Sunshine Insurance Begins Taking Investor Orders for $950 Million IPO

Chinese insurer Sunshine Insurance Group Co. is seeking to raise as much as HK$7.4 billion ($950 million) in its Hong Kong initial public offering.

Beijing-based Sunshine Insurance started taking investor orders for about 1.15 billion new shares on Wednesday, according to its prospectus, which confirmed an earlier Bloomberg News report. The shares are marketed at between HK$5.83 to HK$6.45 apiece.

Sunshine Insurance’s IPO comes as issuers are taking advantage of an improvement in sentiment towards equities trading in the region. It’s been a slow year for Hong Kong’s IPO market. Companies have raised about $11.2 billion through first-time share sales in the city so far in 2022, down from $38.7 billion for the same period last year, according to data compiled by Bloomberg.

Sunshine Insurance operates businesses including life and health insurance, property and casualty insurance and asset management. The company plans to price the offering on Dec. 5 and trading is slated to start Dec. 9.

Huatai International, China International Capital Corp., UBS Group AG and CCB International Holdings Ltd. are joint sponsors of the deal.

Photograph: The Hong Kong Exchanges & Clearing Ltd. (HKEX) logo is displayed atop a gong at the HKEX Connect Hall in Hong Kong, China, on Wednesday, June 10, 2020. Photo credit: Billy H.C. Kwok/Bloomberg

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