WeDoctor Files for Hong Kong IPO

The online health care solutions provider will look to raise as much as $3 billion.
Anthony RussoApr 02,2021,14:30

Online health care solutions provider, WeDoctor has filed an application for a Hong Kong IPO.

According to its prospectus on late Thursday, cited by KrASIA, WeDoctor in 2020 tripled its revenues from a year earlier to 1.8 billion yuan ($280 million). Its losses narrowed by 1% to 1.9 billion ($290 million).

The company, backed by Chinese gaming giant Tencent (HKEX: 00700; OTC: TCEHY), claims its the biggest digital medical service platform in China. That’s based on the amount of internet hospitals it operated at the end of December and the number of digital medical consultations provided in 2019, according to the prospectus, citing data from Frost & Sullivan.

According to reports in the media, WeDoctor has been eyeing a Hong Kong listing since 2017. Assuming it launches the IPO, WeDoctor will look to follow the big listing of JD Health (HKEX: 06618), which happened in late 2020. The health unit of Chinese e-commerce giant (Nasdaq: JD; HKEX: 09618) raised $3.5 billion in its Hong Kong share sale, making it the largest IPO in the city of the year. Shares of JD Health are up 62% from its IPO price of HK$70.58.

While no offering size was reported in the filing, 36Kr reported that WeDoctor could raise as much as $3 billion from the share sale. Also, Bloomberg reported in February that WeDoctor was splitting its business into two segments and intends on listing its health-care services operations. Meanwhile, its data business, which deals with personal medical records, will remain private and be spun off to comply with regulatory mandates.

Currently, WeDoctor has 222 million registered users on its platform, whereas JD health has 89.9 million annual active users, according to 36Kr.

In May 2018, WeDoctor commanded a valuation of $5.5 billion.

Topics:WeDoctor, Tencent,, JD Health.