Saudi-backed UK health app Babylon ends deal with Tencent 0 Comments Get daily business news from the region delivered straight to your inbox I agree to the terms and conditions SIGN UP Saudi-backed UK health app Babylon ends deal with Tencent A $550m cash infusion led by Saudi Arabia’s Public Investment Fund in 2019 valued the company at about $2bn February 21, 2021 Babylon Healthcare has pulled back from China, where it had a partnership with Tencent Holdings’s WeChat, after the company “couldn’t come up with a commercially viable model,” CEO Ali Parsa said. “The Chinese government and the Chinese partners insist on them taking most of the shares of any partnerships,” Parsa said in an interview. “I don’t think the balance is right at the moment.”