WeDoctor raises US$500 million in private share sale, valuing company at US$5.5 billion

WeDoctor Holdings, an online health care services provider backed by Tencent Holdings, has completed a US$500 million private share sale, in the second major equity financing deal in China’s nascent “health-tech” sector in three weeks. 

The share sale is “the largest pre-IPO financing ever in China’s technology-based medical and health care sector”, valuing the start-up at US$5.5 billion (HK$43 billion), the Hangzhou-based medical information and online consultation provider said in a statement on Wednesday.   

Medical insurance major AIA Group and tycoon Henry Cheng Kar-shun’s infrastructure conglomerate NWS Holdings are the largest buyers in this round of equity fundraising.

“Following the investment and the agreement of a strategic partnership, AIA will become WeDoctor's preferred provider of life and health insurance solutions,” WeDoctor said. “Both parties are aligned in their intent to provide innovative and high quality offerings that improve the health and well being of people in China and around the Asia-Pacific region.” 

AIA has operations in 18 markets in Asia-Pacific.

China Investment Financial Holdings Fund Management, a unit of sovereign fund manager China Investment Corporation, took part in the latest fundraising by WeDoctor. WeDoctor also counts Fosun International, Goldman Sachs and Hillhouse Capital Group among its investors.