FINANCIAL SERVICES | Staff Reporter, Hong Kong

ZhongAn Online P&C Insurance launches $1.5b Hong Kong IPO

It's the first major fintech listing in Hong Kong.

According to a Bloomberg report, ZhongAn Online P&C Insurance Co., China’s largest online insurer, started taking orders for a Hong Kong initial public offering that could raise as much as $1.5 billion.

The Shanghai-based company is offering 199.3 million new shares at HK$53.70 to HK$59.70 apiece, according to terms for the deal obtained by Bloomberg. Japan’s SoftBank Group Corp. agreed to purchase 71.9 million shares, worth as much as $550 million, as the sole cornerstone investor in the offering, the terms show.

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