WeDoctor, $ 6.8 billion valuation, IPO plans

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Ella Jones, Deputy Editor In Chief

Date: 01.03.2021

WeDoctor is planning to file for an initial public offering in Hong Kong as soon as next month after fetching a valuation of $6.8 billion in its latest funding round, according to people familiar with the matter.

The Tencent Holdings Ltd.-backed company raised about $400 million in a pre-IPO round from investors including Sequoia Capital China and Millennium Management LLC at the end of last year, the people said. The company is in the process of hiring joint global coordinators, paving the way for a filing in as early as March, said the people, requesting not to be named because the matter is private.

Jeff Chen rejoined the company as chief strategy officer looking after capital markets and the listing process following a stint at Singapore’s Fullerton Healthcare Corp., they added.

WeDoctor is part of a growing contingent of technology giants trying to transform China’s health-care system. In preparation for the listing, the Hangzhou-based company is splitting its business into two parts, with plans to list its health-care services operations, which include online and on-the-ground consulting, people familiar have said.

WeDoctor operated 16 facilities and 30 online internet hospitals, connecting 7,600 hospitals and 250,000 physicians as of October. It was valued at about $5.5 billion in a 2018 funding round.

by Ella Jones | Linkedin

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