WeDoctor, a China-based online medical booking platform developer backed by corporates Tencent, Fosun, NWS Holdings, Shandong Tyan Home and AIA, is preparing to go public, Reuters reported on Friday.
The company is interviewing banks for underwriting roles in the initial public offering, which is set to take place in Hong Kong. It could raise up to $1bn at a valuation of up to $10bn, according to two people with direct knowledge of the matter.
Formerly known as Guahao, WeDoctor runs an online booking service for medical appointments which has more than 210 million registered users. It connects to some 3,200 hospitals and 360,000 doctors and also offers diagnosis and prescription-related services.
Infrastructure services provider NWS and a subsidiary of insurance firm AIA co-led a $500m funding round for the company in mid-2018 that valued it at $5.5bn. Real estate developer Tyan Home had invested $20m in WeDoctor two years earlier.
WeDoctor had previously secured $394m in a 2015 round co-led by Hillhouse Capital and Goldman Sachs that also featured internet group Tencent, diversified conglomerate Fosun and China Development Bank Capital.
Tencent had already provided $106m in series C funding for the company in 2014, four years after it was founded.
