Hao Xin Qing Completes CNY 200 Million Series C Funding Led by ByteDance, Files for IPO to Build China's Largest CNS and Mental Health Digital Healthcare Platform

VCBeat (WeChat: vcbeat) has learned at the earliest opportunity that“Haixinqing,” China’s largest internet healthcare platform dedicated to the CNS (central nervous system) and mental health fields, has completed a C-round strategic financing of RMB 200 million. The round was led by ByteDance, with participation from prominent investors including Fosun Health, Decheng Capital, and RICHEN CAPITAL, while existing shareholders 6 Dimensions Capital and KIP China oversubscribed (Super Pro Rata). WinX Capital served as the financial advisor for this financing round.

In this Series C financing round, Fine Hin introduced an ultra-premium lineup of strategic investors and once again set a new record for the largest single funding deal in China’s online mental health sector., the funds from this round of financing will be primarily invested in business expansion, intelligent supply chain development, the rollout of offline chain psychological clinics, and the R&D of data-driven AI products, thereby further consolidating its position as a leading player in the mental health services industry and spearheading industry development.

Following this round of financing, Fine Hin has received further support from top-tier industry resources in medical resource integration. It is evident that Fosun Health and existing shareholder Enhua Pharmaceutical will continue to provide robust support for business expansion in terms of medical resources, while Decheng Capital and RICHEN CAPITAL will safeguard the company’s next steps toward listing and capital operations, jointly assisting Fine Hin in perfecting its internet healthcare platform in the central nervous system field. To date, Fine Hin’s shareholder team has gathered numerous star funds and listed companies, including ByteDance, Enhua Pharmaceutical (Stock Code: 002262), Fosun Health, 6 Dimensions Capital, KIP China, Decheng Capital, RICHEN CAPITAL, China Development Financial Holdings (Taiwan), and Neutron Capital.Integrating a premium combination of “healthcare industry resources + internet traffic resources + financial resources + internationalization resources”Fine Hin will continue to lead the sector, bringing benefits to patients and providing doctors with a professional and compliant platform. Meanwhile, it will vigorously promote the collaborative development of China’s mental health service system, implementing the guidelines put forward by President Xi Jinping at the National Health Conference: “Strengthen fundamental research on mental health issues, conduct effective science popularization of mental health knowledge and mental disorders, and standardize the development of mental health services such as psychotherapy and psychological counseling.”

Fine Hin's Financing History

HaoXinqing (Jiangsu HaoXinqing Mobile Medical Technology Co., Ltd.) was established in 2015. It is an internet healthcare platform focused on mental health services in the field of central nervous system (CNS) disorders, providing professional, advanced, efficient, and convenient digital diagnosis and treatment services to patients with psychiatric and psychological conditions. Through its online diagnosis and treatment platform and physical psychological clinics, HaoXinqing creates a comprehensive online and offline medical environment for patients. Its services cover the entire patient journey—pre-diagnosis, during diagnosis, and post-diagnosis—including consultations, intelligent scale screening, genetic testing, pharmacological treatment, and non-pharmacological treatments (such as music therapy and meditation). By leveraging big data and artificial intelligence technologies, the company deeply develops and refines intelligent diagnostic and therapeutic products, continuously establishing and improving a specialized operational system for psychiatric and psychological medical services. It has now grown into China’s largest internet healthcare service platform in the CNS and mental health sectors.

According to publicly available data, the overall prevalence of mental and psychological disorders in China currently stands at 17.5%. The population affected by these conditions, along with those requiring medical services, totals 250 million, whereas there are only approximately 45,000 licensed psychiatrists and clinical psychologists. The average number of psychiatrists per 100,000 people is less than one-quarter of the international standard, indicating a severe shortage of resources. Furthermore, analysis based on the "National Mental Health Work Plan (2015–2020)" reveals that psychiatric medical resources in China are primarily concentrated at the provincial and prefectural city levels. The supply of mental health services is both insufficient and unevenly distributed. Common mental and psychological disorders include depression, anxiety disorders, and obsessive-compulsive disorder (OCD). Among these, depression and anxiety disorders have the highest prevalence rates, exceeding 7%, and constitute the largest proportion of cases in psychiatric outpatient clinics. In recent years, the incidence of mental and psychological disorders has been continuously rising.

Fine Hin leverages data algorithms to connect users with mental health needs and doctorsPrecise Matching, improve diagnosis and treatment efficiency, establish onlineOne-on-One Contact, while protecting patient privacy, it also facilitates physicians in providing follow-up care services. As of the end of June 2021, the Haoxinqing platformMore than 50,000 psychiatrists and neurologists have been registered., boasting the largest physician community on any platform in this field, with over 38,000 registered psychiatrists and psychologists.Accounting for over 80% of the national total, with over 5,000 neurologists;Registered users exceed 4 million, with over 200,000 online patient consultations served monthly.

Unlike its peers, Haoxinqing is not an internet healthcare platform centered on a single service. Instead, it heavily invests in the research and development of intelligent technologies—such as AI-assisted diagnosis, emotion-monitoring wearables, digitalized assessment scales, music-based meditation, and VR technologies—as well as in integrating upstream and downstream industry resources, building clinical service systems, and promoting diverse services and science popularization initiatives. Since its inception, the company has strategically deployed big data applications in online diagnosis and treatment. By leveraging big data, it delivers precise health education, clinical follow-ups, condition analysis, and targeted clinical medical and pharmaceutical services, thereby enhancing the effectiveness of clinical management. Haoxinqing is committed to providing mental and psychological health users with the most advanced and professional healthcare services.

