ZhongAn raises US$1.5bn in HK IPOSeptember 25 2017 by InsuranceAsia News Staff
ZhongAn Online Property & Casualty Insurance, China’s first internet-only insurer, managed to raise US$1.5 billion in Hong Kong after pricing its IPO at the top of an indicated range.
ZhongAn priced 199.3 million new shares at HK$59.70 (US$7.65) each. The price per share was the top of a HK$53.70-HK$59.70 range, making it Hong Kong’s biggest-ever financial technology stock offering.
ZhongAn has not officially commented on the pricing of its IPO.
According to the deal’s prospectus, Japan’s SoftBank has agreed to buy a stake of just under 5% for about US$550 million.
Following its IPO, ZhongAn is looking to sell life insurance and other healthcare products in Hong Kong.
- June 20
The country's financial regulator may increase the quota for local insurers that invest in innovative domestic industries.
- June 15
Rising rates benefit dollar bond investors in the long run but signal growing policy divergence in Asia.
- May 16
It is determined to carry on with its proposal to raise its share in Hyundai Life Insurance to 62%.
- May 11
The two companies, Tongyang Life and ABL Life, could be sold in a package deal or separately.