China’s biggest all-in-one medical service goes public
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Yet another Tencent-backed unicorn is listing in Hong Kong. This time it’s Yuanxin Technology, which aims to be China’s go-to telehealth platform, from diagnosis through treatment and all the way to payment.
Yuanxin is China’s biggest platform of its kind by revenue, offering virtual diagnoses, drug delivery, hospital management software, and more.
- Miaoshou Doctor is perhaps its best-known product and was one of the first licensed “online hospitals” in China. So far this year, it’s had an average 41.5 million users per month, with 3.2 million paying customers.
- Despite those impressive numbers, the company still hasn’t reached profitability. Its prospectus shows losses have grown in the past three years, but that hasn’t deterred investors: They’ve poured nearly $950 million into the company, including $233 million in its Series F in August.
What’s next: Yuanxin plans to build out a “digital hospital network” to manage every step of the medical process, whether inpatient, outpatient, online, or offline. It’s even planning bespoke health insurance products. In other words, it’s trying to corner the medtech market in a country whose aging population will give it an inexhaustible user base.
