Founded in 2017, Cowell Health is a subsidiary of private equity giant Hillhouse Capital Management. Its core business is a network of pharmacies, where Hillhouse has invested more than $1 billion to acquire more than 60 pharmacy operators with over 10,000 stores. As of the end of 2018 it was reported to be generating over Rmb26.6 billion in revenues. The following year internet giant Tencent invested $500 million, giving the healthcare business a valuation of about $2.5 billion. It is reported that Cowell Health has been profitable since 2019.

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