Caixin
Dec 29, 2021 04:09 AM
FINANCE

China’s Largest Health-Care Mutual Aid Platform to Shut Down

Xiang Hu Bao provided members as much as $42,000 to cover medical bills for critical illness including Covid-19 for as little as $4 a year.
Xiang Hu Bao provided members as much as $42,000 to cover medical bills for critical illness including Covid-19 for as little as $4 a year.

Ant Group Co. said it will shutter its “mutual aid” health-care platform Xiang Hu Bao following the closure of rival platforms run by other internet giants including Meituan and Waterdrop Inc. amid China’s tightened regulations for online insurance.

Xiang Hu Bao, a dominant player in the emerging sector, will cease operations starting Jan. 29, the company said Tuesday in a statement.

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