Brink of Bankruptcy

Beijing Remote Horizon Group, a long-distance online-to-offline (O2O) platform in the healthcare sector, is on the brink of bankruptcy five years after its establishment. In April, 2018, it was mired in debt, and over 100 agents from across the country went to the company’s headquarters in Beijing to demand payment. The company, once seeing annual revenues of six billion yuan (US$940m), has to date incurred debts of several billion yuan. Since late 2014, the company was mainly engaged in the financial leasing business and cooperated with small hospitals in China’s second- and third-tier cities. The company’s rapid expansion, poor operation and management, coupled with their weak partners in local hospitals, made it hard for agents to improve their medical services and make a profit.