Haier’s insurance subsidiary, Zhongmiao, has launched its initial public offering (IPO) in Hong Kong with plans to raise up to HK$360 million. The retail book building for the offering began yesterday, with the minimum investment set at HK$5,151 per lot. Zhongmiao is offering 35.3 million H-shares, with 10% allocated to Hong Kong investors. The shares are priced between HK$7 and HK$10.20 each.
The IPO process will run until August 1, with Zhongmiao scheduled to debut on the Hong Kong Stock Exchange on August 6 under the stock code 1471. The company has outlined its intentions for the funds raised, with over half designated for expanding its insurance agency operations within the next three years. Approximately 26.2% of the proceeds will be invested in enhancing its IT services and research and development capabilities over the next five years. CITIC Securities and Ping An of China Securities (Hong Kong) are acting as joint sponsors for the offering.
Founded in Shandong in 2017, Zhongmiao offers a range of insurance products including property, life, health, accident, and automobile coverage. The company reported a revenue of 170 million yuan (HK$182.94 million) for the previous year, marking a 17.3% increase from the prior year. Its net profit stood at 40.37 million yuan, up 6.9% year-on-year.
In other news, autonomous driving startup WeRide has filed for a listing with the US Securities and Exchange Commission. The IPO will be managed by Morgan Stanley, JPMorgan Chase, and China International Capital Corp, with shares listed as American depositary shares under the ticker symbol “WRD.”
WeRide aims to raise between US$200 million (HK$1.56 billion) and US$300 million. If successful, this will be less than the approximately US$440 million raised by electric vehicle manufacturer Zeekr in its recent New York Stock Exchange debut. Notably, WeRide’s competitor, Apollo Go, secured US$500 million earlier this year, making it the largest US listing by a Chinese company since Didi Global.
