Recent market attention has focused on reports that some Ping An Group companies based in Shanghai are planning to relocate their operations to Shenzhen.

Information obtained from multiple sources close to the company confirms that both PA Good Doctor (HKEX: 01833) and Ping An Technology are indeed making plans for this southern move.

This is not the first instance of a Ping An entity shifting its base from Shanghai to Shenzhen.

In September 2025, it was reported that some employees of Ping An Life Insurance's headquarters who were working in Shanghai would be relocated to Shenzhen. The company responded at the time that the move was to comply with regulatory requirements under the Company Law, which stipulates that a company's registered address must align with its primary place of business. Ping An Life Insurance assured that the legal rights of affected employees would be protected.

Subsequent clarifications from Ping An insiders indicated that the earlier relocation primarily involved subsidiaries whose parent company, Ping An Insurance (Group) Company of China, Ltd., is registered in Shenzhen. As Ping An Life Insurance's headquarters is registered in Shenzhen, some headquarters staff previously based in Shanghai needed to return to the main office.

The current relocation initiative involves two key players within the Ping An ecosystem.

PA Good Doctor (HKEX: 01833)

As a vital component of Ping An's internet healthcare segment and a listed entity on the Hong Kong Stock Exchange, PA Good Doctor has demonstrated strong performance. For 2025, the company reported total revenue of RMB 5.468 billion, marking a 13.7% year-on-year increase. Its adjusted net profit surged by 161.3% to reach RMB 414 million.

This robust financial performance is closely linked to deepening ties with its parent group. In 2025, revenue contributed by Ping An Group and its affiliates to PA Good Doctor amounted to RMB 2.28 billion, a near 40% increase year-on-year. This segment now constitutes 41.7% of PA Good Doctor's total revenue, representing a rise of over 7 percentage points.

Ping An Technology

As a wholly-owned subsidiary of Ping An Group, Ping An Technology is responsible for developing and operating the group's critical platforms and services. The company remains unlisted.