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Tianping Auto Insurance Plans to Launch IPO in 2010

 

Tuesday, Sep 15,2009, 7:51:31 PM   Click:

Tianping Auto Insurance Co., Ltd., a Shanghai-based vehicle insurer, plans to be listed on the domestic stock market next year.

It inked a tutoring contract with Guotai and Junan Securities Co., Ltd. on September 14 and provided that everything goes on well, it will become the fourth insurer in China to issue A shares, Hubei Biocause Pharmaceutical Co., Ltd. (SZSE: 000627), a shareholder of the insurer, said in a statement.

Established in December 2004, Tianping Auto Insurance enjoyed profit-making operation in 2007, 2008 and the first half of 2009. Its total capital stock is 550 million shares, of which 110 million, or 20 percent, is controlled by Biocause Pharmaceutical. The premium revenue it gained in the first seven months of this year reached CNY 954 million, compared to a total of CNY 183.29 billion property insurers nationwide obtained during the period. The figure it achieved last year was CNY 1.16 billion.

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