Hywin Holdings Announces Land Acquisition in Hainan Boao for Development in Healthcare Sector
News provided byHywin Holdings Ltd.
Sep 19, 2023, 6:00 AM ET
SHANGHAI, China, Sept. 19, 2023 (GLOBE NEWSWIRE) -- Hywin Holdings Ltd. (“Hywin”, or the “Company”) (NASDAQ: HYW), a leading independent wealth management service provider in China, today announced that it has won a bid to acquire the land use rights of a parcel of land with a total site area of 56,449.39 square meters and the above-ground construction in progress (collectively referred to as the “Real Property”), situated at 09-No.5-3, Boao Lecheng International Medical and Tourism Pilot Zone (“Boao Lecheng”), Hainan Province, the People’s Republic of China (the “PRC”).
The Real Property will be used to build Hywin’s first integrated health management center pilot project, which represents a valuable strategic asset for Hywin’s future growth and development.
Hywin has been exploring business development opportunities in the healthcare sector nationwide, in particular, in Hainan Province. Driven by favorable government policies, Boao Lecheng is a pilot zone in China focusing on developing medical technology, medical services and medical tourism, and promoting clinical research in advanced fields.
The Real Property is located at the center of the medical sector of Boao Lecheng, and it is in close proximity to other popular medical offerings in the zone. In view of the prime location of the Real Property, favorable government policies supporting Boao Lecheng and the future construction potentials of the Hainan Free Trade Port, the Company believes the Real Property presents a unique opportunity for Hywin to carry out its integrated health management center strategy.
Hywin received a confirmation notification on September 19, 2023, stating that the Company has won a bid to acquire the Real Property through judicial auction at a consideration of approximately RMB129.2 million. Hywin has already paid a bid security deposit of RMB10.0 million, which shall form part of the consideration. The consideration was determined through a public bidding process, which took into account the minimum bid price, the current market conditions, the location of the Real Property and the values of land transactions nearby. The consideration shall be settled by the Company in cash.
About Hywin Holdings Ltd.
Hywin (NASDAQ: HYW) is a leading independent wealth management service provider in China focusing on providing asset allocation advisory services and comprehensive financial products to high-net-worth clients. The Company’s primary services are wealth management, asset management, other comprehensive financial services, and health management services. Wealth management is currently the Company’s largest business segment, in which its onshore and offshore solution platforms serve clients across generations. The Company also offers integrated and high-end health screening and health management services to high-net-worth clients in China, and aims to become a dual-platform serving clients across market cycles and life cycles. For more information, please visit https://ir.hywinwealth.com/.
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Hywin Holdings Ltd.
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