China’s Sunshine Insurance Gets Approval for $1 Billion IPO: Sources

China’s Sunshine Insurance Group Co. has received approval from the Hong Kong stock exchange for an initial public offering that could raise about $1 billion, according to people familiar with the matter.

The Beijing-based company may start taking investor orders by end of this month at the earliest, the people said, asking not to be identified as the information is private. Sunshine Insurance filed pre-listing documents with the Hong Kong stock exchange in April.

IFR reported the approval earlier. Deliberations are ongoing and Sunshine Insurance’s listing hearing could still be delayed with IPO details subject to changes, the people said. An external representative for Sunshine Insurance declined to comment.

Founded in 2004, Sunshine Insurance operates businesses including life and health insurance, property and casualty insurance and asset management, according to a preliminary exchange filing. Huatai International, China International Capital Corp., UBS Group AG and CCB International are joint sponsors of the deal.

Photograph: The corporate flag for Hong Kong Exchanges & Clearing Ltd. (HKEX), right, and the Chinese flag, left, fly outside the Exchange Square complex in Hong Kong, China, on Monday, Sept. 16, 2019. Photo credit: Paul Yeung/Bloomberg