Chinese conglomerate Fosun is a step closer to listing insurer Ironshore on the New York Stock Exchange or NASDAQ.

It has submitted an application to “seek approval of the Stock Exchange of Hong Kong for the proposed spin-off and separate listing on the New York Stock Exchange or NASDAQ stock market of Ironshore”.

Last November Fosun bought the remaining 80% of equity in Bermuda-based Ironshore following its purchase of a 20% stake in February the same year.

The company says shareholders and potential investors should note the initial public offering is subject to the final decision of the board, and further announcements will follow where appropriate.