(Yicai Global) Jan. 30 -- Ping An Insurance Group Co. has submitted documents for its health technology unit to go public in March, part of the Chinese insurance giant's plans to spin out its four fintech subsidiaries this year.
Shanghai-based Ping An Health Medical Technology Co., which operates the insurer's online health platform Good Doctor, has submitted its application to list in Hong Kong, Ping An Insurance said in a press briefing.
Ping An plans to individually list four units this year, with a combined market cap of USD 98.5 billion, Hong Kong Economic Times reported on Jan. 18. They comprise Ping An Health Medical Technology, wealth management firm Shanghai Lujiazui International Financial Asset Exchange Co. (Lufax), insurance management platform Ping An Medical Health Management Co., and fintech unit Shanghai OneConnect Technology Co.
Of the four subsidiaries, Lufax is attracting the most attention. The firm will submit its own application by the end of this month, with plans to list in the second quarter of this year. It could be worth USD60 billion after its IPO, making it China's largest fintech firm.
The remaining two units are expected to go public in the second half of the year.