# Yuanxin Technology Group (圆心科技集团) (Yuanxin Yiyao)
Yuanxin Technology Group (Beijing Yuanxin Technology Group Co., Ltd., 圆心科技集团) is a Chinese internet healthcare and prescription-drug retail group founded in Beijing in 2015 by He Tao, and known for the [Miaoshou Doctor](https://www.edgepedia.org/miaoshou-doctor) teleconsultation platform, the Yuanxin Pharmacy chain, the Yuanxin Huibao insurance-services arm, and Yuanxin Medical Technology [1](https://www.vcbeathealth.com/article/41904).
| Key facts | Detail |
|---|---|
| Founded | 2015, Beijing, by He Tao [1](https://www.vcbeathealth.com/article/41904) |
| Sector | Internet healthcare, prescription-drug retail, and delivery, health insurance services [2](https://www.yicaiglobal.com/news/chinese-healthtech-platform-yuanxin-raises-usd232-million-from-sequoia-others) |
| Brands | Miaoshou Doctor, Yuanxin Pharmacy, Yuanxin Huibao, Yuanxin Medical Technology [1](https://www.vcbeathealth.com/article/41904) |
| Series F round | Over RMB 1.5 billion (~USD 232 million), August 3, 2021 [1](https://www.vcbeathealth.com/article/41904) • [2](https://www.yicaiglobal.com/news/chinese-healthtech-platform-yuanxin-raises-usd232-million-from-sequoia-others) |
| Notable investors | Tencent, Sequoia Capital China, Qiming Venture Partners, Orbimed, CITIC Securities, ZhenFund [3](https://news.futunn.com/en/post/14771482/ipo-express-yuanxin-technology-went-public-in-hong-kong-with) • [1](https://www.vcbeathealth.com/article/41904) |
| Market position | China's largest integrated medical delivery platform focused on prescription drugs by 2020 revenue, per Frost & Sullivan [3](https://news.futunn.com/en/post/14771482/ipo-express-yuanxin-technology-went-public-in-hong-kong-with) |
| Status | Went public in Hong Kong, with Tencent, Sequoia Capital, and Qiming Venture Capital as shareholders [3](https://news.futunn.com/en/post/14771482/ipo-express-yuanxin-technology-went-public-in-hong-kong-with) |
## History and founding
He Tao founded the company in 2015 around a simple thesis: pharmacies must be located as close to patients, and therefore to hospitals, as possible, so that outpatient prescriptions can be captured as they leave the hospital [4](https://www.vcbeathealth.com/article/41350). The group's business portfolio bridges doctors, pharmaceutical companies, insurers, hospitals, and patients [1](https://www.vcbeathealth.com/article/41904).
Regulatory positioning came early. In August 2017, Yuanxin became one of the first internet healthcare companies in China to obtain an "internet hospital licence", issued by the Yinchuan Municipal Government [4](https://www.vcbeathealth.com/article/41350). The insurance arm, Beijing Yuanxin Huibao Insurance Services & Technology Co., Ltd., was founded in 2019 as part of the group's "Medicine-Pharmacy-Insurance" integrated strategy [5](https://www.yuanxinhuibao.com/en/about/index.html).
## Products and services
The group's four business lines divide the patient journey. Miaoshou Doctor is the consumer-facing app where patients book teleconsultations, purchase prescription medicines, and buy health insurance policies [6](https://globalventuring.com/corporate/investors-prescribe-232m-to-yuanxin/). Yuanxin Pharmacy is the physical retail network, concentrated near hospitals in 30 provinces [3](https://news.futunn.com/en/post/14771482/ipo-express-yuanxin-technology-went-public-in-hong-kong-with). Yuanxin Huibao provides insurance services, and Yuanxin Medical Technology supplies services to the industry side [1](https://www.vcbeathealth.com/article/41904).
The retail business is overwhelmingly a prescription-drug business: approximately 83% of pharmacy sales come from prescription drugs, most of which are not covered by China's national medical insurance scheme [4](https://www.vcbeathealth.com/article/41350).
## Funding and investors
The company raised through successive private rounds before filing to go public [6](https://globalventuring.com/corporate/investors-prescribe-232m-to-yuanxin/):
- **Series C (2018):** USD 79.5 million, led by Tencent's fund.
- **Series C+ (2019):** USD 73 million, led by Starquest Capital.
- **Series C3 (mid-2019):** undisclosed size, at a USD 1 billion valuation, with Starquest Capital participating.
- **Series D1 (June 2020):** USD 84.5 million, led by [Qiming Venture Partners](https://www.edgepedia.org/qiming-venture-partners).
- **Series E (February 2021):** USD 466 million, co-led by Tencent and Sequoia China, with Qiming Venture Partners, Citic Securities, and CICC Capital.
- **Series F (August 3, 2021):** over RMB 1.5 billion, about USD 232.1 million, invested by HongShan China Fund, Springhill, B Capital Group, Hel Ved, Orbimed, UOB, E Fund, ABI Capital, BOCI, ZhenFund, CITIC Securities, Kunling Capital, Future Qichuang, and Index Capital, with Index Capital as exclusive financial advisor [1](https://www.vcbeathealth.com/article/41904) • [2](https://www.yicaiglobal.com/news/chinese-healthtech-platform-yuanxin-raises-usd232-million-from-sequoia-others).
