(Yicai Global) Nov. 28 -- Guangdong-based insurance giant Ping An Insurance (Group) Company of China [SHA:601318] has refuted reports that it plans to list its online medical platform Ping An Health Cloud Co. (Ping An Health) independently, the company said yesterday.
Ping An reportedly consulted investment bank Citigroup Inc. [NYSE:C] and JPMorgan Chase & Co. [NYSE:JPM] regarding a possible initial public offering in Hong Kong in the first half of next year to provide financing of up to USD1 billion, Reuters said yesterday.
People connected with the insurer expressed that the company had released no news in this regard currently and would not comment on this market rumor.
Ping An Health Cloud Co., one of the largest online medical platforms in China, has provided services to 170 million users and has monthly active users totaling more than 20 million. The platform completed A-round financing of USD500 million last May with a valuation of USD3 billion.
The firm is considering the separate listing of its technology business and Internet finance business under mature conditions in the future, Yao Bo, a Ping An Insurance executive has stated in the past.