Friday, November 24, 2017

Zhong An to sell up to 10% stake to investors

Zhong An Online Property and Casualty Insurance, China’s first internet-only insurer, reportedly intends to sell a 5% to 10% stake to strategic investors to raise up to Rmb10 billion (US$1.45 billion) before its planned initial public offering (IPO) in mainland China.

At present, Zhong An’s major shareholders include two of China’s largest internet companies — Alibaba Group’s Ant Financial affiliate, which holds a 16% stake, and Tencent Holdings, with 12%.

The two companies have reportedly opened communication lines with potential investors, according to the sources.

Once the funds are secured, Zhong will use it to expand its business, as well as buy time before obtaining approval for its IPO whose valuation has yet to be finalised.

A Zhong An representative said the company offers more than 300 insurance products and has written more than 7.56 billion policies for more than 535 million customers to date.

 

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