Human Health Holdings Limited 盈健醫療集團有限公司 (Incorporated in the Cayman Islands with limited liability) 盈 H Stock Code: 1419 GLOBAL u 健 m 醫 a n 療 OFFERING H 集 e a 團 l t h 有 H 限 o l d 公 i n 司 g s L i m i t e d Sole Sponsor Sole Global Coordinator Joint Bookrunners and Joint Lead Managers IMPORTANT If you are in any doubt about any of the contents of this prospectus, you should obtain independent professionaladvice. Human Health Holdings Limited (IncorporatedintheCaymanIslandswithlimitedliability) GLOBAL OFFERING NumberofOfferSharesundertheGlobalOffering : 76,680,000Shares(subjecttotheOver-allotment Option) NumberofHongKongOfferShares : 7,668,000Shares(subjecttoadjustment) NumberofInternationalOfferShares : 69,012,000Shares(subjecttoadjustmentandthe Over-allotmentOption) OfferPrice : NotmorethanHK$1.51perOfferShare(payablein fullonapplicationinHongKongdollars,subjectto refund,plusbrokerageof1%,SFCtransactionlevy of0.0027%andStockExchangetradingfeeof 0.005%)andexpectedtobenotlessthanHK$1.32 perOfferShare NominalValue : HK$0.01perShare StockCode : 1419 SoleSponsor SoleGlobalCoordinator JointBookrunnersandJointLeadManagers HongKongExchangesandClearingLimited,TheStockExchangeofHongKongLimitedandHongKongSecuritiesClearingCompanyLimitedtakeno responsibilityforthecontentsofthisprospectus,makenorepresentationastoitsaccuracyorcompletenessandexpresslydisclaimanyliabilitywhatsoeverfor anylosshowsoeverarisingfromorinrelianceuponthewholeoranypartofthecontentsofthisprospectus. Acopyofthisprospectus,havingattachedtheretothedocumentsspecifiedinthesectionheaded“DocumentsDeliveredtotheRegistrarofCompaniesand AvailableforInspection”inAppendixVtothisprospectus,hasbeenregisteredbytheRegistrarofCompaniesinHongKongasrequiredbysection342Cof theCompanies(WindingUpandMiscellaneousProvisions)Ordinance.TheSecuritiesandFuturesCommissionandtheRegistrarofCompaniesinHongKong takenoresponsibilityforthecontentsofthisprospectusoranyotherdocumentreferredtoabove. TheOfferPriceisexpectedtobefixedbyagreementbetweentheSoleGlobalCoordinator(foritselfandonbehalfoftheUnderwriters)andourCompanyon the Price Determination Date. The Price Determination Date is expected to be on or around Tuesday, 22 March 2016 and, in any event, not later than Wednesday, 30 March 2016. The Offer Price will be not more than HK$1.51 and is currently expected to be not less than HK$1.32 unless otherwise announced.ApplicantsforHongKongOfferSharesarerequiredtopay,onapplication,themaximumOfferPriceofHK$1.51foreachSharetogetherwitha brokeragefeeof1%,SFCtransactionlevyof0.0027%andStockExchangetradingfeeof0.005%subjecttorefundiftheOfferPriceasfinallydetermined shouldbelowerthanHK$1.51. TheSoleGlobalCoordinator(foritselfandonbehalfoftheUnderwriters)may,withourconsent,reducethenumberofOfferSharesintheGlobalOffering and/ortheindicativeOfferPricerangebelowthatstatedinthisprospectus(whichisHK$1.32toHK$1.51perShare)atanytimeonorpriortothemorningof thelastdayforlodgingapplicationsundertheHongKongPublicOffering.Insuchacase,noticesofthereductioninthenumberofOfferSharesintheGlobal Offering and/or the indicative Offer Price range will be published on the websites of the Stock Exchange at www.hkexnews.hk and our Company at www.humanhealth.com.hk,notlaterthanthemorningofthedaywhichisthelastdayforlodgingapplicationsundertheHongKongPublicOffering.If,for anyreason,theOfferPriceisnotagreedbetweentheSoleGlobalCoordinator(foritselfandonbehalfoftheUnderwriters),andourCompanyonorbefore Wednesday,30March2016,theGlobalOffering(includingtheHongKongPublicOffering)willnotproceedandwilllapse.Furtherdetailsaresetoutinthe sectionsheaded“StructureandConditionsoftheGlobalOffering”and“HowtoApplyforHongKongOfferSharesandReservedShares”inthisprospectus. Priortomakinganinvestmentdecision,prospectiveinvestorsshouldcarefullyconsideralloftheinformationsetoutinthisprospectus,includingtherisk factorssetoutinthesectionheaded“RiskFactors”inthisprospectus. TheobligationsoftheHongKongUnderwritersundertheHongKongUnderwritingAgreementtosubscribefor,andtoprocureapplicantsforthesubscription