Good Doctor targets US$1bn Hong Kong IPO

April 16 2018 by InsuranceAsia News Staff

Aiming to fetch US$1 billion, Ping An Healthcare and Technology, China’s largest health care and online medical platform, is set to launch an initial public offering in Hong Kong.

Sources said the IPO will be made early May, after the company was able to get a verbal approval from the city’s bourse.

For the IPO, Ping An Insurance is expected to spin off the health care and technology unit, which is also known as Good Doctor.

The transaction may value the unit at US$5.4 billion. In the last nine months of 2017, the healthcare platform was able to raise its revenue by 240% to Rmb1.02 billion (US$162.2 million).

However, it still ended up losing Rmb497.4 million in the same period, after posting a net loss of Rmb614.2 million during the first nine month period of the preceding year.

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