Ping An Insurance wants to be valued more like a technology company. Its executives have yet to convince investors their planned $22 billion spend on everything from artificial intelligence to block chain will work.
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Ping An’s $22 Billion Push to Shed Old-School Insurance Skin
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The insurance and financial firm, which still makes the bulk of its money selling old-school life, health and property and casualty policies, has pinned much upon being able to hand rear, and then spin off, tech unicorns. Yet online health provider Good Doctor, which Ping An listed in 2018, is losing money and car-buying website Autohome Inc. has shed close to one-quarter of its value since its May peak. Wealth management platform Lufax is stuck in the IPO pipeline amid regulatory changes, and now WeWork’s debacle has cast a pall over the share-sale prospects of fintech unit OneConnect.
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