HONG KONG (Reuters) - SoftBank Vision Fund, the world's largest private equity fund, is considering a $500 million investment in the Hong Kong initial public offering of ZhongAn Online Property and Casualty Insurance 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 Reuters publication. The IPO, the biggest by a financial technology company in the city, is expected to launch as early as Sept. 18.
SoftBank and ZhongAn declined to comment when contacted by Reuters.
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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 SoftBank Group Corp <9984.T>, Saudi Arabia's main sovereign wealth fund and companies including Apple Inc <AAPL.O> and Qualcomm <QCOM.O>
(Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Richard Pullin)