for,theHongKongOfferShares,aresubjecttoterminationbytheSoleGlobalCoordinator(foritselfandonbehalfoftheHongKongUnderwriters)ifcertain groundsarisepriorto8:00a.m.onthedaythattradingintheOfferSharescommencesontheStockExchange.Suchgroundsaresetoutinthesectionheaded “Underwriting—UnderwritingArrangementsandExpenses—HongKongPublicOffering—Groundsfortermination”inthisprospectus.Itisimportant thatyourefertothatsectionforfurtherdetails. TheOfferShareshavenotbeenandwillnotberegisteredundertheU.S.SecuritiesActoranystatesecuritieslawintheUnitedStatesandmaynotbeoffered, sold,pledgedortransferredwithintheUnitedStates,orfortheaccountorbenefitofU.S.persons,exceptthatOfferSharesmaybeoffered,soldordelivered outsidetheUnitedStatesinoffshoretransactionsinaccordancewithRegulationS. 17March2016 EXPECTEDTIMETABLE(1) If there is any change in the following expected timetable of the Hong Kong Public Offering, we will issue an announcement in Hong Kong to be published on the websites of the Stock Exchange at www.hkexnews.hkandourCompanyatwww.humanhealth.com.hk. DoctorandDentistPreferentialOfferingandEmployeePreferentialOffering commenceandBLUEandPINKApplicationFormsmadeavailableto EligibleDoctorsandDentistsandEligibleEmployees,respectively, 9:00a.m.onThursday, from ......................................................... 17March2016 HongKongPublicOfferingcommencesandWHITEandYELLOW ApplicationFormsavailablefrom ................................. 9:00a.m.onThursday, 17March2016 LatesttimetolodgeBLUEandPINKApplicationForms ................ 12:00noononMonday, 21March2016 LatesttimetocompleteelectronicapplicationsunderHKeIPOWhiteForm servicethroughthedesignatedwebsitewww.hkeipo.hk(2) .............. 11:30a.m.onTuesday, 22March2016 ApplicationlistsoftheHongKongPublicOffering,DoctorandDentist PreferentialOfferingandEmployeePreferentialOfferingopen(3) ......... 11:45a.m.onTuesday, 22March2016 Latesttimeto(i)lodgeWHITEandYELLOWApplicationForms;(ii)give electronicapplicationinstructionstoHKSCC(4)and;(iii)complete paymentofHKeIPOWhiteFormapplicationsbyeffectinginternet bankingtransfer(s)orPPSpaymenttransfer(s) ....................... 12:00noononTuesday, 22March2016 ApplicationlistsoftheHongKongPublicOffering,DoctorandDentist PreferentialOfferingandEmployeePreferentialOfferingclose .......... 12:00noononTuesday, 22March2016 ExpectedPriceDeterminationDate(5) ................................. Tuesday,22March2016 (1) Announcementof: Š theOfferPrice; Š anindicationofthelevelofinterestintheInternationalOffering; Š the level of applications in the Hong Kong Public Offering, the Doctor and Dentist Preferential Offering and the Employee PreferentialOffering;and Š thebasisofallocationoftheHongKongOfferShares,theDoctor andDentistReservedSharesandEmployeeReservedShares tobepublishedonthewebsitesoftheStockExchangeat www.hkexnews.hkandourCompanyat www.humanhealth.com.hk(6)on .......................... Thursday,31March2016 (2) AnnouncementofresultsofallocationsintheHongKongPublic Offering,theDoctorandDentistPreferentialOfferingandtheEmployee PreferentialOffering(includingsuccessfulapplicants’identification documentnumbers,whereappropriate)tobeavailablethroughavariety ofchannelsincludingthewebsitesoftheStockExchangeat www.hkexnews.hkandourCompanyatwww.humanhealth.com.hk (seethesectionheaded“HowtoApplyforHongKongOfferSharesand ReservedShares—11.PublicationofResults”)(6)from .............. Thursday,31March2016 —i— EXPECTEDTIMETABLE(1) (3) AfullannouncementoftheHongKongPublicOffering,theDoctorand DentistPreferentialOfferingandtheEmployeePreferentialOffering containing(1)and(2)abovetobepublishedonthewebsitesoftheStock Exchangeatwww.hkexnews.hkandourCompanyat www.humanhealth.com.hk(6)from .............................. Thursday,31March2016 ResultsofallocationsfortheHongKongPublicOffering,theDoctorand DentistPreferentialOfferingandtheEmployeePreferentialOfferingwill beavailableatwww.tricor.com.hk/ipo/resultwitha“searchbyID” function ...................................................... Thursday,31March2016 DispatchofSharecertificatesinrespectofwhollyorpartiallysuccessful applicationspursuanttotheHongKongPublicOffering,theDoctorand