Monday, July 24, 2017

Zhong An’s Hong Kong IPO expected July or August

Zhong An Online Property and Casualty is expected to list its shares in Hong Kong as early as July or August to raise up to US$2 billion, according to recent media reports.

Zhong An, the first online-only insurer in China based in Shanghai, was founded in 2013 by Alibaba’s executive chairman Jack Ma, Tencent’s chairman Pony Ma Hua-teng, and Ping An Insurance’s chairman Ma Mingzhe.

If the IPO materialises, Zhong An will become the first online insurance stock traded in Hong Kong.

Zhong An’s major shareholders include Alibaba’s financial-services affiliate Ant Financial, which has a 16% stake, as well as Tencent, Ping An Insurance, China International Capital Corp (Hong Kong), Morgan Stanley and other private equity funds.

Reuters earlier reported that Zhong An intends to dispose of a 5% to 10% stake to several strategic investors ahead of the initial public offering.

It has hired Credit Suisse, JP Morgan and UBS to lead the IPO.

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