLong.com, one of the largest online travel service companies in China which is also listed on the NASDAQ (LONG).

The iKang Medical Exam APP development team has been advised by a world-class group of leading physicians and researchers, including Professor Xiuyi Zhi, Vice-President of Beijing Medical Association, Chair of Beijing Medicine Association Thoracic Surgery Society, and Co-Chair of China's Clinic Guideline for Lung Cancer; Professor Jianzhong Xiao, Director of Endocrinology Department at Beijing Tsinghua Changgung Hospital and former Associate Director of Endocrinology Department at China-Japan Friendship Hospital; and Dr. Jing Ma, Associate Professor of Medicine from Brigham and Women's Hospital affiliated with Harvard Medical School.

A medical expert panel led by Professor Liuxin Wu, Chairman of Society of Health Management, and Professor Qiang Zeng, Chairman-elect of Society of Health Management with the Chinese Medical Association, reviewed the risk assessment mechanisms and diagnosis protocols for lung cancer, breast cancer and diabetes on the iKang Medical Exam APP platform, and issued a statement to endorse the iKang Medical Exam APP on these three diseases on March 22, 2015.

THIRD QUARTER 2014 FINANCIAL RESULTS

• Net revenues for the third quarter were US$108.6 million, representing a 43.5% increase from US$75.7 million in the same period in the last fiscal year.
• Non-GAAP basic and diluted earnings per ADS attributable to common shareholders were US$0.27 and US$0.26, respectively, compared to basic and diluted earnings per ADS attributable to common shareholders of US$0.15 and US$0.14, respectively, in the same quarter of fiscal 2013.

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the results. "In the third quarter of fiscal 2014, iKang continued the positive business and financial momentum we achieved throughout the fiscal year. Our performance in this quarter was outstanding, exceeding both internal and external estimates on all fronts. The top line significantly expanded, with net revenues for the quarter increasing 43.5% compared to the third quarter of last fiscal year and gross profit grew at 46.3%, in part due to our scalable business model and increased operating leverage as we saw a 67.7% increase in operating income. As of December 31, 2014, iKang had a total of 53 self-owned medical centers in operation. In early March 2015, we completed the acquisitions of two medical centers in Tianjin, and also acquired a 70% equity interest in WA Health Care, a provider of high-end medical services with two medical centers in prime locations in Beijing and Shanghai. Together with the recent opening of Guangzhou iKang Evergreen medical center, these acquisitions bring us to a total of 58 self-owned medical centers as of March 9, 2015, which is a strong testament to our overall growth strategy to expand our premium service offerings and enhance our market leadership position in China.

"China has a burgeoning private preventative healthcare services market, and according to the latest report by Frost and Sullivan, the projected compound annual growth rate over the next five years will be around 28.6%. Coupled with the encouraging regulatory environment for healthcare services and emerging mobile technology to reform the healthcare system, we believe the market opportunities are enormous. iKang leads the way with 13.6% of market share in terms of revenue in calendar year 2014, which represents a 1.3% market share gain as compared to calendar year 2013. We are firmly on track to capitalize on the market potential by realigning and strengthening our core business in medical examination, expediting the expansion of dental services across our network, continuing our network expansion and directing investment in the development of mobile healthcare services. This will position us well for the future, ensuring continued momentum and delivering long-term value to our shareholders."

GUIDANCE FOR FISCAL YEAR ENDING MARCH 31, 2015

For the fiscal year ending March 31, 2015, the Company reaffirms its guidance of net revenues to be between US$283 million and US$290 million, representing a year-on-year increase between 40.0% and 43.4%.

BEIJING, March 6, 2015 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. ("iKang" or the "Company") (Nasdaq:KANG), today announced that it has acquired a 70% equity interest in WA Centers HK Limited ("WA Health Care"). Established in 2010, WA Health Care, a provider of high-end medical services, operates two medical centers in prime locations in Shanghai and Beijing. Since its establishment, WA Health Care has brought to the China market world-leading physicians, researchers and scientists in the fields of anti-aging medicine, functional medicine and regenerative medicine. WA Health Care has been a leader in health care education and has been featured extensively in both the national and international media, resulting in a strong brand and reputation as a pioneering medical service provider to the high-end markets in Shanghai and Beijing.

