Ping An Good Doctor : China’s most popular Online Medical platform prepares $1 Billion IPO

December 3, 2017

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China’s most popular online medical platform, Ping An Good Doctor, is working with Citigroup and JPMorgan on an initial public offering of up to $1 Billion, IFR reported. The deal could launch in Hong Kong in the first half of next year, the Thomson Reuters publication reported, citing people close to the process.


Good Doctor’s plans to list come as Hong Kong has hosted a series of “hot” tech stocks whose first-day gains have been among the best in the world this year, boosting the city’s reputation for tech listings.


Good Doctor, one of a series of tech start-ups backed by Ping An, the insurer, is the largest online health care and medical platform in China in terms of users.


Users can consult doctors for diagnosis on the platform, which also provides online appointment booking. It does not currently provide prescriptions.


In 2016, Good Doctor raised $500 million in an initial funding round, valuing it at $3 billion.



Introduction to Ping An and Good Doctor


The Ping An Health Insurance Company of China, Ltd is a professional health insurance company under the Ping An Insurance Group of China, Ltd. We were first established on June the13th 2005 after being approved by the China Insurance Regulatory Commission. Our headquarters are in Shanghai and we have 7 branch offices across the country.


As a domestic health insurance company, we cover a large scope of health insurance services, including medical insurance, accident insurance, health insurance management, health consultation services amongst others. Our brand is well-known and trusted by consumers in China.


In August 2010 we entered a strategic partnership with Discovery, the largest health insurance company in South Africa, who is renowned for its consumer-engaged health insurance and wellness products. With Discovery's expertise in health product development, systems, data and risk management assets, and our distribution network, business scale and professional knowledge of the Chinese local market, this partnership is a great opportunity to integrate both our companies' skills to build a stronger international health insurance profile. Furthermore, with government reform of the healthcare system in China, we aim to make use of Discovery's innovative spirit to find ways to develop commercial health insurance in the country, to strengthen our ability to serve society and to contribute to the progress of society.



Ping An Good Doctor Chairman Wang Tao


Ping An Good Doctor chairman Wang Tao is hoping to tap that growing interest, showcasing the platform’s 180 million registered users, according to sources familiar with the matter. Wang says his company places No 1 among competing online medical platforms in China by users.


The company has obtained an online hospital licence this year and will soon begin to provide prescriptions in addition to medical consultations. The first online hospital was established by, and Yunshan Medical, according to China Daily.


“We will soon begin to provide prescriptions in addition to medial consultations,” Wang said.


Wang declined to comment on the listing plan. He was non-committal on whether the company would consider additional fundraising.


“When Good Doctor raised its first round of funding, the company had limited sources of revenue,” said a source close to the company.


Now its revenues mainly come from a few areas such as online medical consultation, selling membership health cards, and an online store that sells medications, health care products, cosmetics, and gift vouchers for medical services.



Climate Change : Health Policy and Technology Journal


A recent report published in Health Policy and Technology Journal, discussed the changing climate in Chinese healthcare and the need for such apps. Currently 15 percent of the population is over the age of 60 in China and 20 percent of the population is suffering from chronic conditions.


“With hospitals struggling to fulfill medical demands, the use of information and communication technologies (ICTs) to provide remote health services has become increasingly popular,” the report said. “The use of mobile ICTs in health services such as the mHealth service is rapidly developing in China.”


People are living longer in China than in previous decades; the life expectancy has more than doubled from 35.2 in 1949 to 76.1 in 2016, according to the report, which cites progress in the healthcare system as a reason. According to the report, the majority of active mobile health users are under 30. The author notes elderly patients with chronic conditions currently have a low reliance on mobile health, which could be from the lack of policy support. Nevertheless, the market is still growing. 


“The mHealth market in China is expanding at an estimated annual growth rate of 50 percent,” the report said. “With the benefits from the development and adoption of mHealth services, the mHealth domain could become an important component of the Chinese healthcare market.”


But there are major difference in the healthcare system between the US and China which may change the implementation of mobile health. China’s hospitals are primarily state funded and doctors duties and salaries are designated by national regulations, according to the report. 


“The scope of medical responsibilities and the sharing of issues in the current medical system fail to fully resolve the potential uncertainties in the mHealth market, which deter hospitals and doctors from participating actively in the mHealth market,” the report states. “Currently, hospital healthcare and mHealth services are largely separate issues, as the current policy deters hospitals and doctors from active participation in the mHealth service. This situation is impeding cooperation aimed at improvements of China's mHealth services.”


There seems to be an active interest in mobile health apps among people in China.



Ping An Business Model and Strategy


Ping An's vision is to provide our group and individual members, with comprehensive products that meet all their healthcare needs. We offer a global medical network that gives our members access to expert medical assistance worldwide and emergency medical assistance through our 24 hour, bilingual service with world-wide reach.


Locally, clients can benefit from our services including: health checkups, dental care, healthcare consultations, health management services, an outpatient appointment service, an inpatient admission service, inpatient deposit guarantee, inpatient visits, a second medical opinion service, direct billing in our hospital network and emergency assistance.


Five reasons to choose Ping An Health:

1. A local presence with global expertise

2. Comprehensive medical cover when you need it most

3. A focus on making members healthier

4. A wide spectrum of innovative products to meet different medical and financial needs

5. Personalised services and tools to guide you through the healthcare system






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