Core Viewpoint - Despite the founder's efforts to expose industry malpractices and the company's commitment to quality and customer-centric values, iKang Guobin continues to face various issues and scandals in the health examination sector [2][16]. Group 1: Company Background and Development - iKang Guobin, once known as "China's health examination first stock," was founded by Zhang Ligang, who leveraged his internet background to understand user operations and capital management, leading to a successful IPO within ten years of establishment [5]. - The company went public on NASDAQ on April 9, 2014, with an initial closing price of $15.2 per ADS, an increase of 8.57% from the offering price of $14 [7]. - However, due to a general downturn for Chinese stocks in overseas markets, iKang Guobin's stock price stagnated between $10 and $20 per ADS for several years, prompting the company to initiate privatization in August 2015 at a price of $17.8 per ADS [8][9]. Group 2: Financial Performance and Market Position - In the fiscal year 2014, iKang Guobin reported revenues of $290 million, a year-on-year increase of 43.7%, with a Non-GAAP net profit of $36.3 million, up 60.9% [10]. - In contrast, its competitor, Meinian Health, reported revenues of 6.233 billion yuan and a net profit of 614 million yuan in 2017, significantly lower than iKang Guobin's figures at that time [10]. - As of November 2024, iKang Guobin operates 173 health examination centers across 57 cities, showing limited growth with an average increase of only 10 centers per year since 2018 [12]. Group 3: Industry Challenges and Issues - The health examination industry in China has faced numerous scandals, including sample mix-ups and data errors, leading to a lack of standardized operations [16]. - Zhang Ligang publicly exposed these issues at the China Enterprise Leaders Annual Conference in December 2018, highlighting severe malpractice within the industry [16]. - Despite the company's stated values of quality and customer trust, iKang Guobin continues to encounter various operational problems, undermining its credibility [2][16].