Pharma platform operator Beijing Yuanxin eyes HK listing

Thursday, May 13, 2021

Beijing Yuanxin Technology, which runs pharmaceutical e-commerce platform Miaoshou Doctor, is weighing a Hong Kong initial public offering that could raise at least US$500 million, according to people familiar with the matter, Bloomberg reports.

The company, which counts Tencent Holdings and Qiming Venture Partners among its backers, is working with CLSA and Goldman Sachs Group Inc. on the potential share sale, the people said. An offering could happen as soon as this year, said the people, asking not to be identified as the information isn’t public.

Separately, Miaoshou Doctor is also looking to raise about US$200 million to US$300 million in a funding round before the first-time share sale, they said.

Details of the IPO including size and timeline could still change as deliberations continue, the people said. Representatives for CLSA and Goldman Sachs declined to comment, while a representative for Miaoshou Doctor didn’t immediately respond to requests for comment.

Founded in 2014, Miaoshou Doctor is an online platform that enables patients to consult with doctors remotely and get prescription recommendations. Customers can also purchase over-the-counter medicine through the website. Besides Tencent and Qiming, the company’s investors also include Sequoia China and CITIC Securities Co.