Ma Baolin and His Clinic Dream File IPO Prospectus

The interview began. Before even taking a seat, Mr. Ma Baolin remarked with emotion, “To secure this license, I deployed four people working around the clock, and it took us ten months to finally obtain it.” The “license” he referred to is the Medical Institution Practice License, which healthcare professionals aspiring to start their own independent practices long for. “In Beijing, my case was considered fast,” said Mr. Ma, visibly pleased.

In fact, I was somewhat surprised when I saw Ma Baolin in person. His short and slender frame, coupled with the graying hair at his temples, differed slightly from the youthful and handsome upper-body photos circulating online. This discrepancy inevitably evoked reflections on how swiftly time passes and offered a subtle glimpse into the hardships behind his entrepreneurial journey.

Who is Ma Baolin? He is a direct disciple of Professor Hu Dayi, a renowned domestic expert in cardiovascular disease. Born into a family of traditional Chinese medicine (TCM) practitioners and holding a Master’s degree in Western medicine, he previously served as a cardiologist at Beijing Chaoyang Hospital and Beijing Tongren Hospital. His latest entrepreneurial venture is the establishment of “Xingshantang,” a TCM specialty clinic focused on heart diseases. It is worth celebrating that the successful acquisition of the necessary license has fulfilled his 20-year-long dream of opening this clinic, finally bringing it to fruition.

 (Second from the left, Hu Dayi;First from the right: Ma Baolin)

Xingshantang's Exclusive Secret Formula

In the seven-year medical program’s textbook on Western internal medicine, two to three pages are explicitly devoted to cardiac neurosis, also known as cardioneurosis. Its symptoms are diverse, and there is generally no evidence of organic heart disease; that is, it is difficult to detect using modern instruments and Western medical methods, so diagnosis can only be made by exclusion.

Ma Baolin’s Xingshan Tang specializes in treating this type of “headache-inducing” condition that leaves major hospitals at a loss. Typically, these patients present with atypical electrocardiogram (ECG) findings, normal cardiac CT scans, and unremarkable coronary angiography results, yet they suffer from significant discomfort, including chest tightness, shortness of breath, palpitations, chest pain, dizziness, insomnia, abdominal bloating, and fear—in short, profound distress. When major hospitals encounter such challenging cases, they often proceed directly with established treatment protocols for coronary heart disease (CHD). If no improvement is observed after one week and angiographic results remain normal, these patients are typically discharged with a conclusion of “no disease identified.” Therefore, conditions that clinically resemble CHD or angina but are excluded through diagnostic workup as not being true CHD are often diagnosed as cardiac neurosis.

In fact, among the more than 10,000 daily outpatient visits at Anzhen and Fuwai Hospitals, 15%–20% of patients suffer from the aforementioned conditions. This translates to an estimated 2,000–3,000 potential new cases per day. It is not only cardiac neurosis that falls within the scope of treatment at Xingshantang; frequent premature beats, including atrial and ventricular premature contractions—which remain challenging to manage even in major hospitals and in developed Western medical systems such as those in the United States and Japan—are also treated there.

Paroxysmal supraventricular tachycardia is primarily treated with surgery in major hospitals, achieving a success rate of over 97%. However, despite the high success rate, if third-degree atrioventricular block occurs as a complication, the patient will require a pacemaker for life. Furthermore, while radiofrequency ablation is used in Western medicine to treat atrial fibrillation, it suffers from low success rates and high recurrence rates. The current international statistical standard considers it normal if each recurrence episode within 24 hours post-ablation lasts no longer than 5 minutes. However, this perspective is not shared by the general public; if patients experience daily episodes lasting 3 to 5 minutes each, it is undoubtedly unbearable. Additionally, for some patients with coronary artery stenosis of only 50%–60%, which does not meet the international criterion of 75% stenosis required for stent implantation, Xingshantang employs its “exclusive techniques” to achieve successful treatment.

Ma Baolin said, “The hallmark of our treatment is its remarkable efficacy in managing conditions that are either untreatable or lack effective solutions at major hospitals, particularly when patients are suffering severely.”

