Tencent-backed WeDoctor said to consider listing a spin off on new China tech board

WeDoctor, an online health care start-up backed by Tencent, is in talks with financial regulators about listing a spin-off unit on a soon-to-debut technology board, according to a person familiar with the matter.

The Hangzhou-based company, known for introducing China’s first internet-based hospital, is likely to list at least part of its cloud services arm in Shanghai, the person said, asking not to be named because the discussions are private.

WeDoctor has two main businesses, in health management and cloud services. The latter is understood to eventually target a mainland offering due to data sensitivity. A company spokesman declined to comment when reached by text and phone.

Founded in 2010, WeDoctor is among a dozen of health care technology providers that have sprouted in recent years to tackle the problem of overstretched and underfunded hospitals in the world’s most populous country, where patients are known to have to pay large amounts of money to middlemen to secure appointments with renowned specialists.

WeDoctor was last valued at US$5.5 billion in May in a funding round led by Hong Kong-listed insurer AIA Group and NWS Holdings. Its other investors include Tencent, Sequoia Capital and Goldman Sachs.