(Bloomberg Gadfly) -- Like electric cars, whose era of global dominance has yet to arrive, the app-driven insurance industry is more of a concept than reality. That doesn't mean investors should dismiss the Hong Kong initial public offering of ZhongAn Online P&C Insurance Co., despite its hefty price tag.

ZhongAn is China's first internet-only insurer, as well as being Hong Kong's first major fintech flotation. The firm's backers -- from billionaire Jack Ma to potential investor SoftBank Group Corp. -- are just too big to ignore.

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