The Chinese group is preparing to hold an IPO for a US insurance business it acquired last year, part of a series of acquisitions and strategic moves that have also involved wealth management.

Part of Chinese business group Fosun, which operates in areas including private banking, has asked for US clearance to hold an initial public offering for Ironshore, the US insurer it bought last year.

“The board of directors of the company would like to announce that the company has submitted an application under Practice Note 15 of the Listing Rules to seek approval of The Stock Exchange of Hong Kong Limited for the proposed spin-off and separate listing on the New York Stock Exchange or NASDAQ Stock Market of Ironshore,” it said in a statement on its website late last week.

Last year, Fosun bought the 80 per cent share of Ironshore it did not own.

Fosun International has made a name for itself recently as an acquirer - or suitor - of European wealth management and banking operations. Fosun has agreed to buy Hauck & Aufhäuser, the venerable German private banking and financial firm. Meanwhile, in October last year, Fosun launched a financial platform for its investment and asset management business in Russia and neighbouring countries. Fosun Eurasia Capital, the platform, was co-founded by Fosun and its local partners in Russia, Tanya Landwehr and Igor Danilenko.

The firm has also been affected by controversy. Late in 2015, the chairman and founder of Fosun was quizzed by police over an investigation mostly around his personal affairs. Media reports at the time said Guo Guangchang had gone missing, prompting speculation as to his whereabouts. He resurfaced after more than a day, with the firm saying he was assisting authorities with an investigation.