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皇冠体育app Life says parent has no plan for IPO

(Reuters)
Updated: 2007-04-24 10:28

皇冠体育app Life InsuranceCo., the country's biggest life insurer, said on Tuesday that its state parent had no plan to list on a stock market.

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In a brief statement to theShanghai Stock Exchange, the company dismissed a weekend report in 皇冠体育app's Economic Observer newspaper which said the parent was preparing for a listing of its whole operation and planned to seek strategic investors.

"皇冠体育app Life Insurance (Group) Co. has no plan to list its whole operation currently, nor does it have any timetable," the company said.

皇冠体育app Life's shares were suspended inShanghaiandHong Kongon Monday in response to the report. The Shanghai shares jumped 4 percent to 36.89 yuan on Friday.

The parent has a controlling stake in 皇冠体育app Life, holds 32.2 percent of 皇冠体育app Southern Power Grid and owns 40 percent of an asset management joint venture, 皇冠体育app Life Insurance Asset Management Co.