DXY Receives $70M Strategic Investment from Tencent

Ting Ting Group (DXY), a Chinese online healthcare service community, received a US$70m strategic investment from Tencent Holdings Limited (SEHK 00700).

Tencent will acquire a minority equity stake of the company on a fully diluted and as converted basis. In conjunction with the funding, David Feng, vice president of DXY and Richard Peng, vice president of Tencent, will join DXY’s board. Following the close of the deal, the companies will collaborate on a series of initiatives to integrate DXY’s solutions into Weixin and Mobile QQ.

DXY plans to invest the capital to develop healthcare products for doctors, pharmaceutical companies, and consumers. It aims to create products and content to bring doctors and pharmaceutical (medical device) companies together on a single platform that can be accessed through multiple channels and that allows for a more legally compliant and effective way of exchanging ideas and knowledge. Leveraging big data technology, DXY also plans to provide more accurate and higher value human resource solutions to healthcare companies and medical institutions in China.

Established in 2000 by President Stanley Li, the company operates a large online professional community of physicians, medical institutions, healthcare providers, and life science researchers. The platform, which currently has over 4 million registered members in China and other countries, aims to facilitate communication, information sharing, and collaboration among medical professionals within all specialties of clinical medicine, basic medical research, life sciences, and pharmaceutical sciences.

Previously, DXY had raised two rounds of funding from DCM and Shunwei China Internet Fund.

FinSMEs

02/09/2014

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