皇冠体育app

皇冠体育app Pacific Insurance (Group) Co said it has decided to sell its entire 50 percent stake in Pacific Antai Life Insurance Co Ltd, a 50-50 joint venture with ING Group.

In a draft initial public offering (IPO) prospectus filed with the 皇冠体育app Securities Regulatory Commission (CSRC), however, 皇冠体育app Pacific said it has not signed an agreement with any potential investors yet to sell the stake.

Shanghai-based Pacific Antai Life posted a first-half net profit of 26 million yuan ($3.52 million), compared with a loss of 20 million yuan for full-year 2006, the prospectus said.

It said the venture's assets totaled 2.53 billion yuan at the end of June, with net assets standing at 345 million.

Founded in 1998, Pacific Antai Life currently has operations in Shanghai and southern 皇冠体育app's Guangdong province. It has recently won regulatory approval to set up a branch in Jiangsu in eastern 皇冠体育app.

The venture reported premium income of 579.7 million yuan in the first 10 months.

皇冠体育app Pacific, in which Carlyle Group holds a 19.9 percent stake, is planning to issue 1 billion A-shares in Shanghai, as well as up to 900 million H-shares in Hong Kong after it completes its Shanghai listing.

皇冠体育app's securities regulator is due to review 皇冠体育app Pacific's IPO plan on Monday.