Sunshine Insurance Group to seek $2b in Hong Kong IPO listing

The insurance firm is one of the 13 insurance holding groups in China.

Sunshine Insurance Group is aiming to enter the Hong Kong market, with the firm just recently filing a draft initial public offering (IPO) listing with the Hong Kong Stock Exchange.

The draft IPO did not contain how much it plans to raise; however, a report by South China Morning Post said that the company plans to list its shares with the possibility of raising $1b to $2b.

If Sunshine Insurance Group does manage to achieve its target of a $2b IPO, it would be neck and neck with private equity firm PAG for the biggest IPO of 2022. PAG is also targeting a $2b IPO according to sources. PAG recently listed its shares in Hong Kong last month.

According to government data, Sunshine Life Insurance and Sunshine Property & Casualty Insurance, both companies under the Sunshine Insurance Group, have held the position of 12th largest insurer out of 91 life insurances and seventh biggest non-life insurer amongst 87 P%C insurers in China.

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