Tencent Holdings Ltd.-backed We Doctor Holdings Ltd. will arrange a pre-IPO placement for the entire unit before the end of this year, co-founder Zhang Xiaochun told S&P Global Market Intelligence.
A pre-IPO placement occurs when part of an IPO is placed with private investors just before the offering is scheduled to hit the market.
The online healthcare startup is estimated to be valued at around $10 billion by investment banks, Zhang said on the sidelines of the Hong Kong Stock Exchange Biotech Summit. WeDoctor was valued at about $5.5 billion in May 2018.
Earlier, WeDoctor said it would spin off its cloud services unit for listing on a new technology board in China. The new trading board in Shanghai, the Kechuang, aims to encourage pre-profit, high-tech startups with dual-class shareholding structures to list in Shanghai.
The company does not have a tentative date for the listing yet.
WeDoctor currently offers medical consulting services to 90,000 citizens per day via its online hospital system. Zhang said the company aims to expand coverage to 150 million of the 460 million people living in Chinese villages by year-end.
Source : https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/52070509