Ping An healthcare app files for Hong Kong IPO
Ping An Healthcare & Technology - the PE-backed business that runs the healthcare-focused mobile app known as Ping An Good Doctor in China - is seeking a separate listing in Hong Kong from its parent company Ping An Insurance.
Ping An Healthcare has filed its prospectus but has not disclosed the size or pricing of the offering. Last month, Softbank Vision Fund acquired a 7.41% stake in the business for $400 million. Ping An Insurance will remain the company's controlling shareholder after the listing.
Founded in 2014, Ping An Healthcare provides an online platform that connects consumers and patients with healthcare services providers. The company has built an 888-strong in-house medical team that offers online consultations, hospital referrals, and appointment services.
It has built up a network of healthcare services providers covering 3,100 hospitals, 1,100 check-up centers, 500 dental clinics and 7,500 pharmacies. In addition to online consultation and matching services, Ping An Healthcare sells a variety of healthcare and wellness products online. As of December 2017, it had 192.8 million registered users on its platform.
Revenue came to RMB601.5 million ($95 million) in 2016, up from RMB278.7 million a year earlier. However, the company's net loss widened from RMB323.7 million to RMB758.2 million over the same period.
Ping An Healthcare raised $500 million in a Series A round in April 2016. Investors included Guotai Junan Asset Management, New Alliance Capital, Zhuhai Harmony Healthcare Investment Fund, JICC Wealth Management, Shenzhen Regent Investment, Redmount Investments and Jumbo Sheen. ClearVue Partners and Lyfe Capital also participated.
In addition to Ping An Healthcare, Ping An Insurance reportedly plans to spin off two financial technology units through separate listings: Lufax, a PE-backed wealth management platform; and OneConnect, which offers online financial services to corporate customers.
The proceeds from the Ping An Healthcare offering will be used to scale up the business, including overseas expansion, as well as for technology development.
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