Pet Clinic Ruipeng Is Said to Seek New Funds at $3 Billion Value

New Ruipeng Pet Healthcare Group Co. is seeking to raise funds at a valuation of about $3 billion ahead of its planned initial public offering, people with knowledge of the matter said.

The Hillhouse Capital-backed pet clinic operator is working with an adviser to raise about $300 million in the pre-IPO round, according to the people, who asked not to be identified as the information is private. New Ruipeng, based in Shenzhen, has approached potential investors including Tencent Holdings Ltd., which could invest about $50 million, the people said.

Hillhouse, which was also an early backer of Tencent, ...