Ping An’s ‘Good Doctor’ wins Hong Kong IPO approval despite losses
IPO Prospectus says Ping An Healthcare has a mission to build the ‘largest health care ecosystem in the world and promote healthy living empowered by technology’
Ping An Healthcare and Technology, China’s largest health care and online medical platform, has been accepted by the Hong Kong stock exchange for an initial public offering (IPO), despite making hefty losses for the past two years.
The company’s revenue soared 240.4 per cent from a year earlier, to 1.02 billion yuan (US$129.5 billion) in the nine months ended 2017.
But it still lost 497.4 million yuan for the nine months ended 2017, after a net loss of 614.2 million yuan in the first nine months of 2016, according to the application proof prospectus published on the Hong Kong Exchanges and Clearing’s website.
Shenzhen-based financial conglomerate Ping An Insurance (Group) will spin off the health care portal, known as the “Good Doctor”.
“We are [still] in the early stages of development with a limited operating history in an emerging and dynamic industry, and our historical results and financial performance are not indicative of future performance,” Ping An Healthcare said in the application.
