SoftBank's Vision Fund considers $500 million investment in ZhongAn IPO - IFR

SoftBank Vision Fund, the world`s largest private equity fund, is considering a $500 million investment in the Hong Kong initial public offering of ZhongAn Online Property and Casualty Insurance Co Ltd, China`s first internet-only insurer, IFR reported on Thursday, citing people close to the deal.

The fund is likely to be a so-called cornerstone investor in ZhongAn`s up to $1.5 billion IPO, added IFR, a Thomson Reuters publication. The IPO, the biggest by a financial technology company in the city, is expected to launch as early as Sept. 18.

SoftBank and ZhongAn declined to comment when contacted by Reuters.

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Vision Fund, which has raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics, is backed by Japanese billionaire Masayoshi Son`s SoftBank Group Corp , Saudi Arabia`s main sovereign wealth fund and companies including Apple Inc and Qualcomm.

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