Huiyi Online, the 'Tmall of Healthcare', Joins Tencent's 'Double Hundred Plan' and Submits IPO Prospectus

Beijing Huiyi Online Technology Co., Ltd. is a medical internet information service enterprise. Its flagship product, the Huiyi Online APP, is committed to building a “Tmall” for healthcare, focusing on B2C video consultation services. Positioned as a third-party internet healthcare platform, it primarily provides internet platform services to hospitals.

September 2 News: Hejia Shares announced in its public filing that it would “waive its preemptive subscription rights to the capital increase of its associate subsidiary, Beijing Huiyi Online Technology Co., Ltd.” Meanwhile, it was announced that Huiyi Online has secured RMB 20 million in Series A financing from Zheyin Capital, with the company’s current valuation standing at RMB 200 million.

December 19 News: Hejia Shares Issued the "Announcement on Waiving the Preemptive Subscription Right for Capital Increase in Its Associate Subsidiary, Beijing Huiyi Online Technology Co., Ltd." Its associate subsidiary, Huiyi Online, plans to increase its registered capital by RMB 680,000, with Shenzhen Tencent Entrepreneurship Base Development Co., Ltd. (hereinafter referred to as "Tencent Entrepreneurship") subscribing to the increase. Tencent Entrepreneurship will contribute RMB 4 million, of which RMB 3.32 million will be recorded as capital reserve of Huiyi Online. Upon completion of the capital increase, Hejia Shares' shareholding ratio in Huiyi Online will decrease from the original 18% to 17.64%.

Changes in Huiyi Online's Share Capital

Tencent’s “Double Hundred Plan” is a venture capital and investment platform under Tencent Open Platform, committing 10 billion units of traffic resources to support 100 companies with valuations exceeding RMB 100 million. To date, the total valuation of companies incubated under Tencent’s “Double Hundred Plan” has reached RMB 50 billion, with more than 40 companies achieving valuations over RMB 100 million. Huiyi Online’s inclusion in Tencent’s “Double Hundred Plan” represents a significant step in aggregating high-quality social capital and resources.

Currently, there are numerous online consultation products in the internet healthcare sector. For consumers, the primary advantages of online consultations are convenience and affordability. A survey conducted by the Chinese Medical Doctor Association reveals that among urban residents experiencing physical discomfort, only 4.8% seek medical attention at hospitals, while over 90% do not, with complex procedures being the main deterrent. Internet healthcare companies have capitalized on patients’ strong demand for convenient medical services by leveraging the internet to connect users with physicians. Given the vast market potential, both internet and healthcare giants are actively expanding their presence in this space. However, Huiyi Online has adopted a distinct approach to facilitating medical consultations.

Earlier this year, we reported on Huiyi Online. He Yi, the CEO, told VCBeat that a common situation in hospitals across China is the lack of internet-based doctor-patient interactions. Moving tasks that can be completed via the internet to online platforms will be a necessary step for every hospital in the future. Many light-consultation companies currently on the market have already demonstrated the feasibility of doctors providing patients with simple consultation services through the internet. Huiyi Online also entered the market through medical consultations, but its entry point was hospitals rather than individual doctors. This approach allows doctors to increase their income within the existing system while enabling hospitals to retain high-quality medical talent. It is a distinctive path that achieves mutual benefits for doctors, patients, and hospitals. Currently,Huiyi Online has signed contracts with 315 hospitals, launched services in 184 hospitals, and accumulated 98,000 registered users on its app.

In January 2016, it was exposed online that the Hemophilia Bar had been sold off, leading to rampant fraud and subsequent reports by netizens. Later, it was further revealed that Baidu had sold 40% of its popular disease-related Bars. Although Baidu subsequently issued an official statement announcing a complete cessation of commercial partnerships for all disease-category Bars, the ensuing uproar has drawn widespread public attention. The adverse impact of this incident is unlikely to be mitigated in the short term. Huiyi Online aims to establish trustworthy community forums to address the current plight of rampant fraud and poor credibility of internet-based medical information.Unlike commercialized medical Tieba forums, Huiyi Online’s “Conscience Tieba” is positioned as a trustworthy medical social platform offering the most comprehensive hospital information and the widest coverage of disease categories across China. The term “Conscience” reflects Huiyi Online Tieba’s commitment to becoming the most reliable interactive platform for medical information in the eyes of patients.

Basic Architecture of the Huiyi Online App

Due to the generally low traffic and user engagement of medical apps, Huiyi Online aims to boost popularity through its Tieba (forum) and live-streaming features, while also filling the gap in patient-to-patient interaction within its product offerings, thereby driving traffic to its video consultation services. Currently, the Tieba feature is divided into three main sections: "Shared Struggles," "Hospital Guides," and "Venting Space." The content primarily includes in-hospital department navigation, disease encyclopedias, patient complaints, and interactions among patients with the same conditions. At present, the platform relies mainly on Occupationally Generated Content (OGC) and Professionally Generated Content (PGC), with the goal of gradually transitioning to user-generated content through operational efforts, ultimately fostering a non-profit, non-commercial, and ethically driven community.

Huiyi Online CEO He Yi stated, “We are not merely an app; rather, we are a system that truly integrates internet-based tools with medical informatics solutions. We aim to incorporate more functionalities within hospitals to support clinicians’ decision-making, including 3D visualization and digital pathology. For the user side, we strive to enhance product architecture, streamline workflows, and improve user experience.” Huiyi Online is scheduled to launch its first-generation artificial intelligence product by the end of December 2016, primarily providing auxiliary services for physicians in imaging diagnosis.

In addition to AI technology, Huiyi Online launched its cross-border healthcare services in June. However, both cross-border healthcare and AI are extensions built around video consultations, with the core focus remaining on connecting patients with medical professionals for diagnosis and treatment. Moving forward, Huiyi Online will further refine its operational system, aiming to achieve break-even by 2017.