Xingshan Tang’s Proprietary Protocol, summarized in one sentence: the “Three-Character Formula for Heart Rescue,” which represents three therapeutic approaches—biological blockade of cardiac sympathetic ganglia, eight major herbal decoctions, and heart-nourishing tea. The “Three-Character Formula for Heart Rescue” is the result of years of research by Ma Baolin and a multidisciplinary team comprising Western cardiologists, traditional Chinese medicine (TCM) specialists, neurologists, and other researchers. It integrates the essence of TCM with modern medical theory, combining TCM meridian concepts with Western neurological principles, and constitutes an exclusive, innovative core technology that has been extensively validated in clinical practice.

Since the human heart is influenced and innervated by the sympathetic nervous system, which forms sympathetic ganglia along its pathway from the brain through the back to the thoracic vertebrae, biological blockade therapy also involves needle puncture through the back muscles to reach the vicinity of the cardiac sympathetic ganglia. Meanwhile, a specially formulated magnetic biological medium is placed; this medium, situated near the sympathetic ganglia, can modulate the microenvironment and alter small molecules, thereby affecting signal transmission in the nerves innervating the heart and regulating dysregulated sympathetic activity.

The Eight Major Herbal Decoction Formulas: According to Ma Baolin, these were previously referred to as the “Eight Secret Formulas.” However, due to regulations under the new Advertising Law prohibiting terms such as “secret formula,” the name was changed to the more transparent term “Herbal Decoction Formula.” A herbal decoction formula refers to a prescription of traditional Chinese medicine (TCM). While staying true to its core principles, standardized eight major therapeutic methods are adapted based on each patient’s specific condition, allowing for personalized formulations and targeted treatment.

Yangxin Tea refers to a medicinal herbal tea primarily used for rehabilitative therapy and preventing disease recurrence; it can be brewed for daily consumption or cooked into congee.

Xingshantang’s distinguishing feature is its use of proprietary medical techniques to treat diseases, with a focus on therapeutic efficacy. Techniques and medications are merely tools for treatment; therefore, the clinic does not rely on drug sales for its livelihood. In the public eye, however, the “most valuable” aspect of Traditional Chinese Medicine (TCM) is often perceived to be the final herbal prescription. A seven-day course of TCM decoctions can easily cost over one thousand yuan, representing a significant financial burden for ordinary citizens. Some TCM clinics or even hospitals primarily operate as drug vendors. When such medication costs are reimbursable under medical insurance, prescribing expensive, large-volume formulas has become commonplace—an indisputable reality in the current landscape.

However, a managing director at Xingshantang told VCBeat that the clinic champions “Jingfang” (classical formulas)—in layman’s terms, time-tested and effective small prescriptions. These typically contain no more than 10 herbal ingredients, with each ingredient usually not exceeding 10 grams. The true artistry lies in how these ingredients are strategically combined and assigned their respective roles as sovereign, minister, assistant, and envoy herbs. As a result, although Xingshantang sources its premium, high-cost herbal decoction pieces from well-known domestic suppliers, strict control over prescription practices keeps the cost per dose generally below RMB 40–50. Focusing on healing rather than selling medicines is another distinctive feature of Xingshantang.



Consistently Refusing Patients

On the stark white walls of Xingshan Tang, numerous red silk banners with gold lettering are visible. In addition to those displayed, many more exist but remain hung up due to lack of space; some have only been photographed as mementos. Inscribed on one wall is the mission statement of Xingshan Tang: 1. Serve patients above all else. 2. The ultimate measure of success is curing the disease. 3. No deception. 4. Specialize exclusively in heart conditions. 5. Set a benchmark for the modernization of Traditional Chinese Medicine.

The phrase “no BS,” a somewhat tongue-in-cheek expression, was thus openly displayed for all to see. According to Ma Baolin, the most steadfast principle he has consistently upheld is straightforward: treat only when confident in the outcome; refrain from treatment when uncertain. Moreover, he insists, “No matter what you say, I won’t treat you if I’m not confident.”

So how has Xingshan Tang consistently refused patients?

