(Yicai Global) Sept. 26 -- The shares of the Hong-Kong based investment holding company, Sinolink Worldwide Holdings Ltd. [HKG:1168], an associate company of ZhongAn Online Property and Casualty (P&C) Insurance, slumped 19 percent to HKD1.35 (USD0.17) by 2.40 p.m. today.

The initial public offering (IPO) subscription of ZhongAn Online P & C Insurance Co., China's first internet-only insurer, was oversubscribed by a factor of more than 400, with more than 100,000 investors subscribed last week, leading to suspension of IPO worth up to CNY200 billion (USD30.1 billion) in what may be the largest initial public offering suspension this year.

ZhongAn planned to float on the Hong Kong Stock Exchange on September 28 with the ticker [HK:6060].

Ant Financial Services Group, financial services arm of Alibaba Group Holding Ltd. [NYSE:BABA], Tencent Holdings Ltd. [HKG:0700] and Ping An Insurance (Group) Company of China [SHA:601318; HKG2318] hold 16.04 percent, 12.09 percent and 12.09 percent stakes in the company, respectively. Ou Yaping and his family, biggest shareholder and actual controller, hold 17.81 percent of shares.

Ou Yaping is also the actual controller of Sinolink Worldwide. So far, no information is available as to why Sinolink Worldwide shares dropped sharply in the afternoon trade today.