SINGAPORE - Fullerton Healthcare Corporation announced on Monday (Nov 27) that Ping An Capital Co and related parties has led an investment of more than 800 million yuan (S$163.25 million) in the company, effectively becoming its second largest shareholder.
The provider of corporate healthcare solutions said that the partnership offered a platform for the business to expand its presence in the growing Chinese enterprise healthcare market.
In its first move, Fullerton Health plans to establish approximately 100 clinics in major cities of Beijing, Shanghai and Guangzhou.
Liu Dong, principal partner of Ping An Capital said that the investment will pave the way for Fullerton Health to adapt its business model in mainland China.
In addition to capital investment, Fullerton Health will also leverage healthcare resources from Ping An Capital's controlling shareholder, Ping An Insurance (Group) Company of China, to boost its business expansion.
Ping An Insurance, which became the world's largest insurer by market value this year, said that in the first half of 2017 its life and health insurance new business valuegrew 46.2 per cent year-on-year to nearly RMB38.5 billion. As of May 2017, its "Ping An Good Doctor" online platform provided health management services to 160 million Chinese users.
Fullerton Healthcare Corp owns over 260 medical centres in seven countries and currently serves over 25,000 companies.
It shelved its mainboard initial public offering (IPO) last year, citing market uncertainty.