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."

About Black Spade Capital Limited (黑桃資本有限公司)

Black Spade Capital Limited is an established family office that manages the private investments of Mr. Lawrence Ho. Headquartered in Hong Kong, its global portfolio consists of a wide spectrum of cross-border investments as it consistently seeks to add new projects and opportunities to its investment mix. Black Spade's investment strategy maximizes coverage of geographic regions and sectors whilst maintaining a portfolio of diversified asset classes, ranging from equity, fixed income, medical technology, leisure and culture, green energy, real estate to Pre-IPO investments.

About iRad Medical Holding (卓智醫療控股有限公司)

iRad Medical Holding Limited is the largest specialist medical imaging practice in Hong Kong. Founded in 2006, iRad has grown to a leading diagnostic imaging platform with multiples points of service offering full-fledged imaging modalities including magnetic resonance imaging (MRI), computed tomography (CT), mammography, ultrasound and X-ray. iRad serves both public and private medical sectors and has partnered with different non-governmental organisations with an aim to make diagnostic imaging services accessible to the general public.