WeDoctor proceeds with Hong Kong IPO $1 billion plans

Tencent-backed WeDoctor will proceed with a Hong Kong listing and invite pitches from investment banks to lead an IPO valuing the Chinese healthcare platform at up to $10 billion.

Founded in 2010, Hangzhou-based Company, WeDoctor offers its online appointment booking, prescription, and diagnosis services and has nearly 210 million registered users mainly in China. Also, the healthcare platform is linked to about 3,200 hospitals and 360,000 doctors.

The healthcare company, which is backed by Tencent Holdings Ltd and Goldman Sachs, looks to raise funds to $1 billion in the IPO.

According to sources, WeDoctor has invited investment banks in Hong Kong and mainland China to a ‘beauty parade’, which will be held via video conferencing and in person at the company’s offices for bankers located in China.

The company’s new chief financial officer John Cai, who is set to join from WeDoctor shareholder and strategic partner AIA where he was chief executive, will take part in the discussions from Hong Kong with bankers in the city.

The planned float is likely to take place in the second half of the year, which will include its core business - online healthcare services. It is considering whether to exclude some units such as cloud-services from the IPO.