<Bz34>China Insurance may sell shares
BEIJING (Bloomberg) — China Insurance (Holdings) Co. Ltd., the country’s largest insurer in overseas markets, may sell shares domestically for the first time, its chairman said.“We may, when the conditions are mature, list in the domestic A-share market,” the company’s chairman Feng Xiaozeng said at a conference yesterday on China’s five-year anniversary of World Trade Organisation membership today in Beijing. He didn’t give further details.
Chinese regulators published new rules this month governing initial public offerings by insurers, allowing China Insurance and other providers to sell shares for the first time on the mainland. China Life Insurance Co., the nation’s biggest insurer, said in August it plans to sell shares to domestic investors to bolster its capital, in an offer estimated to raise $2.6 billion.
China Insurance owns 19 subsidiaries, including China Insurance International Holdings Co. Ltd., the fourth-biggest of five Hong Kong-listed insurers by market value.
The group has operations in the UK and Singapore, among other countries.