Tencent-backed online healthcare service WeDoctor Group is planning a Hong Kong IPO in the coming new-year at a market valuation of $5 billion to $6 billion, SCMP is reporting. To prepare for the listing, the firm is now seeking a $500 million funding before mid-February in 2018.

Started as Guahao, an appointment-scheduling site for patients, in 2010, WeDoctor gradually scaled up to a platform that includes various medical-related services from online diagnosis and medical tips to rating hospitals and doctors. The firm rebranded itself to WeDoctor in 2015 after receiving $394 million Series C led by a consortium that includes Hillhouse Capital and Goldman Sachs with the participation of Fosun, Tencent, and China Development Bank Capital.

Tencent, as an early-stage investor of the WeDoctor, led a $100 million round in the startup in 2014. Since then, the firm’s service has been integrated into Tencent’s mobile apps like WeChat and Mobile QQ.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.