Saturday, January 20, 2018

ZhongAn eyes HK expansion after IPO

After its IPO in Hong Kong, ZhongAn Online Property and Casualty Insurance is looking to sell life and other healthcare products in the territory.

In a statement released yesterday, the company also said it plans to offer its technology to insurers operating both inside and outside of China.

ZhongAn is in the midst of a share sale, offering 199.3 million new shares in an indicative range of HK$53.70 to HK$59.70 each.

The IPO could result in a total valuation of up to HK$11.9 billion (US$1.52 billion).

Earlier, Japan’s SoftBank decided to buy a stake of just below 5% in ZhongAn as a cornerstone investor in the IPO. Its investment is valued at about HK$550 million.

ZhongAn, the first internet-only insurer in China, was founded by Alibaba executive chairman Jack Ma, Tencent chairman Pony Ma and Ping An Insurance chairman Ma Mingzhe.

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