Ping An Invests USD120 Million to Help Singaporean Healthcare Firm Expand Into Chinese Mainland
Qian Tongxin
DATE:  Nov 30 2017
/ SOURCE:  Yicai
Ping An Invests USD120 Million to Help Singaporean Healthcare Firm Expand Into Chinese Mainland Ping An Invests USD120 Million to Help Singaporean Healthcare Firm Expand Into Chinese Mainland

(Yicai Global) Nov. 30 -- Ping An Insurance Group Co. of China Ltd. [SHA:601318;HKG:2318] has pumped more than CNY800 million (USD120 million) into Singapore-based corporate healthcare provider Fullerton Health Corp. Ltd. to help it expand into China.

Founded in Singapore in 2011, Fullerton Health provides healthcare services to more than 25,000 companies in Indonesia, Australia, Hong Kong and other countries and regions. It plans to make its first steps into the mainland by setting up around 100 clinics in major cities Beijing, Shanghai and Guangzhou.

Ping An Capital Co., the firm's core equity investment platform, is behind the investment. Ping An Capital and its related parties have become Fullerton's second-largest shareholder with a 17-percent stake after the investment.

The Singaporean firm planned to float in its home country last October, but it delayed procedures and hasn't yet set out a new listing schedule.

Fullerton Health provides comprehensive medical services across five countries and regions in the Asia Pacific region, said Liu Dong, principal partner at Ping An Capital. As well as providing capital investment, his company will leverage healthcare resources from within the Ping An group, including Ping An Health Insurance Co. and Ping An Good Doctor, to help boost Fullerton's expansion into the mainland.

There is great potential in China's private medical service market, according to a 2016 report from Frost & Sullivan. The market for corporate healthcare in the country will grow from USD5.7 billion in 2010 to USD21.1 billion in 2020, the market researcher forecast.

"With the deepening of China's healthcare reform, there is no better time for Fullerton Health to expand into the Chinese market," said Dr. Michael Tan, co-founder and chief executive of the healthcare firm. "The company is uniquely positioned to offer quality healthcare that is affordable and accessible in China."

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Keywords:   Ping An Insurance,Fullerton Health,Corporate Healthcare,Healthcare Management,Investment,Singapore