According to Reuters, which cited people familiar with the situation, Sunshine Insurance Group has received approval from the Hong Kong Stock Exchange for an initial public offering that could raise about $1 billion.
According to the people, who asked to remain anonymous because the information is private, the Beijing-based company may begin accepting investor orders by the end of this month at the earliest. In April, Sunshine Insurance submitted pre-listing paperwork to the Hong Kong stock exchange.
According to a preliminary exchange filing, Sunshine Insurance, which was established in 2004, runs operations in the areas of asset management, property and casualty insurance, and life and health insurance.
