China's Sunshine Insurance to raise $863 mln in Hong Kong IPO -sources

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Dec 5 (Reuters) - China's Sunshine Insurance Group plans to price its shares at HK$5.83 each in its Hong Kong initial public offering to raise HK$6.7 billion ($863 million), according to two sources with direct knowledge of the matter.

The sources could not be named as the information was not yet public.

Sunshine Insurance did not immediately respond to a request for comment.

At HK$5.83, the price is at the bottom of the range flagged to investors when the deal launched last week.

The IPO is the second largest in Hong Kong in 2022, after Chinese battery supplier CALB Co Ltd (3931.HK) raised $1.3 billion in late September.

It is the worst year for IPOs in Hong Kong since 2012, according to Refinitiv data, due to rising interest rates and global financial market volatility.

In its prospectus, Sunshine Insurance said it had life, health, accident, property, and casualty insurance products under its brands. It had 416.3 billion yuan ($58.3 billion) in total investment assets as of June 30 this year.

($1 = 7.7641 Hong Kong dollars)

Reporting by Scott Murdoch in Sydney; editing by David Evans

Our Standards: The Thomson Reuters Trust Principles.

Thomson Reuters

Scott Murdoch has been a journalist for more than two decades working for Thomson Reuters and News Corp in Australia. He has specialised in financial journalism for most of his career and covers equity and debt capital markets across Asia and Australian M&A. He is based in Sydney.

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