GIC investing in Chinese healthcare platform Ping An Good Doctor

Ping An Good Doctor, a unit of China's biggest insurer by market value, drew cornerstone investors including GIC and Khazanah Nasional to a Hong Kong initial public offering that could raise as much as US$1.1 billion (S$1.5 billion).

The Chinese online healthcare platform is offering about 160 million shares at HK$50.80 to HK$54.80 apiece, according to terms for the deal obtained by Bloomberg. The Ping An Insurance (Group) Co subsidiary will take investor orders till Thursday, the terms show.

Ping An Insurance is preparing listings for its technology units after shares of the insurer have risen more than 90 per cent over the past 12 months, giving it a market value of about US$188 billion. 

Its OneConnect financial management portal has picked banks for a Hong Kong IPO that could raise as much as US$3 billion, people familiar with the matter said in March.

Seven cornerstone investors agreed to buy about US$550 million of stock in the Good Doctor offering, according to the terms.

BlackRock will invest about US$125 million, while Singapore sovereign fund GIC and Canada Pension Plan Investment Board each agreed to purchase US$100 million of shares.

Seven cornerstone investors agreed to buy about US$550 million of stock in the Good Doctor offering, according to the terms. BlackRock will invest about US$125 million, while Singapore sovereign fund GIC and Canada Pension Plan Investment Board each agreed to purchase US$100 million of shares.

Khazanah, Swiss Re, US asset manager Capital Group Cos and a unit of Thailand's CP Group are also buying stock in the offering.

The cornerstone investors agreed to keep their holdings for six months in return for early, guaranteed allocations.

Good Doctor, which is formally known as Ping An Healthcare & Technology Co, aims to price the offering on April 26 US Eastern time and begin trading May 4, the terms show.

Citigroup and JPMorgan Chase & Co are joint sponsors of the offering.

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A version of this article appeared in the print edition of The Straits Times on April 24, 2018, with the headline 'GIC investing in Chinese healthcare platform Ping An Good Doctor'. Print Edition | Subscribe