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Chinese healthtech WeDoctor plans for IPO by end of April

According to Bloomberg, WeDoctor, a Chinese healthtech company, plans to apply for an IPO by the end of April through a listing in the US or Hong Kong.

The Tencent-backed business attempted to list its shares in Hong Kong in 2021 and may go public in the second half of the year. Due to China’s strong governmental crackdown on private businesses, especially those that handle sensitive data like medical information, the programme was eventually abandoned.

WeDoctor was established in 2010 and provides a range of services, including cloud-based corporate software for hospitals, online pharmacies, and medical services.

The healthtech company has employed 3,000 fewer people overall after cutting its headcount by approximately 1,000 during the past year. The company’s workforce will be in the mid-to-low 2000s following a recent wave of layoffs.

WeDoctor received close to US $163 million in funding in September 2022 from an unnamed investor supported by the Shandong government. On a post-money basis, the financing valued the firm at about US $7 billion.

 

 

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