Miao Health Files for IPO: Pioneering a B2B2C Digital Health Management Platform in China

In the field of internet healthcare, the opportunity to build large-scale platforms is nearly nonexistent. In various segments such as appointment registration, online consultations, physician social networking, and pharmaceutical e-commerce, platform companies like WeDoctor Group, Chunyu Doctor, DXY, and Tmall Pharmacy have already established themselves, and the market landscape for internet healthcare platforms has taken initial shape. However, in the broader realm of internet-based general health and wellness, platform-level companies are just getting started, with Miao Health being one of them.

Miao Health CEO Kong Fei introduced that Miao Health has two major highlights: First, innovation in its business model. By targeting enterprise clients such as insurance companies, health examination centers, and banks, Miao Health provides mobile internet products to help these enterprises retain their users and thereby acquire more users. This constitutes Miao Health’s B2B2C model. Second, Miao Health establishes a closed-loop management system for daily health. It leverages smart hardware or wearable devices to collect users’ health data and delivers tailored health management services accordingly.

The core feature of customized health management services is that Miao Health can provide a gamified behavioral management plan tailored to the specific health conditions of different users. By employing game-like task mechanisms and reward systems, it encourages users to actively participate in interactions, thereby fostering healthy lifestyle habits. These interactive mechanisms are individually configured for each user to maximize alignment with their daily routines, thus optimizing user “stickiness.”



Miao Health was established in March last year. After being incubated within Sanpower Group for about a year, it was spun off as an independent company this July, with the group stepping into the background. Within six months, the Miao Health app has rapidly accumulated 3 million users.

Two Major Channels for Rapid User Acquisition

It is worth mentioning Miao Health’s parent company, Sanpower Group, which owns a vast array of resources including banks, hospitals, and health examination centers. As a result, Miao Health enjoys inherent advantages in expanding its B2B market, with its initial user base derived from the resource accumulation of its parent company. Nevertheless, the majority of clients still need to be developed by Miao Health itself.

Miao Health has established a business development (BD) team of over a dozen members, targeting small and medium-sized health checkup institutions and insurance companies as its potential clients.

Kong Fei told VCBeat that large insurance and health checkup providers, such as Ping An Insurance and iKang Healthcare Group, have begun to lay out their internet healthcare-related businesses, establish their own health management systems, and simultaneously accomplish a certain degree of market education. “The strategies of industry giants have a certain demonstration effect; small and medium-sized health checkup institutions and insurance companies have also come to realize the importance of customer health management.”

Miao Health provides services to insurance companies and health checkup institutions in two forms: one is service integration, and the other is custom-developing health management apps and undertaking their operation.

There are few platforms offering similar services to small and medium-sized health checkup institutions and insurance companies, which presents an opportunity for Miao Health.

Another major user base for Miao Health comes from offline physical stores. Here, it is necessary to mention Miao Health’s parent company, Sanpower Group.

Sanpower Group’s Leye Communications retail network covers 230 cities across 26 provinces in China, with more than 2,000 physical stores, approximately 15,000 promotional staff, and nearly 20 million registered members. Through its partnership with Leye Communications, Miao Health has expanded its user acquisition channels via Leye’s offline presence, while Leye has strengthened its mobile internet value-added services through Miao Health.

Kong Fei analyzed that prices at current mobile phone chain stores are now synchronized with online platforms. Products such as blood pressure monitors, glucometers, and children’s smartwatches—accessories related to mobile phones—have also begun to be sold in these physical retail chains. As a result, brick-and-mortar mobile phone stores possess a large base of potential customers with demands for health management services.

Miao Health bundles certain health management services with mobile phone plans and hardware purchases. For instance, customers who buy phones at chain retail stores and pay a specified amount in call charges may receive complimentary “health” benefits, such as appointment registration services, physician consultation services, and insurance services. “Many companies reimburse their employees’ mobile phone bills, so these users tend to maintain a certain level of engagement,” said Kong Fei.

Bundling health management services with the sale of hardware products is one of Miao Health’s current revenue models. Users can opt for a monthly subscription, with revenue shared between Miao Health and mobile carriers, or they can make a one-time purchase of the relevant products and services.

Currently, the Miao Health team comprises 70 members, 17 of whom belong to the Medical and Health Department, including nutritionists, psychological counselors, and chronic disease specialists. As planned, experts within Miao Health’s Medical and Health Department will be structured into three tiers: an Expert Advisory Group, a Physician Group, and a Physician Assistant Group. “Basic medical and health-related Q&A will be directly matched through intelligent algorithms based on big data; expert resources will primarily focus on building a medical knowledge base to provide answers to more complex questions.”

Before joining Miao Health, Kong Fei had been working in the gaming industry, witnessing its rapid growth over the past decade. His move into mobile health was driven by his desire to position himself at the forefront of a new emerging trend, aiming to establish Miao Health as a gateway for health management.

Compared with gaming, the healthcare sector is more serious and professional. In Kong Fei’s view, the current mobile health industry is akin to the gaming industry a decade ago, with substantial room for growth and a relatively high tolerance for error. “We learn and grow through mistakes, but the pace must not slow down.”