Alibaba is entering the Chinese online health insurance industry through its affilitate Ali Health
Alibaba Health Information Technology, which is Alibaba’s subsidiary listed in Hong Kong, is entering the Chinese online medical insurance industry through its new joint project. On April 21, 2016, Ali Health announced in a filing to the Hong Kong Stock Exchange that it would sign a joint venture contract with six other organizations, ranging from pharmaceutical makers and insurers in China.
The Chinese online retailer’s medical subsidiary also said government of China hopes the commercial medical insurance claims would contribute to a larger part of the total health spending of the country by 2020. The affiliate presently provides enforcement information, recall and product tracking services to different authorities with its Piats operation.
In 2015, the company decided to shift the operations of its electronic pharmacy organization to Ali Health from its business-to-consumer market for a sum of $2.5 billion of newly issued convertible bonds and issued shares.
The agreement was cancelled after the subsidiary was unable to obtain the needed regulatory permission last week of the last month. Alibaba, which announced its net loss worth $12.89 million in 2015, hasn’t given a renewed application for the planned takeover.
Alibaba is owner of South China Morning Post, whose new head Jack Ma, has committed that he will not intervene in the publication’s editorial decisions, in an apparent effort to address concerns regarding the independence of the paper under his organization.
Critics have raised questions regarding the intentions of the web retailer for the newspaper, speculating it might be an effort to purchase influence or toe the government of China’s line in the semi-autonomous former British colony that enjoys freedom of press.
While being interviewed by SCMP, Jack Ma told he had a feeling that there was "all sorts of misunderstandings" in the global world’s perception of the state. He added that media didn’t draw an entire picture.
"The paper's China coverage should be objective, reasonable and impartial," he said. "We should let our readers see China from more angles and perspectives." The company finalized its $266 million takeover of the publication, which was announced in December.
"I have neither the experience nor desire to interfere with the newsroom operation. I will not take part in the editorial decision-making," Jack said, keeping my right to contribute as a reader.
Following the acquisition announcement, executive vice chairman of Alibaba wrote to readers of SCMP in a letter that the significance and economic rise of China "is too important for there to be a singular thesis."
Last month, a survey showed that residents of the Chinese special administrative region and journalists believe that the conditions of freed of press in HK for a second consecutive deteriorated in the last year, apparently reflecting general uneasiness in the region regarding the control by the Chinese government.
Jack, talking to the publication, stated the newspaper must be "objective, reasonable and impartial" and shouldn’t report with prejudice or preconceptions.
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