Ping An is a Chinese based Insurance company that deals with insurance related policies and healthcare platforms has planned to raise a massive $2 billion from its IPO according to sources.
This massive billion dollar company was founded in Shenzhen in 1988.Since then it is among the top 50 companies to be featured under the Shanghai Stock Exchange.
It is also considered to be the top global insurance company and probably the largest and the most valuable insurer of 2018,with an asset management of close to $900 billion.
The company holds about 400,000 consultations and provides a health membership to all its customers through programs and health related services in China.
It also has an established center for health care centers spread across 3,000 hospitals with different segments of clinical and pre-clinical treatments.
The main goal of the company is to provide an efficient ecosystem by providing world class services to all its customers via AI technology,mobile platforms,and an online portal for better involvement of its customers with its trained medical staff.
Ping An is also said to have raised over $1 billion from investors such as SoftBank for its product expansion to provide better online support and healthcare services.
For the first time,after months of expansion,the company has made operating profits of around RMB 5.4 billion or $774 million which is almost twice of what it had made the last fiscal year.
Ping An being a world renowned healthcare company provides its services to about 800 to 900 million Chinese citizens and caters to needs of about 250 cities to slash the medical insurance expenditure by about 10% and prevent any frauds that occur from hospitals.
Bloomberg also reported that the IPO might take place anywhere next year,although the sources have not confirmed as the plan of increasing or decreasing the IPO amount is still in its initial stage.