China Life says not aware of U.S. regulator inquiry

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Last updated at: (Beijing Time) Friday, April 02, 2004

China Life says not aware of U.S. regulator inquiry

China Life Insurance Company, the country's largest life insurer, says it has not received any notice from U.S. securities regulators in relation to an inquiry into the company.

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China Life Insurance Company, the country's largest life insurer, says it has not received any notice from U.S. securities regulators in relation to an inquiry into the company.

The Financial Times newspaper reported on Thursday that the U.S. Securities and Exchange Commission has begun an informal inquiry into China Life's 3.5 billion USD initial public offering, the largest in the world last year.

The insurer pledged it would co-operate fully with any inquiry made by regulators in Hong Kong and the United States.

Both U.S. and Hong Kong regulators declined to comment on the report.

China Life already faces a lawsuit on behalf of U.S. shareholders who accuse the firm of not adequately disclosing a state audit report that uncovered accounting irregularities worth about 5.4 billion yuan, or 652 million USD, at its state-owned predecessor. (CRI)

Source:Xinhua

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