Investors can’t get enough of Ping An Good Doctor IPO
A subsidiary of health insurance company China Ping...
Founded in 2014, unicorn Ping An Good Doctor is set to launch one of the largest IPOs in Hong Kong.
A subsidiary of health insurance company China Ping An Group, the app provides essential health services and information to over 190mn users, where the use of consumer-related health apps is clearly becoming a booming market.
A network of healthcare providers, encompassing hospitals and medical facilities, such as dental clinics, pharmacies and health centres have also embraced the app.
The company has started to take orders, with the aim of raising up to $1.12bn from the sale of over 150mn shares and will start trading on the stock market next month.
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At present, brokers have extended over $20.3bn in margin loans to retail clients who want to grab a slice of the market, South China Morning Post has reported. The IPO has also become one of the largest flotations by an internet-based company ever.
The IPO will enable the company to expand its business acumen within domestic and overseas markets.
“It’s possible Good Doctor can attract more investor capital [than China Literature], as there were several hot IPOs at the end of last year which had diluted retail interest,” commented Edmond Hui, chief executive at Hong Kong-based Bright Smart Securities.
Sponsored by Citigroup Inc and JP Morgan Chase & Co, Good Doctor has also bought on board over five cornerstone investors, such as BlackRock Inc and Canada Pension Plan Investment Board.
Skin Analytics wins NHSX award for AI skin cancer tool
An artificial intelligence-driven tool that identifies skin cancers has received an award from NHSX, the NHS England and Department of Health and Social Care's initiative to bring technology into the UK's national health system.
NHSX has granted the Artificial Intelligence in Health and Care Award to DERM, an AI solution that can identify 11 types of skin lesion.
Developed by Skin Analytics, DERM analyses images of skin lesions using algorithms. Within primary care, Skin Analytics will be used as an additional tool to help doctors with their decision making.
In secondary care, it enables AI telehealth hubs to support dermatologists with triage, directing patients to the right next step. This will help speed up diagnosis, and patients with benign skin lesions can be identified earlier, redirecting them away from dermatology departments that are at full capacity due to the COVID-19 backlog.
Cancer Research has called the impact of the pandemic on cancer services "devastating", with a 42% drop in the number of people starting cancer treatment after screening.
DERM is already in use at University Hospitals Birmingham and Mid and South Essex Health & Care Partnership, where it has led to a significant reduction in unnecessary referrals to hospital.
Now NHSX have granted it the Phase 4 AI in Health and Care Award, making DERM available to clinicians across the country. Overall this award makes £140 million available over four years to accelerate the use of artificial intelligence technologies which meet the aims of the NHS Long Term Plan.
Dr Lucy Thomas, Consultant Dermatologist at Chelsea & Westminster Hospital, said: “Skin Analytics’ receipt of this award is great news for the NHS and dermatology departments. It will allow us to gather real-world data to demonstrate the benefits of AI on patient pathways and workforce challenges.
"Like many services, dermatology has severe backlogs due to the COVID-19 pandemic. This award couldn't have come at a better time to aid recovery and give us more time with the patients most in need of our help.”