WeDoctor, an online healthcare services company serving the Chinese market and backed by Tencent Holdings, has raised $500 million from investors in a private share sale that places its value at $5.5 billion, according to reporting from Financial Times, Reuters, and others.

The round was led by medical insurance company AIA Group and NWS Holdings, with additional participation from other unnamed investors. For AIA, the investment has clear strategic value.

“Following the investment and the agreement of a strategic partnership, AIA will become WeDoctor's preferred provider of life and health insurance solutions,” WeDoctor said in the South China Morning Post. “Both parties are aligned in their intent to provide innovative and high quality offerings that improve the health and well being of people in China and around the Asia-Pacific region.” 

WeDoctor’s web-based service offers users appointment booking, medical education, online diagnosis, and consultations with live doctors across several medical specialties directly through the platform. The company was founded in 2010, and released a mobile app version of its services in June 2014.

WeDoctor has relationships with roughly 2,700 hospitals and 15,000 pharmacies across China, according to the financial times, as well as a healthcare technology business that updates hospitals’ technology systems.

The funding announcement comes not long after the Hong Kong market IPO of Ping An Good Doctor, China’s other large online healthcare platform and a clear competitor to WeDoctor. Ping An raised $1.1 billion, but has recently seen its share dip due to investor concerns of overvaluation.