New Frontier acquires Hong Kong Integrated Oncology Centre

Insert picture: Anthony Leung

24th May 2024 – (Hong Kong) New Frontier, led by former Hong Kong Financial Secretary Antony Leung Kam-chung, has announced the acquisition of the Hong Kong Integrated Oncology Centre (HKIOC), marking a significant expansion in the Greater Bay Area’s healthcare sector. This strategic move positions New Frontier to become one of the largest private oncology service providers in Hong Kong, complementing its existing Heal Oncology Centre in Central.

The transaction, whose financial details were not disclosed, is set to enhance New Frontier’s existing oncology operations in Hong Kong and its broader network within mainland China, including the Beijing-based United Family Healthcare (UFH) which operates facilities in Shenzhen and Guangzhou.

Antony Leung, co-founder and chairman of New Frontier, highlighted the acquisition’s potential to foster a cross-border cancer care network, integrating surgeons, oncologists, and other health specialists across the nation. “This partnership will facilitate a nationwide multidisciplinary cancer network, setting a new standard in the regional healthcare landscape,” said Leung.

The overarching aim of this expansion is to create a synergistic cancer treatment ecosystem throughout the bay area, optimising both the geographical and economic benefits unique to Hong Kong and mainland China. Hong Kong’s role as a hub for medical innovation provides access to advanced medications and international expertise, while mainland China offers cost advantages through government-led initiatives.

Leung, who now also serves as group chairman and CEO of the Nan Fung Group and holds positions in several charitable organizations, emphasized the growing demand for specialized cancer care against the backdrop of ageing populations in both regions.

Carl Wu, CEO and co-founder of New Frontier Group, noted the alarming rise in cancer diagnoses, projecting significant growth in patient numbers. “In less than two decades, the number of new cancer cases in China has reached over 5 million annually and is expected to nearly double within the next decade,” Wu explained.