Jiuyi160 Secures RMB 56.5 Million in Series C1 Funding at a Valuation of RMB 1.5 Billion

Luo Ningzheng, CEO of 9160.com

China’s online healthcare service platform JiuYi160 (Ningyuan Technology Co., Ltd., stock code: 834750) announced that it had completed a C1-round private placement of approximately RMB 56.5 million on November 18, reaching a valuation of RMB 1.5 billion. This round of financing was jointly provided by Shenzhen Qifu Jiarong Investment Management Partnership, Huzhou Yashang Investment Partnership, and Shenzhen Jiacheng Futong Fund Management Partnership. The funds have now been fully disbursed.

Previously, JiuYi160 had completed multiple rounds of financing. In 2012, it received RMB 5 million in angel investment from Qifu Capital. In May 2014, it secured RMB 25 million in Series A funding from Qifu Capital, Beijing Apritou, and other investors. In May 2015, it raised RMB 130 million in Series B financing through joint investment by Cornerstone Capital and Guangxin Capital. Five months after the Series B round, JiuYi160 announced the launch of a new round of financing.

Luo Ningzheng, CEO of JiuYi160, recently stated that the platform has integrated with more than 3,000 large hospitals across China, covering over 200 cities. It currently boasts 470,000 affiliated physicians, serves more than one million users daily, and has delivered 250 million online medical consultations to patients nationwide. The number of real-name registered users has surpassed 100 million. He further indicated that, while focusing on its core business, the company has fully implemented cost accounting and refined management. JiuYi160 is expected to reach break-even this year and achieve profitability next year.

According to Ningyuan Technology’s announcement on the National Equities Exchange and Quotations (NEEQ) system, as of October 20, 2016, Juyi 160 had issued 1,943,593 RMB-denominated ordinary shares to relevant investors at an issue price of RMB 29.07 per share, raising a total of RMB 56,500,248.51, which was deposited into Ningyuan Technology’s Ping An Bank account on October 20, 2016.

In the private placement, Qifu Jiarong Investment Management Partnership subscribed for 825,593 shares, accounting for 1.5419% of the company’s total share capital after the issuance; Huzhou Yashang Investment Partnership subscribed for 688,000 shares, accounting for 1.2849% of the company’s total share capital after the issuance; Shenzhen Jiacheng Futong Fund Management Partnership subscribed for 430,000 shares, accounting for 0.8031% of the company’s total share capital after the issuance.

The proceeds from this private placement will be used to supplement Jiuyi 160’s working capital and to support resource expansion, technological R&D, service upgrades, team operations, and resource integration. These initiatives aim to strengthen the company’s core competitiveness, leverage technology and resources as key drivers, actively respond to market competition, and accelerate corporate development.

Some industry insiders believe that, despite the current capital winter and the financing difficulties faced by startups, the broad development prospects of the internet healthcare industry and the pragmatic efforts made by companies over the years have led investment institutions to continue to hold WeDoctor 160 in high regard and favor it.