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SoftBank's Vision Fund considers $500 million investment in ZhongAn IPO - IFR

Reuters  |  HONG KONG 

(Reuters) - Vision Fund, the world's largest private equity fund, is considering a $500 million investment in the initial public offering of Property and Casualty Co Ltd, China's first internet-only insurer, IFR reported on Thursday, citing people close to the deal.

The fund is likely to be a so-called cornerstone investor in ZhongAn's up to $1.5 billion IPO, added IFR, a Thomson publication. The IPO, the biggest by a financial technology company in the city, is expected to launch as early as Sept. 18.

and declined to comment when contacted by

Vision Fund, which has raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics, is backed by Japanese billionaire Masayoshi Son's Corp <9984.T>, Saudi Arabia's main sovereign wealth fund and companies including Apple Inc and Qualcomm.

(Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Richard Pullin)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 14 2017. 11:57 IST