Ping An Good Doctor, a Chinese healthcare and technology company, has raised HK$8.77bn ($1.1bn) in the largest Hong Kong flotation this year, paving the way for a string of blockbuster tech listings in the coming months.

The company’s initial public offering priced at the top end of its range at HK$54.80 per share, selling a total 160m shares, according to people close to the deal.

The listing of Good Doctor, which is a spin-off of Chinese insurance firm Ping An, is set to fuel investor demand for a pipeline of ‘new economy’ IPOs, which is expected to include smartphone maker Xiaomi and Ant Financial, bankers said.

The flotation comes just as Hong Kong’s stock exchange has unveiled new listing rules aimed at attracting technology ‘unicorns’ – companies that are valued at over US$1bn – to the venue.

Ping An Good Doctor’s flotation is one of the largest since ZhongAn Online Property & Casualty Insurance raised HK$11.9bn last September, which marked Hong Kong’s biggest ever fintech listing.

Good Doctor operates what it claims is the largest internet healthcare platform in terms of members and daily online consultations. It offers services including family doctors, consumer healthcare, health management and wellness.

The company has posted three consecutive years of net losses, amounting to Rmb323.7m ($51.1m), Rmb758.2m and Rmb1bn in 2015, 2016 and 2017 respectively. Ping An said this was because it is at “an early stage of monetization” and that it has “significant selling and marketing expenses and administrative expenses”.

About 40 per cent of the proceeds will be used to expand the company, while nearly a third will be used for investments and acquisitions, according to its prospectus.

The deal has seven cornerstone investors – institutions that agreed to subscribe for a certain number of shares –including BlackRock, the Singaporean government’s investment fund GIC and the Canada Pension Plan Investment Board, among others.

JP Morgan and Citi Group are joint sponsors on the deal.

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