HONG KONG and SHANGHAI, Jan. 31, 2022 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEx:2318; SSE:601318) announced that the China Banking and Insurance Regulatory Commission (CBIRC) has approved Ping An Life Insurance Company of China, Ltd.'s investment in New Founder Group. Ping An Life, a Group subsidiary, received the Approval in relation to Ping An Life Insurance Company of China, Ltd. Equity Investment in New Founder Group from the CBIRC*.
The Group will promptly carry out the relevant work as agreed under the Restructuring Investment Agreement. It will execute the restructuring plan of the Founder Group Restructuring with the relevant parties, including the orderly carry out of asset delivery, business development and asset disposal.
In accordance with the Restructuring Investment Agreement and the selection of the debt repayment plan by the creditors of the restructuring entities, Ping An Life will pay approximately RMB48.2 billion to acquire approximately 66.51% equity interest in New Founder Holding Development Company Limited* (New Founder Group).
With the strong support of all parties, the restructuring of the "1 + 4" entity of Founder Group has been progressing smoothly. The Ping An-led consortium signed the Restructuring Investment Agreement for the Founder Group restructuring on 30 April 2021. Beijing Municipal First Intermediate People's Court approved the "Restructuring of Five Companies Including Peking University Founder Group Company Limited, (Draft)" on 28 June 2021. Ping An Life's acquisition of the equity interest in the New Founder Group was approved by the Anti-Monopoly Bureau of the State Administration for Market Regulation on 11 August 2021. Between 21 October 2021 to 25 January 2022, seven New Founder Group entities were incorporated, including New Founder Holding Development Company Limited*, Peking University Medical Management Co., Ltd.*, Founder Information Industry Co., Ltd.*, Founder International Trade Co., Ltd.*, Founder Commercial Real Estate Co., Ltd.*, Founder Commercial Management Co., Ltd.* and Founder International Education Consulting Co., Ltd.*.
In recent years, Ping An has pursued its "Pan Financial Assets" and "Pan Healthcare" strategies to build a comprehensive healthcare ecosystem to serve participants in all aspects of the healthcare industry and enhance the Group's core financial services business. Healthcare is a dominant core business segment of the New Founder Group, which includes PKU Healthcare Industry Group Co., Ltd., which owns a global medical brand, and Peking University International Hospital, whose mission is to "build a first-class hospital at the international level". The Founder Group's offline industrial scale, research and development, the application of healthcare technology and the healthcare database, align with Ping An's healthcare ecosystem strategy for high-end health management and this represented an important development in the execution of Ping An's innovative "insurance + healthcare" service model. In this respect, on 28 October 2021, Ping An opened its first batch of high-end health management centres in Beijing and Shenzhen, leveraging medical resources from Peking University International Hospital and Ping An Longhua General Hospital to provide customers with services for disease prevention, medical treatment and rehabilitation.
For Ping An, participating in the restructuring of Founder Group is an important step to boost Ping An's healthcare ecosystem and innovative "insurance + healthcare" service model. The Group is committed to becoming the world's leading integrated finance and healthcare service provider, and continuing to develop a unique healthcare ecosystem that integrates health maintenance organizations, family doctor membership and online-to-offline services. Leveraging PKU Healthcare's quality medical resources and Ping An's financial expertise and healthtech capabilities, the Group is building a "scenario-based, service-oriented, heart-warming and efficient" healthcare ecosystem. This healthcare ecosystem will create a new engine for the Group's sustainable value growth and support the "Healthy China" initiative.
* For identification purposes only
About Ping An Group
Ping An Insurance (Group) Company of China, Ltd. ("Ping An") is a world-leading technology-powered retail financial services group. With over 225 million retail customers and nearly 634 million internet users, Ping An is one of the largest financial services companies in the world. Ping An focuses on two over-arching domains of activity, "pan financial assets" and "pan health care", covering the provision of financial and health care services through our integrated financial services platform and our ecosystems in financial services, health care, auto services and smart city services. Our "finance + technology" and "finance + ecosystem" transformation strategies aim to provide customers and internet users with innovative and simple products and services using technology. The Group is committed to becoming the world's leading integrated finance and healthcare service provider. As China's first joint stock insurance company, Ping An is committed to upholding the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchanges in Hong Kong and Shanghai. Ping An ranked 6th in the Forbes Global 2000 list in 2021 and ranked 16th in the Fortune Global 500 list in 2021. Ping An also ranked 49th in the 2021 WPP Kantar Millward Brown BrandZTM Top 100 Most Valuable Global Brands list.
For more information, please visit www.group.pingan.com and follow us on LinkedIn - PING AN.
