China’s first Internet only insurance company ZongNen Online Property and Casualty Insurance Company Limited has filed for initial public offer (IPO) in Hong Kong up to $ 1.5 billion.
IFR reported that “The insurance company expects that it is expected to be listed as the end of 2017.”
Officials familiar with this matter told Reuters that “The uncertainty about the timing of approval of the list in China had promoted ZhongAn to move to Hong Knog
In its market presentations and on its official website ZhongAn said that “It has offered more than 300 insurance products and has provide more than 7.56 billion policies for more than 535 million users.
In November last year, ZhongAn Chief Operating Officer Wen Xu said that “ZhongAn’s main type of product, accounting for 50 percent of business last year, is insurance that online shoppers buy to cover shipping costs in case they decide to return goods.”
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