Founded in 2016, Bihuhuzhu (which translates to "Gecko Mutual Aid") was a key player in China's burgeoning online mutual aid sector. The platform operated on a collective risk-sharing model where members contributed small regular fees to a pool of funds. When a member was diagnosed with a specified critical illness, they could receive a one-time payout from this collective pool. While functionally similar to insurance, these platforms operated in a regulatory grey area, allowing them to offer low-cost coverage to millions. However, due to a significant tightening of regulations by Chinese financial authorities targeting the sector's risks, Bihuhuzhu announced its closure in May 2021, following other major platforms like Waterdrop Mutual and Qingsong Huzhu.

Founded in

China