Case 1 Patient: Hello, I have seborrheic alopecia. I would like to switch to dietary therapy but am unsure how to proceed. Where do you hold your consultations?
Ma: I'm sorry, we do not treat this condition. We specialize in cardiac neurosis, arrhythmias, and other disorders, with rapid therapeutic effects.
Case 2 Patient: A two-year-old girl walks on her tiptoes (and so on...). May I ask if your clinic specializes in this area?
Ma: I'm not good at this.
Case 3 Patient: Hello, is there any way to make small female breasts larger again?
Ma: I haven’t tried it. In theory, Traditional Chinese Medicine might be feasible for younger individuals, but I have no intention of trying it.
Case 4 ......
Ma: Sorry, it cannot be treated.
Case 5......
Ma: In that case, we will not proceed with treatment.

In the following scenes, Ma Baolin is repeatedly seen stubbornly refusing patients who come to her for consultation: “I’m sorry, I cannot treat this condition,” “I’m sorry, this is outside my area of expertise,” or “This condition is beyond my treatment capabilities.” In short, she unhesitatingly turns away any patient whose condition is unrelated to heart disease or involves severe cardiac pathology, often directly referring them to major hospitals such as Beijing Anzhen Hospital and Fuwai Hospital for surgical intervention.

Initially, many patients failed to understand. For instance, a patient from Xian County, Cangzhou, was adamant about receiving treatment at Xingshan Tang. Ma Baolin took the time to speak with him personally, explaining why treatment was not advisable. First, the patient had already spent money without achieving a cure, so he naturally harbored resentment. Second, the clinic’s physicians would feel uneasy about failing to meet the patient’s expectations. Therefore, taking on such cases was not feasible. Another patient from Tianjin suffered from highly complex arrhythmias, including sinus tachycardia, paroxysmal supraventricular tachycardia, premature ventricular contractions, and paroxysmal atrial fibrillation—a completely disordered rhythm. In this case, Ma Baolin directly recommended that the patient seek care from his senior fellow apprentice, Ma Changsheng.

“In fact, the patients we turned down later became very grateful to us. They understood that we would treat them if we could, and refrain from treatment if we could not. Eventually, they came to realize that in a society lacking integrity, we were truly invaluable, thus establishing trust between doctors and patients.” As Ma Baolin stated, the aforementioned patient from Tianjin subsequently referred several friends and relatives to Xingshantang for medical treatment.

Patients acquired through word-of-mouth referrals currently account for 60% of the total patient volume at Xingshan Tang. Other sources include referrals from physicians at Anzhen and Fuwai Hospitals, introductions by Ma Baolin’s fellow apprentices and classmates, online marketing, and chance encounters. The highest record for patient-driven referrals is six consecutive waves, passed along like a relay baton from one group to the next.

Ma Baolin stated that the strict screening of patients is essential to absolutely guarantee therapeutic efficacy. There are only two ways to ensure such efficacy: one is to strive for research, and the other is to implement rigorous patient selection. In any case, the clinic’s reputation must not be compromised. As an old Chinese saying goes, “Good news never goes beyond the gate, while bad news spreads far and wide.” Satisfied patients will refer several new patients, but those who are dissatisfied due to unsuccessful treatment will inevitably spread negative word-of-mouth to a wider audience.

My Academic Journey in Western Medicine

Ma Baolin, born into a family of traditional Chinese medicine (TCM) practitioners in Cangzhou, Hebei Province, was immersed in the field from childhood and studied TCM under his grandparents. He completed his undergraduate studies at Hebei Medical University, worked for three years after graduation, and then pursued graduate studies at Capital Medical University, where he specialized in cardiology under the mentorship of Professor Hu. After working at the Heart Center of Beijing Chaoyang Hospital, he moved to Beijing Tongren Hospital. Later, in 2009, he founded Yixin Hengtong Company, which specialized in academic promotion. In preparation for establishing Xingshan Tang, he began planning during the Spring Festival of 2013; ten months later, on March 10, 2014, the clinic officially opened its doors.

Ma Baolin believed that although he already possessed considerable proficiency in Traditional Chinese Medicine (TCM), relying solely on these TCM skills was insufficient to become a top-tier expert in the medical field. While learning TCM might be adequately achieved through family heritage, guidance from esteemed mentors, and personal insight, mastering Western medicine required exposure to major medical platforms to broaden one’s horizons and enhance professional competence. It was for this reason that he sought to pursue graduate studies under Professor Hu Dayi.

