Ping An eyes spinning off four subsidiariesJanuary 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.
- August 13
It has reportedly started the process of selling up to 4% of SBI General Insurance.
- August 3
Hong Kong billionaire Richard Li is reportedly weighing the possibility of listing away from home.
- August 1
The group is reportedly considering an offering in the Lion City as an alternative to listing in Hong Kong.
- August 1
The issue will involve a sale of shares by Punjab National Bank, MetLife and other institutional shareholders.