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Bloomberg

WeDoctor’s Hong Kong IPO, backed by Tencent, looms with valuation of almost $ 7 billion

(Bloomberg) – WeDoctor plans to file an preliminary public providing in Hong Kong as early as subsequent month after securing a valuation of $ 6.8 billion in its newest funding spherical, in line with individuals acquainted with the matter. The backed firm raised round $ 400 million in a pre-IPO spherical from buyers similar to Sequoia Capital China and Millennium Administration LLC late final 12 months, individuals mentioned. The corporate is within the strategy of hiring joint international coordinators, paving the best way for a submitting as early as March, individuals mentioned, asking to not be named as a result of the case is non-public. added that WeDoctor is a part of a rising contingent of tech giants making an attempt to rework China’s healthcare system. In preparation for itemizing, the Hangzhou-based firm is splitting its enterprise into two elements, with the intention of itemizing its well being providers enterprise, which incorporates on-line and discipline counseling, individuals acquainted with it mentioned. The corporate that manages private medical information can be break up up and saved confidential to adjust to regulatory necessities. We declined to touch upon his fundraising and IPO plans in an emailed assertion. He declined to touch upon behalf of Chen. Sequoia Capital China declined to remark in an e-mail. A New York-based Millennium spokesperson didn’t instantly reply to an e-mail looking for remark Wednesday night native time Citigroup Inc., JPMorgan Chase & Co. and CMB Worldwide Securities Ltd. finish of final 12 months. WeDoctor was seeking to increase between $ 500 and $ 1 billion from its itemizing on the time. The corporate is presently within the strategy of hiring joint international coordinators, the individuals mentioned. The operations of the medical platform cowl insurance coverage insurance policies, medical provides, on-line appointment reserving and clinics. The nationwide healthcare operator, which covers greater than 95% of the inhabitants, works with the agency to supply insured healthcare. WeDoctor operated 16 services and 30 on-line hospitals on the Web, connecting 7,600 hospitals and 250,000 medical doctors in October. In accordance with an announcement in February 2019, WeDoctor’s CFO left the corporate late. (Updates with Sequoia, Millennium Funding in second paragraph.) For extra articles like this, please go to us at bloomberg.com Subscribe now to remain forward with the preferred supply of enterprise info. dependable. © 2021 Bloomberg LP



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