China’s insurtech ZhongAn raises $1.5bn in IPO

Internet-only insurer ZhongAn Online Property & Casualty Insurance priced its initial public offering (IPO) at the top of an indicated range, raising $1.5 billion in Hong Kong, Reuters reported on Sept. 22.

ZhongAn was founded by Alibaba Group Holding executive chairman Jack Ma, Tencent Holdings chairman Pony Ma and Ping An Insurance Group of China chairman Ma Mingzhe, and will debut on the Hong Kong stock exchange on Sept. 28.

ZhongAn plans to add life insurance and other healthcare products to the range of policies it offers to accelerate its growth after the IPO, chief financial officer Francis Tang previously said.

The IPO adds to the $7.1 billion of new listings so far in 2017 in Hong Kong, which has been looking to attract more technology and so-called new economy companies to sell shares. It was the biggest IPO in the city since the $1.9 billion listing of China Resources Pharmaceutical Group last October, according to Reuters.

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