(Yicai Global) Sept. 28 -- ZhongAn Online P&C Insurance Co. [HKG:6060], China's first internet-only insurer, has maintained a valuation significantly higher than traditional insurance firms since it went public in Hong Kong.

Deng Ruimin, the firm's chief financial officer, puts the high worth down to investors' understanding of the company's value, China Securities reported.

ZhongAn Online began floating its stock on the mainboard of the Hong Kong stock exchange today, making it the first mainland fintech firm to list in the special administrative region.

The initial public offering was priced at HKD59.7 (USD7.64) a share and raised about HKD11.53 billion (USD1.476 billion). The company is currently valued at HKD80 billion, much higher than traditional insurers. ZhongAn Online has been widely noted for its unique business model, and the share issue attracted a number of interested investors during pre-IPO roadshows.

In response to reports that market insiders questioned the company's high value, Deng said that judging by the fact that its shares were almost 400 times oversubscribed and the trading volume early this morning, long-term and market investors have accepted the issue price and appreciate the value of the company.

Only a limited number of fintech businesses have gone public to date due to an absence of reliable and practical criteria to assess their value. Following ZhongAn's floatation, market insiders predict the fintech segment may create a secondary market and lay the groundwork for valuation standards across the emerging industry.