China Life,PICC Seen Listing Overseas By Yr-End - Sources
HONG KONG (Dow Jones)--Chinese insurance giants People's Insurance Co. of China and China Life Insurance Co. are expected to list shares overseas by the end of the year, people familiar with situation said Wednesday.
People's Insurance Co. of China, expected to be the first to hold an initial public offering, has filed its application to regulators in Hong Kong to raise about US$700 million, people said. It is hoping to float about 25% to 35% of its enlarged share capital.
Merrill Lynch (MER), Fox-Pitt Kelton, Nomura International and Cazenove (U.CG) have been short-listed as syndicate members, they said. Nomura has already been selected to arrange the public offering without listing to Japanese retail investors.
Shares of PICC, which claims to have more than 70% of the general non-life insurance market in China, should start trading about five weeks after approval is received, they said.
"This implies its listing could come as early as October," one person involved in the deal said.
The deal is taking "slightly longer than earlier expected," he added, but he expects the company will complete its listing ahead of the IPO of China Life.
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