Ping An eyes spinning off four subsidiaries

January 22 2018 by InsuranceAsia News Staff

Ping An Insurance is looking at spinning off its four financial subsidiaries for a total valuation of over US$78 billion.

This will be done to pave way for a plan to list them in Hong Kong within this year, according to sources who wished not to be named.

Among the subsidiaries are Lufax, China’s biggest online wealth management platform, and Ping An Good Doctor, an online medical platform.

These two are set to file the listing application by the end of this month, sources said.

Lufax aims to make its exchange debut as soon as March, while Ping An Good Doctor looks at a possible listing in the second quarter.

Another subsidiary, Ping An Healthcare Management, which offers support to China’s public medical insurance services, and which lured investment from Softbank Group, also hopes to float in Hong Kong in the second half of the year.

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