b'CORPORATE FINANCE|EQUITY CAPITAL MARKETSPre-Emption Rights Groups guidelines to do this,With respect to regulatory developments impacting 2021 has not seen anywhere near the same levels ofthe equity capital markets, the China Securities equity fundraises for insurers as they have sought toRegulatory Commission (the CSRC) announced focus on quantifying and minimizing COVID-19several draft rules and measures on the direct and exposureswith Helios Underwriting plc buckingindirect offshore listings of onshore companies for that trend in March 2021 with a placing and openpublic comments in December 2021. The draft rules offer raising c. 55 million. and measures require onshore companies to file certain reports and information with the CSRC and Asia other relevant governmental authorities prior to seeking either direct or indirect offshore listings. In In 2021, equity capital activity from the insuranceaddition to direct offshore listing which would sector continued to be slow. However there wereinclude traditional initial public offering, the draft several notable transactions during the year. Theserules also define indirect offshore listings as included: Waterdrop Inc.s $360 million publicoffshore public offering by offshore companies offering of American depositary shares on theNewwhich are controlled by onshore companies or York Stock Exchange in May 2021, PB Fintechbeneficial owners through the variable interest Limiteds $810 million IPO on the National Stockentity arrangements.Exchange of India in November 2021 and Star Health and Allied Insurance Companys US$963 million IPO on the National Stock Exchange of India in December 2021. In addition, over the course of 2021, Hong Kong-based insurer FWD Group raised a total US$1.6 billion in private placement transactions ahead of its planned 2022 IPO on the Hong Kong Stock Exchange.46|Global Insurance Industry Year in Review 2021'