Chinese insurer Ping An Insurance (Group) Co is reportedly planning to raise $1bn through an initial public offering (IPO) of its fintech business OneConnect.
Citing sources familiar with the development, Bloomberg reported that the proposed IPO, which will be launched in Hong Kong in the second half of this year, may value OneConnect at about $8bn.
The listing of fintech business is part of Ping An earlier plan to raise approximately $3bn in funding in 2018; however, the company postponed its listing plan after increased market volatility.
This IPO plan is still at an early stage, and details such as valuation and fundraising of the OneConnect offering may change depending on market conditions, according to the publication.
OneConnect offers cloud computing and other technology services to small- and medium-sized (SMEs) financial organisation.
The company serves over 460 banks and more than 1,800 other financial services companies including insurance firms, brokerages, fund managers and private-equity houses.
Last year, Ping An spun off and floated Ping An Healthcare and Technology Co, which operates as Good Doctor and offers technology platforms leveraged by insurers, hospitals as well as pharmacies.
In January 2019, Ping An Property and Casualty Insurance Company of China (Ping An P&C) launched a credit based smart auto claim solution for car owners.
The credit based system helps car owners to file claims in hassle-free manner besides promoting good driving habits.