PING An Good Doctor, a health care app backed by Shenzhen-based Ping An Insurance, is planning to raise approximately US$1 billion via a initial public offering (IPO) on the Hong Kong stock exchange in the first half of next year, South China Morning Post reported yesterday, citing sources familiar with the matter.

Five of the 10 biggest IPOs to have taken place in Hong Kong this year have involved mainland tech and Internet companies and Ping An Good Doctor chairman Wang Tao is hoping to tap that growing interest, according to the report.

Ping An Good Doctor, billed as China’s most popular online medical platform, was officially launched in April 2015.

The health care and medical service platform raised US$500 million in a series A financing round in May 2016, which valued the company at approximately US$3 billion.

Users can consult doctors for diagnosis on the platform, which also provides online appointment booking.

It does not currently provide prescriptions. The company claims to have 77 million registered users and as many as 250,000 daily consultations. However, just like many other startups, Ping An Good Doctor has yet to make a profit.

(SD-Agencies)