Tencent Trusted Doctor, the largest non-public medical service platform in China, has raised $250 million in its most recent round of financing. This round was jointly led by Country Garden Holdings, Tencent, and GAW Capital. Following investors included CMB International, Harvest Wealth, Russia-China Investment Fund, Sequoia China, SenseGain, and AVIC Trust. This was the first round of investment since the merger between Tencent Doctorwork and Trusted Doctors in 2018. CEC Capital acted as the exclusive financial adviser to Tencent Trusted Doctor for this round of financing.
Founded in 2018, Tencent Trusted Doctor is a strategic part of Tencent’s deep involvement in China’s medical and health service market. The company was formed through a merger between China’s leading online medical platform, Tencent Doctorwork, and Trusted Doctors. With the company’s 440,000 certified doctors, nearly 50 clinics and day surgery centers, connections to over 30,000 hospitals, and over 10 million patients, Tencent Trusted Doctor is leveraging Tencent’s massive user base, vast data resources, and cutting-edge technologies to offer a set of services ranging including online consulting and commerce, offline GP care, check-up services, and specialty referrals. Tencent Trusted Doctor will continue to expand its online and offline service offerings while focusing on the “prevention, detection, and treatment” of disease.
CEO of Tencent Trusted Doctor, Mr. Shirui Wang commented: “While rapidly building out its offline medical infrastructure over the past two years, Tencent Trusted Doctor has accumulated valuable experience in site selection, construction, licensing, physician training, and market development. Over the next two to three years, we plan to rapidly expand our offline presence to have over 500 medical facilities by 2021.”
Tencent Trusted Doctor is committed to providing convenient, high quality, and affordable medical and health services to the hundreds of millions of families living in China’s urban areas. With regards to this financing round, Dowson Tong, Chairman of Tencent’s Cloud and Smart Industries Group (CSIG) remarked: “Healthcare has always been an industry of great importance for Tencent. While leveraging Tencent’s massive user base and cutting-edge technologies, Tencent Trusted Doctor is providing solutions and services at the intersection of healthcare and technology that will significantly raise the standards of user experience. Tencent hopes to help upgrade the medical industry by delivering greater value to enterprises, patients, and users.”
Hongru Zhou, the General Manager of Business at Country Garden Holdings explained: “Based on our observations, Tencent Trusted Doctor is one of the few medical service providers within China to provide top-notch integrated online and offline operations. We are confident that Tencent Trusted Doctor is most likely to lead and transform the industry in China. With ownership of offline residential communities, commercial buildings, and schools, Country Garden Holdings is one of China’s top real estate companies. These resources could prove useful as Tencent Trusted Doctor continues to expand. Country Garden Holdings has been following the development of healthcare technology for a long time with investment projects related to healthcare technology, consumption, robotics, and the real estate value chain. By further deepening its investments in healthcare, Country Garden Holdings seeks to help Tencent Trusted Doctor to further develop and consolidate the medical industry while supporting cooperation between Tencent Trusted Doctor and Country Garden Holdings’ previous investment projects. The overarching goal is to work together to contribute to China’s medical industry.”
Mr. Humbert Pang, Executive Partner and Head of the China Division at GAW Capital remarked: “The merger between Tencent Doctorwork and Trusted Doctors yielded Tencent Trusted Doctor, a company with extensive experience providing high-quality medical services to patients through both online and offline clinics. As one of Tencent Trusted Doctor’s earliest shareholders, GAW Capital will provide continuous strategic support for the company’s future development.”
Ran Wang, CEO of CEC Capital explained: “As technologies advance and China’s demographic structure shifts, China will witness a clear restructuring of its medical and health service industries. Tencent Trusted Doctor is in a position to participate in this restructuring process. We are confident the medical and health service markets will give way to companies with sizeable valuations. However, what’s even more remarkable is the benefits that these companies will deliver to China’s society as we push into the ‘era of centenarians.’ CEC Capital is willing to leverage its rich investment experience in the medical and health industry to help more outstanding companies to grow big and deliver even more benefits to society.”
After completing this round of financing, Tencent Trusted Doctor will continue to aggressively scale and expand its cooperation with medical institutions (upstream and downstream) so as to strengthen its position as an industry leader with integrated online and offline operations.