China’s first online-only insurer said Sunday it plans to raise up to $1.5 billion in an initial public offering that could value the company at around $10 billion, tapping into rising investor interest in the region’s financial-technology sector, The Wall Street Journal reports. ZhongAn Online Property & Casualty Insurance, 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 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 Ma’s Alibaba. As a result of Ant’s ownership structure, Ma and several investment entities linked to him also hold significant stakes. The insurer’s other founders include Pony Ma, the chairman of Tencent, and Ma Mingzhe, chairman of Ping An Insurance.
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