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August 15, 2015

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Instony eyes OTC listing in 7 months

ONLINE insurance company Instony said yesterday it is planning to list on the new OTC (over-the-counter) market next year after raising 200 million yuan (US$31.2 million) in its latest round of fundraising.

Chief Executive Tony Yu said he expects the firm’s revenue to hit 1 billion yuan this year, a fourfold increase from 2014.

Instony, which sells insurance products via a smartphone app — which has been downloaded 3 million times — is preparing for an initial public offering on the new OTC or the Innovation Board “within seven months,” Yu told Shanghai Daily.

As well as its current products, which cover smartphones and travel, the company is considering expanding into health care, motoring and entertainment, he said.


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