DentistPreferentialOfferingandtheEmployeePreferentialOffering on(7) ......................................................... Thursday,31March2016 DispatchofHKeIPOWhiteForme-AutoRefundpaymentinstructions/refund chequeson(8) .................................................. Thursday,31March2016 DealingsinSharesontheStockExchangetocommenceon ............... Friday,1April2016 Notes: (1) AlltimesanddatesrefertoHongKonglocaltimeanddate,exceptasotherwisestated. (2) Youwillnotbepermittedtosubmityourapplicationthroughthedesignatedwebsiteatwww.hkeipo.hkafter11:30a.m.onthelastday for submitting applications. If you have already submitted your application and obtained an application reference number from the designatedwebsitepriorto11:30a.m.,youwillbepermittedtocontinuetheapplicationprocess(bycompletingpaymentofapplication monies)until12:00noononthelastdayforsubmittingapplications,whentheapplicationlistsclose. (3) If there is a tropicalcyclone warning signalnumber 8 or above, or a “black” rainstormwarning at any timebetween 9:00 a.m. and 12:00noononTuesday,22March2016,theapplicationlistswillnotopenonthatday.Seethesectionheaded“HowtoApplyforHong KongOfferSharesandReservedShares—10.Effectofbadweatherontheopeningofapplicationlists”. (4) ApplicantswhoapplyforHongKongOfferSharesbygivingelectronicapplicationinstructionstoHKSCCshouldrefertothesection headed“HowtoApplyforHongKongOfferSharesandReservedShares—6.Applyingbygivingelectronicapplicationinstructionsto HKSCCviaCCASS”. (5) ThePriceDeterminationDateisexpectedtobeonoraroundTuesday,22March2016and,inanyevent,notlaterthanWednesday, 30March2016.If,foranyreason,theOfferPriceisnotagreedbetweentheSoleGlobalCoordinator(onbehalfoftheUnderwriters)and ourCompanybyWednesday,30March2016,theGlobalOfferingwillnotproceedandwilllapse. (6) The announcement will be available for viewing on the “Main Board — Allotment of Results” page on the websites of the Stock Exchange at www.hkexnews.hk and our Company at www.humanhealth.com.hk. None of the websites or any of the information containedonthewebsitesformspartofthisprospectus. (7) SharecertificatesareexpectedtobeissuedonThursday,31March2016butwillonlybecomevalidprovidedthattheGlobal Offering has become unconditional in all respects and neither of the Underwriting Agreements has been terminated in accordancewithitsterms,whichisscheduledtobeataround8:00a.m.onFriday,1April2016.InvestorswhotradeShareson thebasisofpubliclyavailableallocationdetailsbeforethereceiptofsharecertificatesandbeforetheybecomevaliddosoentirely attheirownrisk. (8) e-AutoRefundpaymentinstructions/refundchequeswillbeissuedinrespectofwhollyorpartiallyunsuccessfulapplicationsand in respect of wholly or partially successful applications if the Offer Price is less than the price per Offer Share payable on application. You should read carefully the sections headed “Underwriting”, “Structure and Conditions of the Global Offering” and “How to Apply for Hong Kong Offer Shares and Reserved Shares” in this prospectus for details relating to the structure and conditions of the Global Offering, procedures on the applications for Hong Kong Offer Shares and the expected timetable, including conditions, effect of bad weather and the dispatch of refund chequesandSharecertificates. —ii— CONTENTS IMPORTANTNOTICETOINVESTORS ThisprospectusisissuedbyourCompanysolelyinconnectionwiththeHongKongPublicOfferingand the Hong Kong Offer Shares and does not constitute an offer to sell or a solicitation of an offer to buy any securityotherthantheHongKongOfferSharesofferedbythisprospectuspursuanttotheHongKongPublic Offering.Thisprospectusmaynotbeusedforthepurposeof,anddoesnotconstitute,anofferorinvitationin any other jurisdiction or in any other circumstances. No action has been taken to permit a public offering of the Offer Shares in any jurisdiction other than Hong Kong and no action has been taken to permit the distribution of this prospectus in any jurisdiction other than Hong Kong. The distribution of this prospectus andtheofferingandsaleoftheOfferSharesinotherjurisdictionsaresubjecttorestrictions,andmaynotbe