China: Internet insurer Zhong An plans $2b mainland IPO in 2016

Chinese Internet insurer Zhong An Online Property and Casualty Insurance plans an up-to-$2 billion initial public offering in mainland China in 2016, IFR reported on Friday, citing people close to the deal.

At $2 billion, the deal would be the largest-ever technology-related listing in mainland China and the biggest IPO since brokerage Guotai Junan Securities Co raised $4.8 billion last June, Thomson Reuters data showed.

Zhong An, China’s first online-only insurer, has invited banks to pitch for IPO roles, according to IFR, a Thomson Reuters publication. The firm was founded in 2013 by Alibaba Group Holding Ltd Executive Chairman Jack Ma, Tencent Holdings Ltd Chairman Pony Ma and Ping An Insurance Group Co of China Ltd Chairman Ma Mingzhe.

Zhong An joins a series of financial technology firms planning a listing this year, according to IFR, including online lending platform Lufax and Alibaba’s Internet finance affiliate Ant Financial Services Group.

A spokeswoman for Zhong An in Shanghai declined to comment on the listing plan, previously reported by The Wall Street Journal.

Zhong An raised $931 million last year from a group of investors including Morgan Stanley, China’s top domestic investment bank China International Capital Corp (CICC) and private equity firm CDH Investments. The deal valued Zhong An at $8 billion

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Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.