Yidu Tech, a China-based healthcare software provider that counts corporates Tencent and Sunshine Insurance as investors, filed for an initial public offering on the Hong Kong Stock Exchange yesterday, DealStreetAsia reported.
Founded in 2014, Yidu has built a software platform dubbed YiduCore which enables hospitals and other healthcare providers to standardise data so it can be processed to generate insights that can inform patient care.
The company made a net profit of about $21m in the year ending March 2020 from approximately $81m in revenue, according to figures in the IPO prospectus cited by DealStreetAsia.
The offering will reportedly follow roughly $337m in funding. Insurance firm Sunshine holds a 12.9% stake and Tencent 4.4%, according to the prospectus. Singaporean sovereign wealth fund GIC, which invested $70m over 2017 and 2018, owns 8.1% of Yidu’s shares.
Other investors in the company include sovereign wealth fund China Investment Corporation, healthcare investment firm BVCF Management and affiliates of venture capital firm MSA Capital.
