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WeDoctor to complete pre-IPO funding round this month: chief of strategy
Posted on Thursday, 12 April 2018 07:56
WeDoctor is focused on completing a USD 500.00 million pre-initial public offering round later this month that would value the online medical startup at USD 5.50 billion, the chief of strategy told reporters.
Speaking at a conference, Jeff Chen declined to name the investors taking part in the latest financing, though, according to China Daily, he hinted they may come from the healthcare services, medicine and insurance sectors.
However, the chief of strategy said the fundraiser would pave the way for a reorganisation of four business segments to establish a transparent internal structure ahead of a listing in Hong Kong within the next 18 months.
According to Nikkei Asian Review, Chen noted the startup has not yet officially mandated banks for the IPO.
Founded in 2010, We Doctor is a medical technology startup providing online appointments, diagnoses and consulting services to help alleviate growing demand that is putting strain on China’s healthcare system.
The group’s website shows the platform has more than 110.00 million users registered to have access to more than 220,000 doctors in 2,700 mainland hospitals across 30 provinces
It currently has four core businesses, namely healthcare (operates bases, outlets, terminals), medicine (information-sharing platform focused on prescription sharing), medical cloud and insurance, and the WeDoctor app is embedded in Tencent’s WeChat.
Plans for growth include scaling up and integrating online services such as the ability to book appointments and make diagnosis, among other things.
Chen previously served as a managing director and the head of technology investment banking for Asia Pacific at HSBC before taking up his current post at WeDoctor in November.
News about the IPO comes as Ping An Insurance pushes ahead with listing plans for Ping An Healthcare and Technology, which owns the healthcare platform Good Doctor.
It is believed to be aiming to raise USD 1.00 billion in Hong Kong
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