(Yicai Global) Sept. 22 -- The public subscription of ZhongAn Online Property and Casualty Insurance Co., China's first internet-only insurer, was oversubscribed by a factor of more than 400 with more than 100,000 investors subscribed as of yesterday, suspending up to USD30.8 billion (CNY200 billion) in what may be the largest initial public offering suspension this year, Hong Kong Economic Times reported today.

ZhongAn plans to float on the Hong Kong Stock Exchange on September 28 with the ticker [HK:6060]. The Shanghai-based company will offer 199 million shares globally, of which 95 percent are for international offering and 5 percent are for Hong Kong public offering. It seeks to raise about USD1.4 billion (HKD10.95 billion).

The company anticipated its IPO would be oversubscribed by a factor of more than 100 in its prospectus. The public offering will initiation a callback mechanism increasing the number of shares from 9.96 million to 39.86 million.

ZhongAn is expected to announce the subscription results on Sept. 27.