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Xu Hanhan graduated from the Guanghua School of Management, Peking University, in 2008. She then worked at the VC, China Renaissance Capital Investment, and later became personal assistant to Bytedance founder and CEO Zhang Yiming during the startup's early years. She co-founded Waterdrop in 2016 and is now in charge of Shuidi Chou. She also started another of Waterdrop's platforms, Shuidi Gongyi – meaning Waterdrop Public Health, which helps charitable organizations fundraise as well as report on the usage of the funds received. 

Formerly known as, Hupu is a sports news portal founded by Yang Bing and Cheng Hang at the end of 2003. Its business has expanded to include social networking, e-commerce and sports marketing. In June 2019, Hupu raised RMB1.26 billion in its pre-IPO funding round from ByteDance, TikTok's parent company. Hupu has incubated e-marketplace for trending sports gears Shihuo and sneakers resale platform Poizon. The latter became an independent business as a spin-off from Hupu in 2018. Poizon became a unicorn when its valuation exceeded US$1 billion in April 2019 due to a Series A funding round led by DST Global. 

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