Online insurer Zhong An could list in Hong Kong as early as July, reports say

PUBLISHED : Sunday, 18 June, 2017, 7:24pm
UPDATED : Sunday, 18 June, 2017, 7:24pm

Zhong An Online Property and Casualty Insurance, the first online-only insurer in China, could list its shares in Hong Kong as early as July or August, raising up to US$2 billion, according to recent media reports.

If successful, Zhong An would be the first online insurance stock in Hong Kong.

Major shareholders include Alibaba’s financial-services affiliate Ant Financial, which has a 16 per cent stake, as well as Tencent, Ping An Insurance, China International Capital Corp (Hong Kong), Morgan Stanley and other private equity funds, China Times quoted unnamed sources as saying on Friday.

Zhong An plans to sell a 5 to 10 per cent stake to several strategic investors ahead of the initial public offering (IPO), according to earlier reports by Reuters. It has hired Credit Suisse, JP Morgan and UBS to lead the IPO.

The Shanghai-based insurer was founded in 2013 by Alibaba’s executive chairman Jack Ma, Tencent’s chairman Pony Ma Hua-teng, and Ping An Insurance’s chairman Ma Mingzhe.

The company was valued at 50 billion yuan (US$7.3 billion) in a series A funding round in June 2015.

Alibaba owns the South China Morning Post.