China-based ZhongAn Online P & C Insurance has completed its H share placement, raising gross proceeds of approximately HK$3.92bn ($500m).  

The transaction marks the first instance of equity financing for the company since its initial public offering in 2017. 

The placement involved the issuance of 215 million new H shares at a price of HK$18.25 per share, accounting for nearly 12.76% of the its enlarged share capital following the placement. 

The net proceeds from this equity financing are intended to drive the company’s business development initiatives.  

Specifically, 60% of the funds will be allocated to the company’s core insurance underwriting and asset management operations, with another 30% for investment in fintech innovations. 

The remaining 10% will be directed towards general corporate purposes. 

ZhongAn board of directors stated: “This successful placement is a transformative step in ZhongAn’s evolution. The capital infusion empowers our dual-engine strategy—driving core insurance growth while scaling technology-driven solutions.  

“Through disciplined deployment, we will further unlock synergies at the intersection of finance and technology, delivering sustainable value to stakeholders.”  

ZhongAn is recognized as an “internet-based” InsurTech company in China, employing a “Insurance + Technology” strategy, enhancing its underwriting, distribution, and customer service capabilities. 

It was established in 2013, and subsequently listed on the Hong Kong Stock Exchange in 2017. 

As of mid-2023, ZhongAn has reportedly served over 500 million users and issued approximately 57.4 billion insurance policies.  

Additionally, the company operates in Southeast Asia, East Asia, and Europe, and spanning sectors such as banking, insurance, securities, high-end manufacturing, and Internet platforms.