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Online Insurer ZhongAn Plans To Raise Up To $1.5 Bln In IPO

China's first online-only insurer plans to raise up to $1.5 billion in an initial public offering that could value the company at around $10 billion.

ZhongAn Online Property & Casualty Insurance Ltd., a Shanghai-based company co-founded in 2013 by Chinese billionaire Jack Ma, is set to begin a share sale Monday morning in Hong Kong. It named Japan's SoftBank Group Corp. as a cornerstone investor in the deal, with a 5% stake in the company.

ZhongAn's biggest shareholders include Ant Financial Services Group, an affiliate of Mr. Ma's Alibaba Group Holding Ltd. (BABA). As a result of Ant's ownership structure, Mr. Ma and several investment entities linked to him also hold significant stakes. The insurer's other founders include Pony Ma, the chairman of Tencent Holdings Ltd., and Ma Mingzhe, chairman of Ping An Insurance Group Co. of China Ltd. The three individuals surnamed Ma aren't related.

by RTT Staff Writer

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