Slaughter and May advised Zhong An Online P&C Insurance - in its first round of fundraising by investors Morgan Stanley, CICC, CDH Investments, SAIF Partners and Keywise Capital
Slaughter and May advised Zhong An Online P&C Insurance Co., Ltd (Zhong An), China's first online insurance company, in its first round of fundraising. Zhong An raised 5.75 billion Yuan (US$931.3 million) of fundraising by investors Morgan Stanley, CICC, CDH Investments, SAIF Partners and Keywise Capital, valuing Zhong An at US$8 billion. This is one of the biggest fundraisings by a Chinese financial technology company in 2015.
Headquartered in Shanghai, Zhong An is an online insurance joint venture which was founded in 2013 by Alibaba Group’s Executive Chairman Jack Ma, Tencent Holdings’ Chairman Pony Ma and Ping An Insurance Group’s Chairman Ma Mingzhe. Ant Financial Services Group, an Alibaba Group affiliate, is Zhong An’s largest shareholder with a 16% stake and Ping An and Tencent each hold a 12% stake.
Zhong An, which was approved by the China Insurance Regulatory Commission in September 2013 and is the first online insurer to obtain a license to operate in China, conducts all of its business online and offers a wide range of online insurance services to the Chinese market.