News eDaily03 Jul 2017

China:ZhongAn Online files IPO application with HK bourse

03 Jul 2017

ZhongAn Online Property and Casualty Insurance, China's first internet-only insurer, has filed for an initial public offering (IPO) in Hong Kong worth up to US$1.5 billion, reported Reuters.

The insurer expects to list as early as the end of 2017, according to the Reuters report, citing IFR, a Thomson Reuters publication.

ZhongAn, whose shareholders include Tencent Holdings and Alibaba Group Holding affiliate Ant Financial, had been considering an IPO in China or Hong Kong. Uncertainty over the timing of the approval to list in China prompted ZhongAn to choose Hong Kong, a person familiar with the plans previously told Reuters.

The insurer was founded in November 2013 by Tencent chairman Pony Ma, Alibaba executive chairman Jack Ma and Ping An Insurance Group Co of China chairman Ma Mingzhe. Tencent and Ping An retain 12% stakes, while Ant Financial holds 16%.

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