May 20, 2020

Chinese healthcare app prepares for $1.1bn IPO

Hong Kong
JP Morgan Chase
1 min
Chinese healthcare app prepares for $1.1bn IPO

Chinese online healthcare platform, Ping An Good Doctor, is set to issue the biggest Hong Kong IPO of its kind.

Good Doctor is an app providing online healthcare information and consultancy, and is a subsidiary of China Ping An Group, one of the biggest health insurance providers in the country by market value, according to Bloomberg.

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It has now started taking orders for its Hong Kong IPO, which will have a maximum value of $1.1bn. 160 shares in the company are on offer, at roughly $6.76 per share. The company aims to begin trading on the stock market on 4th May.

The offering is being sponsored by Citigroup Inc and JP Morgan Chase & Co. A cornerstone investor will be BlackRock Inc. It is set to be one of the biggest flotations ever in Hong Kong by an internet-based business.

Wang Tao, Chairman and CEO said, according to the South China Morning Post: “We want to use the proceeds to expand our business, and fund future domestic and overseas acquisitions.”

Ping An Good Doctor was founded in 2014.

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