Zhong An’s Hong Kong IPO expected July or AugustJune 20 2017 by InsuranceAsia News Staff
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.
- May 11
The Hong Kong-listed insurer co-led the funding round in a Tencent-backed Chinese online healthcare solutions platform.
- May 2
True North and its global sponsors have made a rumoured US$400m bid for a 40% stake.
- April 30
The Swiss insurer may opt to comply with 30% local ownership rule through an initial public offering.
- April 20
The rumoured sale is estimated by some analysts to be worth at least US$1 billion but remains unconfirmed.