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Int'l investors positive about China's healthtech market: Ping An Insurance

Xinhua | Updated: 2018-02-05 14:40

SHANGHAI - Ping An Insurance (Group) Company of China Ltd announced Friday that three technology subsidiaries have recently completed private placement financing, which received positive responses particularly from international institutional investors.

Ping An Healthcare and Technology Company Limited has completed a pre-IPO financing of $400 million before the company seeks IPO at Hong Kong Stock Exchange, the company said in a statement.

Meanwhile, another subsidiary, Ping An Medical and Healthcare Management Co Ltd, raised $1.15 billion in A-round financing. OneConnect Financial Technology Co LTD conducted an A round financing and raised $650 million, according to the statement.

Financing of the three subsidiaries received positive responses, particularly from international institutional investors, including the SoftBank Vision Fund, International Digital Group (IDG), and SBI Group, showing their confidence on China's healthtech and fin-tech market, it said.

Kentaro Matsui, who led the investments by the SoftBank Vision Fund, said that China is a dynamic and emerging economy with the largest healthtech market worldwide, and the SoftBank Vision Fund sees tremendous growth potential for this sector.

At present, Ping An Healthcare and Technology Company Limited, also known as Ping An Good Doctor, has over 190 million registered users and more than 30 million monthly active users. It provides online health advice and information for the public.

OneConnect has provided more than 2,300 financial institutions (including over 420 banks) with financial technology solutions so far.

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