China's Sunshine Insurance launches Hong Kong IPO

On Wednesday, China's Sunshine Insurance launched a Hong Kong initial public offering IPO to raise up to $950 million in a deal that would be the second largest new share sale in the city in 2022.

According to documents lodged with the Hong Kong Stock Exchange, the company is selling 1.15 billion shares in a price range from HK $5.83 to HK $6.45.

The final price of the shares is due to be set on Monday and the company is scheduled to begin trading on the Hong Kong exchange on December 9.

In its prospectus, Sunshine Insurance said it had life, health, accident, property, and casualty insurance products under its brands.

According to the data from China Banking and Insurance Regulatory Commission, it was the 12th largest life insurance company and the 7th largest property and casualty insurer in mainland China.

Sunshine Insurance had 416.3 billion yuan $58.29 billion in total investment assets as of June 30 this year.