The Asian insurer backed by billionaire Richard Li has refiled an application for a Hong Kong initial public offering as it ponders a listing next year.
The renewed filing will give the insurer more time to prepare for the share sale. The final size and timing of the company's IPO have not been decided, but it could happen as early as the first quarter.
According to the latest filing, the company's value of new business increased in the first quarter.
The company was planning to go public in the US and raise as much as $3 billion. After a post-IPO probe of Didi Global Inc. kicked off a wide-ranging crackdown on overseas- listed firms, the plan hit a roadblock.
Two months later, the insurer applied for a share sale in Hong Kong after changing its listing venue. The company decided in May to delay. The Hong Kong IPO is being sponsored by Morgan Stanley, Goldman and China Merchants International.
The placements were set to value the company at about $9 billion, which would imply about 1.2 to 1.3 times its embedded value.
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