Two of Ping An Insurance’s healthcare companies have raised US$1.6 billion in private placement financing led by SoftBank.

Ahead of its IPO, Ping An Good Doctor, the world's largest healthcare portal in terms of traffic, has completed a pre-IPO financing during which it raised US$400 million while Ping An Healthcare Technology, the largest technology-driven managed care platform in China, completed Series A funding of US$1.15 billion.

The SoftBank Vision Fund invested in both healthcare companies: it was the sole investor in the final pre-IPO round of financing of Ping An Good Doctor and was also a major investor in the Series A financing of Ping An Healthcare Technology.

"China is a dynamic and emerging economy with the largest HealthTech market worldwide, and the SoftBank Vision Fund sees tremendous growth potential for this sector. As one of China's foremost companies, Ping An is a leader in scaling emerging healthcare technologies within an integrated platform. We are tremendously excited about our investments in Ping An Good Doctor and Ping An Healthcare Technology and look forward to supporting their future expansion," said Kentaro Matsui, who led the investments by the SoftBank Vision Fund

Ping An said that the group will continue to push forward with its two-pronged strategy of finance and Technology. “By enhancing the technological capabilities of our core businesses, we are poised to complete our finance and healthcare business ecosystems so as to meet the comprehensive demands for financial services efficiently and precisely as it strives to become the world's leading FinTech company,” it said.