Credit Suisse no longer working on WeDoctor’s Hong Kong IPO

Photo by National Cancer Institute on Unsplash

Credit Suisse Group AG has dropped off WeDoctor’s planned initial public offering in Hong Kong, according to people familiar with the matter.

The Swiss bank is no longer working on the deal, said the people, who asked not to be identified as the discussions are private. Credit Suisse was picked alongside JPMorgan Chase & Co. and CMB International to lead WeDoctor’s share sale, which was expected to happen before the end of the year, Bloomberg News reported last month. WeDoctor, one of China’s biggest online health-care startups, aims to raise between $500 million and $1 billion, a person familiar with the matter has said.

A representative for Credit Suisse declined to comment, while a representative for WeDoctor said the company is still choosing partners and has not finalized the banks for the share sale.

WeDoctor, backed by Tencent Holdings Ltd., joins a growing contingent of tech giants hoping to revolutionize the traditional health-care industry after the coronavirus pandemic underscored the shortcomings. The company is on the prowl for expansion capital and last month laid the foundation for a public debut by hiring John Cai, formerly chief executive officer for AIA Group Ltd.’s operations in markets including China, Malaysia and Vietnam.

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.

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.