Recently, Chongqing Universal Tumor Hospital Co., Ltd., which claimed a total investment of hundreds of millions, was ruled to undergo bankruptcy liquidation. No matter how you look at it, this is quite regrettable. In essence, it's roughly equivalent to failing to secure a dominant position.

What is the strategic high ground that Chongqing Universal Tumor Hospital aims to capture? It includes two key focuses: one is digital healthcare, and the other is proton therapy.

What is digital healthcare? One of the founding entities of Chongqing Universal Tumor Hospital is Beijing Universal Medical Technology Group Co., Ltd. The term "Universal" serves both as the company's name and its corporate philosophy. Essentially, it refers to using the internet (cloud-based methods) to connect and integrate radiation therapy for tumors. In the past, expert resources and patient cases were geographically limited. However, in the field of tumor radiation therapy, the internet enables the cross-regional sharing of these medical resources, breaking the geographical constraints of diagnosis and treatment. Due to Universal's groundbreaking achievements in digital healthcare for tumors, the company has been repeatedly recognized in the industry with titles such as "Potential Unicorn" and "Hidden Unicorn."

The implementation approach across the entire region involves collaborating with oncology medical institutions nationwide. Starting from the year, the Chongqing Wanzhou Economic and Technological Development Zone began constructing the Wanzhou Pharmaceutical Industrial Park. Gradually, the entire region and Wanzhou came together. According to the official statement of the entire region—

On [specific date missing], Quanyu signed a strategic cooperation agreement with Chongqing Houjie Pharmaceutical Group Co., Ltd. and JD Logistics Group to jointly construct the Quanyu Wanzhou Cancer Hospital and Medical Imaging Center. At the same time, they entered into a healthcare project investment agreement with the Wanzhou District Government of Chongqing Municipality to co-build the Wanzhou Pharmaceutical Industrial Park.

On [date], Chongqing Universal Tumor Hospital Co., Ltd. was established. Universal defines itself as: "a platform-based group enterprise guided by state-owned capital, controlled by non-public ownership, operated through market mechanisms, and managed professionally." At its inception, Universal held a [percentage]% stake in Chongqing Universal Tumor Hospital, aligning with this positioning. *(Note: Please replace [date] and [percentage] with the specific date and numerical value from the original text, as they were omitted in the provided content.)*

In [specific month and year], Quanyu exited as a shareholder and was replaced by Beijing Nines Technology Co., Ltd., holding a [specific]% stake. Although Beijing Nines and Quanyu share the same actual controller, Cheng Zheng, their fundamental significance is entirely different: Quanyu has completed its separation from Chongqing Quanyu Cancer Hospital. At this point, the controlling party of Chongqing Quanyu Cancer Hospital is Chonghou Jian Pharmaceutical Group Co., Ltd. (currently under the actual control of the Management Committee of Wanzhou Economic and Technological Development Zone), holding a [specific]% stake. Chongqing Wanzhou Economic and Technological Development (Group) Co., Ltd. holds a [specific]% stake. Nearly [specific]% of the equity is state-owned, and the enterprise is an important component of the Wanzhou Pharmaceutical Industrial Park... However, these factors did not translate into a lifeline for Chongqing Quanyu Cancer Hospital.

On the official website of Quanyu, the design renderings of Chongqing Quanyu Cancer Hospital are still visible today, indicating that Quanyu indeed once intended to make this hospital a flagship project for the company. The corporate logo on the gate in these images is not "Chongqing Quanyu Cancer Hospital," but rather "Chongqing Wanzhou Pharmaceutical Holding Group." This suggests that at the time, Quanyu and its Chongqing partners had a more extensive collaboration plan in place.

On the other hand, Quanyu is still on the entrepreneurial path of capital incubation, with labels like "potential unicorn" and "hidden unicorn"—all indicating it is not yet strong enough. At the same time, Quanyu has numerous collaborations with companies in the oncology industry, and its equity and investment relationships are relatively complex. On [specific date], Quanyu and its actual controller, Cheng Zheng, received a consumption restriction order from the Dongcheng District People's Court in Beijing due to labor and personnel disputes. Quanyu is facing trouble.

