WeDoctor revives IPO plan

Bloomberg and staff reporter

Tencent (0700)-backed WeDoctor plans to file for an initial public offering by the end of April, the latest sign of increased capital activity from China's internet companies as regulators soften their stance when new listings closed above the offer price on trading debut.

The Hangzhou-based firm is preparing to go public in either the United States or Hong Kong, according to people familiar with the matter. WeDoctor is aiming its float for the second half of this year, they noted.

One of the larger startups trying to transform China's healthcare system with advanced technology, WeDoctor is taking another go at listing after its previous attempts got disrupted. Like many other companies, it's had to lay off a substantial chunk of its workforce amid a tech-sector downturn and adjust its operations to appease regulators.

WeDoctor raised about US$163 million (HK$1.27 billion) at a post-money valuation of more than US$7 billion from a single investor backed by the Shandong government in September.

The company filed for an IPO in Hong Kong in 2021 until its application lapsed. Beijing's sweeping crackdown on the country's private sector has disrupted many such offerings. Startups face tighter listing rules, particularly if they collect sensitive data like the medical information WeDoctor handles.

Separately, educational services provider Fenbi (2469) rose 12 percent to close at HK$11.1 in its trading debut yesterday, suggesting a paper gain of HK$600 per board lot.