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Report: Chinese online insurer looking to raise US$2B in Hong Kong IPO

Chinese internet insurer Zhong An Online Property andCasualty Insurance is looking to raise approximately US$2 billion in a HongKong IPO in 2017, Reuters reported Oct. 5, citing the IFR.

The insurer has picked Credit Suisse, JPMorgan and UBS tolead the proposed offering, the IFR reported,citing "people familiar with the deal."

Zhong An and JPMorgan did not immediately return requestsfor comment, while Credit Suisse and UBS declined to comment, Reuters said.

Zhong An was set up in 2013 by Tencent Holdings Ltd., Alibaba GroupHolding's Ant Financial and PingAn Insurance (Group) Co. of China Ltd.