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November 28, 2009

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Insurer gets nod

CHINA Pacific Insurance (Group) Ltd received approval from the listing committee of Hong Kong's stock exchange for its US$3.4-billion initial public offering, said a source close to the matter yesterday. The development clears the way for China's third-largest life insurance company to launch its long-delayed Hong Kong listing. China Pacific, part-owned by United States private equity firm Carlyle Group, received Chinese government approval for the listing on Wednesday. The company is taking advantage of a stock market revival this year to raise money and compete more aggressively with bigger rivals Ping An Insurance (Group) Co and China Life Insurance Co.


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