Chinese eye doctor chain launches in Tennessee – China’s latest business and technology news

Business & Technology

A summary of the top news in Chinese business and technology for June 9, 2017. Part of the daily SupChina news roundup "Islamic State claims to have killed two Chinese teachers."

FILE PHOTO: Bitcoin (virtual currency) coins are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. REUTERS/Benoit Tessier/File Photo - RTX2YBYD

Aier Eye Hospital, a company based in Changsha, Hunan Province, invested $50 million into a U.S. subsidiary late last year, which will be based in Nashville, Tennessee. Aier established a foothold in the U.S. by acquiring Wang Vision Institute, the best known provider of LASIK surgery in Music City, which counts country music star Dolly Parton as a patient. Aier is listed on the Shenzhen stock exchange and has facilities in 170 locations in China, as well as in Spain, France, Italy, and Austria. According to Forbes, the company is “known for its network of eye hospitals in secondary cities and rural areas, establishing facilities in areas with scanty or inadequate healthcare.”

Wang Ming 王明, the founder of Wang Vision Institute, has become the CEO of Aier’s American company, and told Forbes that its business in China had been built because about 50 percent of its patients paid for elective surgery rather than use insurance. He added that “there is a healthcare trend in the U.S. shifting to patients paying more in private care. Aier’s strategy fits with this general trend toward more cash payment.” As it did in China, Aier plans to open in underserved areas where hospitals are closing, starting in rural Tennessee. Wang says that Aier’s economies of scale mean that its services will be available at affordable prices.

  • How U.S. businesses should interpret and influence China’s new cybersecurity law / China-U.S. Focus
    Oxford don, scholar of Chinese media law, and occasional Sinica Podcast guest Rogier Creemers says foreign companies will have to “position their own potential contribution” to China’s development plans and political strategies, and “directly engage with Chinese regulators in ways that aren’t necessarily their chosen worldwide policy, but that do reflect what they can get away with on the Chinese market.” Translation: expect tough times and unusual compromises if you want to do tech business in China.
  • Who’s buying, selling and stealing your personal data in China? / SCMP
    According to an “analysis of 67 court cases related to personal data theft between 2010 and 2016,” leaked data sold in China tends to come from “delivery services, online shops, real estate management companies and education organizations,” and is sold to property agents, companies that produce healthcare products, and brokers of insurance and financial services.
    On June 8, we noted that police had arrested 22 people accused of selling Chinese citizens’ personal data. TechNode reported that 20 of them were “employees at Apple’s local direct-sales and outsourcing companies,” who accessed and took advantage of Apple’s internal system to steal iPhone users’ phone numbers, names, and Apple IDs.
  • Red Bull owner locks horns over drink’s future in China / Financial Times (paywall)
    “The Bangkok-based Yoovidhya family is battling Chanchai Ruayrungruang, also known as Yan Bin 严彬, over the rights to make and distribute Red Bull in China as tensions emerged following the expiry last year of a 20-year licensing agreement.”
  • Shenzhen Metro to become biggest China Vanke shareholder as Evergrande cashes out / SCMP
    Guangdong real estate giant Evergrande will sell its 14.07 percent stake in Vanke, another real estate developer, for about 29.2 billion yuan ($4.3 billion) to the operator of Shenzhen’s metro train system.
  • China is building the world’s fastest amphibious fighting vehicle / Popular Science
    “The North China Institute of Vehicle Research has built a 4X4 armored fighting vehicle (AFV) that can reach a top speed of 31 miles per hour when traveling in calm waters.”