Stated plans for the Series F proceeds were to expand the out-of-hospital patient service network, build digital hospital infrastructure, and develop commercial health insurance products across multiple disease categories [1](https://www.vcbeathealth.com/article/41904).
## Business and traction
The prospectus figures reported at IPO filing time show where the money comes from. In 2020, comprehensive out-of-hospital patient services generated RMB 3.5371 billion of revenue at a 7.6% gross margin; supply-side enablement services brought in RMB 37 million at 28.1%; and innovative healthcare services brought in RMB 884 million at a 72.1% gross margin [4](https://www.vcbeathealth.com/article/41350). Out-of-hospital patient services accounted for 97.9%, 97.5%, and 94.6% of total income in 2019, 2020, and 2021 respectively, while innovative medical and health services grew from 1.9% to 4.6% of income [3](https://news.futunn.com/en/post/14771482/ipo-express-yuanxin-technology-went-public-in-hong-kong-with).
Scale metrics as of the filing period:
- **Pharmacies:** 251 Miaoshou/Yuanxin-brand pharmacies across 30 provinces and 91 cities as of August 31, 2021, growing to 264 Yuanxin Pharmacy-brand pharmacies as of December 31, 2021 [4](https://www.vcbeathealth.com/article/41350) • [3](https://news.futunn.com/en/post/14771482/ipo-express-yuanxin-technology-went-public-in-hong-kong-with).
- **Users:** Miaoshou Doctor averaged about 41.5 million monthly user visits in the eight months to August 31, 2021 (about 40.2 million for full-year 2021), with roughly 3.2 million paying users as of August 31, 2021 [4](https://www.vcbeathealth.com/article/41350) • [3](https://news.futunn.com/en/post/14771482/ipo-express-yuanxin-technology-went-public-in-hong-kong-with).
- **Medical network:** partnerships with more than 340 hospitals, including over 130 Grade III Class A hospitals, and a physician community exceeding 760,000 users [4](https://www.vcbeathealth.com/article/41350).
- **Insurance:** Yuanxin Huibao served about 70 insurance companies and 7 reinsurers, collaborated on more than 40 insurance products, helped introduce inclusive commercial health insurance in over 60 cities, and had about 2 million policies issued as of August 31, 2021 [4](https://www.vcbeathealth.com/article/41350).
Per Frost & Sullivan, in 2020 the company operated China's largest integrated medical delivery platform focused on prescription drugs by revenue [3](https://news.futunn.com/en/post/14771482/ipo-express-yuanxin-technology-went-public-in-hong-kong-with).
## Status and outcome: the IPO filing and the thin record since
[Yuanxin Technology](https://www.edgepedia.org/yuanxin-technology) went public in Hong Kong, with Tencent, Sequoia Capital, and Qiming Venture Capital among its shareholders [3](https://news.futunn.com/en/post/14771482/ipo-express-yuanxin-technology-went-public-in-hong-kong-with). A single directory profile claims the company generated approximately RMB 9.44 billion in revenue in 2023, largely from retail prescription-drug sales, and completed an initial public offering on the [Hong Kong Stock Exchange](https://www.edgepedia.org/hong-kong-stock-exchange) in April 2024; these claims are unverified, as directory profiles carry no independent corroboration in the available record [7](https://startupintros.com/orgs/beijing-yuan-xin).
## References
1. [Yuanxin Technology Group Secures Over RMB 1.5 Billion in Series F Funding to Accelerate Digital and Full-Cycle Disease Management Solutions](https://www.vcbeathealth.com/article/41904)
2. [Chinese Healthtech Platform Yuanxin Raises USD232 Million From Sequoia, Others](https://www.yicaiglobal.com/news/chinese-healthtech-platform-yuanxin-raises-usd232-million-from-sequoia-others)
3. [IPO Express | Yuanxin Technology went public in Hong Kong, with Tencent, Sequoia Capital and Qiming Venture Capital as shareholders](https://news.futunn.com/en/post/14771482/ipo-express-yuanxin-technology-went-public-in-hong-kong-with)
4. [Yuanxin Technology Files for Hong Kong IPO with Over RMB 3.6 Billion in Annual Revenue, Backed by Top-Tier Investors](https://www.vcbeathealth.com/article/41350)
5. [Leading brand in health insurance services - YuanXinHuiBao](https://www.yuanxinhuibao.com/en/about/index.html)
6. [Investors prescribe $232m to Yuanxin](https://globalventuring.com/corporate/investors-prescribe-232m-to-yuanxin/)
7. [Beijing Yuan Xin: Funding, Team & Investors](https://startupintros.com/orgs/beijing-yuan-xin)
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*Topic: Encyclopedia › Society and history › Economics and business › Business and work › Business and work overview › Companies and corporations › Venture-backed startups and growth companies › Health, biotech, and medtech startups › Pharmacy, PBM, and health insurance companies*
*Initially written Sep 17, 2026 · Reviewed: Sep 18, 2026; Sep 30, 2026 · Edited: Sep 18, 2026; Oct 11, 2026 · Last review: Sep 30, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license