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China's Tencent-backed WeDoctor raises $150m from state investor

Investment follows IPO setback, comes as digital health care spending set to rise

China's WeDoctor provides a range of online services covering insurance policies, medical supplies, appointment booking and clinics. (Screenshot fromo WeDoctor website)

HONG KONG -- WeDoctor, one of China's leading online health care platforms, has secured over 1 billion yuan ($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 received the fresh funds from the state investor as Chinese startups face tighter listing rules, particularly if they collect sensitive user data such as the medical information that WeDoctor handles, on top of the COVID-induced global market slowdown and a sluggish initial public offering market.

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