China's Sunshine Insurance targets up to $950 mln in HK IPO (updated)

CALB

30/11/2022 04:54

(Adds Hong Kong IPO volumes for 2022)
    By Scott Murdoch
       Nov 30 (Reuters) - China's Sunshine Insurance Group on
Wednesday launched a Hong Kong initial public offering (IPO) to
raise up to $950 million in a deal that would be the
second-largest new share sale in the city in 2022.
    The company is selling 1.15 billion shares in a price range
of HK$5.83 to HK$6.45, according to its listing documents lodged
with the Hong Kong Stock Exchange.
    The final price of the shares is due to be set on Monday and
the company is scheduled to begin trading on the Hong Kong
exchange on Dec. 9.
    For Hong Kong, 2022 has been the worst year for new share
sales in a decade, with nearly $6 billion worth of IPOs so far
this year, including Sunshine Insurance's deal. The city had
seen $25.4 billion worth of IPOs at the same time in 2021.
    The largest IPO in 2022 has been CALB's  3931.HK  $1.3
billion issue in late-September.
    In its prospectus, Sunshine Insurance said it had life,
health, accident, property, and casualty insurance products
under its brands. It had 416.3 billion yuan ($58.29 billion) in
total investment assets as of June 30 this year.
    The firm added it was the 12th-largest life insurance
company and the 7th largest property and casualty insurer in
mainland China, based on China Banking and Insurance Regulatory
Commission data.
($1 = 7.1408 Chinese yuan)
($1 = 7.8075 Hong Kong dollars)
 (Reporting by Scott Murdoch in Sydney; Editing by Janane
Venkatraman and Uttaresh.V)
 ((Scott.Murdoch@thomsonreuters.com;))