China’s Sunshine Insurance Group has launched its initial public offering (IPO) in Hong Kong, targeting up to HK$7.4bn ($950m) through the share sale.

As per its stock exchange filing, the Chinese insurer is offloading 1.15 billion shares, at HK$5.83-$6.45 apiece.

The firm is expected to set the final price next month and start trading on the Hong Kong Stock Exchange on 9 December 2022.

In April this year, the firm submitted its application for the IPO.  

UBS Group, CCB International Holdings, Huatai International, and China International Capital are the deal’s joint sponsors, reported Bloomberg.  

According to the agency’s estimates, firms have raked in nearly $11.2bn via first-time share sales in Hong Kong so far this year, compared with $38.7bn in the corresponding period of 2021.

Sunshine’s service suite includes life, health, property and casualty insurance, in addition to asset management, among others. The firm was established in 2004 by Zhang Weigong.

It had total investment assets of CNY416.3bn ($58.29bn) at the end of June 2022, stated Reuters.

The deal would be the second-largest new share sale in Hong Kong this year, added the news agency.

In September this year, FWD Group, another Hong Kong insurer backed by billionaire Richard Li, refiled for its Hong Kong IPO with plans for a 2023 listing.

The insurer had stalled its listing plans earlier this year, citing market volatility.