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the acquisition. "iKang's mission is to advance preventive healthcare and improve the quality of life in China. In addition to the medical examination services we currently offer, we are constantly seeking solutions that will help people to live healthier and longer lives. Anti-aging and premier outpatient services are in great demand in China. By teaming up with WA Health Care, iKang is able to offer one-stop solutions for premium medical services in beautiful facilities to our high-net-worth customers and corporate clients in China."

Mr. Zhang added, "Sitting in the middle of several hectares of historical gardens in the heart of Shanghai, WA Health Care Center is a haven for patients to enjoy health and wellness, and provides the perfect home for our international team of world class physicians to deliver additional medical services on top of medical examination services to our customers and corporate clients. This 5-star medical center will integrate iKang Evergreen with WA Health Care as a true leader in high-end medical services in China. This is a very strategic acquisition for us, allowing iKang to accelerate its expansion and strengthen our market leadership position as the largest provider of preventive healthcare services in China."

Dr. Shu Li, Ph.D., co-founder of WA Health Care, commented, "Over the past several years, WA Health Care has endeavored to bring the latest technologies and applications of anti-aging medicine and disease prevention to China. Environmental issues and lifestyle shifts in China have created a strong market demand for quality healthcare solutions, and we are very pleased to partner with iKang to provide such solutions. We are very excited about this partnership and we look forward to expanding the gold standard of healthcare services in China. We are confident that the partnership will create tremendous long-term value for our loyal customers and our shareholders."

China eCapital has served as the exclusive financial advisor to WA Health Care in this transaction.

BEIJING, March 3, 2015 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. ("iKang" or the "Company") (Nasdaq:KANG) , today announced that it had completed the acquisitions of Tianjin Hexi Kangmeng Hezhong Clinic Co., Ltd. and Tianjin Hedong District REMAHO Clinic Co., Ltd., which were set up in 2008 and 2009, respectively. Each of them operates a well-established medical center in Tianjin which provides medical examination services. After the acquisitions, iKang's nationwide network has expanded to include 56 self-owned medical centers in operation across China.

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the acquisitions. "Tianjin is one of our key target cities. The two new medical centers will be integrated into our solid nationwide network, expanding our self-owned medical centers in Tianjin from one to three. The acquisitions allow iKang to continue leading the industry while expanding our product and service offerings in Tianjin and further consolidate our leading position in second and third tier cities in China."

He continued, "The acquisitions also amplify our commitment to expand and strengthen our leadership position as the largest player in the preventive healthcare services market in China. I strongly believe the addition of the talented medical and service teams in these centers also further enhances our best-in-class brand reputation and I look forward to welcoming the teams to the iKang family."

Second Quarter 2014 Financial Results

• Net revenues were US$79.6 million, an increase of 44.4% year-over-year
• Non-GAAP basic and diluted earnings per ADS⁽³⁾ attributable to common shareholders were US$0.25 and US$0.24, respectively, as compared to US$(0.21) and US$(0.21), respectively, in the fiscal second quarter of 2013

"This is the third consecutive reporting quarter that we delivered strong results demonstrating tremendous market opportunities and solid growth trajectory with continued enhancement in our key financial and operating metrics. We are firmly on track to achieve our full fiscal year revenue growth of 40-43%," said Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang. "Our total net revenues for the quarter and for the six-month period increased by 44.4% and 44.0%, respectively, compared to the respective periods in fiscal 2013with phenomenal growth momentum across all business lines. For the fiscal second quarter, the year over year revenue growth from medical examination, disease screening and other services were 41.2%, 30.5% and 121.7%, respectively."

"The market opportunities are immense and we are confident that the market dynamics in the China private preventive healthcare services market play to our strength as the addressable market size continues to grow rapidly from its current low penetration rate, given rising affordability and health awareness."

"iKang remains well positioned to capitalize on these enormous market opportunities and our market leading positions further strengthened as we continue to build our preventive healthcare service platform, enhance our high-end Evergreen brand, expand our nationwide footprint through acquisitions and integrations, develop our IT infrastructure and solutions, broaden our value-added service offerings and explore opportunities in adjacent areas. We will continue to invest in areas imperative for building a sustainable business growth while be vigilant and disciplined in ensuring we have a competitive cost structure that ultimately delivers shareholders value in the long term."

