Ping An Good Doctor Raised $1.12 Billion for IPO in Hong Kong
Ping An Good Doctor, China’s largest online healthcare platform and a business unit of Ping An Insurance, has raised $1.1 billion (HK$ 8.77 billion) for an IPO in Hong Kong. It is expected to be priced at the top end of the HK$50.8 – HK$54.8 price range and to begin trading on the Hong Kong stock exchange on the 4th of May 2018.
” Ping An Good Doctor Raised $1.12 Billion for IPO in Hong Kong “
Ping An Healthcare and Technology, known as Ping An Good Doctor in China, operates the largest internet healthcare platform in China, providing on-demand healthcare through its mobile platform. In 2017, it has 192.8 million registered users, 888 in-house medical personnel and 370,000 daily consultations. The healthcare platform have also established a nationwide network of healthcare service providers with 3,100 hospitals, 1,100 health check-up centers, 500 dental clinics and 7,500 pharmacy outlets.
The IPO of Ping An Good Doctor is one of the hottest in recent years, with brokers extending an unprecedented $20.3 billion (HK$160 billion) to retail clients in margin loans. The IPO is the biggest by an internet-based business since ZhongAn Online P&C Insurance’s HK$11.9 billion IPO in Hong Kong in September 2017. The capital raised is expected to fund acquisitions, strategic alliances and for research and development.
The key investors are global asset managers, BlackRock and Capital Group, Singapore and Malaysia’s sovereign wealth fund GIC and Khazanah Nasional, Canada Pension Plan Investment Board and a subsidiary of Thailand’s billionaire Charoen’s CP Group. Citigroup Inc and JP Morgan Chase are the joint sponsors.
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