During his freshman year, Ma Baolin established the Acupuncture Association and served as its president. He invited Professor Xie Haoran, a senior expert specializing in the relationship between nerves and meridians and an author of related books, to serve as an advisor. Although many Western medical scholars deny the existence of meridians, it is undeniable that patients often experience immediate relief after a single acupuncture needle insertion, which suggests that meridians are indeed real. Ma Baolin has been dedicated to studying this subject since his university years.

His study of Western medicine further deepened his understanding of diseases, enabling a more thorough and comprehensive grasp of disease mechanisms. To illustrate this, he offered a proficient analogy: “The heart comprises four key components: nerves, muscles, blood vessels, and valves. The myocardium is responsible for contraction and pumping action. Cardiac contraction is initiated by electrical stimulation; this electricity originates from the sympathetic nervous system. After the heart contracts and ejects blood into the systemic circulation, the valves prevent backflow.”

Therefore, the cardiac sympathetic nerves issue the commands, myocardial contraction prepares for subsequent action, and the heart valves act as a supervisory force, preventing any backward flow. The coronary arteries, affected in coronary heart disease, supply blood to the heart itself, serving as the supply train and logistical support. The heart consists of just these few components; pain is perceived by nerves, which transmit pain sensations. This is essentially knowledge from Western medicine. Thus, I have long internalized these theoretical frameworks of Western medicine.”

This is an original piece by Ma Baolin. The ability to present obscure and complex medical concepts in such a vivid and accessible manner presupposes a thorough mastery of the subject matter. It is safe to assume that this explanation has been reiterated countless times to numerous patients in daily practice; only through such repeated refinement can patients truly understand, thereby facilitating smooth doctor-patient communication.

After completing his undergraduate degree and accumulating three years of work experience, Ma Baolin decided to pursue graduate studies. He clearly remembers the re-examination conducted by Professor Hu on April 20, 1998. “Professor Hu, will you accept me?” he asked. “Yes!” Professor Hu replied without hesitation.

Relieved, Ma Baolin returned to his hometown. However, he did not remain idle; during the three-month wait before enrollment, he fulfilled a long-cherished promise by opening his dream clinic.

Ma Baolin recalled that when the clinic first opened, not a single patient came during the first seven days. On the eighth day, one patient arrived and experienced immediate improvement. On the ninth day, that patient’s maternal grandmother and maternal uncle came for treatment. By the tenth day, an entire busload of people from his grandmother’s village—rural women sitting on small folding stools and packed into a Foton agricultural truck—came in groups to seek care at his clinic. From then on, the clinic was bustling with patients every day, attracting even those from as far away as Tianjin who had heard of its effectiveness. Ma Baolin remarked that in those days, word-of-mouth spread particularly quickly in rural areas.

After running his clinic for a period, Ma Baolin returned to Beijing to pursue his graduate studies. University graduates in those early days acquired genuine, practical skills, and Ma’s master’s training under Professor Hu was no exception—it was packed with substantial, high-value content. At that time, he would frequently get up at night to perform surgeries, often handling around ten procedures during the day. Over several years, this intensive practice honed his surgical skills to a high level of proficiency. Professor Hu trained his students like special forces operatives, subjecting them to rigorous daily drills and demanding intense workloads: performing surgeries throughout the night and still reporting for regular duties during the day. Ma Baolin stated that it was precisely because he studied under Professor Hu that he gained exposure to a large volume of complex cases, had opportunities to attend international academic conferences, and engaged in daily literature review. He completed his three-year program through such relentless and dedicated study.

When speaking of his mentor, Ma Baolin was filled with gratitude. “In the past, Professor Hu provided me with academic guidance; now, he continuously supports me in my professional work. He often praises me and has referred many patients to me. Fortunately, the treatment outcomes have been quite good, which has helped enhance my reputation. Professor Hu not only commends me to my face but also consistently speaks highly of me behind my back and in various settings. Many of my senior fellow students under our mentor have achieved great success—many serve as hospital directors or department heads, and a significant number have long been recognized as nationally renowned experts. I may not amount to much in comparison, but I have never engaged in any misconduct and have always stayed true to my own path. Perhaps this is why Professor Hu holds me in such high regard.”

