China’s Sunshine Insurance has submitted application to list on Hong Kong stock exchange and may plan to raise up to $2bn through IPO, reported South China Morning Post (SCMP), citing two sources familiar with the matter.

The application document, however, does not indicate the size or the possible time frame of the IPO.

Sunshine Insurance, which was set up in 2004 by Zhang Weigong, operates primarily through Sunshine Life.

The IPO prospectus shows that the company provides around 130 products covering health, life and accident insurance.

Two sources told SCMP that the Chinese insurer would like to list its shares this year.

It plans to raise between $1bn and $2bn, according to the sources.

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If it raises $2bn, Sunshine would be the frontrunner with the biggest IPO so far this year. It would be in league with PAG, a private equity firm, which is also aiming to raise up to $2bn, according to sources.

In March, PAG had filed application to list its shares in Hong Kong stock exchange.

Sunshine is the second major insurance firm to have submitted application to list on Hong Kong stock exchange in the recent times.

Hong Kong billionaire Richard Li Tzar-kai-backed FWD Group Holdings filed an application in February.

FWD Group plans to raise about $1bn through its share sale, reported Bloomberg, citing a source.

A total of 17 insurance firms have listed on Hong Kong stock exchange, accounting for 5.5% of total market capitalisation.

These firms include domestic players China Life, Ping An Insurance, and global players such as AIA, and UK’s Prudential.