Regardless of whether it was the Chongqing authorities or Quanyu that initiated the split, the reality is that the funding chain has been broken. On [date], Chongqing Quanyu Cancer Hospital was declared bankrupt, a decision prompted by an individual wage claim (amounting to [amount] yuan) filed by a certain Mr. Wang. Prior to this, the hospital had been involved in [number] wage claim enforcement cases, totaling [amount] yuan.

According to the court documents, Chongqing Quanyu Tumor Hospital has assets of approximately 100 million yuan and liabilities of about 100 million yuan on the books. However, due to outstanding unpaid obligations, the calculated owner's equity stands at -100 million yuan. Given that the hospital is insolvent and has ceased operations, the court ruled it bankrupt. Triggered by wage disputes, the downfall of Chongqing Quanyu Tumor Hospital conveys a sense of frailty. The date was set as the termination of employment contracts for 200 staff members, including doctors, nurses, and functional department personnel, at Chongqing Quanyu Tumor Hospital.

The bankruptcy of Chongqing Quanyu Cancer Hospital reflects, to some extent, the current broader environment of the cancer medical market. Quanyu pursued market-oriented strategies, yet the market conditions have proven particularly challenging. Currently, the cancer healthcare industry faces two major challenges: profitability and industry-wide upgrades.

One of the early investors in the entire domain and one of China's largest social investment oncology medical groups—American China Cancer Society Medical Technology Development Group Co., Ltd., after being listed on the New Third Board in a certain year, was also listed on the Hong Kong Stock Exchange on [specific date]. Its net profit attributable to the parent company has been negative from a certain year to the present: consecutively losing for [number] years. In its "Mid-Year Report for [specific year]," Meizhong Jiahe summarized this situation, attributing the company's profit sources to two factors and the reasons for its losses also to two factors:

First, one of the company's profit sources comes from medical equipment and software, but the challenging economic environment has led to a decline in customer demand, while anti-corruption policies in the healthcare sector have impacted collaboration efficiency.

Secondly, another source of the company's profits comes from hospitals, which are currently undergoing strategic adjustments to concentrate resources on proton therapy, thereby impacting corporate profits.

The "proton therapy" mentioned by Jiahé, which impacts corporate profits, is the second focus and core project of Chongqing Global Cancer Hospital. What is proton therapy?

Proton therapy is currently one of the globally cutting-edge technologies in cancer treatment. The method involves accelerating protons to approximately the speed of light using specialized equipment, enabling them to rapidly penetrate the human body and destroy tumors. During the treatment process, the proton beam does not release energy until it reaches the tumor, where it delivers a concentrated burst of energy and then stops releasing energy after passing through the tumor. This approach maximizes the destruction of tumor cells while minimizing damage to surrounding healthy tissues. As a result, proton therapy is particularly well-suited for treating localized tumors.

The issue is that proton therapy is not only a cutting-edge technology globally but also notoriously known as a "money-devouring beast." How massive is it? How much money does it devour? Let's look at some descriptions of proton therapy from the medical industry—

Proton therapy equipment can reach heights of over ten meters, typically requiring the space of an entire floor, with a footprint generally exceeding several hundred square meters.

项目从启动至正式运营需5_{8年：基建部分需24个月以上，环保验收48个月以上，设备采购及安装调试需36}72月，之后才可临床运营。

建设一个质子放疗中心的全部资金约4亿_{5亿元人民币，重离子中心的投入为前者的2}3倍。

上海市质子重离子医院曾进行全球招标建设，西门子报价15亿元，每年维护费用1亿_{2亿元。山东淄博万杰医院耗资10多亿元引进质子治疗系统，年维护费用达600万}1000万元。

The National Health Commission's "Letter on Soliciting Public Opinions on the Access Standards for the Allocation of Large Medical Equipment" stipulates: For the allocation of multiple proton therapy rooms, there must be no fewer than a certain number of radiotherapists, among whom no fewer than a certain number must have engaged in radiotherapy for over a certain number of years and obtained senior professional technical titles; no fewer than a certain number of radiotherapy physics professionals, among whom no fewer than a certain number must have engaged in radiotherapy for over a certain number of years and obtained senior professional technical titles; no fewer than a certain number of technicians; a sufficient number of medical engineering support personnel with corresponding technical capabilities for equipment maintenance and repair, among whom no fewer than a certain number are required for proton equipment and no fewer than a certain number for heavy ion equipment; and a sufficient number of radiation protection professionals, among whom no fewer than a certain number are required for proton equipment and no fewer than a certain number for heavy ion equipment...

