China's Sunshine Insurance to raise US$863m in Hong Kong IPO, say sources
Add BT as a preferred source
CHINA’S Sunshine Insurance Group plans to price its shares at HK$5.83 (S$1.01) each in its Hong Kong initial public offering to raise US$863 million, according to two sources with direct knowledge of the matter.
The sources could not be named as the information was not yet public.
Sunshine Insurance did not immediately respond to a request for comment.
At HK$5.83, the price is at the bottom of the range flagged to investors when the deal launched last week.
The IPO will be the second largest in Hong Kong in 2022, after Chinese battery supplier CALB Co raised US$1.3 billion in late September.
It is the worst year for IPOs in Hong Kong since 2012, according to Refinitiv data, due to rising interest rates and global financial market volatility.
In its prospectus, Sunshine Insurance said it had life, health, accident, property, and casualty insurance products under its brands. It had US$58.3 billion in total investment assets as of June 30 this year. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Singapore Kitchen CEO, senior manager charged with alleged fraud, falsifying accounts; both to stay in jobs for now
Profit with purpose: Kim Choo Kueh Chang’s pivot from public listing to protecting heritage
HSBC, AIA, Prudential shares slide after report of Hong Kong bank account curbs
How the ultra-rich buy property
