China's Sunshine Insurance to raise $863 mln in Hong Kong IPO -sources

CALB

05/12/2022 11:10

By Scott Murdoch
       Dec 5 (Reuters) - China's Sunshine Insurance Group plans
to price its shares at HK$5.83 each in its Hong Kong initial
public offering to raise HK$6.7 billion ($863 million),
according to two sources with direct knowledge of the matter.
    The sources could not be named as the information was not
yet public. 
    Sunshine Insurance did not immediately respond to a request
for comment.
    At HK$5.83, the price is at the bottom of the range flagged
to investors when the deal launched last week.
    The IPO is the second largest in Hong Kong in 2022, after
Chinese battery supplier CALB Co Ltd  3931.HK  raised $1.3
billion in late September. 
    It is the worst year for IPOs in Hong Kong since 2012,
according to Refinitiv data, due to rising interest rates and
global financial market volatility.
    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 ($58.3 billion) in
total investment assets as of June 30 this year.
($1 = 7.7641 Hong Kong dollars)
 (Reporting by Scott Murdoch in Sydney; editing by David Evans)
 ((Scott.Murdoch@thomsonreuters.com;))