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November 1, 2018

Ping An said to consider $2bn IPO of health tech unit in Hong Kong

China-based Ping An Insurance Group is reportedly planning to raise up to $2bn through an IPO of its Ping An healthcare unit in Hong Kong to support expansion.

Citing people familiar with the development, Bloomberg reported that a listing of Ping An Healthcare Technology is likely to happen next year.

The anonymous sources told the publication that the Chinese insurer is engaged in discussions with potential advisers about the planned share sale.

The healthcare company offers health-care technology platforms used by hospitals, insurers as well as pharmacies.

Ping An Healthcare

Earlier in February, Ping An Healthcare Technology raised $1.15bn capital from investors including SoftBank Group’s Vision Fund in a series A funding round.

With the latest move, it would join Good Doctor, a standalone subsidiary of Ping An, which raised $1.1bn in a Hong Kong IPO in April. Good Doctor provides online medical consultations.

Talks are at primary stage and the plan could change, the sources told the news agency.

For the first nine months of the year, Ping An Healthcare Technology posted operating profit of RMB5.4bn ($775m), an eight fold increase compared to last year.

Covering medical data of more than 800 million Chinese citizens, the firm helps local governments in 250 cities to slash medical insurance expenses an average 10% by avoiding fraud.

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