Health benefits

23 April 2018 By Alec Macfarlane Follow @AlecMac11

The Chinese finance giant has launched a $1 bln IPO of its medical arm. By connecting patients with doctors, drugs and health services online, the Good Doctor app supports policy while accumulating valuable data. It’s not yet profitable, but the premium looks justifiable.

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Ping An Healthcare and Technology is launching an initial public offering in Hong Kong that could raise as much as HK$8.8 billion ($1.1 billion), the internet healthcare startup said at a press briefing on April 22.

The company, a subsidiary of Chinese financial services giant Ping An, is offering roughly 160 million shares at an indicative price range of HK$50.8 to HK$54.8 each.

U.S. fund managers BlackRock and Capital Group, Singaporean and Malaysian state investment funds GIC and Khazanah, the Canada Pension Plan Investment Board, insurer Swiss Re and Thai conglomerate Charoen Pokphand are together buying roughly half of the shares being sold as cornerstone investors.

Bookbuilding for the offering will begin on April 23 and end April 26. Shares will begin trading on the Hong Kong Stock Exchange on May 4. Citigroup and JP Morgan are working as joint sponsors of the IPO.

Founded in 2014, Ping An Healthcare and Technology runs Good Doctor, an app that offers healthcare services including online consultations in China. The company completed a pre-IPO investment of $400 million by Japanese technology and telecom group SoftBank in December.

Ping An owns a 46.2 percent stake in the business.

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