SoftBank's Vision Fund considers $500 million investment in ZhongAn IPO

Japanese tech conglomerate Softbank has pput its money behind 7 unicorns in India, including Paytm, OYO Rooms and Ola Cabs, among others. (Image: 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.

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 , Saudi Arabia's main sovereign wealth fund and companies including Apple Inc and Qualcomm.