Current cost reference for proton therapy patients: Treating one lesion costs around 10,000 yuan, typically requiring hospitalization for about a month. Including examinations, bed fees, and other expenses, the total cost from admission to discharge ranges from tens of thousands to 100,000 yuan, and it is not covered by medical insurance.

Years ago, there was a proton therapy center in the United States operating at a loss.

Due to the enormous investment, long payback period, and difficulty in turning a profit, launching a proton therapy project is considered high-risk for investors. It's hardly surprising if issues arise midway through the project's operation. Yet, Chongqing Quanyu Cancer Hospital exemplifies the spirit of "knowing there are tigers in the mountains but heading there anyway."

From the content on the official website of its parent company, Chongqing Houjian Pharmaceutical Group Co., Ltd., it can be inferred that what Chongqing Universal Tumor Hospital values is precisely the difficulty of this project—such a high-investment, long-cycle medical investment project would be challenging for public hospitals to implement. In contrast, the efficiency advantages of social investment would become evident, especially in Wanzhou, Chongqing. Chongqing Houjian once analyzed it this way:

Proton therapy. Due to the large size, high unit cost, lengthy construction period, significant environmental pressure, high maintenance expenses, and strict national approval controls of traditional large-scale cyclotron proton therapy systems, none have currently passed national approval.

Currently, several hospitals in the southwest region, including Sichuan Cancer Hospital, Chongqing Hygeia Hospital, and Jinshan Hospital affiliated with Chongqing University, plan to introduce proton therapy systems. However, due to factors such as high equipment costs and complex approval procedures, progress has been less than ideal.

Additionally, there is another variable in the market: proton therapy is undergoing localization and miniaturization, which presents an opportunity for Chongqing Quanyu Tumor Hospital. Chongqing Houjie's analysis suggests:

Chongqing Universal Tumor Hospital Co., Ltd., in collaboration with the international compact proton therapy company Mevion Medical Technologies, plans to introduce and install a compact proton therapy system at Universal Wanzhou Tumor Hospital in western China with strong support from the district party committee and government, aiming to establish Wanzhou as a leading hub for cancer treatment.

"Once established, it immediately gains first-mover advantage and regional clustering capabilities."

According to the annual statistics from the official account of the healthcare sector, there are currently about a dozen proton and heavy ion medical facilities in mainland China that are either operational or completed and ready for use. Additionally, several are under construction, and more are planned. Chongqing Global Cancer Hospital is among those currently under construction.

On [specific date], the National Health Commission issued the "Announcement on the Licensing Results of Class A Large Medical Equipment Configuration for [specific year]," granting permits to [number] proton therapy projects. Chongqing Quanyu Cancer Hospital was approved for a "Multi-room Proton Radiation Therapy System." Reports indicate that under China's 14th Five-Year Plan, the country will approve [number] new heavy ion and proton therapy construction projects. To date, including the recently approved [number] projects, a total of [number] proton therapy projects have been licensed nationwide. Among these, only [number] are from privately funded medical institutions, with Chongqing Quanyu Cancer Hospital being one of them and the first such facility in the Southwest region.

According to relevant data, the Proton Center project at Chongqing Global Cancer Hospital:

Total construction area: square meters, building height: . meters (above ground floors / underground floors), construction period: months, construction project investment: approximately billion yuan, equipment investment: approximately . billion yuan, total investment: approximately . billion yuan. Funding: % self-raised.

From this, it can be seen that Chongqing Quanyu Cancer Hospital has achieved a certain degree of investment lightening with the help of domestically produced equipment. However, no matter how promising the plan or how eager they were to seize the initiative, Chongqing Quanyu Cancer Hospital still encountered financial problems, rendering it unable to continue operations and leading to bankruptcy liquidation.

At this point, we see that although social capital possesses