BEIJING, Sep. 28, 2009 (Xinhua News Agency) -- China Pacific (OOTC:CHNAQ) Insurance (Group) Co. (CPIC, 601601.SH) announced on Monday that China Insurance Regulatory Commission (CIRC) has approved its Hong Kong listing plan.
The insurer could raise at least 24 billion yuan from its Hong Kong initial public offering, and may allow Carlyle Group, a private equity operating group, to lower its existing 17.3 percent stake in CPIC.
On July 16, CPIC's fifth board meeting approved its Hong Kong listing plan, and later on August 31, its shareholder meeting also approved the plan.
CPIC had previously announced plans to issue a maximum of one billion shares to enhance its capital. The listing price would be no less than its average A-share price during 20 trading days before July 16, the day that its fifth board meeting was held.
According to analysts' estimates, CPIC's Hong Kong listing price will be no less than 23.78 yuan per share.
The insurer decided to postpone its plan to list on the Hong Kong exchange last year due to the period's excessive market volatility. In 2008, its share price declined nearly 80 percent.
CPIC is the third largest life insurance company in China, just after China Life Insurance Co. (NYSE:LFC) (LFC.NYSE; 2628.HK; 601628.SH) and Ping An Insurance Co. (601318.SH, 2318.HK).
