Ping An Healthcare and Technology is set to become the first out of four affiliates to be listed upon receiving approval from the Hong Kong Stock Exchange, South China Morning Post has reported.
At present, the company has 20 million active users, but the move will further enable the division to further grow its service offering outside of China, with the aim to raise up to HK$7.8 billion.
Despite the company’s poor performance, with a loss of up to $119.7 million in 2016, but received a 240% rise in revenue at the end of 2017.
The Hong Kong Stock Exchange has approved the move, where Softbank Group remains the company’s main shareholder at 7.41%. Ping An Insurance will remain the sole dominant shareholder of the healthcare unit following on from the IPO listing.
The company’s digital health platform, Ping An Good Doctor, has up to 20 million active monthly users, with services such as booking GP appointments, wellness services, and encompasses over 3,000 hospitals and 7,000 pharmacies under its umbrella.
Up to 40% of its IPO proceeds will therefore be allocated towards developing these services further, investing in new technologies and link towards its overall expansion strategy.
If successful, Ping An Insurance aim to spin off three other outlets under its remit, which will see it gain further presence on an international scale.