Wednesday, December 13, 2017

Vision Fund eyes investing in Chinese insurer Ping An

A technology fund run by SoftBank is planning to invest in health and financial businesses owned by Chinese giant Ping An Insurance, two people with knowledge of the matter said.

Vision Fund, which is valued at US$97 billion, is currently in discussions to invest in three firms: Lufax, China’s largest online financing company; OneConnect, which offers AI-powered services such as distribution channels and risk management to financial companies; and healthcare portal Ping An Good Doctor.

Vision is looking to take up to 10% in these companies.

In addition, it is also considering a potential investment in a separate Ping An-backed health-care subsidiary.

SoftBank, which is headquartered in Tokyo, has considered China as a main destination for its tech investments.

It contributed US$5 billion to this year’s record US$5.5 billion fundraising by Chinese ride-hailing giant Didi Chuxing, and also invested in Hong Kong’s ZhongAn Online.

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