Chinese online insurer ZhongAn wins HK approval for $1 billion IPO: sources

HONG KONG (Reuters) - ZhongAn Online Property and Casualty Insurance Co Ltd, China’s first internet-only insurer, secured Hong Kong stock exchange approval for its planned initial public offering which could raise more than $1 billion, sources with direct knowledge of the deal said on Friday.

The company plans to start gauging investor appetite for the IPO, the largest by a financial technology (fintech) company in the city, as soon as Monday after receiving the nod from the listing committee of the Hong Kong stock exchange, added the sources.

The sources could not be named because details of the deal are not public. ZhongAn did not immediately reply to a Reuters request for comment on its IPO plans.