Thursday, May 24, 2018

AIA co-leads US$500m investment in WeDoctor

Hong Kong-listed insurer AIA Group has co-led the US$500-million funding round in Tencent-backed Chinese online healthcare solutions platform WeDoctor.

The latest investment, which was also co-led by infrastructure and services group NWS Holdings, values WeDoctor at US$5.5 billion ahead of a listing later this year.

Founded in 2010, WeDoctor provides a diagnosis and online appointment bookings service, a problem in China where patients often queue outside hospitals from early morning to get an appointment.

Users can also consult doctors via the platform.

In a separate statement, AIA said WeDoctor’s over 110 million registered customers will be able to access AIA’s protection solutions in the locations where AIA China operates, helping to target the protection gap that exists for millions of WeDoctor users in the country.

According to a report by consultancy McKinsey & Co, Chinese healthcare spending is set to hit US$1 trillion by 2020, up from US$357 billion in 2011, with private healthcare providers and insurers looking to take a larger slice of the market.

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