Saturday, January 20, 2018

ZhongAn seeks US$11bn valuation in HK IPO

ZhongAn Online Property and Casualty Insurance, the first internet-only insurer in China, is hoping for a reported valuation of US$11 billion for an IPO in Hong Kong.

The deal is expected to result in US$1.5 billion in fresh funds. The company will offer shares in an indicative range of HK$53.70 to HK$59.70 each.

The report said that the listing will involve selling 15% of its enlarged share capital and the value the entire company at between US$9.9 billion and US$11 billion.

ZhongAn declined to issue a comment regarding the proposal.

Based in Shanghai, Zhong An 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 in Hong Kong.

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