(Yicai Global) July 17 -- Aesthetic Medical International Holdings Group, the first Chinese medical beauty hospital chain to list on the Nasdaq, has been buying up competitors at low prices as the entire medical and aesthetic sector hit rock bottom because of the coronavirus pandemic.

Aesthetic Medical yesterday announced a strategic agreement to take a 51 percent stake in Guangdong Hanfei Investment Management, which has four beauty centers in Guangzhou, Zhongshan and Zhuhai, all in south China. It did not disclose the value of the deal, but said the pair will cooperate on talent, technology, academic research and business management.

It is Aesthetic Medical’s fourth acquisition so far this year, after deals to take controlling stakes in Shanghai Mingyue Aesthetic Medical, Xi’an New Pengai Yueji Aesthetic Medical Clinic and Jiangsu Liangyan Hospital Management.

Aesthetic Medical said it will continue to seek out reasonably priced, high-quality medical beauty providers in China, many of which are in trouble due to the coronavirus, for future acquisition. Many players in the sector face a severe drop in the customer numbers amid the outbreak.

Set up in 1997, Aesthetic Medical, which is mostly involved in surgical and non-surgical medical cosmetology, has 30 chain institutions in 22 cities across China.

It had a first-quarter net loss of CNY79.1 million (USD11.3 million) on revenue of almost CNY91 million (USD13 million). It made a CNY22.7 million profit a year earlier.

Editors: Xu Wei, Peter Thomas