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Tencent-backed WeDoctor Proceeds with Hong Kong $1 Billion IPO Plans Despite Coronavirus Outbreak

Tencent-backed WeDoctor Proceeds with Hong Kong $1 Billion IPO Plans Despite Coronavirus Outbreak

WeDoctor will continue with a Hong Kong listing and invite pitches from investment banks next week to lead an IPO valuing the Chinese healthcare platform at as much as $10 billion, two sources with knowledge of the matter stated.

Tencent-backed WeDoctor Proceeds with Hong Kong $1 Billion IPO Plans Despite Coronavirus Outbreak

The Hangzhou stationed firm, which is financed by Tencent Holdings and Goldman Sachs, could look to raise as much as $1 billion in the IPO and could be among the many first major Hong Kong listings since the coronavirus epidemic started.

WeDoctor has invited investment banks in Hong Kong and mainland China to a ‘beauty parade’, which shall be held through video conferencing and in-person on the company’s sites for bankers located in China, three sources stated.

The firm’s new CFO, John Cai, who is set to join from WeDoctor shareholder and strategic associate AIA, where he was CEO, will participate in the discussions from Hong Kong with bankers in the city.

Started in 2010 by artificial intelligence (AI) professional Jerry Liao, WeDoctor has over 210 million registered users primarily in China for its online appointment reserving, prescription and diagnosis services. It is also connected to about 3,200 hospitals and 360,000 doctors.

The planned float, which will seemingly happen in H2 2020, will embody its core enterprise – online healthcare services, one source stated. It’s contemplating whether to exclude some units corresponding to cloud-services from the IPO.

The deal will be a sign that Hong Kong’s equity capital markets, which have been impacted by a coronavirus-led downturn, are set to regain some confidence in the second quarter of this year.

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Daisy Galbraith

Daisy Galbraith

Accuracy. Speed. Client Satisfaction. These three things have been the focus of my proofreading and copy writing work prior to joining ELANCE. I have experience in proofing and editing at all levels of academic work – from high school through to PhD. Within that, I have particular experience in proofing work carried out by students whose first language is not English, but who have chosen academic studies in English. I am employed as a high-school English teacher, giving me daily experience of correcting spelling, grammar, idioms and phrasing – and an infinite amount of patience when it comes to the written word. I also have experience in proof reading and copy editing for commercial purposes.