Cheung Kong (Holdings), Sun Hung Kai Properties and Swiss Re will take about 15 per cent of China Insurance International Holdings (CIIH), which plans to raise between HK$400 million and HK$500 million from an initial public offering this month. The price range is tentatively set at HK$1.20 to HK$1.42 a share. The two leading property plays will hold their equity interests in CIIH indirectly, while the Swiss insurance company will take a direct stake. The participation of a foreign investor will boost the flotation at a time when market sentiment is weak. The involvement of a leading Swiss insurance firm will also help transfer foreign business management expertise to CIIH. CIIH follows China Everbright and Continental Mariner Investment - SAR-based companies with a mainland background which have formed partnerships with foreign insurance firms to explore the country's insurance market. CIIH's ultimate parent, China Insurance Co, will maintain a 65 per cent indirect stake in the listed vehicle through subsidiaries China Insurance (HK) Holdings and Ming An Insurance. Of the 35 per cent CIIH shares earmarked for the public, 90 per cent will be placed with international institutional investors and the remainder offered to retail investors in the SAR.