Chinese regulators approve insurer's Hong Kong listing plan

"Chinese regulators approve insurer's Hong Kong listing plan | AboutHK.Com - More Information About HK"

MarketWatch China Pacific Insurance (Group) Co., the nation's third-largest insurer by premiums, became the latest mainland company on track for a Hong Kong initial public offering Monday, after the Chinese regulator approved its plan to raise 24 billion yuan ($3.5 billion), according to a media report. The China Insurance Regulatory Commission approved the listing plan on Monday, Dow Jones Newswires reported. The shares are likely to price no less than 23.78 yuan a piece, the report said, citing analyst estimates based on the insurer's statement. The share sale will enable the Carlyle Group L.P., which leads a consortium of investors controlling a 17.3% stake in the Chinese insurer, to offload some of its holdings. Shanghai-listed shares of China Pacific were down 2% Monday, compared to a 0.3% retreat in the Shanghai Composite.