China-based Sun Car Insurance Agency Co. Ltd. has filed for a Hong Kong IPO of 42,626,600 H shares with a maximum offer price of HK$30.80 apiece.

The company anticipates net proceeds of HK$1.06 billion.

The price determination date is on or around March 22; the company is targeting a March 29 listing.

PICC P&C and Happy Crown Group Ltd. are cornerstone investors and have committed to invest US$30.0 million. Proceeds from the IPO will be used for the development of the company's insurance agency business and of Sun Car Insurance's automobile butler services business, among others.

China Galaxy International Securities (Hong Kong) Co. Ltd. and China International Capital Corp. Hong Kong Securities Ltd. are the joint sponsors.

China Galaxy, China International Capital, CMB International Capital Ltd., CCB International Capital Ltd., ABCI Capital Ltd., Huatai Financial Holdings (Hong Kong) Ltd., Zhongtai International Securities Ltd., China Industrial Securities International Capital Ltd. and Guotai Junan Securities (Hong Kong) Ltd. are the joint book runners.

China Galaxy, China International Capital and CMB International are serving as joint global coordinators.