Tencent-backed WeDoctor raised a $500 million pre-IPO round, looking to shake up China’s online healthcare market

Ping An Good Doctor raised $1.1 billion in an HK IPO earlier this month.

Tencent-backed WeDoctor, a diagnosis and appointment booking platform founded in 2010, announced on Wednesday it has raised US$500 million from a consortium led by AIA Company Ltd at a valuation of US$5.5 billion. The company plans to expand and further tap into the country’s booming online healthcare market with the fresh funding, as well as to prepare for a floatation on HKEX at the end of 2018, China’s biztech media 36Kr reports citing the company’s CSO CHEN Hongzhe.

Earlier this month, WeDoctor’s local counterpart Ping An Good Doctor, China’s largest online healthcare and medical platform, raised $1.1 billion in IPO, marking the weakest IPO first day performance on HKEX’s main board since October 2014.

Source: 36Kr