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New China Life Confirmed to List in 2011

 

Monday, Apr 18,2011, 9:55:16 PM   Click:

Chinese leading life insurance firm New China Life Insurance Co., Ltd. General Manager He Zhiguang told journalists that the company still will achieve a listing within 2011 although the performance is not as good as expected in the first quarter of this year.

This is said to be a reply to the news that market analysts predicted that the life insurance firm's listing will be influenced and postponed due to several factors such as self-condition, regulatory requirements, and macro-capital environment.

The life insurer earlier planned an initial public offering (IPO) this year to finance CNY 20 billion to CNY 30 billion. Actually, since China SAFE Investments Ltd., a government investment arm, took over shares in New China Life and the shareholders injected CNY 14 billion into the life insurance, the latter has eliminated two "obstacles" on its way to listing, such as corporate governance and capital. Besides capital, China SAFE's special status and resources in the financial sector also benefited the life insurer very much.

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