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Report: Chinese online insurer to revive Hong Kong IPO

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Report: Chinese online insurer to revive Hong Kong IPO

Chinese internet insurer Zhong An Online Property and Casualty Insurance is looking to resume its Hong Kong IPO plan to raise at least US$1 billion, Reuters reported May 31, citing "two people with knowledge of the matter."

Zhong An, China's first online-only insurer, plans to apply for a listing in the next few weeks, said one of the people.

The insurer had suspended an earlier plan to list in Hong Kong to explore a listing in China. However, lack of progress on that front made the insurer return to Hong Kong for the planned IPO, the source said. The insurer may explore a domestic listing later, the person added.

Zhong An declined to comment on the matter. Credit Suisse, JPMorgan and UBS, which had been chosen by Zhong An to lead the IPO in 2016, have not given comments.

Tencent Holdings Ltd. and Alibaba Group Holding Ltd.'s Ant Financial are major shareholders in Zhong An.