Ping An’s Good Doctor app to seek Hong Kong listing next year, targeting US$1 billion share sale
Good Doctor chairman Wang Tao says the online medical platform will soon broaden its services to include prescriptions
Ping An Good Doctor, the largest online health care and medical platform in China by users, plans to list on the Hong Kong stock exchange in the first half of next year, aiming to raise about US$1 billion.
If successful, the company, backed by Ping An Insurance, will join the recent wave of mainland tech and internet companies that have debuted on the city’s stock market.
Of the 10 biggest initial public offerings in the city this year, five have been by the technology and internet sectors, compared with none last year.
Ping An Good Doctor chairman Wang Tao is hoping to tap that growing interest, showcasing the platform’s 180 million registered users, according to sources familiar with the matter.
In an earlier interview with the Post, Wang says his company places No 1 among competing online medical platforms in China by users.
The company has obtained an online hospital licence this year and will soon begin to provide prescriptions in addition to medical consultations.
The first online hospital was established by 91160.com, and Yunshan Medical, according to China Daily.
“We will soon begin to provide prescriptions in addition to medial consultations,” Wang said.
Wang declined to comment on the listing plan. He was non-committal on whether the company would consider additional fundraising.
“When Good Doctor raised its first round of funding, the company had limited sources of revenue,” said a source close to the company.
Now its revenues mainly come from a few areas such as online medical consultation, selling membership health cards, and an online store that sells medications, health care products, cosmetics, and gift vouchers for medical services.
But like other start-ups, the company has yet to turn a profit.
Launched in 2015, Good Doctor provides diagnosis and online appointment booking. It also enables users to connect with health care professionals using digital media such as video and photos.
The app has a database of articles on health care topics and supports a microblog discussion forum so that users can share their experiences on health-related topics.
In the first half of 2016, Good Doctor secured US$500 million in financing, which valued the company at US$3 billion. Among Ping An’s portfolio of internet companies, Good Doctor and Lufax – China’s biggest peer-to-peer lender – qualify as unicorns, or companies that have a value greater than US$1 billion.
ZhongAn Online P&C Insurance and China Literature, which debuted on the Hong Kong stock exchange in the second half, saw an extraordinary response from retail investors with both offerings heavily oversubscribed.