* CICC, Morgan Stanley, CDH bought Zhong An stake in 2015
* Zhong An was previously valued at $8 bln
(Adds Zhong An's funding round, Lufax IPO)
HONG KONG Oct 5 Chinese internet insurer Zhong
An Online Property and Casualty Insurance has picked three banks
as sponsors of a planned initial public offering in Hong Kong
worth about $2 billion, IFR reported on Wednesday, citing people
familiar with the deal.
Zhong An, backed by Chinese internet companies Tencent
Holdings Ltd and Ant Financial, selected Credit
Suisse, JPMorgan and UBS to lead the offering, expected to take
place in 2017, added IFR, a Thomson Reuters publication.
Zhong An did not immediately reply to a Reuters request for
comment during a holiday week in mainland China. Credit Suisse
and UBS declined to comment and JPMorgan did not return a
request for comment.
Zhong An, China's first Internet-only insurer, last year
raised 5.78 billion yuan ($867 million) from a group of
investors that included Morgan Stanley, domestic
investment bank China International Capital Corp Ltd
and private equity firms CDH Investments and SAIF Partners. The
fundraising valued Zhong An at $8 billion.
The Zhong An listing would come as China's biggest
peer-to-peer lending platform, Lufax, is also looking to go
public in a $5 billion deal. Lufax, which is backed by Ping An
Insurance Co of China Ltd , is in talks
with four investment banks including Citigroup and Morgan
Stanley to lead its listing.
Zhong An was founded in 2013 by Alibaba Group Holding Ltd
Executive Chairman Jack Ma, Tencent's Chairman Pony Ma
and Ping An's Chairman Ma Mingzhe.
($1 = 6.6685 Chinese yuan renminbi)
(Reporting by Fiona Lau; Writing by Elzio Barreto; Editing by
Muralikumar Anantharaman and Christopher Cushing)