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KEY STAT | Tencent-backed online hospital WeDoctor files for IPO

Written by Julianna Wu Published on     2 mins read

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WeDoctor is to join peers like JD Health and AliHealth on the Hong Kong Stock Exchange.

Internet hospital and health maintenance platform WeDoctor filed a prospectus for a Hong Kong IPO on Thursday night. The company expects to raise up to USD 3 billion, according to 36Kr.

The company generated revenue to the tune of RMB 1.8 billion (USD 280 million) in 2020, more than three times higher than that of the year before. Losses in 2020 were RMB 1.9 billion (USD 290 million), a gentle 1.1% decline year-on-year.

Founded in 2012 as an online registration system for in-person hospital visits, WeDoctor gained Tencent as an investor in its Series B round in 2014, according to data aggregator ITjuzi.

“Our strategic investor Tencent also carries out close cooperation with us at the operation level for our products and services, such as our services offered on Weixin (WeChat),” read the filings.

Also listed on Hong Kong Stock Exchange are JD Health (HKEX: 6618) and AliHealth (HKEX: 0241), the online healthcare affiliates of e-commerce conglomerates JD.com and Alibaba, respectively.

In its prospectus, WeDoctor claims to be the largest digital medical service platform in China in terms of both the number of internet hospitals as of December 31, 2020, and volume of digital medical consultations provided in 2019, citing data from Frost & Sullivan. However, the research firm describes JD Health as the online healthcare platform with the highest revenue.

WeDoctor counts 222 million registered users on its platform, while JD Health reported 89.9 million annual active users in its latest report, 36Kr reported.

Last December, JD Health’s IPO in the Asian financial hub was well received by investors. Shares went up 33.2% upon its debut, raising a total of HKD 26.5 billion (USD 3.4 billion), leapfrogging earlier estimations of USD 1.6 billion.

Read this: BIZ IN GRAPHICS | JD unit breaks out in Asia’s biggest health IPO

This article is part of KrASIA’s Key Stat series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.

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