This screenshot taken on May 13, 2021 shows the website of pharmaceutical e-commerce platform Miaoshou Doctor.
Beijing Yuanxin Technology Co., which runs pharmaceutical e-commerce platform Miaoshou Doctor, is weighing a Hong Kong initial public offering that could raise at least US$500 million, according to people familiar with the matter.
The company, which counts Tencent Holdings Ltd. and Qiming Venture Partners among its backers, is working with CLSA Ltd. and Goldman Sachs Group Inc. on the potential share sale, the people said. An offering could happen as soon as this year, said the people, asking not to be identified as the information isn’t public.
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Separately, Miaoshou Doctor is also looking to raise about US$200 million to US$300 million in a funding round before the first-time share sale, people familiar with the matter said
Separately, Miaoshou Doctor is also looking to raise about US$200 million to US$300 million in a funding round before the first-time share sale, they said.
Details of the IPO including size and timeline could still change as deliberations continue, the people said. Representatives for CLSA and Goldman Sachs declined to comment, while a representative for Miaoshou Doctor didn’t immediately respond to requests for comment.
Founded in 2014, Miaoshou Doctor is an online platform that enables patients to consult with doctors remotely and get prescription recommendations. Customers can also purchase over-the-counter medicine through the website. Besides Tencent and Qiming, the company’s investors also include Sequoia China and CITIC Securities Co.
Miaoshou Doctor is among a number of healthcare technology companies looking to transform the Chinese mainland’s health system and take advantage of strong investor demand. Companies marrying technology and health care have sought to benefit from greater use of online services since the start of the coronavirus pandemic.
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WeDoctor, another Tencent-backed medical platform, is also planning a Hong Kong IPO that could raise as much as US$3 billion, Bloomberg News has reported. In January, Yidu Tech Inc., which offers artificial intelligence and big data products to the health-care industry, raised US$610 million in a Hong Kong listing and has seen its share price go up about 43 percent since.