Small online insurance company has big backersLIKE electric cars, whose era of global dominance has yet to arrive, the app-driven insurance industry is more of a concept than reality. That doesn’t mean investors should dismiss the Hong Kong initial public offering of ZhongAn Online P&C Insurance Co, despite its hefty price tag. ZhongAn is China’s first Internet-only insurer, as well as being Hong Kong’s first major fintech flotation. Bankers are currently sounding out investors for an IPO that could raise as much as US$1.5bil, giving ZhongAn a valuation of US$11bil. ZhongAn’s share of China’s insurance market 0.5%It’s also expensive.

Source: The Star September 16, 2017 00:33 UTC