Ranked in the Pharmaceutical Industry

Before opening his clinic, Ma Baolin accomplished another remarkable feat that remains memorable in the pharmaceutical industry: he founded Yixin Hengtong Management Consulting Company, which provides academic services to domestic pharmaceutical enterprises. Many listed companies, including North China Pharmaceutical Group, Sinopharm Group, Staidson Biopharma, Yisheng Pharmaceutical, and Asia Pharmaceutical, have been clients of Yixin Hengtong.

It was this experience that cemented Ma Baolin’s position as an academic powerhouse in China’s pharmaceutical industry. In addition to his role as a physician, Ma is widely recognized as China’s most senior expert in specialized academic promotion, brand marketing, and management consulting, earning him the title of “Godfather of Specialized Academic Promotion.” In 2009, he pioneered a model for specialized academic promotion, with disease research serving as its foundational component. This approach involves conducting comprehensive analyses of all domestic and international clinical guidelines, controversial discussions, and research findings related to a specific disease, thereby distilling the core and most valuable advantages of corresponding pharmaceutical products for amplified promotion.

Ma Baolin stated that the conceptual framework for academic promotion is universally applicable: identify the core issue, highlight key points, and focus efforts on breakthroughs. This approach also helped him establish his lifelong goal of developing a cardiology specialty clinic.

He analyzed that, first and foremost, specializing in a particular field has long been his dream, so he should firmly choose a specialty over general practice. Choosing cardiology, from a macro perspective: the patient base is large, and the market is abundant; cardiovascular disease is the leading cause of death, with rapid market growth; high technical barriers to treatment result in less competition; thus, the macro trend is favorable. From a micro perspective: both doctors and patients have unmet needs; coupled with his personal interest, access to high-quality resources, and outstanding capabilities, these factors make choosing cardiology as his specialty the wisest decision.

The Revolutionary Long March

In fact, the clinic eagerly opened its doors the very next day after obtaining the “Medical Institution Practicing License.” He had waited far too long for this dream.

Similar to the circumstances when the clinic was first established in our hometown, Xingshantang also underwent a gradual process of building its patient base from scratch, growing from none to few, and then to many. Initially, only one patient would visit every couple of days; later, one or two patients came daily; and eventually, the number rose to four or five per day. This steady increase in patient volume has continued without any advertising, maintaining a trend of stable growth in foot traffic.

Ma Baolin views entrepreneurship as a revolution, akin to undertaking the Long March. Although arduous, those who endure emerge as the refined essence of the world, tempered through countless trials.

Starting Xingshantang from scratch also gave him a taste of what an unforgettable Long March truly is. After opening, the clinic faced shortages of staff, funding, and patients. Although it had secured its operating license, it still awaited environmental compliance review, with dozens of administrative procedures incomplete and numerous official seals yet to be affixed—making the process incomparably more complex than establishing a company.

Indeed, the beginning is always the hardest. A myriad of trivial and frustrating matters converged, leaving him barely able to breathe. At that time, he was busy with recruitment, scheduling interviews with five candidates a day. Before he could finalize those discussions, news broke that the new Advertising Law had been promulgated, requiring him to urgently find time to review, check, and revise any sensitive wording that might violate the regulations. To make matters worse, at this critical juncture, the clinic’s long-serving senior pharmacist—a trusted confidant who had been with him for many years—suddenly submitted his resignation. This forced him to scramble for a replacement. In short, misfortunes never come singly; all these bittersweet hardships were dumped on Ma Baolin, awaiting his resolution. Moreover, he recalled that even minor issues, such as the clinic’s roof leaking during rainstorms and the wooden floors becoming waterlogged and overly “down-to-earth,” required his personal attention and hands-on management.

These grueling trivialities cannot be resolved by anyone else; one must rely solely on oneself. While money can make the mare go, it is ineffective in such matters. Could one simply spend RMB 2 million to acquire a ready-made team? Where would one even find such a team? Even RMB 20 million would be of no use. Ma Baolin stated that these issues can only be gradually streamlined. Building a team depends on serendipity, requires greater effort, intensified training, and gradual expansion and strengthening.

