ZhongAn Online Property and Casualty Insurance Will Float on Hong Kong Stock Exchange
Zhang Xia
DATE:  Sep 18 2017
/ SOURCE:  Yicai
ZhongAn Online Property and Casualty Insurance Will Float on Hong Kong Stock Exchange ZhongAn Online Property and Casualty Insurance Will Float on Hong Kong Stock Exchange

(Yicai Global) Sept. 18 -- ZhongAn Online Property and Casualty Insurance Co., China's first internet-only insurer, plans to list on the Stock Exchange of Hong Kong Ltd.'s (SEHK) Main Board as the country's first publicly traded fintech firm on Sept. 28.

The insurance group said yesterday that it will go public on the SEHK's Main Board and offer shares in the price range of USD6.87 (HKD53.7) to HKD59.7 each, accounting for 13.84 percent of its expanded issued capital. That values the insurer at HKD77.3 billion to HKD85.9 billion, the Securities Times reported.

The Shanghai-based company will offer 199 million shares globally, of which 95 percent are for international offering and 5 percent are for Hong Kong public offering. It seeks to raise about HKD10.95 billion.

ZhongAn's Hong Kong public offering started at 9 a.m. today and will end at 12 p.m. on Thursday. Traders will use the ticker [HK:6060] for its shares on the SEHK's Main Board from Thursday.

SoftBank Group Corp. [TYO:9984] has agreed to buy 71.9 million ZhongAn H-shares at the issue price, accounting for 36.08 percent of the latest offering and about 4.99 percent of ZhongAn's total issued shares, the insurer said.

Founded in November 2013, ZhongAn's investors include Alibaba Group Holding Ltd.'s [NYSE:BABA] Ant Financial Services Group, Tencent Holdings Ltd. [HK:0700] and Ping An Insurance (Group) Company of China Ltd. [SHA:601318; HK:2318]. It made money in its first year of operation.

ZhongAn provides products and solutions in five core areas -- lifestyle consumption, consumer finance, health, auto and travel. It offers insurance products at different premium levels. ZhongAn, which was worth about USD8 billion in 2015, now has a valuation of around USD10 billion.

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Keywords:   Hong Kong Stock Exchange,IPO,Fund,FINANCING,Stock,Insurance