(CapitalWatch, June 2, New York) Micro-cap Chinese stock Concord Medical Services Holdings (NYSE: CCM) seeks Hong Kong-listed status for its operating subsidiary.
The Beijing-based oncology company said in a statement Wednesday that Concord Healthcare Group Co. Ltd. has filed to list a minority stake of its shares on the Stock Exchange of Hong Kong. The application may or may not be approved for a listing.
Concord Medical has had a presence on Wall Street since late 2009. After a modest $132-million IPO, the company has had a rather bland trading run, just barely maintaining its U.S.-listed status. Its average trading volume as of Thursday sat at 5,212 – and it's no surprise that the company is now seeking a listing closer to home, where it may find more recognition.
Concord operates a network of hospitals and standalone radiotherapy and diagnostic imaging centers in China. It also operated an online hospital since May 2021. In its latest financial report, covering the first half of 2021, Concord posted $29.9 million in revenues, up 132% year-over-year, on net loss of $14 million, or 39 cents per share.
CCM shares are up 26% over the past five days. On Thursday, the stock closed at $1.72 a share on daily trading volume of 712.