Sunshine Insurance Group Co., a Chinese insurer, plans to raise up to HK$7.4 billion ($950 million) in its Hong Kong initial public offering.
Sunshine Insurance, based in Beijing, began accepting investor orders for approximately 1.15 billion new shares on Wednesday, according to its prospectus, which confirmed an earlier Bloomberg News report. The shares are priced between HK$5.83 and HK$6.45 per share.
Sunshine Insurance’s IPO comes as issuers capitalize on an improvement in sentiment toward regional equities trading. The Hong Kong IPO market has had a slow year. Companies have raised approximately $11.2 billion in the city through first-time share sales so far in 2022, compared to $38.7 billion in the same period last year, according to Bloomberg data.
Sunshine Insurance provides life and health insurance, property and casualty insurance, and asset management services. The offering will be priced on December 5, and trading will begin on December 9.
The deal is co-sponsored by Huatai International, China International Capital Corp., UBS Group AG, and CCB International Holdings Ltd.