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China Insurance Int'l Holdings to be Listed in HK
China Insurance International Holdings Company Limited (CIIH) announced here Monday that it will be listed on the main board of the Stock Exchange of Hong Kong.
The proposed listing includes placing and public offer. The number of shares under the share offer is 297,208,000 shares, about 35.0 percent after listing.
Some 42,630,000 shares, approximately 14.34 percent will be the Hong Kong initial public offering (IPO). The rest of 254,578,000 shares will be the placing, according to the CIIH.
The indicative price range is set between 1.20 HK dollars (15 US cents) and 1.44 HK dollars (18 US cents). The P/E ratio will be 10 to 12 times based on the earnings of CIIH and its subsidiaries for the year ended December 31, 1999.
The IPO will open from Tuesday to Friday. The shares are expected to be listed on June 29, 2000.
CIIH is a member of China Insurance Company Limited, one of the most established insurance groups under the supervision of the Chinese government. CIIH will be the only overseas listed flagship of the parent company.
The CIIH Group is principally engaged in reinsurance underwriting through China International Reinsurance Company Limited and reinsurance broking business through Sino-Re Reinsurance Brokers Limited. To support its reinsurance activities, the group also holds securities and makes investment on money and property markets.
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