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Ping An’s Good Doctor raises $1.1 billion in Hong Kong IPO

In View Summary

Ping An’s Good Doctor healthcare app recently raised $1.12bn via its HK IPO. Bloomberg reports the offering is about 160 million shares at HK$50.80 to HK$54.80 a piece. Citigroup and JPMorgan are the joint global coordinators and joint bookrunners of the issue.

The platform delivers healthcare services such as online family doctors and health mall services through its mobile platform. It has a nationwide network of healthcare service providers that boasts 3,100 hospitals, 1,100 health check-up centers, 500 dental clinics and 7,500 pharmacy outlets.

Ping An’s Good Doctor online healthcare platform raised $1.12bn via an IPO, debuted on May 4

The company secured seven investors including Singapore’s sovereign wealth fund GIC, Canada Pension Plan Investment Board and U.S. asset manager BlackRock. The proceeds from the IPO are expected to be used to fund strategic alliances and acquisitions, as well as research.

Reported Benefits

Benefits to customers

  1. Innovative products and services
  2. Enhanced customer engagement
  3. Improved operations and accessibility

Benefits to insurers

  1. Innovative products and services
  2. Increased M&A opportunities
  3. Fund accessibility for R&D

The Digital Insurer's View

China’s healthcare industry is characterized by a well functioning but over-burdened public hospital network and public health insurance with a 95% penetration rate. Despite this, digital health apps are continuing to flourish and the Ping An Good Doctor IPO was a reaffirmation of the opportunities available to those with the resources needed to compete in this space.

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