China Taiping Insurance plans to offer its first US dollar-denominated perpetual subordinated bond, raising US$600 million to strengthen its capital base and operation.

In a filing with the Hong Kong stock exchange on Wednesday, the insurer said it had hired HSBC Holdings, Standard Chartered and CCB International Capital, the overseas brokerage arm of China Construction Bank, to handle the proposed offering.

The net proceeds would be used for general corporate purposes, the firm said.