China Life Races to Beat Rivals to Market with $3Bn Flotation
Stevenson, Rachel, The Independent (London, England)
CHINA'S BIGGEST life insurerer, China Life, is set to beat its rivals in the race to become the first to list overseas with an initial public offering to raise up to $3bn (pounds 1.9bn).
The state-owned insurer is expected to file a request to float on the Hong Kong and New York stock exchanges in the next few days and may list as early as next month. It had planned to raise up to $2bn, but Wang Xianzhang, president of the company, said yesterday that bumper profits last year had led its advisers to push China Life to raise more.
A listing in September is likely to make China Life the first of three Chinese insurers to go public in Hong Kong. It is being advised …
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Publication information: Article title: China Life Races to Beat Rivals to Market with $3Bn Flotation. Contributors: Stevenson, Rachel - Author. Newspaper title: The Independent (London, England). Publication date: August 26, 2003. Page number: 17. © 2009 The Independent - London. Provided by ProQuest LLC. All Rights Reserved.
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