ZhongAn raises US$1.5bn in HK IPO

September 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.

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