WeDoctor to Launch IPO in H2 2021, Set to Transform Chinese Tech Industry

• WeDoctor, a Chinese online healthcare services provider, is looking to float its Initial Public Offering (IPO) by H2 of 2021.
• The IPO plans are being considered either for a Hong Kong or US listing and the talks are still in the preliminary stages.
• Founded in 2010 in Hangzhou China, WeDoctor now connects more than 3000 hospitals, 300,000 doctors, and 200 million patients together.

WeDoctor, a leading Chinese online healthcare services provider, is looking to launch its Initial Public Offering (IPO) by the second half (H2) of this year. The news was reported by Bloomberg, citing people familiar with the matter. The report also noted that the firm is considering either a Hong Kong or US listing for the IPO, though talks are still in the preliminary stages and the plans could still change.

WeDoctor was founded in 2010 in Hangzhou, China, and has since grown to occupy a very pivotal position in the telemedicine sector in the country. The firm connects more than 3000 hospitals, 300,000 doctors, and 200 million patients together, transforming access to medicine in an innovative digital manner.

The current IPO plans of WeDoctor come off as the second attempt by the firm to launch its IPO, after its first attempt was crushed by the Chinese government’s crackdown on homegrown tech companies in 2021. However, the situation appears to have changed, as the Chinese government is now easing down on its crackdown.

The firm is backed by Tencent, a Chinese multinational investment holding conglomerate. In 2018, Tencent invested $500 million in WeDoctor, valuing the firm at $5 billion. The investment also included an agreement to integrate WeDoctor’s service into Tencent’s WeChat messaging service.

WeDoctor has also made several acquisitions over the years, with the most recent being the acquisition of Yunfeng Capital-backed Jiahui Health in 2019, a Shanghai-based private health services provider. The company also acquired fellow online healthcare firm Yibao Health in 2017 and has also made investments in several health tech startups.

If the WeDoctor IPO is successful, it will be seen as a major victory for the Chinese tech industry. It could also set a precedent for other tech firms in the country to follow suit, and could potentially open up the market for more Chinese tech companies going public.