(Yicai) May 29 -- United Family Healthcare is standing on the sidelines and does not intend to list on the stock market at the moment due to an uncertain market, despite a strong performance last year, the chief executive officer of the private Chinese healthcare provider said.

Wu Qinan, who is also the founder of parent firm New Frontier Group, has also recently denied rumors that insurance giant China Pacific Insurance might acquire United Family Healthcare.

United Family Healthcare and China Pacific Insurance are working closely together, and the latter has invested in several healthcare-related projects, including those run by Shanghai-based New Frontier. But neither party intends to buy into the other, Wu told Yicai.

United Family Healthcare, which delisted from the Nasdaq in 2021, posted revenue of CNY3.7 billion (USD510 million) last year, a jump of 68 percent from 2020 when, hammered by the pandemic, it logged net losses of CNY532 million (USD73.3 million).

It is getting close to the performance targets set by New Frontier, which acquired the Beijing-based firm in 2019 from pharmaceutical giant Fosun Pharma for CNY10 billion (USD1.4 billion). At the time, the group said it expected United Family Healthcare’s revenue to maintain a compound annual growth rate of 18 percent in the next five years.

And the healthcare provider’s revenue from cancer treatment services is likely to get a boost after New Frontier Health, a subsidiary of New Frontier, took over the Hong Kong Integrated Oncology Center on May 23. The acquisition will increase the number of private oncologists in the group by more than 20 percent in Chinese Hong Kong. Revenue from cancer treatment services was less than CNY100 million (USD13.8 million) four years ago.

United Family Healthcare is one of the four pillars of New Frontier, which are medical, pension, rehabilitation, and health insurance services, and New Frontier is heavily involved in its operations.

Editor: Kim Taylor