The long and arduous journey came to a pause this June. Ma Baolin has resolved numerous operational challenges, steering the clinic onto a stable track. The patient base continues to grow, with an accelerating rate of new patient acquisition, and everything is gradually improving. As the first clinic under Xingshantang, it is located in Wanxiang Xintian Jiayuan on Chaoyang North Road in Beijing—a relatively upscale residential community that is, in fact, situated close to the airport.

The location was chosen to make it convenient for out-of-town patients to fly directly to Beijing for treatment at Xingshantang Clinic. While it may not be unusual for patients from other regions to fly to Anzhen Hospital or Fuwai Hospital, aside from leveraging the reputation of these major hospitals, it is unclear whether Ma Baolin foresaw that Xingshantang Clinic would one day attract patients willing to travel long distances by air specifically for medical care.

“We now have patients from all across China, including Xinjiang. Even during the recent snowy days, patient volume remained steady; however, it actually decreased during periods of heavy smog,” he said with a smile. Looking ahead, he plans to open five to six more hospitals nationwide, pursuing a group-based development model rather than a chain-store approach.

In fact, many people, including his friends in the investment community, have asked him why he does not establish a chain of clinics. Ma Baolin offered a brief explanation: companies that operate chains share a common characteristic—single-store profitability has a ceiling, and the service radius of each store is limited. For instance, with chain supermarkets and dental clinics proliferating everywhere, consumers tend to choose the nearest location. Consequently, a new outlet must be opened every few kilometers; otherwise, profitability quickly reaches saturation. In contrast, cardiac specialty clinics involve complex technical pathways and high barriers to entry, meaning they cannot be established by just anyone. With patients even flying in from other regions for treatment, there is no necessity to create a chain. Moreover, clinics provide services rather than selling standardized products, resulting in high management costs for chained operations. Therefore, it will suffice to open five or six larger clinics, or perhaps small-scale hospitals, in the future.

“Another purpose of launching chain operations is to hoodwink investors; it sounds imaginative, but my approach is different,” Ma Baolin said meaningfully. “Our generation doesn’t engage in empty boasting; we must consider practical progress. The major pharmaceutical entrepreneurs in my circle, with annual sales reaching billions, also frown upon the societal trend of hollow hype. What’s the point of constant bragging if you can’t deliver? Opening five or six hospitals in my lifetime would constitute a successful career and a fulfilling life. My goal is to open the second hospital in Beijing next year. With the groundwork laid, the third and fourth may open simultaneously. It’s heartbreaking to see many young people in the current mobile health sector running around and pitching to clients for investment based on clearly unviable ideas.”

Master the Situation, Control the Pace

After the Long March concluded, Ma Baolin sent a text message to the pharmaceutical company executive who had invested in his clinic the previous year: “This year’s Long March is complete, and the situation is improving steadily.” The financing was secured last year under one condition: the investor would remain hands-off, as Ma Baolin did not want anyone interfering in the clinic’s operations. He met with the investor only three times. During their first meeting, the investor spent 40 minutes at the clinic to understand its operations. For the second meeting, Ma Baolin brought his son, who was under three years old, and chatted with the investor at a café. The third meeting involved a simple lunch costing 50 yuan, after which the funds were transferred immediately. The formal contract was signed several months later.

He felt fairly satisfied with this round of financing. Since he had sent that text message to the boss, nearly seven or eight months had passed without any contact between them, and the boss never intervened or inquired about the clinic’s operations. In fact, Ma Baolin’s prominence and strong reputation within the pharmaceutical industry played a significant role in securing the financing.

“When will the next round of financing take place?” Ma Baolin had a clear idea in mind, but everything needed to proceed strictly according to schedule. For instance, before the end of the year, she must first publish the manuscripts already completed, then establish the mobile healthcare framework. Only after these tasks were finished would she consider raising funds the following year to acquire a poorly managed hospital and open a second Xingshantang clinic.

For now, the mobile health framework primarily refers to mobile apps. However, given the rapid pace of internet technology development, it is uncertain whether apps will remain the dominant platform in the next two to three years, as smartphones have limited capacity for installing numerous applications. Therefore, Ma Baolin is currently dedicating significant effort each day to determining how to structure the app module, integrate it with WeChat, and define its functional capabilities. To this end, he engages in continuous learning to stay abreast of the latest trends in the mobile health sector. Once he has thoroughly refined his strategy, he can delegate the implementation to software developers. Thus, mobile health serves merely as a future tool for Xingshantang, empowering its offline stores with enhanced capabilities.

