Ping An plans spinoff and listing of four unicorns

March 23 2018 by InsuranceAsia News Staff

Ping An is spinning off and floating four units that are being described as unicorns, or startup firms with valuation of more than US$1 billion.

Ping An Good Doctor was reported to be the first to be sold with officials having already filed to list in Hong Kong for an expected valuation of US$5.4 billion.

Lufax, the company that runs the mainland China’s largest peer-to-peer lender and a growing wealth management platform, is then expected to follow.

Some brokers have pegged Lufax’s valuation at $60 billion, although the parent company has not confirmed such estimates.

The two other planned listings, Ping An Healthcare Technology and online finance site OneConnect, are expected to be valued at roughly US$8.8 billion and US$7.4 billion, respectively.

Alex Ren Huichuan, Ping An’s group president, said that the firm will continue to invest in creating new online financial and healthcare platforms despite the divestments.

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