Chinese Online Insurer Zhong An Files For Up To $1.5 billion HK IPO
China’s first internet-only insurer, whose current major shareholders include two of China’s largest Internet companies – Alibaba Group’s Ant Financial affiliate with 16% and Tencent Holdings with 12%, has filed for an initial public offering in Hong Kong worth up to $1.5 billion. Since its inception in October 2013 through the end of 2016, Zhong An sold 7.2 billion insurance products and served more than 492 million customers. Its main type of product, accounting for 50% of business last year, is insurance that online shoppers buy to cover shipping costs in case they decide to return goods. That was followed by insurance against flight delays, bought when booking travel tickets online.