GUIDANCE FOR FISCAL YEAR ENDING MARCH 31, 2015

For the fiscal year ending March 31, 2015, the Company reaffirms its guidance of net revenues to be between US$283 million and US$290 million, representing a year-on-year increase between 40.0% and 43.4%.

This guidance is based on the current market conditions and reflects the Company's current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.

BEIJING, Nov. 19, 2014 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. ("iKang" or the "Company") (Nasdaq:KANG), the largest provider in China's fast growing private preventive healthcare services market in terms of revenue in 2013, today announced the acquisition of three medical centers in Shenyang that are franchised from Ciming Checkup Group ("Shenyang Medical Center"). Upon completion of the acquisition, iKang will operate a network of 53 self-owned medical centers across China.

The three medical centers span 12,000 square meters in Shenyang, the capital city of Liaoning Province. Established in 2004, Shenyang Medical Center is a leading provider of medical examination services throughout the city.

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the acquisition. "Shenyang, one of our key target cities, has the largest population in Northeast China, and the three acquired medical centers are situated in the heart of the city. These new centers will help to accelerate the expansion of iKang's nationwide network and enhance our geographic reach, which already serviced 2.7 million individuals across China in fiscal 2013."

He continued, "The acquisition also amplifies our commitment to expand and strengthen our leadership position as the largest player in the preventive healthcare services market. I believe the addition of the talented medical and service teams in these centers also further enhances our best-in-class brand reputation."

First Quarter 2014 Financial Results

• Net revenues were US$60.2 million, grew 43.3% year-over-year
• Non-GAAP basic and diluted earnings per ADS⁽²⁾ attributable to common shareholders were US$0.14 and US$0.13 respectively, as compared to US$0.10 and US$0.09 in the first quarter of fiscal 2013

"We delivered another strong quarter and remain firmly on track to achieve our full year revenue growth of 40.0-43.4%" said Mr Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang. "The fiscal first quarter performance was driven by strong momentum across all service categories and geographies. The year over year revenue growth from medical examination, disease screening and other services were 42.7%, 34.4% and 61.5% respectively. Geographically, revenues generated from tier one cities including Beijing, Shanghai, Guangzhou, Shenzhen and Hong Kong, continued to demonstrate phenomenal growth of 39.2% and revenues from remaining cities enjoyed a rapid growth of 58.3%.

After the acquisition of Shanghai Huajian Clinic Ltd, with its three medical centers in Shanghai added to our expanding network, the total number of our self-owned medical centers in China has increased to 50. This acquisition further strengthens iKang's leading position in Shanghai, which is one of most strategic markets for iKang.

These robust results and continued success in acquisition and integration further validate our market leading position as the largest provider of private preventive healthcare services and reinforce our commitment to become a leading healthcare management service provider in China in the future.

We remain focused on executing our growth strategies to continue to building the preventive healthcare service platform; enhancing our high-end Evergreen brand; strengthening service infrastructure and expanding geographic coverage and value-added service offerings in the short term. Over the mid to long term, we aim to expand into adjacent areas and develop IT infrastructure and solutions that will further enable us to capitalize on the tremendous growth opportunities in China's healthcare service segment. The senior management of the Company is fully committed to creating sustainable long term value to our shareholders."

GUIDANCE FOR FISCAL YEAR ENDED MARCH 31, 2015

For the fiscal year ended March 31, 2015, the Company reaffirms its guidance of net revenues to be between US$283 million and US$290 million, representing a year-on-year increase of 40.0% to 43.4%.

BEIJING, Aug. 26, 2014 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. ("iKang" or the "Company") (Nasdaq:KANG), the largest provider in China's fast growing private preventive healthcare services market in terms of revenue in 2013, today issued a statement to clarify that the consensus estimate of iKang's net revenue for the fiscal year ending March 31, 2015 reported by Thomson Reuters was incorrectly stated to be US$323 million while the correct number should be US$289.1 million. Thomson Reuters corrected the consensus estimate number to US$289.1 million at 1:00pm Hong Kong time on August 26, 2014.

By issuing this press release, we do not confirm the consensus estimates which are calculated based on analyst reports or the estimates published in analyst reports. We would like to reaffirm the Company's guidance of net revenues to be between US$283 million and US$290 million for the fiscal year ending March 31, 2015.

