Ping An Strategic Investment Leads to Rebranding of Lenovo Health as Ping An Lenovo Smart Healthcare, Files IPO Prospectus

VCBeat (WeChat ID: vcbeat) has learned that Lenovo Smart Healthcare recently announced it has secured another strategic investment worth hundreds of millions of yuan from Ping An Group. The company has been renamed Ping An Lenovo Smart Healthcare and has become a controlled subsidiary under the Ping An Group. Going forward, Ping An Lenovo Smart Healthcare will integrate into Ping An’s “Finance + Technology” ecosystem, serving as a “closely integrated” member within Ping An’s technology sector dedicated to providing comprehensive smart healthcare solutions.

Last October, Lenovo Smart Healthcare announced the completion of its Series A financing round, raising hundreds of millions of yuan, with Ping An Insurance Group as the investor. Just four months later, Ping An Group injected another hundreds of millions of yuan into Lenovo Smart Healthcare, acquiring a strategic controlling stake and integrating it into Ping An Technology’s unified strategy, thereby launching smart healthcare initiatives driven by the dual engines of finance and technology.

Ping An-Lenovo Smart Healthcare was established in 2016, dedicated to reconstructing hospitals’ core business systems using the latest cloud computing development frameworks and empowering the transformation of smart healthcare. Incubated within Lenovo starting in 2013, it comprehensively entered the healthcare informatization industry in 2014, and was spun off as an independent operation in 2016. Ping An-Lenovo Smart Healthcare has since become a rapidly growing provider of integrated comprehensive healthcare solutions, earning recognition and favor from the capital market.

Ping An Group is a globally leading integrated financial services conglomerate and one of the Fortune Global 500 companies. Its subsidiary, Ping An Technology, focuses on the research and development of technological solutions in artificial intelligence, blockchain, and cloud computing, applying its cutting-edge technical capabilities to real-world business scenarios. This strategic controlling investment by Ping An Group brings substantial capital support and resources across banking, commercial insurance, social health insurance, and artificial intelligence. Furthermore, by integrating Ping An-Lenovo Smart Healthcare into the Ping An Technology segment for synergistic development, it creates significant value for the platform’s expansion and rapid growth.

Jessica Tan, Co-CEO of Ping An Group and Chairwoman of Ping An-Lenovo Smart Healthcare, stated that Ping An-Lenovo Smart Healthcare has extensive business operations and a strong foundation in products and client relationships within the healthcare informatics sector. This strategic investment by Ping An will leverage its deep expertise in healthcare informatics to drive leapfrog growth for Ping An-Lenovo Smart Healthcare.

He Zhiqiang, Senior Vice President of Lenovo Group and President of Lenovo Capital, stated that Lenovo and Ping An are two giants in the fields of technology and finance, respectively. The collaboration between the two parties in smart healthcare will leverage their respective strengths to achieve a synergistic effect where one plus one equals more than two. He expressed confidence that Ping An Lenovo Smart Healthcare will possess stronger intrinsic momentum and vitality.

Lin Lin, CEO of Ping An Smart Healthcare, stated that following the Series A investment, Ping An Group’s strategic controlling stake this time fully demonstrates its recognition of the sustainability of our business development. The support from Ping An Group has provided strong momentum for our technological R&D and market expansion. We will leverage our technological and ecosystem advantages to further accelerate the platform expansion of smart healthcare, thereby igniting a new engine for business growth and leading the leapfrog development of smart healthcare practices in China.

Against the backdrop of the “Healthy China” initiative, national and local policies are actively promoting new healthcare reform measures such as tiered diagnosis and treatment, accelerating the development of medical consortia, fostering the growth of “Internet + Healthcare,” and expediting data integration and informatization. Robin, COO of Ping An Lenovo Smart Healthcare, stated that an increasing number of large public hospitals are placing greater emphasis on investment in healthcare informatization and unlocking the value of medical big data to improve operational efficiency and control healthcare costs, making smart healthcare an emerging industry trend.

Smart healthcare has become an inevitable trend. Ping An Group’s strategic controlling stake in Ping An Lenovo Smart Healthcare demonstrates the financial giant’s strong driving force in the medical technology sector and will help Ping An Lenovo Smart Healthcare leverage finance and technology as its foundation to provide more comprehensive solutions for patients and healthcare institutions.

Ping An-Lenovo Smart Healthcare was established in 2016 and became a controlled subsidiary under the Ping An Group in 2019. Currently, Ping An-Lenovo Smart Healthcare offers a comprehensive suite of core hospital business systems, undertaking bold reforms of medical service processes from a top-level design perspective. Lenovo’s smart healthcare solutions include integrated business systems for large Grade A tertiary hospitals; integration platforms for Grade A tertiary hospitals; holistic “Internet+” self-service kiosk solutions for Grade A tertiary hospitals; and specialized systems such as Laboratory Information Systems (LIS) and Picture Archiving and Communication Systems (PACS) for Grade A tertiary hospitals. Ping An-Lenovo Smart Healthcare is committed to reconstructing hospital management systems using the latest cloud computing development frameworks, standardizing disease category management and clinical diagnosis and treatment through big data and artificial intelligence, thereby empowering the transformation toward smart healthcare.

As China’s first joint-stock insurance enterprise, Ping An Insurance (Group) Company of China, Ltd. (“Ping An”) is committed to becoming an internationally leading provider of personal financial and lifestyle services. It has since evolved into a comprehensive financial services group integrating insurance, banking, investment, and other businesses.

As of the end of September 2018, the number of individual customers reached 182 million. As of the end of September 2018, the Group’s total assets amounted to approximately RMB 6.91 trillion. Measured by premium income, Ping An Life is the second-largest life insurer in China, and Ping An Property & Casualty is the second-largest P&C insurer in China. Its subsidiary, Ping An Pension Insurance, is the industry’s first specialized pension insurance company, and its subsidiary, Ping An Bank, is China’s first joint-stock commercial bank. Investment businesses, including trust, securities, and asset management, are also important pillars of Ping An Insurance’s operations.

In addition, Ping An Insurance has actively expanded its internet finance businesses, including Lufax, Ping An Good Doctor, Ping An City Technology, One Wallet, and OneConnect Financial Technology, achieving significant growth in both scale and user base. As of the end of September 2018, Ping An’s internet user base reached 513 million.

Ping An of China ranked 10th in Forbes’ latest “Global 2000” list of the world’s largest public companies; 29th in Fortune magazine’s “Global 500” list of leading enterprises; and additionally, 43rd in Millward Brown’s (a WPP Group company) “BrandZ Top 100 Most Valuable Global Brands.”