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CPIC May Debut on SEHK in Dec

 

Friday, Nov 27,2009, 11:14:41 AM   Click:

Both top executives and undertakers of China Pacific Insurance (Group) Co., Ltd. (CPIC and SHSE: 610601) arrived in Hong Kong on November 25, preparing for a hearing for an IPO on the Stock Exchange of Hong Kong today.

It will debut on the bourse as early as mid or late December this year provided that everything goes on well. The price of shares it will issue in the IPO was estimated at about HKD 28 per share, that is to say the proceeds it could gain from the listing will hit HKD 25.2 billion.

It has become a focal point in what fields it will invest the proceeds as the solvency of its property insurance unit and life insurance unit stood at 224 percent and 170 percent as at the end of June 2009, compared to a maximum of 150 percent set by the China Insurance Regulatory Commission, the top Chinese insurance regulator.

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