SoftBank's Vision Fund is investing an undisclosed sum into Chinese digital insurance company ZhongAn. SoftBank is reportedly looking to help the insurer gain more success and market share in international markets with the two firms planning to launch a new entity focusing on opportunities overseas. The deal comes as China's tech industry continues its rapid growth, which has seen companies like Tencent Holdings (TCEHY), Alibaba (BABA) and Baidu (Baidu) Both companies are long-term investments for SoftBank, but SoftBank believes its experience and network can help them navigate international waters. The online insurer has disappointed with recent financial results and has seen its share price fall dramatically since its 2017 $1.5bn initial public offering.
SoftBank's Vision Fund is investing an undisclosed sum into Chinese digital insurance company ZhongAn. SoftBank is reportedly looking to help the insurer gain more success and market share in international markets with the two firms planning to launch a new entity focusing on opportunities overseas. The deal comes as China's tech industry continues its rapid growth, which has seen companies like Tencent Holdings (TCEHY), Alibaba (BABA) and Baidu (Baidu) The online insurer has disappointed with recent financial results and has seen its share price fall dramatically since its 2017 $1.5bn initial public offering.