WeDoctor and AIA announce healthcare tie-up

WeDoctor Holdings, a medical care portal backed by Tencent Holdings Ltd, will partner with Hong Kong-based insurer AIA Group Ltd to offer insurance products and other services as competition intensifies in China's online healthcare industry.

News of the partnership came as the platform announced on Thursday plans to raise $500 million from a group of investors led by AIA, valuing the company at $5.5 billion.

WeDoctor claims the financing round will be "the largest pre-IPO financing ever in China's technology-based medical and healthcare sector", just weeks after major player Ping An Healthcare, a unit of Ping An Insurance, raised HK$8.8 billion ($1.12 billion) through a Hong Kong listing.