made except as permitted under the applicable securities laws of such jurisdictions pursuant to registration withorauthorisationbytherelevantsecuritiesregulatoryauthoritiesoranexemptiontherefrom. YoushouldrelyonlyontheinformationcontainedinthisprospectusandtheApplicationFormstomake your investment decision. We have not authorised anyone to provide you with information that is different fromwhatiscontainedinthisprospectus.Anyinformationorrepresentationnotmadeinthisprospectusmust not be relied on by you as having been authorised by us, the Sole Sponsor, the Sole Global Coordinator, the Joint Bookrunners, the Joint Lead Managers, the Underwriters, any of our or their affiliates or any of their respective directors, officers, employees or agents or any other person or party involved in the Global Offering. Page ExpectedTimetable .................................................................... i Contents .............................................................................. iii Summary ............................................................................. 1 Definitions ............................................................................ 11 GlossaryofTechnicalTerms ............................................................. 24 Forward-lookingStatements ............................................................. 26 RiskFactors........................................................................... 27 InformationaboutthisProspectusandtheGlobalOffering ................................... 39 WaiversfromStrictCompliancewithListingRules ......................................... 42 DirectorsandPartiesInvolvedintheGlobalOffering ........................................ 44 CorporateInformation.................................................................. 47 IndustryOverview ..................................................................... 48 RegulatoryOverview ................................................................... 59 History,ReorganisationandGroupStructure .............................................. 83 Business .............................................................................. 104 ConnectedTransactions ................................................................. 140 RelationshipwithControllingShareholders ................................................ 154 —iii— CONTENTS Page SubstantialShareholders ............................................................... 159 Directors,SeniorManagementandStaff .................................................. 160 ShareCapital ......................................................................... 170 CornerstoneInvestor ................................................................... 172 FinancialInformation ................................................................. 174 FuturePlansandUseofProceeds ........................................................ 211 Underwriting ......................................................................... 213 StructureandConditionsoftheGlobalOffering ........................................... 223 HowtoApplyforHongKongOfferSharesandReservedShares ............................. 234 AppendixI — Accountants’Report ................................................. I-1 AppendixII — UnauditedProFormaFinancialInformation ............................ II-1 AppendixIII — SummaryoftheConstitutionofourCompanyandCaymanIslandsCompany Law ............................................................... III-1 AppendixIV — StatutoryandGeneralInformation .................................... IV-1 AppendixV — DocumentsDeliveredtotheRegistrarofCompaniesandAvailablefor Inspection .......................................................... V-1 —iv— SUMMARY Thissummaryaimstogiveyouanoverviewoftheinformationcontainedinthisprospectus.Sincethisis a summary, it does not contain all the information that may be important to you. You should read the whole document before you decide to invest in the Offer Shares. There are risks associated with any investment. Someoftheparticular