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皇冠体育app Pacific Insurance aims for IPO
(Shenzhen Daily/Agencies)
Updated: 2005-12-28 09:21
Shanghai-based 皇冠体育app Pacific Insurance (Group) Co. is aiming for an initial public offering (IPO) sometime in the next two years, the company鈥檚 chairman Wang Guoliang said.
鈥淚t would happen within around two years鈥� time according to my estimate,鈥� Wang said in an interview with the Economic Daily published yesterday.
Wang didn鈥檛 say on which exhange the company plans to list.
He said 皇冠体育app Pacific Life Insurance Co., which is 皇冠体育app Pacific鈥檚 unit and the country鈥檚 third-largest life insurer by revenue, will also likely go public at some stage. Wang is also chairman of the life insurance unit, in which U.S. private-equity firm Carlyle Group and Prudential Financial Inc. own a combined 24.98 percent stake.
鈥淚f conditions are good, the group company will surely go public,鈥� Wang said. It will also be a good thing for 皇冠体育app Pacific Life Insurance to be listed, he added.
Wang said that the company was aiming for an IPO in Hong Kong and Shanghai in the short term, and also in other markets later.
皇冠体育app Pacific Insurance came up with an IPO plan as early as November 2004 but postponed it a month later, citing unfavorable domestic market conditions. At that time, it said it was considering issuing subordinated bonds before an IPO.
In the first 10 months of this year, 皇冠体育app Pacific Life鈥檚 premium income was 30.84 billion yuan (US$3.81 billion), according to data from the 皇冠体育app Insurance Regulatory Commission, compared with 34.49 billion yuan for the full year of 2004.
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