Ping An Good Doctor, the first technology unicorn landing on Hong Kong’s market this year, closed flat on its trading debut on Friday, bucking the overall market slide, after the retail portion of its US$1.12 billion initial public offering was oversubscribed 653 times to become the most sought after main listing since 2009. Shares of Good Doctor, formally known as Ping An Healthcare and Technology Company, advanced as much as 7 per cent to HK$58.7 earlier in the day, but closed unchanged at its IPO price of HK$54.8. The Hang Seng Index closed 1.3 per cent lower on concerns over the outcome of US-China trade talks. At its current price, the online medical and health care service platform had a market value of HK$58.5 billion (US$7.45 billion), versus rival Alibaba Health Information Technology’s value of HK$40 billion. Good Doctor saw turnover of HK$3.8 billion on volumes of 68 million shares – the third most heavily traded stock on Friday. A spin-off of Ping An Insurance Group, Good Doctor is currently China’s largest online health care and medical platform by user numbers. At the end of 2017, it had 193 million registrants. However, the company is not profitable yet. In 2017 the company reported a loss of 1 billion yuan, its third straight year of losses. But Wang Tao, chairman and chief executive for Good Doctor, said he is confident the firm can generate solid revenues and turn profitable in the future. “The company is still in the early development phase of obtaining users and traffic,” Wang said on Friday at the listing ceremony in Hong Kong. “We want to build a one-stop online medical and health care platform and need to boost traffic and change user behaviour at the moment.” Ping An Good Doctor prices US$1.12 billion IPO at top end amid retail frenzy Looking ahead, Wang said the company will use the IPO proceeds to expand its user base and focus on growing its consumer health care and family doctor services. Good Doctor had priced its IPO at the top end of the HK$50.80 to HK$54.80 range. The capital raising was the biggest in value this year, with the retail portion attracting share subscriptions 653 times greater than the shares on offer. The oversubscription rate exceeded the investor enthusiasm for China Literature, which was oversubscribed by 625 times during its November debut in Hong Kong. Good Doctor’s international tranche was also “massively” oversubscribed, according to sources. The listing, which has drained liquidity from Hong Kong’s banking system, could ignite investor enthusiasm and become a catalyst for a pipeline of blockbuster new-economy IPOs this year, analysts said. Hong Kong’s new listing rules, which permit dual-class share listings by technology companies as well as biotech companies that have yet to show a profit, will draw a flurry of listing applications from young companies, said Edmond Hui, chief executive officer at Hong Kong-based Bright Smart Securities. Earlier this week, Xiaomi, one of China’s largest smartphone makers, filed for an IPO in Hong Kong in what could become the world’s biggest stock flotation since Alibaba’s US$25 billion debut in 2014. “I think we are going to see a hot IPO market in the next few months, with a number of tech unicorns coming to Hong Kong after Xiaomi,” said Hui. According to Good Doctor’s prospectus, around 40 per cent of the proceeds raised will be used for business expansion, such as its e-commerce business, hiring sales and medical professionals, acquiring new users and funding marketing activities.