The leading Chinese online insurance company, ZhongAn Online Property & Casualty Insurance Co, started trading on the Hong Kong stock...
A couple of weeks ago we published a podcast with the CEO of ZhongAn Insurance, Jeffrey Chen. I want to...
Sources have reported that Zhongan is no longer considering an initial public offering (IPO) in Hong Kong or the US due to a shifting market perspective; international interest and competitive pressures are cited as the main factors for the change in the IPO strategy; the insurance company was planning for an IPO in Hong Kong or the US sometime in the first few months of 2017; the China listing will likely delay the offering and the firm has not disclosed its new timing. Source
ZhongAn Insurance started trading on the Hong Kong stock exchange on Thursday; the story shares how popular ZhongAn’s IPO was, why ZhongAn is so successful, what the market’s different perspectives are and what’s the broader context of China’s fintech boom. Source
Recent IPOs by ZhongAn and Qudian, as well as the prospectus by Jianpu could signal a significant rise for IPOs in the next few years; “There will be a new wave of China concept stocks after these two to three years' quietness," said Tiger Brokers research team to China Daily. Source.
Leading Chinese insurtech firm, ZhongAn, has announced the addition of a new fintech incubator; ZhongAn Information and Technology Services Co., Ltd. will be focused on technology development in the following four areas: artificial intelligence, blockchain, cloud computing and data; seeks to be a technology accelerator for insurtech. Source
ZhongAn Insurance, China’s first internet-only insurer, raised $1.5 billion in its IPO; ZhongAn priced its 199.3 million new shares at HK$59.70 ($7.65) each, the top of a HK$53.70-HK$59.70 range; the IPO is the world’s first “insurtech” public offering. Source
SoftBank Vision Fund is considering a $500 million investment in the Hong Kong IPO of ZhongAn Insurance, Thomson Reuters’ publication IFR cited people close to the deal; the fund is likely to be a cornerstone investor in ZhongAn’s up to $1.5 billion IPO, which is expected to launch as early as Sept. 18; SoftBank and ZhongAn declined to comment when contacted by Reuters. Source
ZhongAn Insurance jumped 18 percent on debut after the biggest ever IPO by a fintech firm in Asia; ZhongAn CEO Jeffrey Chen says, the rarity of technology listings in Hong Kong gave ZhongAn’s IPO an extra appeal for investors looking to diversify their holdings; both Ant Financial and Lufax are considering IPOs in Hong Kong, according to sources. Source