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Investing.com-- Shares of ZhongAn Online P & C Insurance Co Ltd (HK:6060) slid sharply on Wednesday after Ant Group (HK:6688), backed by Jack Ma, sold a substantial portion of its stake in the digital insurer.
Ant Group disposed of around 33.75 million shares at an average price of HK$19.38 each in a block sale valued at approximately HK$654 million (US$83.3 million), reducing its holding to 7.63% from 10.01%, an exchange filing showed on Tuesday.
Hong Kong-listed ZhongAn Online shares dropped as much as 7.8% to HK$18.68, their lowest level in two weeks. The stock was trading 4.1% lower at HK$19.42 as of 05:27 GMT.
ZhongAn, China’s first online-only insurer, was established in 2013 through a joint venture between Ant Group, tech giant Tencent Holdings (HK:0700), and leading insurer Ping An Insurance (HK:2318).