(Bloomberg) -- Ping An Healthcare and Technology Co., a unit of China's biggest insurer by market value, rose on debut in Hong Kong after raising $1.1 billion in its initial public offering.
Shares of Good Doctor, as the company is known, gained as much as 7.1 percent to HK$58.70, compared with the HK$54.80 price in the IPO.
Ping An Insurance (Group) Co. is capitalizing on rising valuations by listing its technology units. Its OneConnect financial management portal has picked banks for a Hong Kong IPO that could raise as much as $3 billion, people familiar with the matter said in March. Good Doctor is Hong Kong's biggest IPO so far this year although that mark may be eclipsed by Xiaomi Corp., which on Thursday said it plans a listing in the city.
Citigroup Inc. and JPMorgan Chase & Co. were joint sponsors of the offering.
To contact the reporter on this story: Robert Fenner in Hong Kong at rfenner@bloomberg.net.
To contact the editors responsible for this story: Robert Fenner at rfenner@bloomberg.net, Edwin Chan
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