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Last updated at: (Beijing Time) Thursday, March 04, 2004

Ping An Insurance Co. to list in Hong Kong

PING AN Insurance Co., China's second-largest life insurer, has applied to Hong Kong's stock exchange for an initial public offering that could raise about US$2 billion, a source close to the deal said Tuesday.


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PING AN Insurance Co., China's second-largest life insurer, has applied to Hong Kong's stock exchange for an initial public offering that could raise about US$2 billion, a source close to the deal said Tuesday.

The company hopes to list its shares in Hong Kong by the middle of May, the source said.

Ping An has appointed Goldman Sachs, Morgan Stanley, HSBC and BOC International to handle its proposed share offering.

HSBC holds 10 percent of Ping An, while Goldman Sachs and Morgan Stanley have a combined 13.7 percent stake.

Ping'an will be the third of China's insurance giants to sell shares to overseas investors following PICC Property and Casualty Co. Ltd. and China Life Insurance Co. Ltd. as they seek foreign capital to expand their businesses.

PICC, China's largest property insurer, went public last November while China Life, the country's top life insurer, listed in Hong Kong and New York in December.

Beijing is opening up the rapidly growing insurance sector as it tears down a cradle-to-grave welfare and pension system for its 1.3 billion people. Premium income jumped 27 percent to more than 388 billion yuan (US$46.8 billion) last year. Shenzhen-based Ping An focuses on life insurance but is also involved in property, casualty and securities businesses.

Ping An's listing will come amid an expected wave of overseas share sales from mainland firms this year, which are forecast to raise US$15 billion in total.

Semiconductor Manufacturing International Corp., China's largest chip maker, is marketing an initial public offering worth up to US$1.59 billion and is set to list in New York and Hong Kong later this month.

Source:Xinhua


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