Deals
China's Largest Online Insurer Starts $1.5 Billion Hong Kong IPO
Traders work on the trading floor of the stock exchange in Hong Kong.
Photographer: Anthony Wallace/AFP via Getty ImagesThis article is for subscribers only.
ZhongAn Online P&C Insurance Co., China’s largest online insurer, started taking orders for a Hong Kong initial public offering that could raise as much as $1.5 billion.
The Shanghai-based company is offering 199.3 million new shares at HK$53.70 to HK$59.70 apiece, according to terms for the deal obtained by Bloomberg. Japan’s SoftBank Group Corp. agreed to purchase 71.9 million shares, worth as much as $550 million, as the sole cornerstone investor in the offering, the terms show.
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China's Largest Online Insurer Starts $1.5 Billion Hong Kong IPO