The increase in its market capitalization of more than $100 billion is partly due to the fast growth of its life and health-insurance business but mostly it is Ping An’s herd of unicorns that has excited investors.
Ping An’s biggest prize is online-lending affiliate Lufax, which is looking to do an initial public offering this year. The company was last valued at $18.5 billion in 2016 but could be worth more in the current buoyant market. Ping An Good Doctor, which provides online diagnosis and doctor-booking services, has already filed for a Hong Kong IPO and was valued at $5.4 billion in a funding round last month. Ping An’s two other fintech and health care platforms also raised $1.8 billion last month.