China’s first online insurance firm Zhong An raises 5.78 bln yuan-Reuters

(Reuters) Zhong An Online Property Insurance, China’s first online insurance seller, raised 5.78 billion yuan ($931.3 million) in its first round of fundraising, the official Shanghai Securities News reported on Friday, citing an unnamed source from Zhong An.

Each share was priced at 24 yuan and new investors include Morgan Stanley, China’s top domestic investment bank China International Capital Corp (CICC) and private equity firm CDH Investments.

The total number of shareholders in Zhong An has increased to 14 from nine. Ant Financial, the finance affiliate of Alibaba, is the largest shareholder with a 16 percent stake.

Zhong An was founded in 2013 by Alibaba Group Holding Ltd Executive Chairman Jack Ma, Tencent Holdings Ltd Chairman Pony Ma and Ping An Insurance Group Co of China Ltd Chairman Ma Mingzhe.

China’s top industry regulator approved the proposed capital enlargement on June 7, the newspaper reported.