Ping An Healthcare and Technology Company (1833.HK)

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Ping An Good Doctor’s US$1.12b IPO set to reignite Hong Kong listings market
Company plans to sell 160.094 million shares at an indicative price range of US$6.48-6.99. Retail investors to be offered 6.5pc, or 10.4 million shares

Laura He
PUBLISHED : Monday, 23 April, 2018, 8:17am
UPDATED : Monday, 23 April, 2018, 2:16pm

Ping An Healthcare and Technology Company, also known as Ping An Good Doctor, has launched its highly anticipated Hong Kong initial public offering (IPO) which aims to raise as much as HK$8.77 billion (US$1.12 billion) in what could become the city’s biggest flotation by an internet-based business since ZhongAn Online’s blockbuster IPO last September.

The listing, which has already triggered an increase in Hong Kong’s liquidity demand, is expected to ignite investor enthusiasm and become the catalyst for a strong potential pipeline of blockbuster new-economy IPOs this year, including star names such as Xiaomi and Ant Financial.  

Proposed tech listing rule changes, set to be revealed on Tuesday, are also expected to facilitate a rash of dual-class share listings by tech and biotech companies that have yet to make profits. 

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Not what Ping An Good Doctor ordered as shares fall below IPO price
Concerns about profitability, global sell-off in tech shares to blame, says analyst

Zhang Shidong
PUBLISHED : Monday, 07 May, 2018, 12:30pm
UPDATED : Monday, 07 May, 2018, 12:44pm

Ping An Healthcare and Technology, Hong Kong’s most sought-after initial public offering in about a decade, has investors running for cover.

Shares in the unit, which was spun off from Ping An Insurance Group and is also known as Ping An Good Doctor, dropped by as much as 11 per cent to HK$48.90 on Monday, their second day of trading. This has sent the stock well below its offer price of HK$54.80.

The retail tranche of Ping An Good Doctor stocks was oversubscribed by 654 times, and on their debut on Friday, the shares rose by as much as 7.1 per cent – before giving up all their gains at the close.

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Any stock market is a dead pool without IPOs. But too many share sales can give investors indigestion.
Take Ping An Healthcare & Technology Co., or Good Doctor. It struggled on its first day on Friday, despite being 653 times oversubscribed. Its performance is in sharp contrast to Tencent Holdings Ltd. spinoff China Literature Ltd., which soared 86 percent when it debuted in November.
Hong Kong’s private bankers must have been making frantic calls to try and explain the result. Whereas some wealthy individuals netted $90,000 from China Literature, those hoping for a similar windfall with Good Doctor were sorely disappointed.
In Good Doctor’s retail tranche, 299 investors applied for 5.2 million shares each, the maximum allowed. At HK$54.80 apiece, that’s HK$285 million ($36 million) upfront.
Up to 90 percent of that amount could be financed on margin but – factoring in rising interest rates and IPO commission fees – investors would have needed a day-one pop of at least 18 percent just to break even. Those borrowing at a 3 percent annualized rate would have lost more than HK$156,000, or $20,000.
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

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Ping An Good Doctor to expand medical services platform in Southeast Asia this year
The company will give users in the region access to artificial intelligence-assisted online medical consultations, medicine delivery and appointment bookings

Peggy Sito
PUBLISHED : Tuesday, 21 August, 2018, 8:01am
UPDATED : Tuesday, 21 August, 2018, 8:01am

Ping An Good Doctor, China’s biggest online health care platform, aims to expand its services in Southeast Asia later this year to cater the growing demand from the region and mainlanders travelling for medical tourism.

The company, officially known as Ping An Healthcare and Technology, last Thursday announced the formation of a 70:30 venture with Southeast Asian ride-hailing platform Grab, which will give users in the region access to artificial intelligence-assisted online medical consultations, medicine delivery and appointment bookings.

“After signing the joint venture agreement, we now need to form the management team,” said Wang Tao, chairman of Ping An Good Doctor. “We hope to see the services in at least one country this year. It is possible Thailand will be the first one.”

He said Thailand is good because of the availability of low-cost, high-quality services provided by private medical centres.

Last week , a spokeswoman for Grab said that the company is “looking at Indonesia closely”.

It will also keep an eye on the growing medical tourism market as an increasing number of mainland Chinese looking for international medical services. Wang said they would also cooperate with hospitals in the region to provide online and offline medical services to Chinese users.

“Medical institutions in Thailand and Indonesia provide good services, and costs are low. And they have a large number of young mobile user population,” he said.

Southeast Asia, with a population of about 660 million, has over 200 million mobile users.

According to Ctrip, China’s largest online tourism agency, in 2016 over 500,000 outbound medical trips were taken, five times the number in 2015. Average spending was over 50,000 yuan (US$7,286), 10 times the expenditure for individual overseas trips.

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China’s biggest online health care platform fires back at short-seller report that labelled the firm 'Ponzi scheme'
* Ping An Healthcare and Technology tumbled 1.3 per cent in Hong Kong on Thursday, adding to a 5.2 per cent decline on the prior trading day
* The company’s management hosted a conference call with institutional investors on Thursday afternoon; in an exchange filing they called the short-seller report ‘malicious defamation’

Xie Yu  
Published: 8:30pm, 2 May, 2019

China’s biggest online health care platform saw its share price drop for a second successive trading day in Hong Kong on Thursday, after a short-seller report of unknown origin challenged the real value of the company, calling it a “Ponzi scheme”.

Ping An Healthcare and Technology, or better known as Ping An Good Doctor (PAGD), suffered a 1.3 per cent drop on Thursday, ending the session at HK$37.90. The company’s shares fell 5.2 per cent on Tuesday, ahead of a public holiday on Wednesday in Hong Kong.

The short-selling report had been circulated online since Tuesday.

The report entitled “Ping An Good Doctor: Is it a Ponzi Scheme driven by Counterfeit Data???” raised concerns such as the number of real doctors among the company’s in-house medical staff, whether its registered user data was inflated, and confusion regarding online and offline sales.

Specifically, the report cited interviews with former employees and data collected by web crawler tools to make the case that PAGD inflated gross merchandise volume (GMV) and revenue.

It also attacked the quality of the company’s AI diagnostic technology, saying “we believe it is a chatbot with hardcoded answers”.

The report said its “blue-sky” valuation for PAGD’s shares was HK$10.75.

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