Beijing-based Taikang Life Insurance will hire an international investment bank to advise on its landmark plan to bring in foreign investors.
In October, Taikang received government approval to sell up to 20 per cent - in 5 per cent tranches - to foreigners.
Taikang is the second mainland insurer to win such approval, a move seen as an experiment by Beijing to slowly open up the tightly controlled insurance market before the mainland's entry into the World Trade Organisation.
The appointment of an investment bank is expected soon. The bank will advise on the selection of partners, bargaining of better terms and the structuring of its investor mix.
'Taikang aims to have a well-balanced investor portfolio spanning the insurance sector to banking and high-technology as well as investment funds,' a source said.
The bank will help Taikang find the right partners from a list of foreign firms keen to tap an insurance market worth US$30 billion.
