WeDoctor eyes HK listing next month

WeDoctor is planning to file for an initial public offering in Hong Kong as soon as next month after fetching a valuation of US$6.8 billion (HK$53.04 billion) in its latest funding round, Bloomberg reported citing people familiar with the matter. The Tencent (0700)-backed firm raised about US$400...

Bloomberg and Avery Chen

Friday, February 26, 2021

WeDoctor is planning to file for an initial public offering in Hong Kong as soon as next month after fetching a valuation of US$6.8 billion (HK$53.04 billion) in its latest funding round, Bloomberg reported citing people familiar with the matter.
The Tencent (0700)-backed firm raised about US$400 million in a pre-IPO round from investors, including Sequoia Capital China and Millennium Management at the end of last year, the people said.
Citigroup, JPMorgan, and CMB International Securities are arranging the share sale, which was initially planned for the end of last year with the aim of raising US$500 million to US$1 billion.
In preparation for the listing, the Hangzhou-based company is splitting its business into two parts, with plans to list its healthcare services operations, the people said.
Meanwhile, Chinese contract research firm Joinn Laboratories (China) (6127) saw shares fall nearly 4 percent in gray markets ahead of trading. The company raised HK$6.29 billion after pricing its shares at HK$151 per share, the top end of the indicative price range. The deal attracted nearly 540,000 investors, with the retail portion oversubscribed 309 times.
To avoid multiple subscriptions, Hong Kong Exchanges and Clearing (0388) posted parts of allotted investors' IDs and names instead of document numbers submitted by brokers.
Separately, two firm open retail books today.
Mainland home care product maker Cheerwin Group is aiming to raise as much as HK$3.06 billion with a minimum investment of HK$4,646.35 a board lot of shares. It is set to debut on March 10.
In addition, Chinese pressure equipment manufacturer Morimatsu International is planning to raise up to HK$980 million. Each board lot of shares costs at least HK$3,959.50.