Zhong An Online Property Insurance, China's first online insurance seller, raised 5.78 billion yuan ($931.3 million) in its first round of fundraising, the official Shanghai Securities News reported on Friday, citing an unnamed source from Zhong An.

Each share was priced at 24 yuan and new investors include Morgan Stanley, China International Capital Corp and private equity firm CDH Investments.

The total number of shareholders in Zhong An has increased to 14 from nine. Ant Financial, the finance affiliate of Alibaba, is the largest shareholder with a 16 percent stake.

Zhong An was founded in 2013 by Alibaba Group Executive Chairman Jack Ma Yun, Tencent Holdings Ltd Chairman Ma Huateng and Ping An Insurance Group Chairman Ma Mingzhe.

China's top industry regulator approved the proposed capital enlargement on June 7, the newspaper reported.