JIC Capital's Investment Ping An Good Doctor Goes Public in Hong Kong
Ping An Healthcare and Technology Co. Ltd. (hereinafter referred to as "Ping An Good Doctor") went public on the Hong Kong Stock Exchange on May 4, 2018 with the stock code 1833 and a stock issue price of 54.8 HKD per share. Ping An Good Doctor has been celebrated as the first “unicorn” company to successfully list on the HKSE in 2018. The online health platform had received investment from a special purpose equity fund launched and managed by JIC Capital.
In April 2016, the special purpose equity fund launched and managed by JIC Capital committed a total of US$35 million to Ping An Good Doctor's series A financing. The online health platform's valuation after series A funding exceeded US$3 billion. The financing broke both the record of the single largest source of financing received by internet medical startups globally and of the highest valuation after series A financing, which earned “Ping An Good Doctor” the title of the largest unicorn company in this field in China.
JIC Capital is an asset management platform under JIC Technology Investment Co.,Ltd. (a JIC Group subsidiary). It believes in a business philosophy of total dedication to fund management, and is committed to priority industries including information technology and health-care. With a focus on value investment and market-driven investment strategies, JIC Capital seeks to strengthen its brand presence in the priority industries, expand the size of asset under management, optimize post-investment operation and management, enhance internal risk control, and provide a full range of capital support and integrated strategic growth services for the sustainable and sound development of the investment recipients and clients.
Ping An Health Cloud Company Limited, the operating platform of Ping An Good Doctor, is an important subsidiary under the Ping An Insurance Group. Founded in August 2014 with a registered capital of RMB 350 million and headquartered in Shanghai, the company is tasked with implementing the "health" component of Ping An's all-encompassing strategic vision that incorporates health, food, housing, transportation and entertainment. It offers online family doctor and specialist consultation services, and taps into the mining, analysis and application of big data to provide clients with a broad array of personalized medical and health management services through its health care solution platform “Ping An Good Doctor”, both online and offline.
The "Ping An Good Doctor" app was officially launched in April 2015 and has maintained an industry-leading volume of consultations, a favorable DAU (daily active users) and a high level of customer satisfaction. As the first Internet health-care stock in the Chinese mainland to go public, Ping An Good Doctor's IPO is expected to usher in a new era for the industry.