Skadden, Arps, Slate, Meagher & Flom has advised ZhongAn Online Property and Casualty Insurance – China’s first internet-only insurer – on its planned $1.5 billion IPO in Hong Kong. The company, backed by e-commerce giant Alibaba, also tapped Grandall Law Firm to serve as its Chinese counsel.
Meanwhile, the joint sponsors of the listing – JP Morgan Securities, Credit Suisse, UBS Securities and CMB International Capital – turned to Cleary Gottlieb Steen & Hamilton and Han Kun Law Offices for advice.
ZhongAn was founded by Alibaba executive chairman Jack Ma, Tencent chairman Pony Ma and Ping An Insurance Group chairman Ma Mingzhe. It has sold more than 8.2 billion policies to some 543 million people since its inception in 2013 in five areas: travel, health, consumer finance, auto and lifestyle consumption, where it started by insuring shipping returns at Alibaba’s online marketplace, reported Retuers.
The Skadden team included partners Julie Gao, Christopher Betts, Will Cai and Haiping Li as well as counsel Anthony Pang. The Cleary team included partners Freeman Chan and Shuang Zhao.
