Zhongchao Inc. Announces Strategic Cooperation with Ximalaya

SHANGHAI, May 12, 2023 /PRNewswire/ -- Zhongchao Inc. (NASDAQ: ZCMD) ("Zhongchao" or the "Company"), a platform-based internet technology company offering services for patients with cancer and other major diseases, today announced that Beijing Zhongchao Boya Medical Technology Co., Ltd. ("Boya Medical"), one of the Chinese operating entities of which the Company consolidates the financial results with through certain contractual arrangements, has signed a strategic cooperation agreement with Shanghai Ximalaya Technology Co., Ltd. ("Ximalaya"), a widely popular Chinese online audio sharing platform in China. Over the next three years, both parties will work together towards the common vision of "serving a better life through health communications." The cooperation will focus on health knowledge popularization, disease prevention advocacy, and behavioral intervention, gradually improving public health literacy.

Pursuant to the cooperation agreement, both parties will integrate and leverage their respective strengths to enhance precision communication in health knowledge popularization. By leveraging the convenience, instant updates, and personalized services and features offered by Ximalaya's online subscription platform, users will receive tailored contents based on their preferences. Boya Medical, utilizing its accumulated experiences in medical education, will provide Ximalaya's users with valuable health and medical information, foster public self-care awareness, and enhance users' disease prevention and control capabilities. The collaboration aims to create a healthy, balanced, and vibrant content ecosystem on Ximalaya's platform. In addition, the collaboration will explore diversified cooperation in intellectual property ("IP") incubation of streamers focused on health knowledge popularization, copyright development, media operations, and brand co-creations, in order to maximize IP value, and brand value. Furthermore, both parties will research and develop healthcare and wellness care cooperation projects to support each other's business growth.

Zhongchao anticipates that the cooperation with Ximalaya will improve health care knowledge popularization in China and facilitate communications and knowledge sharing among doctors. The Chinese public is actively seeking health information, and people can search online for health information and online services based on their needs. However, due to variations in public education levels and excessive information provided online, obtaining accurate and valuable health information effectively through new media remains challenging. Such challenges could impair the effectiveness of health communication and lead to disparities in health risk-taking among different groups. Established in 2012, Ximalaya is dedicated to empowering people to share wisdom and embrace a better life via voice. As of the first three quarters of 2022, Ximalaya's average monthly active users across all scenarios reached 282 million (source: Kuaikeji [https://news.mydrivers.com/1/886/886105.htm]).

Weiguang Yang, Chairman and Chief Executive Officer of Zhongchao, commented, "The deep integration of the internet and health services presents vast opportunities and transcends time and space constraints. We are honored to announce the signing of a strategic cooperation agreement with Ximalaya, marking an important step for both parties in advancing 'Internet +' health services. We have been deeply involved in medical education for over a decade and have a professional team dedicated to producing popular healthcare and medical related content. We offer users practical knowledge of cancer, common chronic diseases, rare diseases, and health maintenance, addressing medical and health information popularization needs at various disease stages. Going forward, we will continue to strengthen our collaboration with Ximalaya and explore more cooperation opportunities to further reinforce our commitment to improving public health literacy."

About Zhongchao Inc.

Zhongchao Inc. is an offshore holding company incorporated in the Cayman Islands. It consolidates the financial results of a variable interest entity, Zhongchao Medical Technology (Shanghai) Limited, and its subsidiaries (the "PRC operating entities") through a series of contractual arrangements. Zhongchao Inc. is a platform-based internet technology company offering services to patients with oncology and other major diseases. The PRC operating entities provide online healthcare information, professional training and educational services to healthcare professionals under their "MDMOOC" platform (www.mdmooc.org), offer patient management services in the professional field of tumor and rare diseases through Zhongxin, offer internet healthcare services through Zhixun Internet Hospital, and pharmaceutical services through Xinjiang Medical and operate an online information platform, Sunshine Health Forums, to general public. More information about the Company can be found at its investor relations website at http://izcmd.com.

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the professional training and educational services market in China and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC, the length and severity of the recent coronavirus outbreak, including its impacts across our business and operations.  For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

At the Company: Pei Xu, CFO
Email: xupei@mdmooc.org
Phone: +86 13901629242

Investor Relations: Sherry Zheng 
Weitian Group LLC
Email: shunyu.zheng@weitian-ir.com
Phone: +1 718-213-7386

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SOURCE Zhongchao Inc.