Advertisement
UK markets closed

  • FTSE 100

    8,139.83
    +60.97 (+0.75%)
     

  • FTSE 250

    19,824.16
    +222.18 (+1.13%)
     

  • AIM

    755.28
    +2.16 (+0.29%)
     

  • GBP/EUR

    1.1679
    +0.0022 (+0.19%)
     

  • GBP/USD

    1.2491
    -0.0020 (-0.16%)
     

  • Bitcoin GBP

    51,133.75
    -613.79 (-1.19%)
     

  • CMC Crypto 200

    1,332.02
    -64.52 (-4.62%)
     

  • S&P 500

    5,099.96
    +51.54 (+1.02%)
     

  • DOW

    38,239.66
    +153.86 (+0.40%)
     

  • CRUDE OIL

    83.66
    +0.09 (+0.11%)
     

  • GOLD FUTURES

    2,349.60
    +7.10 (+0.30%)
     

  • NIKKEI 225

    37,934.76
    +306.28 (+0.81%)
     

  • HANG SENG

    17,651.15
    +366.61 (+2.12%)
     

  • DAX

    18,161.01
    +243.73 (+1.36%)
     

  • CAC 40

    8,088.24
    +71.59 (+0.89%)
     
PROPERTY:

9 luxury homes to consider if money is no object

Ever thought about what a multimillion pound budget would buy you?

Ping An healthcare unit maps out plan for $1.1 billion Hong Kong IPO

Reuters

HONG KONG (Reuters) - Ping An Healthcare and Technology Co Ltd, a unit of Ping An Insurance (Group) Co of China Ltd (2318.HK) , plans to raise up to HK$8.77 billion (797.8 million pounds) in a Hong Kong initial public offering to help expand its e-commerce business.

The unit, also known as Ping An Good Doctor, plans to sell a total of 160.09 million shares at up to HK$54.80 apiece, it said in a filing to the Hong Kong bourse on Monday.

In January, Reuters reported that Ping An Insurance had raised nearly $1 billion for a medical data collection and analysis business ahead of a Hong Kong IPO.

The operator of China's largest internet healthcare platform, in terms of users and daily online consultations, said proceeds from the IPO would also be used to fund acquisitions and strategic alliances as well as for research.

ADVERTISEMENT

The price will be fixed on April 26 and dealing in the shares is expected to begin on May 4.

Citi and J.P. Morgan are the joint global coordinators and joint bookrunners of the issue.

Ping An Healthcare was close to securing cornerstone investors for its IPO, including Singapore's sovereign wealth fund GIC, Malaysia's sovereign wealth fund Khazanah Nasional, and U.S. asset manager BlackRock, Reuters' publication IFR reported, citing people familiar with the situation.

Ping An Healthcare, in which Ping An Insurance will hold 39.27 percent on completion of the global offering, delivers on-demand healthcare through its mobile platform, including online family doctors, healthcare and health mall services.

It has established a nationwide network of healthcare service providers covering 3,100 hospitals, 1,100 health check-up centres, 500 dental clinics and 7,500 pharmacy outlets.

Underlying strong demand for the issue has provided solid support to the Hong Kong dollar, pushing the currency up to 7.8425 per U.S. dollar, its strongest in five weeks.

(Reporting by Donny Kwok; Editing by Stephen Coates)