Deals
Ping An Plans IPO of Fintech Unit at $8 Billion Value
- Giant insurer eyes Hong Kong listing for OneConnect this year
- Ping An postponed IPO last year amid stock-market turmoil
The Ping An Insurance Group Co. logo
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Ping An Insurance (Group) Co., China’s largest insurer by market value, is gearing up for an initial public offering of its OneConnect unit that could value the financial management portal at about $8 billion, according to people familiar with the matter.
Ping An is now targeting to list OneConnect in Hong Kong as soon as the second half of this year, one of the people said, asking not to be identified because the information is private. The share sale could raise roughly $1 billion, according to the people.