Insurer kicks off $7.4b IPO

China's Sunshine Insurance opens its retail book today with an aim to raise as much as US$948 million (HK$7.4 billion) in its initial public offering in Hong Kong.

The Beijing-based insurer will be offering 1.15 billion shares at HK$5.83 to HK$6.45 apiece. The minimum investment is HK$3,257.5 for per board lot of 500 shares.

Trading is expected to begin on December 9.

Founded in 2004, Sunshine Insurance operates businesses including life and health insurance, property and casualty insurance and asset management.

Huatai International, China International Capital Corp (3908), UBS Group and CCB International are joint sponsors of the deal.

The size of the offering could increase to as much as US$1.09 billion if a so-called over-allotment option is fully exercised, according to sources.

Meanwhile, Beijing Dmall E-commerce - an online retail service provider backed by Chinese supermarket Wumart Group - has selected banks for an initial public offering in Hong Kong as soon as next year, according to people familiar with the matter. The e-commerce platform is working with Credit Suisse Group and CMB International Capital on the listing, but has not yet made a final decision on the size.

Additionally, Chinese digital pharmaceutical platform YSB - backed by Shanghai Fosun Pharmaceutical (2196) and Baidu (9888) - has filed an application to be listed in the city a second time following the lapse of its first application.