China Warehouse- More Than Crockery Message Board

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Strategies & Market Trends : China Warehouse- More Than Crockery

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To: RealMuLan who wrote (1483)	11/17/2003 5:19:36 PM
From: RealMuLan	Read Replies (1) of 6370

China Life Insur Waits For US Approval Of Share Offer HONG KONG (Dow Jones)--China Life Insurance Co. can't begin pre-marketing its proposed US$2 billion initial public offering until it answers U.S. regulators' questions about the restructuring it undertook in preparation for the offer, people familiar with the deal said Monday. China Life, China's largest life insurer by market share, planned to list shares in Hong Kong and New York before the end of the year. [AD] [AD] SingaporeAll the web Hong Kong stock exchange regulators approved the plan "in principle" late last week, the sources said, but formal approval of what could be Asia's largest IPO is on hold until U.S. authorities also give their consent. "We hope to make sure both sides (Hong Kong and the U.S.) are synchronized," one of the people said. Pre-marketing to fund managers that had been scheduled for this week has been called off. The timing of the listing approval will determine whether the IPO needs to be postponed until 2004. If so, the company's peer, PICC Property & Casualty Co. (2328.HK), could take the title of Hong Kong's largest IPO this year after it raised HK$6.22 billion early November. "Although the schedule is tight, a listing in 2003 is still hoped for," the sources said. "Pre-marketing can start as soon as approval is given." Regulators have been concerned about the implications of China Life's unique pre-IPO restructuring, which aimed to relieve the listing candidate's burden of negative interest spreads. sg.biz.yahoo.com

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