ZhongAn Online P & C Insurance Co. Ltd., a joint stock company based in China, announced the completion of its placing of new H shares, raising significant funds to fuel its expansion efforts. The company plans to allocate 60% of the net proceeds to bolster its insurance underwriting and asset management divisions, with full utilization expected by the end of 2025. Additionally, 30% of the proceeds will be directed towards investments in fintech innovations, anticipated to be fully utilized by December 2026. The remaining 10% is earmarked for general corporate purposes, also expected to be utilized by December 2025. This strategic expansion effort underscores ZhongAn's commitment to enhancing its market presence and innovation capabilities.
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