Exclusive | Tencent-backed WeDoctor revives Hong Kong IPO plan, sources say
Healthcare platform plans to submit IPO application by end-December and complete fundraising of as much as US$500 million by June
Tencent Holdings-backed WeDoctor has revived its plan for a Hong Kong stock listing with the aim of submitting its application by the end of December, hoping to raise US$400 million to US$500 million by June, according to sources familiar with the matter.
Rumours in January 2023 suggested that the company would revive its IPO plan, but it never materialised.
Founded in 2010 by Jerry Liao and his team, WeDoctor operates across several business segments, including healthcare, insurance and pharmaceuticals. It plans to spin off its healthcare and technology divisions. Some of the pre-IPO investors include HongShan Capital Group, AIA, Hermitage Capital and CICCFH Investment Management.
WeDoctor said in its prospectus in 2021 that it would use most of the proceeds to expand and launch more products in mainland China. The rest would be allocated for research and development, potential investments, acquisitions or strategic alliances.