Chinese online healthcare service provider We Doctor filed for an initial public offering in Hong Kong on April 1. The offering could raise about $2 billion in the second quarter of 2021 and would value the company at around $12 billion, Refinitiv publication IFR reported on April 6.
Citigroup and CMB International are the sponsors, and Credit Suisse, CICC and JP Morgan are the joint global coordinators. We Doctor’s revenue rose 262% last year to 1.8 billion yuan thanks to surging demand amid the pandemic. Its adjusted net loss for 2020 was 869 million yuan, compared to a 757 million yuan loss in 2019.
We Doctor operates a network covering over 7,800 hospitals and 270,000 doctors, according to its prospectus. As of 2020, it had 222 million registered users and 25.4 million average monthly paying users.A man carries a child wearing a face mask during a government organised media tour at Tongji Hospital following the coronavirus disease outbreak, in Wuhan, Hubei province, China September 3, 2020.
Reuters ywchen1