risks ininvesting intheOfferSharesaresetoutinthesection headed“RiskFactors” inthisprospectus.YoushouldreadthatsectioncarefullybeforeyoudecidetoinvestintheOfferShares. OVERVIEW We are a leading private integrated healthcare service provider in Hong Kong with comprehensive outpatient capabilities covering general practice services, specialties services and dental services. According to the Euromonitor Report, among the private healthcare service providers in Hong Kong(Note), we ranked first as measured by the number of medical centres as at 31 August 2015. We operate our network of medical centres underthefollowingbrandnamesasattheLatestPracticableDate: HumanHealthIntegratedMedicalCentre 19medicalcentreswhichprovidecomprehensivemedicalservicescovering generalpracticeservices,and/orspecialtiesservicesand/ordentalservices HumanHealthMedicalCentre 29medicalcentreswhichprovidegeneralpracticeservices PerfectLife 8medicalcentreswhichmainlyprovidegeneralpracticeservicesalongside withcertainspecialtiesservices PolyhealthSpecialists 5medicalcentreswhichprovidespecialtiesservices PolyDental 1medicalcentrewhichprovidesdentalservices andwealsooperate4dentalcentreswhichprovidedentalservicesunder “Laserdontics ”orthenameofrespectivedentist(s) Our Group has been providing healthcare services to the Hong Kong community since 1997. Through our network of medical centres in Hong Kong, we generate our revenue in a growing market with a strong demand forourservices.AsattheLatestPracticableDate,weoperated66medicalcentresacrossall18districtsinHong Kong,mostofthemarelocatedatornearMTRstations,primelocationsproximaltopublictransportation hubs, shopping plazas or residential areas. Among our medical centres, we have 115 service points providing healthcareservicescoveringmultipledisciplines,whichinclude57generalpracticeservicepoints,45specialties service points and 13 dental service points. Our comprehensive healthcare services, which includes specialties services, covering up to 11 areas, namely general surgery, orthopaedics & traumatology, ophthalmology, otorhinolaryngology, paediatrics, obstetrics & gynaecology, gastroenterology & hepatology, respiratory medicine,cardiology,paediatric surgeryanddermatology, togetherwithourgeneralpracticeservicesanddental services, enable us to position ourselves as an integrated healthcare service provider. We have established this networkthroughorganic growthaswellasstrategic acquisitions, mostnotablyouracquisition ofthecontrolling interest in Perfect Life in November 2014 and our acquisition of three companies engaged in the provision of dental services in June 2015. As a result of the acquisitions, 9 medical centres and 4 dental centres have been added to our Group. Our customers comprise individual customers and corporate customers which include medicalschememanagementcompanies,insurancecompaniesandcorporations.ForFY2015,revenuegenerated from individual customers and corporate customers represented approximately 79.3% and 20.7% of our total revenue for that financial year, respectively. Moreover, as at 30 September 2015, the number of our patients Note:ThisreferstoprivatehealthcareserviceprovidersinHongKonginrespectoftheirdirectlyoperatedmedicalcentres,andexcluding privatehospitaloperatorsandprovidersofservicesotherthangeneralpracticeservices,specialtiesservicesanddentalservices(suchas those medical centres providing only traditional Chinese medicine service, health check service, laboratory service, imaging service and others). —1— SUMMARY reached approximately 1.73 million, whereas our patient visits during FY2015 was approximately 1.23 million times,respectively. Weattribute ourprominentmarketpositiontoourexperiencedandstableprofessionalteam. AsattheLatestPracticableDate,amajorityofourprofessionalteammembersworkedwithourGroupformore thanthreeyearstoupto18years. Ourcorporateculturefollowsourmotto“FromOurHeart•ForYourHealth”( • ),whichestablishes usasapatient-centricandquality-focusedserviceproviderwhosemissionistoprovidequalityhealthcareservices through our network of medical centres. We