Tencent-backed WeDoctor raises $150m from state investor after setbacks in IPO plan

Photo by Online Marketing on Unsplash

WeDoctor, one of China’s leading online healthcare platforms, has secured over 1 billion yuan (almost $150 million) from an undisclosed state-owned industry investment fund in eastern China’s Shandong Province following setbacks in its attempts to raise capital through a public share sale.

The Tencent-backed startup collected the fresh funds from the state investor as Chinese startups face tighter listing rules, particularly if they collect sensitive user data like the medical information that WeDoctor handles, on top of the COVID-induced global market slowdown and a sluggish initial public offering (IPO) market.

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