Benzinga | Jul 14, 2020 08:03AM EDT

Aesthetic Medical International Holdings Group Limited To Acquire Controlling Interest In Guangdong Hanfei Investment Management Co., Ltd.,

Shenzhen, China, July 14, 2020 (GLOBE NEWSWIRE) -- Aesthetic Medical International Holdings Group Limited ((the &ldquo, Company&rdquo, NASDAQ:AIH), a leading provider of aesthetic medical services in China, today announced the Company, through its affiliates, entered into a definitive agreement (the "Agreement") to acquire Guangdong Hanfei Investment Management Co., Ltd. ("Hanfei"), marking the 4th acquisitions in 2020. Pursuant to the Agreements, the Company plans to acquire 51% equity interest in Hanfei, which owns and operates four aesthetic medical treatment centers in China.

Founded in 2017 with headquarters in Guangzhou, China, Hanfei is a comprehensive aesthetic medical group providing surgical aesthetic service, non-surgical aesthetic service and other associated services.

The acquisition of Hanfei is in line with the Company's growth strategy in identifying, acquiring, and integrating treatment centers and will further enable the Company to respond to growing demand for aesthetic medical services nationwide. Hanfei will deploy the Company's proven scalable business model with highly standardized operating procedures across a centralized network.

Dr. Zhou Pengwu, the Chairman and CEO of the Company, commented, "We are thrilled to welcome Hanfei into the family of Aesthetic Medical International Holdings Group Limited, marking our 4th acquisition transaction in 2020. This transaction will enhance our capabilities and expand our customer base, while also providing us with a partner that shares in our commitment to customers and can add strategic and operational value. Based on our solid reputation and extensive experience in aesthetic medical industry, we are confident that our acquisition will enable us to execute on our strategy and next phase of growth."