Skadden, Arps, Slate, Meagher & Flom and Cleary Gottlieb Steen & Hamilton have the lead roles on a planned $1.5 billion initial public offering by Chinese internet insurer ZhongAn Online Property and Casualty Insurance Co. Ltd.
According to regulatory filings with the Hong Kong Stock Exchange, Shanghai-based ZhongAn plans to raise as much as $1.5 billion on a listing slated for Sept. 28. That will value the financial technology company at $11 billion .
ZhongAn was founded in 2013 by Alibaba Group Holding Ltd. chair Jack Ma, Tencent Holdings Ltd. chair Pony Ma and Ping An Insurance Group chair Ma Mingzhe. (The three men are not related.) The three companies jointly hold 40.2 percent of ZhongAn.
According to a prospectus , Japanese tech investor SoftBank Group Corp. has agreed to invest $550 million for a 5 percent stake in ZhongAn, which operates online-only insurance products. Several ZhongAn products support the e-commerce business model of its partner companies. The Taobao Free Return Policy, for example, allows customers of Alibaba’s flagship online marketplace to return merchandise free of charge.
Skadden Hong Kong partners Julie Gao, Christopher Betts and Will Cai, and Shanghai partner Haiping Li, are leading the team advising ZhongAn. Chinese law advice is given by Grandall Law Firm in Shanghai.
Cleary Hong Kong partners Shuang Zhao and Freeman Chan are representing JP Morgan Securities (Far East) Ltd., Credit Suisse (Hong Kong) Ltd., UBS Securities Hong Kong Ltd. and CMB International Capital Ltd. as joint sponsors.* Han Kun Law Offices is Chinese counsel to the sponsors.
Paul Hastings is acting for cornerstone investor SoftBank with a team led by partners David Wang and Yan Jia in Shanghai, Li Nan in Beijing and Bonnie Yung in Hong Kong.*
*Updated 9/20: This story has been updated to include partners from Cleary and Paul Hastings’ role as SoftBank’s counsel.