On Friday, Xianghubao, a mutual aid health-care platform under Ant Group, announced its latest mutual aid list 10 days after it announced a closure notice. The list includes 3,875 members who will receive a total of 560 million yuan in mutual aid funding borne by the platform.
Earlier, Xianghubao said it would cease operations from January 18, 2022 and existing members would no longer be able to bear claims settlement costs through the platform. The funds deducted on Tuesday and the subsequent two rounds throughout the month of January 2022 will all be borne by Xianghubao. Meanwhile, the platform is suggesting members to choose a new security scheme according to their own needs.
According to Xianghubao, the company has raised 26 billion mutual aid in funds in the three years since its launch, helping nearly 180,000 members. However, with the increase of registered sick users, the platform has to raise the amount shared by all users to balance their expenses.
In 2021, due to stricter regulatory policies, great changes have taken place in the mutual assistance industry. Nine platforms under internet giants, such as Meituan and Waterdrop Inc., have been shut down leaving many registrants in limbo.