News eDaily02 Jun 2017

China:Zhong An resuming plan for HK IPO

02 Jun 2017

Zhong An Online Property and Casualty Insurance, China's first online-only insurer, has resumed a plan to raise US$1 billion or more in a Hong Kong initial public offering (IPO) in the second half of this year, reported Reuters citing two people with knowledge of the matter.

Zhong An, whose major shareholders include Tencent Holdings and Alibaba Group Holding affiliate Ant Financial, plans to apply for a listing in the coming weeks, said one of the people, who declined to be identified as the matter is confidential.

The Shanghai-based insurer chose Credit Suisse, JPMorgan and UBS last October to lead the IPO, but later suspended the plan to explore a mainland listing.

“Zhong An has always wanted to list at home but given an A-share IPO is unlikely in the short term, the company has to come back to Hong Kong to go public and raise fresh capital to expand its business first,” said one of the persons, referring to a class of shares on the Shanghai and Shenzhen stock exchanges. “A domestic listing later is certainly under consideration,” the person told Reuters.


 

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