Saturday, July 22, 2017

China’s ZhongAn files US$1.5bn IPO in Hong Kong

China’s first internet-only insurer, ZhongAn Online Property and Casualty Insurance, has reportedly filed for a US$1.5 billion initial public offering (IPO) in Hong Kong.

According to an IFR report, ZhongAn filed the IPO in Hong Kong on Friday, setting the deal in motion, with an expected listing scheduled for as early as the end of this year.

The internet-only insurer’s current major shareholders include two of China’s largest internet companies — Alibaba Group’s Ant Financial and Tencent Holdings.

The report also settled the question on where ZhongAn’s IPO will be filed. The insurer had been weighing an IPO in Hong Kong or in China.

A person familiar with ZhongAn’s plans said the company decided to focus on a Hong Kong deal due to uncertainty over a timely approval for a listing in mainland markets.

ZhongAn declined to comment on its IPO plans.

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