We are honored to have Tricor to provide both company secretary and IPO share registrar services to us during our IPO listing. Supporting by Tricor’s experience, professionalism and tacit coordination, it helped us to save time on unnecessary communications and procedures, so as to improve the overall efficiency of the IPO process.
Yongbo Zhang, Vice General Manager / Compliance Director &
Chief Legal Officer / Joint Company Secretary
CLIENT NEEDS
ZhongAn Online P & C Insurance Co., Ltd., the first and only company in China with an Internet insurance license, aims to reshape traditional insurance by applying internet thinking across the insurance value chain from product design and claims servicing.
As one of the mega-sized IPOs in Hong Kong, ZA Online received over 120,000 applications and was 390 times oversubscribed.
ZA Online was in need of a reliable and professional services provider with sufficient manpower to process all applications and assist throughout the entire listing process, handle corporate governance related matters and compliance with the appropriate local Listing Rules and other legal and regulatory requirements.
SOLUTIONS
Tricor provided both investor services and corporate services to the client, including offering advisory on pre-IPO planning, IPO timetable, logistics, human resources support to handle a heavily oversubscribed IPO. Meanwhile, Tricor’s investor services team helped to manage IPO and share registration matters, while the corporate services team ensured compliance with relevant requirements in Listing Rules, Companies Ordinance and Part XV of SFO, and advised on corporate governance and best practices, as well as delivering on-going company secretarial services. One stop-shop solution has been successfully provided. Scope of services confirmed by CS dept.
BENEFITS
Being the first publicly listed China-based online insurance company (a new economy company), ZA Online was 390 times oversubscribed with over 120,000 applications, and a market valuation of over HK$85 billion. With the support of Tricor’s dedicated, integrated and collaborative investor services and corporate services teams the entire IPO journey was streamlined end-to-end. ZA Online became the largest Fintech Company IPO in Hong Kong ever, with reference to the Offer Price of HK$59.70 per share. US$1.5 billion was raised by this IPO with a valuation of US$11 billion.
Tricor completed data input of over 6,800 White and Yellow physical application forms within 6 hours during the night of the Closing Date, and 3 rounds of checking and amendments within 9 hours on the following day. The team also ensured that all share certificates and refund cheques were printed accurately and seamlessly. The result was maximum client satisfaction, optimal business results, and the efficient handling of a mega-sized IPOs in Hong Kong.
