SoftBank bought $500m of shares as online insurance platform ZhongAn priced the largest ever fintech IPO in Hong Kong, giving exits to Ping An, Tencent and Ant Financial.

Telecom and internet group SoftBank invested $500m in China-based online insurance platform ZhongAn Online Property and Casualty Insurance yesterday as part of the latter’s $1.5bn initial public offering, Reuters reported.

ZhongAn issued approximately 199 million new shares on the Hong Kong Stock Exchange priced at HK$59.70 ($7.64) each, at the top of the HK$53.70 to HK$59.70 range it had set. SoftBank acquired a stake sized at just under 5% for its investment.

The offering, the largest for a financial technology…

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