(15 December 2016, Hong Kong) UMP Healthcare Holdings Limited ("UMP" or the "Group"; Hong Kong stock code: 722) today announced that it has entered into a series of agreements with NWS Holdings Limited ("NWS Holdings"; Hong Kong stock code: 659) and Chow Tai Fook Enterprises Limited ("CTFE") to speed up UMP's corporate healthcare solutions and clinic network development in the PRC.

Formation of clinics investment platform by NWS Holdings and CTFE

Under the agreements, NWS Holdings and CTFE will form a 50/50 joint venture, Healthcare Assets Management Limited - 醫療資產管理有限公司 ("HAML"), whose business scope will be investment in primary healthcare facilities that are predominantly clinics and medical centres in Asia, with a key focus in PRC and Hong Kong.

HAML will enter into a master operation service agreement with UMP and will exclusively appoint UMP as the manager of all of HAML's clinics in the PRC. UMP shall be entitled to receive management fee from HAML for managing these clinics based on certain criteria. HAML's clinics will also serve as service points for all of UMP's corporate customers.

HAML has an initial capital commitment of HK$70 million from each of NWS Holdings and CTFE to invest in and to acquire clinics in the PRC (i.e. HK$ 140million in aggregate). HAML's first investment will be to acquire the four clinics that were established by UMP in Beijing and Shanghai for a total cash consideration of approximately HK$121 million.

Leveraging on the strength of the HAML platform, UMP will be migrating to an asset light manager model, whereby instead of having UMP making significant capital investments in the setting up, operation and acquisition of clinics, UMP can focus its financial and human resources on the development of the corporate healthcare solutions business model and on the management of clinics owned by other third parties.

Subscription of 20% of UMP Healthcare China by NWS Holdings

As originally announced by UMP on 27th September 2016, UMP would introduce NWS Holdings as a strategic shareholder with 20% shareholding in UMP's Beijing operations. After extensive discussions with NWS Holdings, UMP has decided to introduce NWS Holdings as a strategic shareholder at the UMP Healthcare China level, meaning that NWS Holdings will become a partner with UMP for the whole of UMP's China operations.

NWS Holdings will be subscribing for 20% of the enlarged share capital of UMP Healthcare China at a consideration of approximately HK$123 million. The cash proceeds raised shall be used for the development of UMP Healthcare China's operations, with a primary focus on the development of the corporate healthcare solutions business model. After such subscription, UMP and NWS Holdings shall own 80% and 20% of UMP Healthcare China, respectively. At the same time, UMP Healthcare China will also increase its shareholding in UMP Beijing operations from 50% to 70%.

Dr. Sun Yiu Kwong, Chairman and Chief Executive Office of UMP Healthcare Holdings Limited, said,

"This new partnership marks another key milestone in UMP's development of healthcare services in China, which we believe is in the best interest of our shareholders.
Leveraging on the extensive experience of both NWS Holdings and CTFE in operating businesses in China, their vast networks, and substantial financial resources, UMP will be able to fast-track the building of a strategic clinic and provider network that is crucial to developing corporate healthcare solutions services.

This partnership will also enable UMP to concentrate its resources on building a strong corporate healthcare solutions development team, as well as a strong primary healthcare workforce through structured training and accreditation programs. We are confident that such partnership will deliver great synergies to all of our stakeholders."

Tsang Yam Pui, Chief Executive Officer of NWS Holdings, said,

"The HAML platform represents another move by NWS Holdings to expand healthcare services following our investment in the Gleneagles Hong Kong Hospital in our home base. The healthcare sector in Mainland China has tremendous growth potential in view of the healthcare system reform and rising demand for quality services resulting from aging population and increase in personal income. Building on our respective market network and financial strength, the partnership will enable NWS Holdings to benefit from this fast growing sector in the long run."

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UMP Healthcare Holdings Limited
Based in Hong Kong, UMP Healthcare Holdings Limited (Hong Kong stock code: 722) is one of the leading corporate healthcare solutions providers in Hong Kong, serving more than 1 million members and administering approximately 10,000 health plans. UMP handles more than 1.4 million medical and dental patient visits in financial year 2015/16 ("FY2015/16"). UMP has a proven organic growth track record of over 20 years in Hong Kong and offers a comprehensive range of healthcare services through one of the largest service networks in Hong Kong, with more than 600 points of service across Hong Kong, Macau, Beijing and Shanghai. Leveraging its proprietary know-how and clinical management system, UMP is capable of designing differentiated, tailor-made healthcare solutions that address each contract customer's needs. UMP was listed on the main board of the Hong Kong Stock Exchange on 27 November 2015.

NWS Holdings Limited
NWS Holdings Limited ("NWS Holdings", Hong Kong stock code: 659), the infrastructure and service flagship of New World Development Company Limited (Hong Kong stock code: 17), operates businesses in Hong Kong, Mainland China and Macau. Its Infrastructure portfolio includes Roads, Environment, Logistics and Aviation projects. Its Services portfolio comprises Facilities Management (the management of Hong Kong Convention and Exhibition Centre and Free Duty), Construction & Transport (construction, bus and ferry services) and Strategic Investments.

Chow Tai Fook Enterprises Limited
Chow Tai Fook Enterprises Limited ("CTFE") is a private Hong Kong-based holding company owned and controlled by Dato' Dr. Cheng Yu Tung's family. CTFE is the controlling shareholder of New World Development Company Limited (Hong Kong stock code: 17), a listed blue chip conglomerate in Hong Kong. The principal activities of the CTFE group of companies include investment holdings, property development and investment, hospitality services, infrastructure, department stores and other consumer and retail businesses.

Investors and Media enquiries:
Samuel Louie 852-2507 6993 samuel.louie@ump.com.hk