Fine Hin has independently developed an intelligent diagnostic and treatment system based on big data. By utilizing modular and standardized screening scales, the system can rapidly provide a preliminary classification of mental health disorders. Upon receiving the results, users are matched with corresponding specialists on the Fine Hin platform and can autonomously select services to obtain authoritative treatment plans. The implementation of this approach has increased medication adherence among Fine Hin platform users by over 20%, significantly improving patient recovery rates.

To meet patients’ needs for face-to-face psychological counseling and support, and to address the current shortcomings of public hospitals in this area, Haoxinqing actively established offline medical institutions specializing in psychological counseling—Haoxinqing Clinics. In 2020, the first Haoxinqing psychological counseling clinic was successfully launched in Beijing. In 2021, the company expanded its clinic network nationwide. Supported by an integrated online-offline model, Haoxinqing accelerated its market share and business scale; in the first half of 2021 alone, its business volume increased by more than 300% year-on-year, making it one of the fastest-growing internet healthcare platforms.

Fine Hin has also pursued strategic initiatives such as establishing its own supply chain through strategic collaborations with major pharmaceutical companies. It has currently formed in-depth partnerships with over 100 leading domestic and international pharmaceutical enterprises in the CNS field, including Lundbeck, Janssen, Pfizer, Eli Lilly, Enhua Pharmaceutical, and Hansoh Pharmaceutical, completingOnline Services—Offline Clinics—Medication Management: An Industrial Closed Loop, providing patients with one-stop, safe, and convenient services, while continuously collaborating with pharmaceutical companies on clinical research initiatives and building patient service systems to accumulate valuable clinical data, thereby laying the groundwork for the development of novel digital therapeutics.

In the future, Fine Hin will continue to deepen its service layout and technological development in the field of mental health, making significant contributions to China's mental health services industry.

Dr. Chen Lianyong, Managing Partner and CEO of 6 Dimensions Capital, stated: There is a significant unmet need in the field of central nervous system (CNS) and psychiatric care in China, characterized by a scarcity of qualified hospitals and difficulties for patients in accessing medical services. Internet healthcare has provided unprecedented accessibility for patient consultations and treatment. Fine Hin is one of the few internet healthcare companies in this niche sector that possesses substantial medical professional depth. Mr. Chen Guanwei, the CEO and an experienced serial entrepreneur, has led the company to accumulate extensive physician resources and a solid patient base through years of technological development and business model exploration, fully integrating all aspects from offline to online services and from diagnosis to treatment. Fine Hin represents a strategic investment by 6 Dimensions Capital in the CNS sector. We look forward to deepening our collaboration with Fine Hin in the future, leveraging this platform to introduce globally leading treatments and innovative drugs to China, thereby benefiting more patients and supporting Fine Hin’s rapid growth.

Dr. Cui Xiangmin, Founding and Managing Partner of Decheng Capital, stated“We are honored to participate in the company’s development through this round of financing. We have long focused on unmet clinical needs in psychiatry and hope that, with Decheng Capital’s involvement, we can support the rapid growth of Fine Hin’s online medical service platform and the integration of its online and offline resources, thereby providing patients with comprehensive care.”

Hu Jingzhi, Partner at KIP Capital Management, stated:Fine Hin is the only and largest internet-based psychiatric hospital in China. With its distinctive positioning, it has extended psychotherapy—a relatively advanced category of medical services—to regions beyond first-tier cities, enabling patients to address their needs from home regardless of location. Furthermore, the Fine Hin platform offers a comprehensive range of psychiatric medications. An increasing number of new patients are independently choosing this platform, thereby enhancing the company’s influence. We are optimistic about the company’s capacity for sustained growth and have confidence in its future.

Mr. Li Shengli, Global Partner of Fosun and Chief Executive Officer (CEO) of Fosun Health, stated:As China’s largest internet healthcare platform specializing in central nervous system and mental health, Haoxinqing has accumulated years of expertise in mental health services and established a leading, comprehensive service ecosystem. We strongly endorse Haoxinqing’s business model and strategic layout, and are fully confident in its sustained high-speed growth. Looking ahead, Fosun Health will join hands with Haoxinqing to deepen industrial collaboration, co-creating an integrated online-offline, full-course medical solution for psychiatric and psychological specialties. Together, we will also explore innovative products in innovative payment models and insurance services, thereby providing patients with more professional, comprehensive, and robust mental health care solutions.

Ding Yu, Managing Director of RICHEN CAPITAL, stated: Fine Hin has redefined the internet-based diagnosis and treatment model for psychiatric and psychological specialties by organically integrating traffic acquisition, service delivery, supply chain management, and academic research. It provides patients with private, convenient, and professional full-course diagnosis and treatment services that combine in-hospital and out-of-hospital care as well as online and offline interactions. For physicians, it offers patient management tools based on data and technology, which significantly improve diagnostic and treatment efficiency while accumulating extensive real-world data. RICHEN CAPITAL remains bullish on patient-centric internet-based specialized medical service platforms, and Fine Hin is poised to benefit millions of patients with mental disorders.

Dr. Zou Guowen, CEO of WinX Capital and financial advisor for this financing round, stated, "We are honored to partner with Haoxinqing and our new and existing shareholders to successfully complete this financing round. Having previously served as the Brand Manager for Pfizer China, where I was responsible for the CNS (Central Nervous System) portfolio, my experience has enabled my team and me to gain a deep understanding of and strong confidence in Haoxinqing's current business model and future strategic layout. The high-intensity, fast-paced nature of modern life imposes varying degrees of mental stress and challenges on individuals, leading to growing emphasis on psychological stress relief and mental health management. Amidst the global pandemic, Haoxinqing achieved counter-trend growth, solidifying its position as the industry's leading player. This fully demonstrates the significant opportunities within the online mental health platform sector. During our collaboration, the Haoxinqing team demonstrated strong execution capabilities and refined operational expertise. We look forward to seeing the team bring more surprises to the market in the future."