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

Updated: Thu, Sep 14, 2017
11:53 am
Reuters
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED

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.

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.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.