IKANG HEALTHCARE GROUP, INC.

 

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of US dollars, except share data and per share data, or otherwise noted)

 

		For the year ended March 31,
		2012			2013			2014
Net revenues		$	93,713		$	133,871		$	202,304
Cost of revenues		49,506			71,079			106,405
Gross profit		$	44,207		$	62,792		$	95,899
Operating expenses:
Selling and marketing		14,005			18,486			28,879
General and administrative (including share-based compensation of $216, $2,273 and $930 in 2012, 2013 and 2014, respectively)		14,756			23,447			32,053
Research and development		748			1,270			1,603
Write-off of leasehold improvement		309			—			—
Total operating expenses		$	29,818		$	43,203		$	62,535
Income from operations		14,389			19,589			33,364
Gain from forward contracts								57
Interest expense		(159		)	(1,106		)	(1,331		)
Interest income		101			100			93
Income before provision for income taxes and loss from equity method investment		$	14,331		$	18,583		$	32,183
Income tax expenses		3,939			6,134			10,101
Income before loss from equity method investment		$	10,392		$	12,449		$	22,082
Loss from equity method investment		—			—			156
Net income		$	10,392		$	12,449		$	21,926
Less: Net income attributable to non-controlling interest		690			338			319
Net income attributable to iKang Healthcare Group, Inc.		9,702			12,111			21,607
Deemed dividend to preferred shareholders		2,312			84,306			20,436
Undistributed earnings allocated to preferred shareholders		2,770			2,818			7,310
Net income (loss) attributable to common and preferred shareholders of iKang Healthcare Group, Inc.		$	4,620		$	(75,013	)	$	(6,139	)
Net income (loss) per share attributable to common shareholders of iKang Healthcare Group, Inc.
Basic		$	0.22		$	(11.22	)	$	(0.97	)
Diluted		$	0.21		$	(11.22	)	$	(0.97	)
Weighted average shares used in calculating net (loss) income per common share
Basic		6,599,009			6,683,678			6,340,005
Diluted		6,768,074			6,683,678			6,340,005

Management Discussion and Analysis

Year Ended March 31, 2014 Compared to Year Ended March 31, 2013

Net Revenues

Net revenues increased 51.1% from US$133.9 million in fiscal 2012 to US$202.3 million in fiscal 2013. This increase was primarily due to an increase in revenues from our medical examination services.

• Net revenues from medical examination services increased 49.3% to US$173.9 million in fiscal 2013 from US$116.4 million in fiscal 2012. This increase was primarily due to the increase in the number of people who used our services, which was largely attributable to an increase in the number of corporate customers as a result of our sales efforts and expanded service capacity. The aggregate number of people who used our medical examination services increased from approximately 1,734,000 in fiscal 2012 to approximately 2,455,000  in fiscal 2013. The overall average price for our medical examination services increased to US$71 per person for fiscal 2013 compared to US$67 per person in fiscal 2012.
• Net revenues from disease screening services increased 62.5% to US$15.0 million in fiscal 2013 from US$9.2 million in fiscal 2012, primarily due to the increase in the number of people who used our disease screening services, reflecting our increased sales efforts to develop our disease screening business. The number of people who used our disease screening services increased to approximately 455,000 in fiscal 2013 from approximately 384,000 in fiscal 2012.
• Net revenues from other services increased 63.6% to US$13.4 million in fiscal 2013 from US$8.2 million in fiscal 2012, primarily because the demand for our outpatient services and dental services increased.

Net Income

As a result of the foregoing, our net income increased to US$21.9 million in fiscal 2013 from US$12.4 million in fiscal 2012.

BEIJING, June 30, 2014 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. ("iKang" or the "Company") (Nasdaq:KANG), the largest provider in China's fast growing private preventive healthcare services market in terms of revenue in 2013, today announced that it has completed 100% acquisition of Shanghai Huajian Clinic Ltd. ("Huajian"), a well-known middle-to-high end brand in Shanghai's medical examination market. iKang first acquired a 33% equity in Huajian in January 2014, which has been disclosed in iKang's prospectus for its initial public offering, and subsequently acquired the remaining 67% equity in Huajian.

Through this transaction, iKang acquired three medical centers with over 300 employees that provide a broad range of healthcare services to the mid-to-high end market in Shanghai. The Huajian team, led by Ms. Qian Hui, will join iKang while the Huajian brand is retained.

