Zhong An’s Hong Kong IPO approved

Zhong An’s Hong Kong IPO approved | Insurance Business

Zhong An’s Hong Kong IPO approved
Zhong An Online Property and Casualty Insurance, the first internet-only insurer in mainland China, has received approval from the Hong Kong Stock Exchange to hold its planned initial public offering (IPO) in the special administrative region, which is estimated to raise more than US$1 billion.

The insurer will begin gauging investor interest on Monday, with the IPO set to begin on September 18, according to unidentified sources interviewed by Reuters.

The IPO is expected to set the record for a financial technology (fintech) company in Hong Kong. The city is looking to attract more fintech firms and other startups to list on its bourse. From January to September 2017, the Hong Kong Stock Exchange has had US$5.73 billion in new listings.

Zhong An was founded in 2013 by Alibaba executive chairman Jack Ma, Tencent chairman Pony Ma, and Ping An Insurance chairman Ma Mangzhe. It seeks to raise funds for expansion to keep up with rising demand from customers, which increasingly do their banking, insurance, payments, and investing activities electronically.

Last year, Ant Financial, the world’s most valuable fintech firm, raised US$4.5 billion in a funding round. Meanwhile, peer-to-peer lending firm Lufax and JD Financial, the finance arm of e-commerce company JD.com, both raised more than US$1 billion each.


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