Yibao Tech Secures Series A+ Strategic Investment Led by China Resources Pharmaceutical to Innovatively Empower Insurance Ecosystem

VCBeat (WeChat ID: vcbeat) has learned that recently, a leading integrated service platform for “inclusive insurance” in ChinaYibao Technology (Shanghai) Co., Ltd.(hereinafter referred to as “Yibao Technology”) has completed its Series A+ financing round, led by China Resources Pharmaceutical Group, China Resources Pharmaceutical Commercial Group, and CR Sanjiu, with participation from existing investors Boyuan Capital, SDAO Capital, and MARATHON VENTURE PARTNERS. Anchored by strategic investment, Yibao Technology and China Resources Pharmaceutical Group will jointly build an “Urban Health Security Platform” to promote the widespread accessibility of health insurance and innovative medical services, thereby supporting the development of a multi-tiered healthcare security system.

In recent years, with China’s economic development and the deepening of population aging, public demand for health services has continued to rise. To enhance the level of medical security for the populace, China has continuously strengthened the top-level design of a “multi-tiered medical security system.” In September 2021, the 14th Five-Year Plan for National Medical Security further clarified the fundamental role of basic medical insurance in providing “basic coverage,” encouraged the development of commercial health insurance, and supported commercial insurers in developing commercial health insurance products that are aligned with basic medical insurance.

Against this backdrop, city-specific commercial medical insurance—known as “Huiminbao”—has rapidly developed, becoming a key insurance model that bridges commercial medical insurance and basic medical insurance. By the end of 2021, more than 200 Huiminbao products had been launched across 27 provinces in China, with total enrollments reaching 140 million. According to reports, many regions have recently introduced various Huiminbao products in quick succession, expanding coverage to include more new drugs, specialty drugs, and innovative diagnostic and therapeutic technologies, thereby sustaining the momentum of growth in the Huiminbao market.

As an innovative technology company focused on empowering the insurance ecosystem, Yibao Technology is committed to building city-level multi-tiered security service platforms. On one hand, leveraging data insights, analytical capabilities, and large-scale population operation technologies, Yibao Technology provides comprehensive one-stop services for local Huiminbao (inclusive urban supplementary medical insurance) programs, including actuarial product design, digital marketing, intelligent underwriting, one-stop claims processing, sales and marketing, and after-sales support. This significantly reduces marketing and service costs for Huiminbao, helps insurance companies substantially lower their expense ratios, and effectively increases overall urban enrollment rates. On the other hand, Yibao Technology connects insurance companies, innovative pharmaceutical firms, and innovative healthcare service providers to offer insured individuals health and medical services such as screening, internet-based healthcare, rehabilitation and nursing care, and consumer healthcare. Furthermore, Yibao Technology develops a series of “inclusive insurance” products—such as hospitalization cash benefits insurance, critical illness insurance, and student and toddler insurance—that complement Huiminbao. The company also explores integration with home-based testing and diagnosis, digital therapeutics, and online therapies to comprehensively support product innovation and service accessibility, thereby enhancing the experience and sense of gain for policyholders.

To date, Yibao Technology’s business has expanded to more than 50 cities, with over 25 million enrolled users, securing a leading market share in the industry. For instance, in the Guangdong Provincial Huiminbao project, in which Yibao Technology played a deep involvement role, coverage extends to 11 cities across the province, attracting 8 million enrollees. In Nanning, Guangxi, Yibao Technology partnered with 10 insurance companies to launch “Huiyongbao,” which has enrolled more than 1.08 million participants. In the “Changsha Huiminbao” project, Yibao Technology introduced the Chinese Center for Disease Control and Prevention’s “Family Health and Medical Special Action,” enabling 60,000 individuals to utilize innovative medical services such as internet-based at-home testing for Helicobacter pylori, thereby achieving an innovative integration of Huiminbao insurance and healthcare services.

