China’s Ping An raises $2.2b for healthcare, fintech units
Ping An Insurance Group has raised $2.2 billion in private equity funding for its three technology businesses: Ping An Good Doctor, Ping An Healthcare Management, and OneConnect Financial Technology.
The $400 million pre-IPO round for Ping An Good Doctor, an online platform that connects consumers and patients with healthcare services providers, was disclosed last week when the company filed for an IPO in Hong Kong under Ping An Healthcare & Technology.
SoftBank Vision Fund was the sole investor in the round for Ping An Good Doctor and it led a $1.15 billion Series A round for Ping An Healthcare Management alongside International Digital Group (IDG) and SBI Group. The latter two investors also participated in a $650 million Series A round for financial technology unit OneConnect.
Ping An Healthcare Management was launched in January 2017, with a view to supporting China’s public medical insurance system. It aims to become the country's largest open platform for managed care services, covering expense controls, audits, social security account management and medical resources services. The business now covers 800 million people.
"China is a dynamic and emerging economy with the largest [healthcare technology] market worldwide, and the SoftBank Vision Fund sees tremendous growth potential for this sector. As one of China's foremost companies, Ping An is a leader in scaling emerging healthcare technologies within an integrated platform,” Kentaro Matsui, who led the investments made by the SoftBank Vision Fund, said in a statement.
Established in late 2015, OneConnect provides financial technology solutions, such as online distribution and risk management, to Chinese small to medium-sized financial institutions, including banks, brokerage firms, and trust companies. At present, it serves more than 2,300 clients – of which 420 are banks – facilitating over RMB12 trillion in transactions.
Ping An has been focusing on developing technologies, such as artificial intelligence (AI), big data, cloud platforms, to drive growth within its traditional businesses. Lufax, a PE-backed wealth management platform under Ping An, is reportedly also targeting an IPO in Hong Kong.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.