WeDoctor, a China-based healthtech firm, is looking to file for an IPO by the end of April through a listing in the US or Hong Kong, Bloomberg reported.
The Tencent-backed company, which could go public in the second half of the year, tried to list its shares in Hong Kong in 2021. However, the application lapsed due to China’s strict regulatory crackdown on private companies, including those that handle sensitive data such as medical information.
Founded in 2010, WeDoctor offers medical services, online pharmacies, and cloud-based enterprise software for hospitals, among other services.
Over the past year, the healthtech firm reduced its workforce by about 1,000 employees, bringing the total number down to 3,000. A recent round of layoffs will bring the company’s headcount to the mid-to-low 2000s.
In September 2022, WeDoctor raised nearly US$163 million from an undisclosed investor backed by the Shandong government. The funding valued the company at over US$7 billion on a post-money basis.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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