Exclusive | Tencent-backed WeDoctor revives Hong Kong IPO plan, sources say

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Healthcare platform plans to submit IPO application by end-December and complete fundraising of as much as US$500 million by June

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WeDoctor is a Hangzhou-based online healthcare platform. Photo: Handout

Mia Castagnone

Published: 9:30am, 2 Dec 2024Updated: 2:54pm, 2 Dec 2024

Tencent Holdings-backed WeDoctor has revived its plan for a Hong Kong stock listing. The company aims to submit its application at the end of December and hopes to complete the initial public offering (IPO) by June, expecting to raise US$400 million to US$500 million, according to sources familiar with the matter.

The Hangzhou-based online healthcare platform had previously filed for an IPO in Hong Kong in 2021, but Beijing’s sweeping crackdown on the country’s private sector disrupted many such offerings around that time, particularly companies dealing with sensitive data like medical information.

Rumours in January 2023 suggested that the company would revive its IPO plan, but it never materialised.

Founded in 2010 by Jerry Liao and his team, WeDoctor operates across several business segments, including healthcare, insurance and pharmaceuticals. It plans to spin off its healthcare and technology divisions. Some of the pre-IPO investors include HongShan Capital Group, AIA, Hermitage Capital and CICCFH Investment Management.

A file photo of WeDoctor founder Jerry Liao from May 2018. Photo: Handout

WeDoctor said in its prospectus in 2021 that it would use most of the proceeds to expand and launch more products in mainland China. The rest would be allocated for research and development, potential investments, acquisitions or strategic alliances.