Alibaba, Tencent-backed online property insurer raises $931m
Zhong An Online Property Insurance, which was set up by Jack Ma and Pony Ma, the founders of Alibaba Group and Tencent Holdings, has raised RMB5.78 billion ($931 million) from a group of investors.
The company issued 240 million shares - or a 19.4% stake in the business - at RMB24 apiece to five investors, according to multiple local media reports. Caixin reported that a Morgan Stanley-controlled...
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