How Ant Group unit's shutdown led to collapse of China's healthcare mutual aid sector

How Ant Group unit's shutdown led to collapse of China's healthcare mutual aid sector

The shutdown of Ant Group’s Xiang Hu Bao, the largest crowdfunded healthcare platform in China, completed the collapse of a booming insurance-like industry just three years after its emergence. The platforms served more than 150 million people at the peak.

Under the online mutual aid programs, participants shared the risk of becoming critically ill and collectively bore related medical expenses. Dominant player Xiang Hu Bao, whose name means “mutual protection,” provided a basic health plan covering 100 types of critical illnesses, including cancer, critical brain injury and heart attack.

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