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Ping An Health App Near $400 Million SoftBank Funding, Sources Say

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SoftBank Group Corp. is nearing a deal to invest about $400 million in Ping An Insurance (Group) Co.’s health-care portal ahead of the Chinese company’s initial public offering, people with knowledge of the matter said.

The Ping An unit, known as Good Doctor, aims to file an IPO application with the Hong Kong stock exchange as soon as the end of January, the people said, asking not to be identified discussing a private deal. It wasn’t immediately clear whether the Good Doctor investment would be made by SoftBank itself or through the Vision Fund that it manages.