Zhong An Online is planning a 10% strategic stake sale
Publish Date:Posted over 7 years ago
Zhong An Online P&C Insurance is looking to sell 5-10% of its shares to a couple of strategic investors to generate US$1.45 billion, ahead of a planned initial public offering in mainland China. China's first online only insurer is in early talks with potential investors who have shown an interest in acquiring a stake. The investors would be expected to commit at least CNY1 billion each and the new funds would be used by Zhong An to expand its business and buy time before securing the green light from regulators for the IPO. The company says it offers more than 300 insurance products and has written more than 7.56 billion policies for more than 535 million customers. Zhong An was founded in November 2013 by Alibaba's executive chairman Jack Ma, Tencent's chairman Pony Ma and Ping An Insurance group Co of China chairman Ma Mingzhe.
