Judging by demand, investors have shrugged off concerns about further credit tightening in the mainland as well as the dismal debut by China Shipping Container Lines on Wednesday and taken their chances on yet another opportunity to share in the future growth in China's insurance sector. Market sources said the public portion of Ping An Insurance (Group)'s initial public offering was about 55 times subscribed when it closed at noon yesterday. The institutional tranche of the largest offer in Hong Kong so far this year was about five times covered last night, they said, noting that many fund managers would want a piece of the offer as the stock is likely to be included in both the H-share index and the Morgan Stanley Capital International index series. China's No2 life insurer is looking to raise up to $16.48 billion, with 5 per cent earmarked for retail investors. Given that the retail subscription rate was said to exceed the 50 times threshold, the retail portion is likely to be increased to 15 per cent, however. The price will be determined today, with one source estimating it would be fixed between $10.70 and $11 - the mid to top part of the indicative price range of $9.59 to $11.88. Other sources said the company and its four joint bookrunners - BOC International, Goldman Sachs, HSBC and Morgan Stanley - were unlikely to price right at the top end in order to leave some room for gains when the stock started trading on Thursday. Elsewhere, investors were also keen on sport goods retailer Li Ning Company, which is hoping to raise up to $549.7 million. One source said Li Ning's international tranche was seven times subscribed as of yesterday, while the retail portion had also drawn a 'satisfactory response'. Li Ning's retail and institutional offers will both close today. Compared with Ping An, 'this issue seems more popular among retail investors given its smaller size', one broker said. But brokers said investors were cool to the IPO of chipmaker CSMC Technologies. 'Investors still remember the poor performance of Semiconductor Manufacturing International Corp,' one said.