(Yicai Global) July 05 -- Chinese internet healthcare platform WeDoctor has secured more than CNY1 billion (USD150 million) in its latest financing round, led by a state-backed industrial investment fund in eastern Shandong province, The Paper reported yesterday.

Other state-owned funds are in negotiations with WeDoctor to integrate local medical and healthcare systems onto the platform, the report said. No further information was given.

WeDoctor, which is best known for setting up China’s first internet-based hospital in Wuzhen, eastern Zhejiang province six-and-a-half years ago, partners with hospitals, pharmacies, government agencies, insurance firms and other businesses to offer a ‘one-stop’ solution for its many users.

The Hangzhou-based firm, which was valued at USD7.2 billion in February last year, has completed nine rounds of financing since it was set up in 2010 and has introduced major shareholders including private equity firms Sequoia China and CIC Capital as well as insurer AIA Group and internet behemoth Tencent Holdings.

WeDoctor has repeatedly said it will go public, but so far this has failed to materialize. The company raised USD400 million in pre-IPO financing in February 2021 and two months later submitted an application to go public on the Hong Kong stock exchange, but no further action was taken and the filing has since expired.

Editor: Kim Taylor