Ping An unit said to prepare for up to $3b Hong Kong IPO

Ping An sign board. Photo: Bloomberg

Ping An Insurance (Group) Co., China’s largest insurer by market value, is starting preparations for an initial public offering of its OneConnect financial management portal that could raise as much as $3 billion, people with knowledge of the matter said.

The Ping An unit picked banks including Goldman Sachs Group Inc., JPMorgan Chase & Co. and CCB International Holdings Ltd. to work on the planned Hong Kong share sale, according to the people. The company is targeting a listing as soon as September, the people said, asking not to be identified because the information is private.

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