Ping An Insurance, known also as Ping An of China, is a Chinese holding conglomerate whose subsidiaries mainly deal with insurance, banking, and financial services. Photo: Wikimedia Commons

The Ping An Healthcare and Technology Company is planning to officially list on the Hong Kong Stock Exchange on May 4, with the aim of raising HK$8.768 billion (US$1.12 billion) in funds, The Paper reported.

A subsidiary of Chinese holding conglomerate Ping An of China, the company is expected to launch a global offering of 160 million shares — 10 million shares for the Hong Kong market and 149 million shares for an international offering. The offering price is HK$54.8 per share.

Regarding the use of the funds raised, the company stated that 40% will be used for business expansion, 30% for the company’s potential investment, acquisition of domestic companies and overseas investment, 20% for R&D and 10% for general use as operational capital.

The main business of the company is Ping An Good Doctors, an online health consultation and management platform which has 192 million registered users.

Though the platform’s annual revenue has seen consecutive growth over the past three years, reaching 1.868 billion yuan in 2017, the company as a whole has suffered losses since it was founded. Its loss in 2017 reached 1.02 billion yuan.

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