Black Spade Capital Announces Acquisition of iRad Medical Holding

The addition of the largest specialist medical imaging practice in Hong Kong to Black Spade’s investment portfolio highlights the family office’s bullish view on the healthcare sector

HONG
KONG SAR – Media
OutReach – 22 March 2021 – Black Spade Capital Limited (“Black Spade Capital“), the family office of the casino magnate
Lawrence Ho, has announced the acquisition of iRad Medical Holding Limited
(“iRad”), a Hong Kong-based diagnostic imaging practice. Following the
acquisition, Black Spade Capital will be the majority shareholder of iRad.

Photo caption (From left to right)

Dr. Matthew Ngan, Chairman of iRad

Ms. Crystal Yeung, Marketing Manager of iRad

Mr. Kin Wong, CEO of iRad

 

iRad currently operates four radiology clinics in prime locations across
Hong Kong, including in Central, Jordan and Mongkok. Moreover, the practice has
a workforce of close to 100 radiologists, radiographers, nurses and supporting
staff members, who provide a wide spectrum of modalities including magnetic
resonance imaging (MRI), computed tomography (CT), mammography, ultrasound and
X-ray. iRad will continue to be led and managed by the founding team of the
medical group, while Black Spade Capital will be working closely with the iRad
management on strategies for its development and market expansion.

 

Mr. Dennis Tam, President and CEO of Black Spade Capital, said, “We are very pleased with the acquisition.
According to research conducted by Frost & Sullivan, iRad is the largest
specialist medical imaging group in Hong Kong, based on revenue and market
share. The growing expectations of the general public for reliable medical
services present favourable opportunities for the private healthcare sector. We
therefore see tremendous growth potential in iRad and will look forward to
witnessing synergies between iRad and the other investments in our portfolio.”

 

Dr. Matthew Ngan, Chairman of iRad, said, “iRad has been committed to providing
quality medical services to society for over 15 years. It is one of a select
few operators in Hong Kong that offer comprehensive radiology services. Such
services are exactly what is needed to alleviate the considerable pressure on
the Hong Kong public healthcare system due to growing demand, and thus ensure
the sustainability of the entire healthcare ecosystem in Hong Kong. Meanwhile,
we are capitalizing on our strength as market leader and have been formulating
development plans with Black Spade Capital that will expand our services not
only in Hong Kong, but also the Greater Bay Area. We look forward to embarking
on a new chapter of development with the support of Black Spade Capital.”

Mr. Kin Wong, CEO of iRad, said, “iRad is a name trusted and recognized by medical practitioners
and patients alike. We are very optimistic about the market. The ageing
population, greater awareness of preventive healthcare by the public and
initiatives such as Public-Private Partnership program in the medical sector
are all developments that will catalyse our growth. In seizing the
opportunities that emerge, we will be offering all-round services from our
dedicated team of radiologists who possess expertise in neuroradiology, cardiac,
mammogram, prostate, musculoskeletal imaging and other related disciplines.
Furthermore, by leveraging our relationship with Black Spade Capital, we will
be well positioned to provide even more diversified healthcare services to
serve the community.”