China's Sunshine Insurance plans HK$863 million IPO, sources say

According to two sources with direct knowledge of the matter, China's Sunshine Insurance Group plans to raise HK $6.7 billion $863 million at HK $5.83 each in its Hong Kong initial public offering.

Sources could not be named as the information was not yet public.

Sunshine Insurance did not respond to a request for comment.

The price is at the bottom of the range when the deal was launched last week, and it is at HK $5.83.

The IPO will be the second largest in Hong Kong in 2022, after Chinese battery supplier CALB Co Ltd raised $1.3 billion in late September.

According to Refinitiv data, Hong Kong is the worst year for IPOs since 2012 due to rising interest rates and global financial market volatility.

In its prospectus, Sunshine Insurance said it had life, health, accident, property, and casualty insurance products under its brands. It had 416.3 billion yuan $58.3 billion in total investment assets as of June 30th this year.