Chunyu Doctor Named Again as a 'Chinese Unicorn Enterprise' Among Only 131 Nationwide

Group Photo of Award-Winning Companies

On the morning of March 1, the Torch High Technology Industry Development Center of the Ministry of Science and Technology, in collaboration with Great Wall Enterprise Strategy Institute (hereinafter referred to as “Great Wall Strategy”), released the “2016 Report on the Development of Chinese Unicorn Enterprises” (hereinafter referred to as the “Report”) in Beijing. Chunyu Yisheng was listed among China’s unicorn enterprises alongside super unicorns such as Ant Financial, Didi Chuxing, and Meituan-Dianping. A total of 131 enterprises across China were included in this list, 65 of which were located in Zhongguancun. Chunyu Yisheng made the list for the second consecutive year and was one of the few companies from the internet healthcare sector to be included.

The Report shows that the number of unicorn companies in China increased significantly from 70 in 2015 to 131 in 2016, with a total valuation of $487.6 billion. Among them, seven “super unicorns” with valuations of $10 billion or more—including Ant Financial, Xiaomi, and Alibaba Cloud—accounted for 46% of the total valuation. With a valuation exceeding $1 billion, Chunyu Yisheng (Spring Rain Doctor) remained among the unicorn companies.

The Report posits that whether startups can evolve into unicorns, or even become publicly listed companies, primarily hinges on their ability to successfully achieve technological innovation and “technology + business model” innovation within their respective niche sectors, driven by both technology and data. For instance, the key reason Spring Rain Doctor was included lies in its technological and business model innovations in leveraging internet-based approaches to mobilize physician resources and deliver online medical and health services.

Zhang Zhihong, Director of the Torch High Technology Industry Development Center under the Ministry of Science and Technology, and Guo Hong, Director of the Zhongguancun Administrative Committee, also shared their respective views on Chinese unicorn enterprises. Guo Hong argued that unicorn enterprises are effectively “four-wheel driven,” namely by technological innovation, business models, capital, and market forces, while also requiring excellent founding teams and investor teams.

 Wan Jingbo, CBO of Chunyu Doctor

At the event, certificates were presented to representatives of unicorn companies such as Chunyu Yisheng (Spring Rain Doctor), Meituan-Dianping, and Renrendai. Wan Jingbo, Chief Business Officer of Chunyu Yisheng, stated at the event that as an innovator in the digital healthcare industry, Chunyu Yisheng has achieved breakthroughs in mobile technology and service models. This recognition not only acknowledges Chunyu Yisheng’s past efforts but also reflects high expectations for its future development.

Amid the development opportunities brought by the continuous opening-up of national policies and strong local government support, Chunyu Doctor will continuously improve its technology and services, lead the mobile healthcare industry, and truly deliver better medical services and healthcare experiences to the general public. Meanwhile, it will play its due role in promoting healthcare system reform, fostering the growth of the broader health industry, and enhancing the level of primary healthcare.

According to reports, since launching its open-platform strategy for online consultations in August 2016, Chunyu Doctor has focused on its online consultation services. While improving the matching accuracy, precision, and user satisfaction of these services, the company has successfully raised the payment conversion rate for consultations to approximately 20% and increased the average revenue per user (ARPU) by more than threefold, thereby achieving structural profitability.

“Going forward, on the basis of strengthening its online consultation services and continuing to operate its open platform, Spring Rain Doctor will gradually evolve from a platform connecting doctors and patients into one that links the entire healthcare industry chain, truly becoming the gateway to internet-based healthcare and a provider of customized health management services,” said Wan Jingbo. With the expansion of these businesses, Spring Rain Doctor is also poised to become a super unicorn valued at tens of billions of yuan.

Note:

Chinese unicorn enterprises refer to: (1) enterprises registered in China with legal person status; (2) established no more than ten years ago (founded in 2006 or later); (3) having received private equity investment and not yet listed; (4) valued at over USD 1 billion (based on the valuation at the time of their last round of financing). The current list was compiled by aggregating data on candidate companies through self-declaration by enterprises, recommendations from investment institutions, public data collection, and data support from VCBeat, ultimately selecting 131 unicorn enterprises that meet the criteria.