Chunyu International Files IPO Prospectus: Aiming to Be the 'Ctrip' of Cross-border Healthcare

Although cross-border healthcare is a nascent phenomenon in China that has only emerged over the past two years, it has already demonstrated highly compelling market growth trends. According to data released by SRI International (formerly Stanford Research Institute), the global health and medical tourism industry was valued at approximately $438.6 billion in 2013, accounting for about 14% of the overall global tourism economy, indicating that the global market has begun to take shape. Statistical data show that in 2014 alone, the number of Chinese medical tourists visiting South Korea reached 200,000, and the market size of China’s cross-border medical tourism is projected to exceed $10 billion annually in the future. As a cross-border healthcare platform, Spring Rain International Healthcare (hereinafter referred to as “Spring Rain International”) is committed to integrating the highest-quality cross-border medical resources both domestically and internationally.

The cross-border healthcare market is becoming increasingly vibrant, reflecting people’s strong demand for high-quality medical resources. Advanced medical technologies and tangible treatment outcomes are the fundamental attractions of cross-border healthcare. In January 2014, the Annual Report released by the National Office for Cancer Prevention and Control Research under the National Cancer Center stated that the five-year survival rate for cancer patients in China was approximately 25%. According to U.S. statistical data, the five-year survival rate for cancer patients from 2003 to 2009 reached 68%. However, issues such as non-standardized intermediary agencies, high thresholds for overseas diagnosis and treatment, expensive intermediate costs, and cumbersome procedures have become significant obstacles for patients seeking medical care abroad.

Xiong Juan stated, “Cross-border healthcare was previously considered a premium consumer service. At Spring Rain International, our goal is to enable more people to access high-quality international medical resources. We are continuously integrating global healthcare resources and building a cross-border healthcare service platform through our PC and mobile products. As long as the services provided meet Spring Rain’s standards, we welcome all cross-border healthcare institutions, including those from China, to join our platform.”



Chunyu International has secured RMB 15 million in Series A funding from Chunfeng Venture Capital. As one of the inaugural portfolio companies of Chunfeng Venture Capital, which is an investment arm under Chunyu Doctor, Chunyu International naturally leverages the physician and user resources available on the Chunyu Doctor platform. “The Chunyu Doctor APP will open up its API to Chunyu International, directing user traffic to its services,” introduced Xiong Juan. “Chunyu Doctor, which specializes in a lightweight consultation model, currently boasts over 80 million registered users and more than 300,000 registered physicians.”

Xiong Juan told VCBeat that the funds raised in the Series A round are primarily being used for the company’s operations. The Series B funding round will be launched in October. On one hand, the company is seeking professional translation talent to support its business operations. On the other hand, Chunyu International has established a branch office in Shanghai and plans to set up branches in other cities in the near future.



Unlike Chunyu Doctor’s lightweight consultation service, Chunyu International’s consultation service is based on the premise that patients have already obtained preliminary diagnostic results from consultations within China. Concerns such as whether a misdiagnosis has occurred, how the condition is treated abroad, and the associated costs are all addressed through the Chunyu International platform.



To mitigate potential risks associated with cross-border healthcare, Spring Rain International employs a combination of legal and insurance measures. Currently, second medical opinions provided during the cross-border healthcare process are underwritten by insurance institutions. Abroad, physicians are protected by medical malpractice liability insurance when delivering such services. Furthermore, Spring Rain International emphasizes that the second medical opinions it provides constitute professional medical advice regarding patient diagnosis, rather than definitive diagnostic conclusions. This distinction serves to legally mitigate risk.

Furthermore, Xiong Juan stated, “The hospitals and institutions with which we currently collaborate overseas are all legally permitted to serve foreign patients under local regulations. For instance, our medical examination centers and clinical departments in Japan have international divisions equipped with extensive expertise in handling international medical cases. This serves as an additional safeguard, and we will make every effort to minimize the risk of adverse events.”

Currently, Chunyu International has established partnerships with more than 30 hospitals and over 2,000 physicians across seven countries—including Thailand, South Korea, Singapore, Japan, Australia, Germany, and the United States—as well as two regions, Hong Kong and Taiwan. All partner hospitals are either authorized by their respective national foreign affairs departments or accredited by Joint Commission International (JCI), and all physicians hold valid medical practice licenses issued by their respective countries or regions.

Xiong Juan stated that Chunyu International may consider integrating with certain Ctrip API interfaces in the future, allowing users to independently select their outbound flight tickets and hotel accommodations, while Chunyu International would provide only medical-related services. “For instance, if a user wishes to arrange a health checkup for their parents in Japan, we might simply provide information on available checkup centers in Japan, including their geographic locations, and assist the user with appointment scheduling. On the day of the medical visit, we would arrange transportation to pick up the user and take them to the hospital, provide a medical interpreter, and offer professional translation of the user’s medical records. In addition, Chunyu International will engage a domestically based associate chief physician to interpret the user’s examination results. If the user has a short stay in Japan and is unable to receive an explanation from the Japanese physician, they can still have their results interpreted by Chunyu International’s physicians after returning to China.”





At the press conference, Chunyu International launched a premium health screening package for gastrointestinal disorders in South Korea, priced at RMB 1,000. This product is offered in collaboration with South Korean hospitals affiliated with the country’s top-tier medical groups and equipped with the most advanced facilities. In addition to standard full-body check-ups, the package places particular emphasis on screening for digestive system diseases. Furthermore, Chunyu International introduced other offerings, including early cancer screening services in Japan, specialized cardiac examination packages in Singapore, and individual health check-up products under the “Jian Ai Yi Sheng” brand in Hong Kong.

“Eighty percent of Chunyu International’s products are priced below RMB 50,000,” said Xiong Juan. “Moreover, in addition to facilitating outbound medical travel, we provide one year of complimentary private physician services upon patients’ return to China. We are currently in negotiations with top-tier overseas medical institutions to introduce their management systems into Chunyu International Clinics, thereby establishing a truly closed-loop cross-border healthcare service.”

Xiong Juan told VCBeat that aggregating cross-border medical services is merely the first step in Spring Rain International’s strategic roadmap. The current objective is to effectively consolidate cross-border medical resources to serve China’s middle class and build a user base. The second step involves introducing outstanding foreign physicians to China, thereby sparing Chinese patients the financial burden and inconvenience of traveling abroad in search of superior medical care. Additionally, as Spring Rain Mobile Health already has a network of hundreds of thousands of physicians, it can also engage foreign experts to provide training for these domestic doctors.