Ping An Insurance to list three unicorns ‘when timing is right’, invest US$1.4 billion in tech units

Ping An-owned start-ups Lufax, OneConnect and Ping An HealthKonnect are all valued at more than US$1 billion each

Company has not yet decided on a timetable or listing venue, says co-CEO Jessica Tan

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(From left) Ping An Insurance (Group) CFO and chief actuary Jason Yao, co-CEO Lee Yuansiong, chairman and CEO Peter Ma Mingzhe and co-CEO Jessica Tan Sin-yin, at a press conference to discuss the company’s future plans, on Friday. Photo: Nora Tam

Published: 7:51pm, 16 Aug 2019Updated: 11:00pm, 16 Aug 2019

Ping An Insurance (Group), buoyed by the successful listing of its first unicorn, Ping An Healthcare and Technology in April last year, plans to list three other start-ups valued at more than US$1 billion “when the timing is right”.

The company also said that it had budgeted an investment of 10 billion yuan (US$1.42 billion) for 2019 to expand its technology businesses.

China’s largest online medical services app, better known as Ping An Good Doctor, raised HK$8.77 billion (US$1.12 billion) in Hong Kong in April last year, which was oversubscribed 653 times by retail investors, making it the city’s most sought-after main board IPO since 2009.

Jessica Tan Sin-yin, co-chief executive of Shenzhen-based Ping An, said the other unicorns – Lufax, OneConnect and Ping An HealthKonnect – will be listed “when the right timing is right”.

Ping An Good Doctor was the first unicorn to be listed on Hong Kong stock exchange in April 2018. Photo: Bloomberg

“We do not have a timetable and a listing venue yet,” she said during a post results briefing on Friday, along with chairman Peter Ma Mingzhe and other senior executives in Hong Kong.

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