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang commented on the deal. "Shanghai is the largest city in China by population and an important target market for iKang. Huajian's three medical centers will be integrated into our solid local network, increasing our self-owned medical centers in Shanghai to 14 and the total number of our self-owned medical centers in China to 48. This acquisition allows iKang to continue leading the industry while strengthening our brand position and expanding our product and service offerings in Shanghai and its surrounding cities."

"We believe that the scale of our operations is crucial to remaining at the front of the pack and continuing to lead this market," Mr. Zhang concluded. "By selecting acquisitions such as Huajian that directly complement our service network and overall business strategy, we are able to maintain a strong brand in the upper market and support our corporate and individual customers in multiple locations. iKang has successfully acquired and integrated 25 medical centers among its existing self-owned 45 centers before the acquisition of Huajian, and our experiences have rewarded us with valuable insights that enable us to conduct acquisitions efficiently and effectively. We look forward to our successful integration with Huajian."

Fourth Quarter 2013 Financial Results

• Net revenues were US$29.5 million, growing 60.9% year-over-year
• Net loss per share attributable to common shareholders of iKang Healthcare Group, Inc. was $(1.24) vs. last years same quarter of $(13.04).

Mr. Lee Ligang Zhang, Chairman and Chief Executive Officer of iKang, commented on the results. "Fiscal year 2013 has been a historical year for iKang, topped by our successful listing on the NASDAQ on April 9, 2014. Our public offering is a true testament to our capabilities as the prime mover in China's fast moving private preventive healthcare services market and reinforces our drive to offer a comprehensive range of quality services to a high-end customer base. Our earnings have underlined the successful execution of this business model, with a strong annual operating performance, growing by 70.3%, a substantial quarterly net revenues increase of 60.9%, and powerful growth across all of our major service categories.

"The solid top and bottom line performance for the fourth quarter and fiscal year ended March 31, 2014 show that we are on the cusp of taking the Company in an exciting direction. For the year to come, we aim to focus on network expansion through new centers and acquisition in existing tier one cities and new high-growth tier two cities, invest in advanced medical examination equipment in our self-owned medical centers to provide high-end medical examination for our customers, and continue to promote our iKang Evergreen brand, winning new contracts and expanding our customer base."

Mr. Zhang concluded, "With the recent milestones under our belt, our unswerving commitment to achieving solid growth and our focus to become the best healthcare service provider in China positions us well for future prospects. We believe we will be able to expand our market leadership, continue to grow the business in a healthy direction and build long term shareholder value for years to come."

GUIDANCE FOR FISCAL YEAR ENDED MARCH 31, 2015

For the fiscal year ended March 31, 2015, the Company expects its net revenues to be between US$283 million and US$290 million, representing a year-on-year increase of 40.0% to 43.4%.

BEIJING, April 16, 2014 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. ("iKang" or the "Company") (Nasdaq:KANG) is pleased to announce the launch of its new website, www.ikanggroup.com. The Company's Investor Relations webpage is linked to this website to better serve its shareholders.

BEIJING, April 9, 2014 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. ("iKang" or the "Company") (Nasdaq:KANG) today announced the pricing of its initial public offering of 10,904,846 American Depositary Shares ("ADSs") at an offering price of $14 per ADS. Two ADSs represent one Class A common share. The Company's ADSs are expected to begin trading on NASDAQ on Apr. 9, 2014 (US Eastern Time) under the ticker symbol "KANG." iKang's initial public offering consists of 7,574,446 ADSs offered by iKang, and 3,330,400 ADSs offered by the selling shareholders. In addition, the underwriters have been granted a 30-day option to purchase up to an additional 1,635,726 ADSs, all of which will be from iKang.

Subject to the completion of this offering, Best Investment Corporation, which is a wholly-owned subsidiary of CIC International Co., Ltd., which is a subsidiary controlled by China Investment Corporation has agreed to purchase from iKang a certain number of Class A common shares at a per share price equal to the initial public offering price of iKang's ADSs divided by the number of common shares represented by each ADS, for a total purchase price of US$40.0 million. Best investment Corporation has agreed to a lock-up for a period of 180 days from the date of the initial public offering prospectus.