Zhong An Insurance to be sold nearly 200 million shares of H shares cornerstone

China's first Internet insurer, Zhong An Online Property Insurance Co., Ltd. announced its offer details later on Sunday, will be the global sale of 199,929,900 H shares (regardless of the over-allotment option), the company's total share capital after the expansion 13.84%, Japan Softbank Group (9984.T) to become the cornerstone of investors, subscription 7,190.98 million shares, accounting for 36% of the current issue of H shares.

The company's press release said the offer price range of HK $ 53.7-59.7 per share, if the median of HK $ 56.7 / share, the net proceeds of 10.948 billion Hong Kong dollars; the company intends to use the global proceeds from the sale of capital Based to support its business growth.

Public security 95% of the current issue of H shares in the global sale, 5% for the Hong Kong public offering. The Hong Kong Public Offer starts on Monday morning and ends at noon on Thursday. The final issue price and the results will be determined on Thursday. The company is expected to be traded on Hong Kong Main Board next Thursday (28th) with stock code "6060".

Zhong An has entered into a cornerstone investment agreement with Softbank, and Softbank Group has the option to purchase shares through one of its wholly-owned subsidiaries or affiliates, including the world's largest private equity fund, the SoftBank Vision Fund.

"Looking ahead, we hope to enhance our profitability by expanding and optimizing the product portfolio and will further enhance our ability to respond quickly to market product development in order to take full advantage of the market opportunities we are exploring," said Mr. Chen Jin, Chief Executive Officer of Public Security.

Zhong An online executives later announced at the Hong Kong press conference yesterday, the company is applying for a life insurance license. But he did not give more details