ZhongAn Online Plans IPO at $11 Billion Valuation in Hong Kong
ZhongAn Online Property and Casualty Insurance is planning an IPO that is valuing the company at $11 billion. The IPO will raise an estimated $1.5 billion, valuing the company between $9.9 billion to $11 billion.
” ZhongAn Online plans IPO at $11 Billion Valuation in HK “
It is China’s first internet-only insurer, and is backed by Jack Ma’s Ant Financial with a 16% stake. Ping An Insurance and Tencent hold 12% stake each. JPMorgan Chase & Co., Credit Suisse Group AG, UBS Group AG and CMB International Capital Ltd. are joint sponsors of the offering.
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