Ping An online healthcare business targets $1.1b in HK IPO

The company, which made its initial filing in January, will sell 160.1 million shares at HK$50.80-54.80 apiece, according to a prospectus. The offering includes a cornerstone placement of approximately HK$4.32 billion. GIC Private and Canada Pension Plan Investment Board (CPPIB) are among the seven participants.

Parent company Ping An Insurance is the controlling shareholder with a 46.20% interest and will remain so – on 38.41% interest – if the overallotment option is fully exercised. SoftBank Vision Fund, which acquired a 7.41% stake for $400 million in February, will have around 6.16% post-offering.

The company previously 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. 

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.

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• Topics
• Greater China
• IPO
• Healthcare
• China
• Ping An
• Softbank