News Life and Health07 Dec 2017

China:Ping An units attract Japanese investor's interest

07 Dec 2017

Tokyo-headquartered SoftBank Group Corp's technology fund is looking into investments in health and financial businesses owned by Chinese insurer Ping An Insurance (Group) Co, according to two people with knowledge of the possible deals.

The US$97 billion Vision Fund is in talks to invest in Lufax, China’s largest online-financing company, OneConnect, which offers AI-powered services such as distribution channels and risk management to financial companies, and health-care portal Ping An Good Doctor, reported Bloomberg citing the sources.

The fund would look to take between 5% and 10% of the companies. It’s also considering a potential investment in a separate Ping An-backed health-care subsidiary, said the people, who asked not to be named as details haven’t been made public.

The fund is still conducting due diligence about the size and timing of the investments, the people added.

Ping An is tapping the growing wealth of China’s expanding middle class by cross-selling products across a range of subsidiaries. Its Internet platforms, which attracted 400 million users in just a few years, are adding new individual customers that management says can generate more stable profits.

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