Thursday, April 26, 2018

Ping An Insurance’s units raise US$2.2bn in private financing

Three tech subsidiaries of Chinese giant Ping An Insurance have raised a total of US$2.2 billion through private placement financing, the group announced.

One of them, an online healthcare portal called Ping An Healthcare and Technology — also known as Ping An Good Doctor — completed a pre-IPO financing round for US$400 million ahead of its application to list on the Hong Kong stock exchange, Ping An said in a statement.

Meanwhile, managed care platform Ping An Medical and Healthcare Management, and financial technology solutions provider OneConnect Financial Technology fetched US$1.15 billion and US$650 million, respectively, in A-round financing.

Ping An noted that SoftBank Vision Fund was the sole investor in Ping An Good Doctor’s final pre-IPO financing round.

The same fund was a major investor in Ping An Medical and Healthcare’s A-round financing.

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