Ping An Insurance (Group) plans to carve out its Ping An Healthcare and Technology (also known as Ping An Good Doctor APP) and IPO in Hong Kong for $1 billion at a valuation of $5 billion (see story). The company plans to go public in the middle of May. In May 2016, Ping An Healthcare and Technology raised $500 million in a Series A. In December 2017, the company raised $400 million from Softbank Union in a pre-IPO round.  

A new China-focused venture fund, Panacea Venture Healthcare Fund I, LP, filed to raise $150 million (see story). The fund is led by two China managing partners of Kleiner Perkins Caufield & Byers (KPCB), James Huang and Hai Mi. An earlier report said the fund, which expects to make seven investments, plans to be an incubator for early-stage companies, though it would aim for quick exits through M&A or IPOs.  

DXY, the online academic portal for doctors and other life science professionals, raised $100 million in a Series D funding from undisclosed investors (see story). According to China Money Network, the funding was conducted at a $1 billion-plus valuation, conferring Unicorn status on DXY. The eighteen-year-old site provides China doctors with up-to-date clinical and research information, as well as information about conferences, jobs and other services. DXY is also China’s largest e-marketing platform for life science companies. It features academic discussions, medical information, job opportunities and medical news. 

Biocytogen of Beijing closed a $65 million series C funding to support its CRO operations (see story). Founded in 2009, the company provides gene engineered animal models, preclinical animal studies and other services that include large-scale animal model supply. It also offers preclinical animal studies using gene humanized models, PDX models and reconstructed human immune system models. Biocytogen works with well-known academic institutions in the US and China, as well as biopharmas’ R&D departments.