GIC-backed AI Healthcare Solutions Provider Yidu Tech Files For HK IPO

Yidu Tech Inc, a Chinese big data and AI-powered healthcare solutions provider backed by Singapore’s GIC and Tencent, filed for an initial public offering (IPO) application on the main board of the Hong Kong Stock Exchange (HKEX) on Monday.

The company’s prospectus is highly redacted. The IPO pricing, size, and timeframe are yet to be announced.

Founded in 2014, Yidu Tech initially focused on the aggregation and processing of healthcare data for partner hospitals. Through its self-developed AI engine, YiduCore, the company helps hospitals collect and convert heterogeneous data into standardized data that can be further processed by way of deep learning, ultimately generating medical insights.

Beijing-based Yidu Tech later grew into a medical solution provider to hospitals and other healthcare institutions, regulators and policymakers, life sciences industry players and patients.

The company raised a total of $337.14 million across 11 rounds of financing before it filed for the IPO application, according to its prospectus.

Its investors include Chinese sovereign wealth fund China Investment Corporation (CIC), Tencent, and Singapore’s GIC Private Limited, which invested an aggregate of $70 million in Yidu Tech between 2017 and 2018 through an indirectly wholly-owned firm, Astonish Investment.

China-focused life sciences investment firm BVCF Management; Chinese insurer Sunshine Insurance Group; affiliates of MSA Management, which focuses on both venture and growth-stage investments in the consumer, healthcare and enterprise solutions fields in China, and other investors also injected capital into the company.

Yidu Tech’s shareholding structure. Source: Yidu Tech’s prospectus filed on August 24, 2020

Its prospectus shows that Sunshine Insurance Group now holds a 12.89 per cent stake in Yidu Tech, while GIC has an 8.06 per cent stake. Tencent owns a combined 4.37 per cent stake through two affiliates.

The company became profitable in the fiscal year ended March 31, 2019, with a profit of 5.7 million yuan ($824,104), compared to a loss of 900,000 yuan ($130,136) one year earlier. Its profit further increased to 146.5 million yuan ($21 million) in the fiscal year ended March 31, 2020, according to its prospectus.

Its total revenues increased by 348.9 per cent from 22.7 million yuan ($3 million) in the fiscal year ended March 31, 2018, to 102.0 million yuan ($15 million) in 2019 and further by 447.1 per cent to 558.1 million yuan ($81 million) in 2020.

RECENT NEWS

Indian Food Delivery Unicorn Zomato Likely To File For IPO Next Month

Food delivery unicorn Zomato is planning to file for an Initial Public Offering (IPO) by April which could raise $65... Read more

Vietnams Bamboo Airways Aims Third-quarter Listing With Market Cap Of $2.73b

Vietnam’s startup Bamboo Airways said on Friday it aimed to list its shares on a local stock exchange in the thi... Read more

Didi Chuxing Advances IPO Plans To Next Quarter, Targets $62b Valuation

Chinese ride-hailing giant Didi Chuxing Technology Co. is accelerating plans for an initial public offering to as early... Read more

Warburg-backed Kalyan Jewellers IPO Loses Shine, Sees Tepid Demand

Kalyan Jewellers India Ltd’s initial public offering was oversubscribed by just 1.28 times on Thursday, a sign of tep... Read more

Chinese E-commerce Platform DMall Hires Banks For Over $500m US IPO

Chinese e-commerce platform Dmall (Beijing) E-commerce Co has hired Bank of America, Goldman Sachs and JPMorgan for a... Read more

Tencent-backed Chinese Software Firm Tuya Eyes $915m In US IPO

Tuya Inc., a software company backed by New Enterprise Associates and Tencent Holdings Ltd., is on track to raise $915 ... Read more