EuroEyes and UMH Jointly Develop Ophthalmological Services in Mainland China and Hong Kong

HONG KONG, Oct 31, 2019 - (ACN Newswire) -  EuroEyes International Eye Clinic Limited ("EuroEyes", together with its subsidiaries, "EuroEyes Group", HKEX: 1846), one of the leading brands in the vision correction industry known for German ophthalmology excellence, announced that on 30 October 2019, the EuroEyes Group and Union Medical Healthcare Limited ("UMH", together with its subsidiaries, "UMH Group", HKEX: 2138) entered into a non-binding memorandum of understanding ("MOU") expressing common intention to establish a joint venture company in Hong Kong (the "Proposed Joint Venture"), which shall be held as to half by each party, for developing ophthalmological services and related business.

Pursuant to the MOU, EuroEyes Group and UMH Group shall explore co-operation on expanding business presence in the ophthalmological industry in the PRC, starting in Guangzhou and Shenzhen where the existing establishments are located. In addition, registered practitioners of EuroEyes Group shall offer consultancy including giving lectures to locally hired registered practitioners and will perform lectures in Hong Kong. Meanwhile, all medical treatments delivered in the clinics or service centres with German features in Hong Kong under the Proposed Joint Venture shall be performed by ophthalmological specialists registered in Hong Kong. Personnel of the Proposed Joint Venture shall also have the opportunity to be trained in Germany. EuroEyes Group shall be primarily responsible for medical aspect of the Proposed Joint Venture, while UMH Group shall be mainly responsible for marketing and recruitment in Hong Kong. The terms of the Proposed Joint Venture are yet to be negotiated, and the definitive agreement is expected to be signed by 31 December 2019.

Dr Jorn Slot Jorgensen, Chairman, Executive Director and Chief Executive Officer of EuroEyes, said, "We are pleased to cooperate with UMH, Hong Kong's largest non-hospital medical service provider, to seize the massive opportunities in the mainland China and Hong Kong ophthalmology services market. This is a win-win cooperation, which will bring synergies to both parties, and EuroEyes will be able to introduce German ophthalmology excellence to Hong Kong customers. Looking ahead, we will keep expanding our business operations in the PRC, opening more clinics in major cities including Chengdu and Chongqing by 2020. We also plan to set up between one to three clinics each year in first- or second-tier cities in the PRC, so as to solidify our market position, and in turn bring optimum returns to shareholders."

EuroEyes ranked first in Germany and second in Denmark in terms of market share in the advanced lens exchange surgery market and the refractive surgery without PRK/LASEK market1 Among existing industry participants, the Group was also the first foreign entrant2 in the PRC vision correction services market. The Group has an established network of 26 premises in Germany, Denmark and the PRC.

About EuroEyes International Eye Clinic Limited
Established in 1993, EuroEyes is one of the leading brands in the vision correction industry that combines German ophthalmology excellence and 25 years of experience with individualised customer-care. EuroEyes ranked first in Germany and second in Denmark in terms of market share in the advanced lens exchange surgery market and the refractive surgery without PRK/LASEK market . Among existing industry participants, the Group was also the first foreign entrant  in the PRC vision correction services market. The Group has an established network of 26 premises in Germany, Denmark and the PRC.

It provides premium services to a targeted mid-to-high income clientele. Its vision correction services include (i) refractive laser surgery (which includes ReLEx SMILE and FemtoLASIK); (ii) phakic lens (ICL) surgery; (iii) lens exchange surgery (which includes the monofocal and trifocal lens exchange surgery) and (iv) others (which include PRK/LASEK and ICRS implantation).
Website: www.euroeyes.hk

About Union Medical Healthcare Limited
Union Medical Healthcare as Hong Kong's largest non-hospital medical service provider , leveraging its core businesses of preventive and precision medicine, and committed to developing medical artificial intelligence by integrating its multi-discipline medical services. The move, which is supported by the Group's high-end branding and quality customer services, is aimed at offering customers safe and effective medical services with professionalism.

The Group principally engages in the provision of one-stop medical and health care services in Greater China. The Group provides a full range of services and products under its well-known brands, including those of its one-stop aesthetic medical solutions provider DR REBORN which has ranked first in Hong Kong by sales for years, diagnostic and imaging centre HKAI, day procedure centre HKMED, specialty clinic SPECIALISTS CENTRAL, chiropractic services centre SPINE Central, health management centre re:HEALTH, vaccine Centre Hong Kong Professional Vaccine HKPV, Pediatric centre Primecare, oncology treatment centre reVIVE, comprehensive dental centre UMH DENTAL CARE and primary care clinics jointly established with Tencent Doctorwork.

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