Separately, Miaoshou Doctor is also looking to raise about $200 million to $300 million in a funding round before the first-time share sale, they said.

Details of the IPO including size and timeline could still change as deliberations continue, the people said. Representatives for CLSA and Goldman Sachs declined to comment, while a representative for Miaoshou Doctor didn’t immediately respond to requests for comment.

Founded in 2014, Miaoshou Doctor is an online platform that enables patients to consult with doctors remotely and get prescription recommendations. Customers can also purchase over-the-counter medicine through the website. Besides Tencent and Qiming, the company’s investors also include Sequoia China and CITIC Securities Co.

Miaoshou Doctor is among a number of health-care technology companies looking to transform China’s health system and take advantage of strong investor demand. Companies marrying technology and health care have sought to benefit from greater use of online services since the start of the coronavirus pandemic.

WeDoctor, another Tencent-backed medical platform, is also planning a Hong Kong IPO that could raise as much as $3 billion, Bloomberg News has reported. In January, Yidu Tech Inc., which offers artificial intelligence and big data products to the health-care industry, raised $610 million in a Hong Kong listing and has seen its share price go up about 43% since.