“Looking back, I’ve never done anything I regret. Everything has unfolded step by step according to my prior plans. You see others frequently changing course, but I have remained consistent because I anticipated potential changes in advance,” said Ma Baolin. Over the years, he has identified a pattern: many things tend to occur two to three months later than he originally expected.

Opening a clinic is one example; it took two months longer than he had estimated to obtain the license. Currently, the publication of his book is also delayed by two months compared to his initial plan, as it was scheduled for release after the Chinese New Year. This book is part of a series of popular science readings forthcoming under the Chinese Medical Association’s 12th Five-Year Plan research projects, with Ma Baolin responsible for writing the subset on traditional Chinese medicine treatments for heart disease. In fact, he completed the manuscript early, submitting it as the second contributor, and has since proofread it several times. He stated that he could not wait until after the New Year for publication and instead plans to release it earlier to build its influence.

He spent three months in seclusion at the Xiangshan Hotel, devoting himself entirely to writing this book in one continuous stretch. In fact, it was not just this book; during his tenure managing Yixin Hengtong, Ma Baolin released five major works in quick succession: The True Art of Managing Professional Academic Promotion for Prescription Drugs, Making Fans Taste Like Shark’s Fin: Secrets Behind Professional Academic Promotion, You’ve Got to Know a Bit About Professionalism!, Ma Baolin’s Perspectives, and This Doctor Is Quitting. After a total of 300,000 copies of these bestsellers flooded the market, his reputation soared overnight, etching the name “Ma Baolin” deeply into the minds of pharmaceutical industry leaders. Notably, The True Art of Managing, hailed as the “Red Bible,” became an essential handbook for every executive at the director level and above in pharmaceutical companies.

Ma Baolin is an avid learner and a passionate author, striving to thoroughly comprehend matters to the best of his ability. In addition to researching both Traditional Chinese Medicine (TCM) and Western medicine, he has a deep appreciation for poetry and calligraphy with a brush. He has practiced martial arts and Qigong, and even delved into esoteric disciplines such as the I Ching (Book of Changes), the Eight Trigrams, and Qi Men Dun Jia. He notes that calligraphy emphasizes strength penetrating the back of the paper; a remarkably soft brush can produce characters with the vigor and precision of steel engravings. This is because mastering calligraphy first requires cultivating Qi, much like acupuncture, which also emphasizes Qi cultivation. Therefore, behind these seemingly miraculous phenomena lie the results of years of ascetic practice—true mastery achieved through diligent effort.

During the interview, perhaps due to his chain-smoking and fondness for strong Pu'er tea, Teacher Ma would frequently experience a dry throat and cough. Interestingly, his cough was deep, powerful, and resonant, exuding a strength that seemed incongruous with his frail physique. This may well serve as compelling evidence of his decades-long practice of Qigong.

For the next round of financing, Ma Baolin estimated that he would meet with investors after the Chinese New Year, once two major tasks—publishing his new book and establishing the mobile healthcare framework—were completed before the holiday. Although many people were eager to meet with him, he was in no hurry. While capital support was certainly necessary, the company had already passed the critical tipping point, and its growth would accelerate increasingly rapidly. Delaying fundraising by just three months could potentially double the valuation.

“It’s just like developing a pharmaceutical product. Sales milestones of RMB 30 million, RMB 80 million, and RMB 300 million are all critical thresholds; crossing each one opens up an entirely new landscape. The key issue now is that even if we had the capital, we couldn’t effectively deploy it. When you’re still stuck in a quagmire, gold may be lying right there on the road, but you simply can’t reach it. If someone throws gold to you, you’ll only sink deeper—and faster. Now that the Long March is over and we’ve emerged from the quagmire, we still need to travel light and pick up the pace for a while.” Therefore, he said that what needs to be done at present is to keep our heads down and focus on execution, endure the most lonely and isolating period, enhance our own appeal and competitiveness, and then takeoff will inevitably be just around the corner.

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