Online insurer plans IPO

ZhongAn, backed by '3 Mas', hopes to raise $1.52 billion

ZhongAn Online Property and Casualty Insurance Co Ltd, the mainland's first internet-only insurer, opened its retail book on Monday for a Hong Kong initial public offering primed to raise up to HK$11.9 billion. ($1.52 billion)

The insurer, backed by the "three Mas" - Alibaba founder Jack Ma Yun, Tencent's Pony Ma Huateng and Ping An Insurance chairman Ma Mingze - plans to offer 199 million new shares at HK$53.7 to HK$59.7 apiece, with minimum investment HK$6030.16 for a board lot of 100 shares.