Tencent-Backed WeDoctor Plans IPO Filing by End of April
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Tencent-Backed WeDoctor Plans IPO Filing by End of April
(Bloomberg) -- Tencent Holdings Ltd.-backed WeDoctor plans to file for an initial public offering by the end of April, the latest sign of increased capital activity from China’s internet companies as regulators soften their stance.
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The Hangzhou-based firm is preparing to go public in either the US or Hong Kong, according to people familiar with the matter who asked not to be identified discussing private details. WeDoctor is aiming its float for the second half of this year, they added.
The plans are preliminary and could change, the people added. WeDoctor declined to comment in an emailed statement.
WeDoctor, one of the larger startups trying to transform China’s health-care system with advanced technology, is taking another go at listing after its previous attempts got disrupted. Like many other companies, it’s had to lay off a substantial chunk of its workforce amid a tech-sector downturn and adjust its operations to appease regulators.
WeDoctor raised about $163 million at a post-money valuation of more than $7 billion from a single investor backed by the Shandong government in September, the people added. No final decision has been made about the IPO’s size.
WeDoctor filed for an IPO in Hong Kong in 2021 until its application lapsed. Beijing’s sweeping crackdown on the country’s private sector has disrupted many such offerings. Startups face tighter listing rules, particularly if they collect sensitive data like the medical information WeDoctor handles.
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