are dedicated in providing healthcare services 7-day a week and late nightservicesatamajorityofourgeneralpracticemedicalcentres.Inaddition,wearealsocommittedinproviding highqualityhealthcareservicesbyadoptingmanagementpracticesandstandardoperationproceduresensuringthe quality of service of our professional team and staff. We believe our commitment in providing quality healthcare services will result in our lasting doctor-patient relationships whilst we builduponour success inestablishingand operatingnewmedicalcentresindifferentregionsinHongKong.DuringtheTrackRecordPeriod,ourGrouphas received the Caring Company award for the years from 2009 to 2015, the Hong Kong Star Brand Award (Enterprise) in 2012 and 2013, the Management Excellent Award in 2014 and Prime Award for Corporate Social Responsibilityin2014. We believe we are well-positioned to capture market opportunities in the high-growth private healthcare service industry in Hong Kong. Based on the Euromonitor Report, the aggregate revenue of general practice, specialistanddentalmedicalcentresinHongKongincreasedataCAGRofapproximately11.5%fortheperiod from2012to2014;therevenueofsuchmedicalcentresisexpectedtogrowataCAGRofapproximately11.4% during the forecast period from 2015to2019.Weoutperformed themarket ataCAGRofapproximately 13.4% for the past three financial years, and we believe our business will continue to enjoy such growth. According to the Euromonitor Report, the private healthcare service industry in Hong Kong is highly fragmented, and is mostly comprised of individual operators of general outpatient and specialist medical centres, in particular, the total number of medical centres operated by private healthcare service providers in Hong Kong was 2,351 in 2014. There is likely to be an increasing trend of consolidation of private healthcare service operators and we believethatwearewellpositionedtocapitaliseontheseindustrytrend. We have a successful track record in the establishment and management of medical centres all operating under our direct management and brand names. We intend to strengthen our market position and to build upon our experience and successful track record of providing integrated healthcare services by continuing our dedicationtopatient-centriccorporateculture,leveragingonourinfrastructure,managementexpertise,knowhow andcustomerbase.BycontinuingourgrowthinHongKong,weintendtofurtherextendournetworkofgeneral practicemedicalcentres,aswellasestablishnewspecialistmedicalcentresthatfocusonprovidingtreatmentfor particular areas of medical problems, or those inter-related to such specialty areas. We also intend to expand to major first-tier cities in the PRC by replicating our business model. We believe these strategies will help us developourbusinesswithhighergrowthpotentialandprofitability. OURMEDICALANDDENTALNETWORK As at the Latest Practicable Date, we operate a total of 66 medical centres in our network, out of which 12 medicalcentresarelocatedontheHongKongIsland,22medicalcentresarelocatedinKowloonand32medical centresarelocatedintheNewTerritories(includingLantauIsland). —2— SUMMARY AdistributionofournetworkofmedicalcentresinHongKongbyservicepointsasattheLatestPracticable DateissetforthinthemapofHongKongbelow:- Sheung Shui Fanling Ma On Shan Yuen Long Tai Po Market Tin Shui Wai Science Park Tuen Mun Tsuen Wan Kwai Chung Sha Tin City One Kwai Fong Tai Wai Mei Foo Tsing Yi Wong Tai Sin Lai Chi Kok Cheung Sha Wan Kowloon Bay Po Lam Hang Hau Mong Kok Tung Chung Tseung Kwan O Kowloon Yau Ma Tei Hung Hom Ngau Tau Kok Tiu Keng Leng Jordan Austin Kwun Tong Tsim Sha Tsui Yau Tong North Point Quarry Bay Lohas Park Hong Kong Tin Hau Sai Wan Ho General Practice Services Central Shau Kei Wan Specialties Services Wan Chai Causeway Bay Dental Services Chai Wan Aberdeen Siu Sai Wan OURCUSTOMERSANDSUPPLIERS OurCustomers Our customers can be categorised into two groups: (a) individual customers who settle their own medical payments by cash or cash equivalent, such as government medical vouchers, credit cards or debit cards; and (b) corporate customers