- Published on 04 March 2022
The Danish hearing giant Demant has finalised a purchase of 20% of the shares in ShengWang, a leading network of hearing aid clinics in China with around 500 shops across the country. And the manufacturer of Oticon hearing aids says it is in talks to buy the remaining 80% of shares by the end of H1 2022.
No financial details are being revealed by Demant until that complete buyout is finalised.
Demant says that ShengWang has the leadership, organisation, and scalable processes to continue expanding and to offer the Danish group an "excellent growth platform for the next many years". And this announcement comes on top of Demant supremo Søren Nielsen's recent celebration of FY 27% organic growth for 2021.
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From Demant: "ShengWang was founded in 1998 and has for several years – and particularly following the introduction of Philips Hearing Solutions – been a valued partner of the Demant Group thanks to a strong relationship with our Hearing Aids business. Today, ShengWang has more than 1,300 employees serving the fast-growing Chinese market for hearing care, which is expected to see double-digit annual growth rates in the next many years due to demographic developments and a gradually increasing penetration rate."