China Pacific cleared for HK$24b listing

PUBLISHED : Wednesday, 27 February, 2008, 12:00am
UPDATED : Wednesday, 27 February, 2008, 12:00am

China Pacific Insurance (Group) has received the go-ahead from the mainland securities regulator to list 900 million shares in Hong Kong, a deal expected to raise HK$24 billion to fund expansion.

The company said yesterday that the China Securities Regulatory Commission had granted approval for the H-share offering but it would not start the sale until the Hong Kong exchange gave the green light.

China Pacific hoped to sell its 900 million H shares at a slight premium to its mainland-listed shares. Its A shares closed at 34.10 yuan yesterday, 29.2 per cent off its close on December 25 when trading debuted.

The mainland's second-largest property insurer raised 30 billion yuan in December, offering one billion shares at 30 yuan each.

China Pacific Insurance, part owned by United States buyout group Carlyle, reported profit of 1.3 billion yuan in 2006.