Ping An subsidiary may be raising $500m for healthcare app

Leaked financial documents have sparked rumours that Ping An Health Cloud, a mobile healthcare app operator and subsidiary of Ping An Insurance, is planning to raise $500m in a new funding round. Launched in April 2015, among other things, the healthcare app offers online consultations, health information-sharing services and online forums. As at the end of November 2015, the app had 25 million registered users, 650,000 daily active users and 95,000 consultation appointments a day. As well as plans to operate its own medical team, Ping An Health Cloud has partnerships with 50,000 doctors in other institutions, and relationships with more than 3,000 clinics, 1,200 pharmacies and 400 physical exam centres. 

Sina Tech, 1/21/16

Shanghai-based mobile healthcare app operator Ping An Health Cloud, a subsidiary of Chinese insurance and financial services firm Ping An Insurance (2318.HK; 601318.SH), is planning to raise USD 500 mln in new financing, according to leaked images of a financial document belonging to Ping An Health Cloud. China Jianyin Investment will contribute USD 100 mln through a fund it will establish in the Cayman Islands for this purpose. Ping An Health Cloud has a pre-investment valuation of USD 3 bln.

The documents show that as of the end of November 2015, Ping An Health Cloud's mobile healthcare app, Ping An Haoyisheng ("Ping An Good Doctor"), had 25 mln registered users, 650,000 daily active users, and 95,000 consultation appointments per day. Ping An Haoyisheng said it planned to operate its own 1,000-person medical team by the end of 2015. The platform also has partnerships with 50,000 doctors at other institutions and relationships with more than 3,000 clinics, 1,200 pharmacies, and 400 physical exam centers. It anticipates net profits will reach USD 320 mln in 2019, giving the company an approximate valuation of USD 6 bln to USD 15 bln, and expects to have between 300 mln and 500 mln users by then.

The Ping An Haoyisheng mobile app currently offers online consultations, health information-sharing services, and online forums where users can discuss health topics. Users can also purchase pharmaceuticals, healthcare products, and cosmetics on the app's "Jiankang Shangcheng" ("Health Mall") channel, and the app offers physical and electronic gift cards that users can redeem for physical exams, chronic disease consultation, or genetic testing services.

Ping An Health Cloud, established in August 2014, launched the Ping An Haoyisheng app in April 2015.

Editor's Note: Sina Tech, the original Chinese-language media source reporting this story, has pulled the article from its website as of this afternoon. Marbridge contacted a representative at Sina Tech, who confirmed they had removed the article, but declined to comment as to why the site pulled it.

Keywords: Jianyin Investment VC funding valuation wireless Ping An Insurance mobile healthcare 2318.HK 601318.SH Ping An Haoyisheng mobile application Ping An Health Cloud