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.