ZhongAn Online Property and Casualty Insurance, China’s first online insurer to launch an initial public offering, is expected to start trading on the Main Board of the Hong Kong Stock Exchange on Thursday, China Securities Journal reported.

According to public information, ZhongAn has received more than 400 times the subscription since they started the IPO on September 22, with the frozen funds now reaching around HK$200 billion (US$25.6 billion).

Chen Wenzhi, founder of a third-party insurance online trading platform, said as China’s first internet insurance company, it is natural for the market to see an overvaluation regardless of the shareholders’ background and the unique operations.

For the valuation of ZhongAn, a third-party insurance company survey showed that of more than 3,000 insurance industry participants, 66% thought it was overvalued, while 34% thought the price was reasonable, the report said.