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Ping An Insurance tech units raise US$2.2B from investors

Ping An Insurance (Group) Co. of China Ltd. on Feb. 2 said its three technology subsidiaries raised a total of US$2.2 billion in private placements from investors, including SoftBank Vision Fund, International Digital Group and SBI Holdings Inc.

The three subsidiaries are Ping An Healthcare and Technology Co. Ltd., which operates healthcare and medical mobile app Ping An Good Doctor, Ping An Medical and Healthcare Management Co. Ltd. and OneConnect Financial Technology Co. Ltd.

Ping An Healthcare and Technology recently filed an IPO application to the Hong Kong stock exchange. Prior to the filing, the company completed pre-IPO financing and raised US$400 million. Meanwhile, Ping An Medical and Healthcare Management and OneConnect completed A-round financing rounds, raising US$1.15 billion and US$650 million, respectively.

SoftBank Vision Fund invested in Ping An Healthcare and Technology and Ping An Medical and Healthcare Management, the company said.

Ping An Good Doctor is a healthcare portal; Ping An Medical and Healthcare Management is a technology-driven managed care platform; and, OneConnect Financial Technology is a financial technology-empowered solutions provider.