WeDoctor Revives Hong Kong IPO Plan, Aims to Raise up to $500M by June

TL/DR –

WeDoctor, backed by Tencent Holdings, has revived its plans for a Hong Kong stock listing, aiming to submit its application by the end of December and complete the IPO by June, with hopes to raise between US$400 million and US$500 million. The online healthcare platform had previously filed for an IPO in Hong Kong in 2021, but Beijing’s crackdown on the private sector disrupted the process. The company, founded in 2010, operates in various sectors including healthcare and insurance, and intends to spin off its healthcare and technology divisions.

WeDoctor Revives IPO Plan, Aims for June Listing in Hong Kong

Tencent-backed online healthcare platform, WeDoctor, has reignited its plans for an initial public offering (IPO) in Hong Kong. According to sources, the firm intends to submit its application in late December, with a goal to complete the IPO by June. The expected fundraising from the IPO falls between US$400 million and US$500 million.

WeDoctor had initially filed for a Hong Kong IPO in 2021. However, Beijing’s sweeping regulation on the private sector disrupted numerous planned offerings, especially those involving sensitive data like medical records.

Despite rumors in January 2023 hinting at a revival of the IPO plan, nothing concrete developed until now. Established in 2010 by Jerry Liao and his team, WeDoctor operates in various sectors, from healthcare and insurance to pharmaceuticals. The company plans to spin off its healthcare and technology divisions.

WeDoctor’s 2021 prospectus stated that a majority of the funds raised would be allocated towards expansion and product launches in mainland China. The remaining proceeds will be reserved for research and development, potential investments, acquisitions, or strategic alliances.

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