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Chinese online insurer ZhongAn to seek US$11b valuation in HK IPO

[HONG KONG[ ZhongAn Online Property and Casualty Insurance Co Ltd, China's first internet-only insurer, plans to seek a valuation of up to US$11 billion with its Hong Kong initial public offering, IFR reported on Thursday, citing people close to the deal.

The company will offer shares in an indicative range of HK $53.70(S$9.32) to HK$59.70 each, raising up to $1.5 billion in the deal, added IFR, a Thomson Reuters publication. The listing will consist of 15 percent of its enlarged share capital and value the entire company at between US$9.9 billion and US$11 billion.

ZhongAn declined to comment on the details of its IPO.