Private equity fund considers US$500m investment in ZhongAn IPO, media reportsBusiness | 14 Sep 2017 4:32 pm
SoftBank Vision Fund, the world’s largest private equity fund, is considering a US$500 million investment in the Hong Kong initial public offering of ZhongAn Online Property and Casualty Insurance Co Ltd, International Financing Review Asia reported today, citing people close to the deal.
The IPO, the biggest by a financial technology company in the city, is expected to launch as early as next Monday, according to the report.
Zhong An, the first internet-only insurer in China, mainly provides insurance services in terms of cars, medical care and online shopping. The insurance revenue in 2016 increased by 49 percent year on year to HK$3.4 billion.
Its major shareholders include Tencent Holdings (0700) and Alibaba Group Holding affiliate Ant Financial.