Good Doctor trades briskly on debut, but ends flat after raising US$1.1b in biggest IPO this year
Shares of Ping An Good Doctor close flat at IPO price of HK$54.8 even as benchmark index sheds 1.3pc on concerns over US-China trade talks
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.