Eine chinesische CEO aus Peking wird die Glocke schlagen!

Recently, the IPO of Easyshealth Group has been filed with the China Securities Regulatory Commission, paving the way for its listing in Hong Kong.

The company may sound unfamiliar at first, but its former business, Qingsongchou, is probably more well - known. "My family member suddenly got seriously ill, and we can't afford the high medical expenses. Please help us, kind - hearted people..." Over the past decade or so, such plea messages have frequently flooded WeChat Moments, becoming an outlet for countless families to seek hope in desperate situations.

Headquartered in Beijing, the company's founder, Yang Yin, once worked at IDG Inc. In 2014, seeing the opportunity in the wave of mobile Internet, she turned to entrepreneurship. Until last year, Easyshealth Group chose to spin off businesses such as Qingsongchou. Now, Yang Yin has finally led the company to the door of IPO.

From Qingsongchou to Easyshealth, She Leads the Company to IPO

Yang Yin graduated from Beijing Information Technology Institute in her early years. According to the prospectus, she once worked at the China branch of IBM and then joined IDG Inc. in 2002 (the company was later acquired by IDG Capital Partners in 2017), and her last position was vice - president.

Yang Yin, Founder, Chairperson, Executive Director and CEO of Easyshealth

The turning point came in 2014 when crowdfunding became a hot trend in Internet entrepreneurship. She invested in Qingsongchou as an angel investor. At that time, her idea was very simple: to gather small amounts of money to achieve big dreams through the power of technology and the Internet. Soon, Yang Yin resigned from her position at IDG and joined Qingsongchou as the CEO, officially embarking on the entrepreneurial journey.

Based on the WeChat and mobile - based model, the company attracted a group of early adopters in its early days, mostly around projects such as smart hardware and agricultural products. Until the end of that year, there was a rescue project on Qingsongchou called "Save the Entrepreneurial Engineer" - a seriously ill engineer's plea was widely spread, and the target funds were raised within just a few days.

"Let every family have the courage and strength to cope." Subsequently, Yang Yin adjusted the company's direction, focusing the business on fundraising for serious illnesses, applying strong social relationships to fundraising for serious illnesses, and providing efficient, transparent and convenient fundraising channels for those in need.

Although the direction was found, it was still unknown whether the path could be successful. At that time, Alipay and WeChat Pay were not yet widely popularized, and relevant laws and regulations also needed to be improved.

"There are always difficulties, but there are always more solutions than difficulties." Yang Yin once publicly recalled the various difficulties she encountered at that time, saying that every difficulty overcome was an opportunity. In 2016, the Charity Law of the People's Republic of China was officially implemented, and Qingsongchou was selected by the Ministry of Civil Affairs as one of the first batch of Internet fundraising information platforms for charitable organizations.

Today, Qingsongchou has helped millions of families with serious illnesses raise donations, and the business has gradually expanded to insurance business and comprehensive health services. The company has also changed its name to "Easyshealth Group".

However, during the sprint for the Hong Kong stock IPO, the company underwent a business adjustment. In 2024, Easyshealth Group spun off and divested the online disease fundraising service "Qingsongchou" and the business and entities of Duo'er Hospital.

After many twists and turns, the former investor Yang Yin is about to reap her first IPO.

What Supports an IPO?

According to the prospectus, Easyshealth Group positions itself as a one - stop platform, focusing on providing digital comprehensive health services and health insurance solutions. Specifically, health services include providing screening, popular science, medical appointment services and health products, while insurance services enable users to obtain various health insurance products provided by insurance companies.

In terms of revenue, Easyshealth Group's revenues in 2022, 2023, 2024 and the first half of 2025 were 394 million yuan, 490 million yuan, 945 million yuan and 656 million yuan respectively; the adjusted net profits were 149 million yuan, 146 million yuan, 84.4 million yuan and 51.2 million yuan respectively.

Financial report of Easyshealth Group

Easyshealth Group said that the insurance service was first launched in December 2016 and contributed most of the revenue during the performance record period. In each period of the reporting period, the revenue of this business accounted for 81.5%, 66.7%, 34%, 41.6% and 22.9% of Easyshealth Group's total revenue respectively. Meanwhile, the revenue proportion of health services has increased, rising from 15.2% in 2022 to 65.3% in 2024.

To date, Easyshealth Group has 170 million registered users, 86 pharmaceutical partners, and has provided a total of 294 insurance products from 58 insurance company partners.

The prospectus reveals that Easyshealth Group has completed eight rounds of financing, with a cumulative amount of approximately 126 million US dollars. Behind it are IDG Capital, Sunshine Insurance, DT Capital, Doshion Ventures, Tencent and other investors.

Before the IPO, the company's founder Yang Yin holds 23.93% of the shares through a holding company, making her the single largest shareholder. She is expected to become another female CEO standing on the bell - ringing stage this year.

The Past of an Internet Fad

For a long time, Yang Yin has been associated with Qingsongchou in the public's mind. After all, it was once a phenomenon - level project on the Internet.

Back in 2014, the mobile Internet was just emerging. A number of domestic websites imitating the US crowdfunding platform Kickstarter sprang up, focusing on smart hardware and creative projects. But after the boom subsided, those projects had disappeared, while Qingsongchou, which took a different path, survived.

The model was very simple, almost just the most primitive social fission: post a plea link, and relatives and friends would forward it, and kindness would snowball. Compared with traditional rescue models, it was more human - oriented, faster and more efficient.

Later, Shuidichou entered the market. Its founder, Shen Peng, was once the "tenth employee" of Meituan and was well - versed in Internet strategies. He led a ground - promotion team into major hospitals across the country to help patients initiate fundraising on a one - to - one basis. With its fast speed and wide coverage, Shuidichou was very aggressive.

At that time, Shuidichou had raised a total of more than 4 billion yuan in financing, with a long list of investors behind it. In 2021, Shuidi Inc. was successfully listed. The prospectus at that time showed that the Shuidichou platform had raised more than 37 billion yuan in total, helped more than 1.7 million patients with serious illnesses, and received more than 340 million donations.

However, behind the glory, the controversy has not stopped.

As the traffic growth slowed down and competition became more intense, there were frequent irregularities in the industry. CCTV News once reported that problems such as fake patients, fake links for fundraising fraud, professional fundraising promoters and commission - taking in fundraising occurred frequently. Now, the supervision has been gradually improved. Regulations such as the Administrative Measures for Personal Assistance Network Service Platforms clearly require platforms to be responsible for the authenticity of plea information, and funds must be managed by special accounts and be subject to supervision. At the end of last year, Shuidichou, Qingsongchou and Nuanxin Huimin were included in the list of personal assistance network service platforms designated by the Ministry of Civil Affairs.

For the platforms, the challenge lies in balancing public welfare and profitability. Although this crowdfunding has effectively relieved the urgent needs of millions of families, enterprises ultimately need to make profits. Therefore, both Qingsongchou and Shuidichou have turned to insurance and health management, shifting from "putting out the fire after the fact" to "prevention in advance".

Technology has magnified kindness, but it has also turned kindness into a business. However, as Yang Yin once said: "I hope you'll never need Qingsongchou in your life, but if you do, the whole world will be here to help you."

This article is from the WeChat official account "Investment World", author: Wang Lu. It is published by 36Kr with authorization.