SoftBank Group has agreed to be a cornerstone investor in the initial public offering of ZhongAn, China’s first online-only insurance agency, on the Hong Kong Stock Exchange today. SoftBank Group will buy a 5 percent stake in the company, or about 72 million shares, at the offer price, which is in the range of HKD $53.70 to HKD $59.70 per share. If calculated based on the range’s mid-point price of HKD $56.70, that means SoftBank Group’s stake would be worth about HKD $4.08 billion, or $522 million.
SoftBank Group has agreed to be a cornerstone investor in the initial public offering of ZhongAn, China’s first online-only insurance agency, on the Hong Kong Stock Exchange today. SoftBank Group will buy a 5 percent stake in the company, or about 72 million shares, at the offer price, which is in the range of HKD $53.70 to HKD $59.70 per share. If calculated based on the range’s mid-point price of HKD $56.70, that means SoftBank Group’s stake would be worth about HKD $4.08 billion, or $522 million.
