ZhongAn Online raises $500m in equity financing through H share placement

China-based ZhongAn Online P & C Insurance has raised approximately HK$3.92bn ($500m) through its H share placement, marking its first equity financing since its 2017 IPO. The placement involved issuing 215 million new H shares at HK$18.25 per share, representing nearly 12.76% of its enlarged share capital.

The net proceeds from this financing will support the company’s business development, with 60% allocated to core insurance and asset management, 30% for fintech investments, and 10% for general corporate purposes. ZhongAn’s board of directors sees this placement as transformative, enabling growth in both insurance and technology solutions.

Established in 2013 and listed on the Hong Kong Stock Exchange in 2017, ZhongAn is an InsurTech company in China known for its “Insurance + Technology” strategy. By mid-2023, it has served over 500 million users and issued about 57.4 billion insurance policies. The company operates in various sectors across Southeast Asia, East Asia, and Europe.

Read more at Yahoo Finance: ZhongAn Online raises HK$3.92bn in post-IPO equity financing