WeDoctor’s shareholder lineup includes Tencent, Hillhouse Capital, and Sequoia Capital.
According to Reuters, WeDoctor may submit a prospectus application as soon as this month, which will hit the Hong Kong stock market as the “first digital healthcare stock”.
Based on previous media reports, WeDoctor’s IPO may sell 15%-20% of its shares, raising funds of US$2-3 billion (about HK$15.6-23.4 billion), and the market value is expected to reach US$15 billion.
WeDoctor, formerly known as Guhao.com, was founded in 2010 and is an Internet medical enterprise. According to the results of the organizational structure adjustment in April last year, WeDoctor has five major business groups: Wemedicine, Wemedical, Wemedical Insurance, Wemedical Equipment, and Wemedical Cloud.
The company’s information shows that since 2012, WeDoctor has completed 7 rounds of financing. The shareholder lineup includes Tencent, Hillhouse Capital, Sequoia Capital, etc. After completing the latest round of Pre-IPO financing in February this year, WeDoctor’s valuation reached nearly 7 billion U.S. dollars.
However, the listing process of such an Internet medical unicorn favored by capital has not been smooth.
As early as 2018, after completing the US$500 million Pre-IPO round of financing, WeDoctor announced that it would integrate the three parts of micromedicine, micromedicine, and micromedical insurance to be listed in Hong Kong, and planned to list the micromedical insurance business in A shares Independent listing.
However, for a long period of time since then, WeDoctor’s listing plan has not made substantial progress. Instead, it has been replaced by news of high-level changes and performance.
For example, in April last year, Cai Qiang, the former regional CEO of AIA Group, became the CFO of WeDoctor, but left after less than half a year. Cai Qiang joined WeDoctor and was interpreted by the market as guiding WeDoctor’s IPO work.
In addition, WeDoctor once announced in 2016 that it had achieved profitability. However, according to reports, after achieving profitability, WeDoctor had a cumulative loss of nearly 2 billion yuan in 2016-2018.
During the period when the WeDoctor listing plan was repeatedly shelved, Ping An Good Doctor, JD Health and other Internet medical stocks have been listed one after another.
If the news of this listing is true, and there is no micro-doctor who has the first opportunity, can you tell a new story in the secondary market?
Currently, medical e-commerce is the main profit point of Internet medical companies. But compared to Ali Health and JD Health, WeDoctor obviously lacks e-commerce genes.
With favorable policies, Internet hospitals’ access to medical insurance provides new opportunities for WeDoctor. According to reports, as of the end of 2020, WeDoctor has over 28 Internet hospitals, of which 17 have obtained medical insurance qualifications and have access to medical insurance online payment. But whether WeDoctor can achieve large-scale profitability with its existing business model will still be a question.