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Business

Jack Ma-backed ZhongAn bets on B2B technology exports

Shares down 2% as third-quarter underwriting loss hit 404m yuan

ZhongAn Online P&C Insurance COO Wayne Xu Wei in Hong Kong on Oct. 27. (Photo by Joyce Ho)

HONG KONG -- As the hottest initial public offering in Hong Kong so far this year, China's first and largest pure-play online insurer, ZhongAn Online P&C Insurance, is plowing millions of yuan into next-generation technology to ensure it stands tall next to its three shareholders -- Jack Ma Yun's Ant Financial, Tencent Holdings, and Ping An Insurance Group.

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