This round of financing has served as a catalyst for Yibao Technology’s further leapfrog development. As disclosed, building on their deep strategic partnership, Yibao Technology and China Resources Pharmaceutical will fully integrate their respective advantageous resources and capabilities. Leveraging city-specific inclusive health insurance products such as “Huimin Bao” as a foundation, they will jointly build a “City Health Security Platform.” This platform aims to reduce the costs of accessing and delivering insurance and medical services, while providing ordinary residents and special populations with diversified, comprehensive, and high-quality healthcare protection covering medical care, pharmaceuticals, and insurance. Meanwhile, relying on this platform, the parties will explore initiatives including common drug solutions for Huimin Bao, chronic disease medication management, chronic disease screening, and innovative payment models for pharmaceuticals.

It is worth noting that China Resources Pharmaceutical, the lead investor in this funding round, is a large state-controlled listed pharmaceutical company with extensive pharmaceutical and medical resources and strong service capabilities, creating significant business synergies with Yibao Technology. Li Xinyang, Co-founder of Yibao Technology, stated that with the support of partners such as China Resources Pharmaceutical, Yibao Technology will further deepen its integration with upstream and downstream players in the industry chain. Building on its “Hui Min Bao” (city-specific supplemental medical insurance) foundation, the company will expand its scope in commercial health insurance as well as pharmaceutical and medical services, accelerating the upgrade of its strategy and business operations. This will also better empower its insurance and healthcare partners, contributing to the development of multi-tiered urban healthcare security systems.

China Resources PharmaceuticalIt was stated that “Huiminbao” (inclusive commercial health insurance) products, characterized by low entry barriers, low premiums, and high coverage, are experiencing robust growth. As an effective supplement to China’s healthcare security system, they represent a significant market driven by the substantial health service needs of the insured population. As an emerging player in the industry, Yibao Technology has leveraged its technological advantages to build multi-tiered digital service platforms across various regions in China. By delivering high-quality services and enhanced convenience, it has stimulated enrollment enthusiasm among urban residents, making it a premium partner for China Resources Pharmaceutical Group’s expansion into the Huiminbao sector. As a leading large-scale comprehensive pharmaceutical enterprise in China, China Resources Pharmaceutical Group will leverage Yibao Technology’s business platform to fully capitalize on its own strengths and achieve business synergy with Yibao Technology. This collaboration will empower China Resources Pharmaceutical Group’s business domains, particularly fostering the development of its innovative drugs and high-end medical device segments.

“The Huiminbao business has experienced explosive growth over the past two years, becoming a significant category within health insurance. Yibao Technology is a leading domestic service platform for urban Huiminbao initiatives. We continue to closely monitor next-generation commercial insurance and believe that innovative, inclusive insurance products and services will continually emerge in this field.”Zhang Jingfei, Executive Director of Boyuan CapitalSpeaking of.

Yin Pengcheng, Executive Director at STONE Capital“We believe that ‘Huiminbao’ (city-specific supplemental medical insurance) is a rare, high-value innovative product in the current health insurance market. Its sustainability stems from an adherence to inclusive values and the full utilization of technology and data analytics, ensuring that cost-effectiveness is tangibly realized, delivering genuine benefits to the public, and returning health insurance to its fundamental essence. The Yibao team, led by Mr. Wu, is a practitioner of this mission. We are honored to participate in this endeavor and contribute to the blueprint for common prosperity.”

Yibao’s Angel Round Investor: MARATHON VENTURE PARTNERSIt stated that “efficiency, payment, and reach” are the three major themes of MARATHON VENTURE PARTNERS’ investments in digital health. Yibao Technology (Shanghai) Co., Ltd. has efficiently reached millions of people in each city within a short period through its digital operations platform, and helped address healthcare payment challenges via Huimin Bao (city-specific supplementary medical insurance). “We believe that, under the leadership of Yibao Technology, an increasing number of innovative medical and digital health products will be deeply integrated with inclusive health insurance, thereby better serving the general public.”

Market analysis suggests that as macro policies and the market environment become increasingly clear, the Report to the 20th National Congress of the Communist Party of China has reiterated the importance of “promoting the orderly integration of multi-tiered medical security systems.” Commercial health insurance, exemplified by city-specific supplementary medical insurance (such as “Huiminbao”), has emerged as a sector characterized by both high certainty and growth potential. In particular, its deeper integration with the basic medical insurance system and the healthcare service ecosystem is paving the way for even brighter prospects in the health insurance industry.