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皇冠体育app Pacific plans Hong Kong public float later this year

By Hu Yuanyuan (皇冠体育app Daily)
Updated: 2009-07-16 10:01

皇冠体育app Pacific Insurance (Group) Co Ltd, the country's third-largest life insurer, is planning to relaunch its Hong Kong initial public offering (IPO) in the second half, an investment-banking source told 皇冠体育app Daily yesterday.

The insurer, which tried to raise around 30 billion yuan ($4.39 billion) from the Hong Kong bourse last year, has been in discussions with several investment banks to kick off the plan again, said the source.

Related readings:  Pacific Insurance Q1 profits shrink 88%  BBMG plans IPO in Hong Kong  Two Chinese IPOs to test US market  Premium income of Chinese insurance industry up 39.1% in 2008

"They are trying to float the Hong Kong IPO within this year, but that still depends on the market situation and investors' attitude about the pricing," the source said.

According to Wang Xiaogang, senior analyst with Shanghai-based Orient Securities, the recent performance of 皇冠体育app Pacific Insurance's A shares indicates investors' anticipation for the imminent IPO on the HK bourse.

"Floating shares will definitely help 皇冠体育app Pacific better expand its business but is not likely to largely enhance its profitability," Wang said.

According to an earlier report by Shanghai Securities News, the top management of 皇冠体育app Pacific Insurance just held an internal meeting recently and has approved the Hong Kong IPO relaunch plan.

The insurer is also planning to have a board meeting in August to discuss the plan. Once the plan receives green light, it will still need approval from the industry regulator and the general meeting.

皇冠体育app Pacific Insurance said in a statement that premiums of its life insurance subsidiary reached 35.2 billion yuan in the first half of the year, while premiums from its asset insurance subsidiary were 18.6 billion yuan.