which we enter into contractual arrangements with them, such as medical scheme management companies, insurance companies and corporations, which settle medical payments for their policy members or staff members who are patients of our Group. Our individual customers comprise a significant portionofourcustomerbase.ForFY2013,FY2014,FY2015andthethreemonthsended30September2015,the revenuegeneratedfromourindividualcustomersrepresentedapproximately80.0%,78.9%,79.3%and79.2%of our total revenue, respectively, and revenue generated from our corporate customers represented approximately 20.0%,21.1%,20.7%and20.8%ofourtotalrevenue,respectively. During the Track Record Period, revenue from the five largest customers of our Group accounted for approximately16.4%,17.1%,16.3%and15.5%ofthetotalrevenue,respectively.Forthesameperiods,revenue attributabletoourGroup’slargestcustomeraccountedforapproximately5.7%,5.2%,5.0%and5.4%ofourtotal revenue,respectively. Thefivelargest customers havebeencustomers ofourGrouprangingfrom 7to13years, whicharemedicalschememanagementcompanies.OurDirectorsconfirmedthatallofthefivelargestcustomers of our Group were Independent Third Parties. For further details on our customers, see “Business — Our Customers”onpages126to128inthisprospectus. OurSuppliers Our suppliers primarily include doctors, dentists, pharmaceutical drugs distributors and manufacturers and laboratoriesandimagingcentres. ForFY2013,FY2014,FY2015andthethree monthsended30September 2015,costincurredwithourfive largest suppliers accounted for approximately 18.7%, 17.8%, 14.3% and 14.7% of our total cost of services —3— SUMMARY rendered, respectively. During the same periods, cost incurred with our largest supplier accounted for approximately 5.3%, 4.3%, 3.3% and 3.3% of our total cost of services rendered, respectively. The five largest suppliers have been suppliers of our Groupranging from 1to 16yearsandtheyinclude doctors anddistributors of pharmaceutical drugs. Our Directors confirmed that all of the five largest suppliers of our Group were IndependentThirdParties.Forfurtherdetailsonoursuppliers,see“Business—OurSuppliers”onpages128to 130inthisprospectus. OURCOMPETITIVESTRENGTHS Webelievethatwepossessthefollowingcompetitivestrengthswhichdifferentiateusfromourcompetitors: Š Strategic network of medical centres where all locations are operating under our management and brandnames; Š Weareacomprehensivehealthcareserviceproviderandourspecialtiescapabilitiescreatesynergyand improveouroverallhealthcareservices; Š We provide seamless quality and integrated healthcare services to our patients through our managementpracticesandstandardoperationprocedures; Š Wehaveastrongandstablemanagementteam;and Š Our established infrastructure provides a great platform for retention of good talents within our professionalteamandourprofessionalteamdevelopslongtermrelationshipwithourGroup. OURSTRATEGIES Westrive tobecomeoneofthebestprivatehealthcare serviceprovidersinHongKongandinthePRC.To achievethis,weplantoimplementthefollowingstrategies: Š LeverageonourcustomerbaseandestablishadditionalspecialistmedicalcentresinHongKong; Š ExpandournetworkofgeneralpracticemedicalcentresinHongKong; Š ReplicatethesuccessofourmanagementpracticeandstandardisedoperatingplatforminthePRC; Š IdentifyestablishedmedicalcentresinHongKongasacquisitiontargets; Š Enhance our brand recognition through effective marketing strategies, refurbishment and maintenance ofourmedicalcentres;and Š Enhanceourinformationtechnologyinfrastructure. HIGHLIGHTSOFRISKFACTORS There are certain risks involved in our operations set forth in “Risk Factors” on pages 27 to 38 in this prospectus. You should read the “Risk Factors” section in its entirety before you decide to invest in the OfferShares.Someofthemajorriskfactorsinclude: Š Wearedependentonourprofessionalteamandourfinancialresultsmaybeaffectedifwearenotable torecruitqualifiedpersonstojoinourteamorretainthem; Š We rely on our reputation within the healthcare service industry and our brands’ image which may be adverselyaffectedbynegativepublicity; —4—