Fullerton Health gets $163m funding, plans to expand in China

Investment firm Ping An Capital and related parties have invested around 800 million yuan (S$163 million) in Fullerton Healthcare Corporation.

The move has made Ping An the second largest shareholder in Fullerton, which provides corporate healthcare services. It said the partnership will allow it to offer "quality healthcare that is affordable and accessible in China", expanding its presence in the country's growing enterprise healthcare market.

Fullerton Health plans to establish about 100 clinics in Beijing, Shanghai and Guangzhou. It will also leverage healthcare resources from Ping An Insurance (Group) Company of China to boost expansion.

Ping An of China, which is the controlling shareholder of Ping An Capital, became the world's largest insurer by market value this year. Its "Ping An Good Doctor" online platform provides health management services to around 160 million users.

Fullerton Health co-founder and group chief executive Michael Tan said: "With the deepening of China's healthcare reform, there is no better time to expand into the Chinese market."

Although China's private healthcare market is still in its early stages of development, Mr Tan believes it has "great potential" due to the country's rapid economic growth, favourable demographic changes and low penetration rate of the existing enterprise healthcare service market.

Fullerton Health owns over 260 medical centres in seven countries and serves over 25,000 firms.

A version of this article appeared in the print edition of The Straits Times on November 29, 2017, with the headline 'Fullerton Health gets $163m funding, plans to expand in China'. Print Edition | Subscribe