The company last month reported first-quarter profits of Rmb23bn ($3.3bn), up 11 per cent from the same period last year, and a customer base of 138m.
Ping An’s new fund comes at a time when investors are increasingly questioning tech valuations in China where Good Doctor — an app that dispenses diagnoses and books doctor appointments — is one of the better-known offerings, although it competes against more than 2,000 healthcare apps.
“There is froth and it's not unique to China,” said Mr. Larsen. “It means we need to be very purposeful in the targets we pursue and how we allocate money.”
By Courtesy of FT