Ping An Insurance (Group) Company of China, Ltd. is pleased to announce that agreements have been signed with Shionogi (Hong Kong) Company Ltd., a wholly owned subsidiary of Shionogi & Co., Ltd. to launch joint ventures in Shanghai and Hong Kong, namely Ping An-Shionogi Co., Ltd. and Ping An-Shionogi (Hong Kong) Limited.

The establishment of the joint ventures will enhance the level of health and medical care service in China, in line with Ping An's healthcare ecosystem strategy.

Ping An-Shionogi Co., Ltd. is registered in Shanghai, with a total investment of RMB2.94 billion. Ping An Life Insurance Company of China, Ltd. intends to invest RMB1.44 billion, with equity accounting for 49%; Shionogi (Hong Kong) intends to invest RMB1.5 billion, with equity accounting for 51%. The joint venture agreement will be reported to the China Banking and Insurance Regulatory Commission (CBIRC).

Ping An-Shionogi (Hong Kong) Limited is registered in Hong Kong, with a total investment of HKD360 million. Tutum Japan Healthcare Limited, an indirect subsidiary of Ping An intends to invest HKD176 million, with equity accounting for 49%; Shionogi (Hong Kong) intends to invest HKD184 million, with equity accounting for 51%.

The joint ventures will become development centers for drugs that Shionogi is developing globally. To enhance pharmaceutical manufacturing and quality control, Shionogi will fuse its manufacturing and quality control technology and knowhow with Ping An's AI technology to create a new manufacturing and quality control system. The joint ventures will use AI to monitor the manufacturing and analysis in real time, and to deploy an innovative pharmaceutical manufacturing and quality control system that offers high quality and low costs.

The joint ventures will be able to supply new, generic and over-the-counter drugs to customers in China via Ping An Health Cloud, an affiliate of the Group.