Advertisement
Mainland China’s Sunshine Insurance seeks US$2 billion listing in boost for Hong Kong’s flagging IPO market, sources say
- Should it achieve the high end of its price target, it would be in a two-horse race for biggest IPO so far this year with private equity firm PAG
- It is the second big insurer this year to seek a Hong Kong listing, along with FWD Group Holdings, backed by local billionaire Richard Li Tzar-kai
Reading Time:2 minutes
Why you can trust SCMP
Sunshine Insurance has applied to list in Hong Kong and may seek to raise up to US$2 billion, which would make it a frontrunner for biggest initial public offering of the year so far, according to two sources familiar with the deal.
Advertisement
The mainland Chinese insurer has submitted its application documents, which do not reveal the size or likely time frame of the IPO. However, two sources told the Post that the company would like to list its shares this year and raise between US$1 billion and US$2 billion.
Should it achieve the high end of that target, it would be in a two-horse race for biggest IPO of 2022 with private equity firm PAG, which is also targeting up to US$2 billion according to sources. PAG filed to list its shares in Hong Kong last month.
Sunshine is the second big insurer to have applied for a Hong Kong stock flotation recently.
FWD Group Holdings, the Asian insurer backed by Hong Kong billionaire Richard Li Tzar-kai, filed an application on February 28. The company could seek to raise about US$1 billion in its share sale, a Bloomberg report quoted a source as saying.
07:48
Hong Kong has the world’s highest life expectancy, here’s why
Hong Kong has the world’s highest life expectancy, here’s why
The two mega insurance flotations will be much needed to boost the local IPO market. Hong Kong’s main board only saw 11 companies raise US$1.72 billion in the first quarter, a 90 per cent drop from a year earlier, according to Refinitiv.
Advertisement