Digital companies witness rapid growth amid pandemic

Shanghai-based digital firms, covering healthcare, delivery and the finance sectors haven posted rapid revenue growth thanks to booming online service demand and city-level support for the digital economy transformation.

Some firms are closely linked to the fight against pandemic, such as online family doctor and e-commerce services for COVID-19 rapid antigen self-test kits.

HK-listed Ping An Healthcare and Technology Company, posted revenue of 7.3 billion yuan (US$1.14 billion) in 2021.

The company, also known as Ping An Good Doctor, has over 38 million paid users and a a conversion rate of paying users of 24.8 percent, with a strategy called HMO or "health maintenance organizations."

During the pandemic, the company has offered online family doctor memberships and other medical services.

It's also an authorized e-commerce platform for the new rapid antigen self-test kits.

The company will continue to offer users with "easier, faster and more affordable services" and expand its services to business clients, said chairman and CEO Fang Weihao.

JD-backed Dada, an on-demand delivery and retail platform, posted 2021 revenue of 6.9 billion yuan -- 78 percent growth year on year.

The Nasdaq-listed company said it will this year "empower the digital transformation of the real economy, while serving consumers with everything on-demand."

It expects to deliver rapid antigen self-test kits to Shanghai users within one hour or even "several minutes."

Since 2020, Shanghai has set up a city strategy to boost the digital economy, improve people's daily lives and support innovation, covering 10 sectors such as the healthcare, finance, exhibition and industrial sectors.

In 2021, 20 Shanghai firms ranked in the Top 100 Chinese Internet firms.

New York-listed FinVolution, an online finance platform headquartered in the Pudong New Area, reported revenue growth of 25.2 percent to hit 9.47 billion yuan in 2021. The full-year transaction volume set record high 137.4 billion with a growth of 111.1 percent.

"Our operations aimed at empowering small business owners also maintained their steady growth momentum," said Zhang Feng, CEO of FinVolution.