Citi replaces Credit Suisse in WeDoctor’s $1b Hong Kong IPO

A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. REUTERS/Brendan McDermid

Citigroup Inc has picked up a senior role on the WeDoctor initial public offering (IPO) in Hong Kong that could be worth up to $1 billion after Credit Suisse was dropped from the deal, said two people with direct knowledge of the matter.

The deal, slated to occur later this year dependent on financial market conditions, will be led by China Merchants Bank International, Citigroup and JPMorgan Chase & Co and could value the Chinese online health platform at up to $10 billion.

The people with direct knowledge declined to be identified because they were not authorised to speak with media on the matter.

Citigroup and WeDoctor spokesmen declined to comment on the bank’s appointment.

Credit Suisse was working on the transaction but was dropped due to uncertainty surrounding a regulatory probe of Luckin Coffee Inc. The Swiss bank worked on Luckin Coffee’s IPO last year and follow-on equity deals in January.

Investment bankers from rival firms began pitching to WeDoctor this week to pick up the extra role, people close to the process told Reuters.

Luckin Coffee is at the centre of a Chinese Securities Regulatory Commission (CSRC) investigation after the firm said an internal review found its chief operating officer and other staff fabricated sales transactions worth about 2.2 billion yuan ($311.58 million).

Credit Suisse, together with Morgan Stanley, CICC and Haitong International Securities Group Ltd, worked on Luckin Coffee’s $645 million U.S. IPO in May last year.

The four banks also worked on a follow-on share sale and a convertible bond worth a combined $980 mln in January.

Reuters 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.