Tencent-backed online healthcare platform WeDoctor revives plan for Hong Kong IPO

Earlier this month, sources said the company expected to raise US$400 million to US$500 million

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Wedoctor’s head office in Hangzhou. Photo: Handout

Published: 1:30pm, 31 Dec 2024Updated: 9:42pm, 13 Jan 2025

Tencent Holdings-backed WeDoctor has revived its Hong Kong initial public offering (IPO) plan, confirming an earlier report in the Post.

The Hangzhou-based online healthcare platform submitted its IPO application to Hong Kong’s stock exchange on Tuesday without disclosing the fundraising size and timetable. Earlier this month, sources said the company expected to raise between US$400 million and US$500 million, with the aim of completing the listing by June. This would be its second attempt to go public since 2021.

Founded in 2010 by Jerry Liao and his team, WeDoctor became China’s largest provider of artificial intelligence (AI)-enabled healthcare solutions in 2023 by revenue. Its pre-IPO investors include Hillhouse Investment, HongShan Capital Group, AIA, Hermitage Capital, CICCFH Investment Management and Qiming Venture Partners.

WeDoctor is riding a healthcare wave, which deal makers say will prop up the city’s IPO market next year. Healthcare and pharmaceutical companies accounted for 27 per cent of the 90 active listing applications that the exchange received this year, according to the data compiled by Deloitte.

“We aim to address the growing demand for AI-enabled healthcare solutions in China while supporting our sustainable growth and profitability through several strategic initiatives,” WeDoctor said in its application.

According to the market research firm Frost & Sullivan, China’s AI-enabled healthcare solutions market is expected to grow at a compound annual rate of 46.2 per cent to 138.7 billion yuan (US$19 billion) in 2030 from 9.7 billion yuan in 2023.