Tencent’s We Doctor Gets $500M Pre–IPO Financing At $5.5B Valuation

Tencent-backed online healthcare service provider We Doctor Holdings has completed a US$500 million Pre-IPO round led by AIA Company Ltd, part of Hong Kong-listed insurer AIA Group and NWS Holdings Ltd., valuing the firm at US$5.5 billion.

Existing investor China Capital Zhongcai Fund Management also participated in the round.

At the same time, We Doctor signed a strategic cooperation agreement with AIA, who will become a life and medical insurance partner for We Doctor.

The deal comes after its rival Ping An Good Doctor raised $1.1 billion in an Hong Kong IPO in April.

Earlier this year, Jeff Chen, Chief Strategy Officer of We Doctor said the company will seek an IPO in Hong Kong within a year or a year and a half.

Founded in 2010 by Jerry Liao Jieyuan, We Doctor is a online healthcare solution platform connecting with more than 2,700 hospital information systems in 30 provinces across the country. It has more than 222,000 doctors and over 27 million monthly active users on the platform, according to its official website.

In February, the company has partnered with medical supply chain solutions provider IDS Medical Systems Group to form a medical supply chain and procurement company.

We Doctor raised US$20 million from Shanghai-listed real estate developer Shandong Tyan Home Co., Ltd in 2016. In December 2015, the company got US$ 300 million from investors including Regal Gesture Limited, a wholly-owned subsidiary of Shanghai Fosun Pharmaceutical (Group) Co.,Ltd., Hillhouse Capital and Goldman Sachs.

“China is pursuing unprecedented medical health reform, and We Doctor will continue to plow this booming market with huge potential," Jerry Liao said. "As we have made progress in medical clouds and artificial intelligence, the move by the two new investors will accelerate our expansion and bring about win-win synergies.”