China Life sale 'could raise US$3.6 billion'
By Bao Xian (China Daily)Updated: 2006-12-26 10:22
The insurer's stock has more than tripled this year, making it the best performer in the 37-member Hang Seng China Enterprises Index, which tracks State-owned mainland companies traded in Hong Kong.
Besides China Life, China's other major insurance companies are also planning to float shares.
Ping An Insurance, China's second-largest life insurer, has filed an application to launch an estimated US$4.5 billion A-share offer in the first quarter of 2007, the Shanghai Securities News said, quoting unnamed sources.
But according to Ping An Insurance Group spokesman Sheng Ruisheng, there is still no timetable.
China Pacific Insurance (Group) Co (CPIC), China Insurance International Holdings Co (CIIH) and China Reinsurance are also trying to catch up.
Sources said CPIC, the country's third-largest insurer, is likely to finish its IPO in Hong Kong before the end of next year. It has chosen three underwriters for the Hong Kong listing: JP Morgan, CICC and UBS. A CPIC spokesman declined to comment.
China Reinsurance, the country's only re-insurer, is also planning to list on both the Hong Kong and Shanghai bourses next year after a capital injection from Central Huijin Investment Co Ltd, the firm's top management said.
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