Singapore-based Fullerton Healthcare Corp on Tuesday said it received an investment of 800 million yuan (S$163.25 million) from Ping An Capital, the core equity investment platform of China's Ping An Insurance.
Ping An Insurance, the controlling shareholder of Ping An Capital, is the world's second-largest insurer by market value behind only Berkshire Hathaway Inc.
The insurer, which has doubled assets over the past four years, is looking for ways to increase its investment return. To get a higher and more diversified investment return, Ping An is looking to invest overseas even as China's regulators are clamping down on foreign acquisitions by Chinese companies.
"In addition to capital investment, Ping An Capital will leverage healthcare resources from Ping An of China, including Ping An health insurance, Ping An Good Doctor and Ping An Wanjia Healthcare to help boost Fullerton Health's business expansion in mainland China," said Liu Dong, Principal Partner of Ping An Capital in a statement.
To provide more affordable and accessible healthcare to its people, China has been reforming its healthcare system, starting with increasing medical spending, building capacity at the grassroots level and gradually increasing focus on supply side reform, reducing costs and improving efficiency.
The company has been making investments in the healthcare sector via the online "Ping An Good Doctor" health management platform and the offline "Ping An Wanjia Healthcare" health service chain.
Fullerton Health owns more than 227 medical centres across seven countries and have a network of more than 8,000 medical providers around the world.