New China Life raises US$1.9b from share sale
Source: Bloomberg News |
December 9, 2011, Friday
|
Print Edition
Print Edition
NEW China Life Insurance Co, the nation's third-largest life insurer, has raised US$1.9 billion from an initial public offering, after selling shares near the bottom of a marketed range, people with knowledge of the matter said yesterday.
The state-backed company sold 358.4 million shares at HK$28.50 each in Hong Kong, to raise about HK$10.2 billion (US$1.3 billion), said two people, who asked not to be identified because the information is private. New China Life sold another 158.5 million shares in Shanghai at 23.25 yuan apiece, to raise 3.7 billion yuan (US$580 million), they said.
Investors have cooled on new equity offerings even as New China Life and Chow Tai Fook Jewellery Group Ltd are among companies hoping to raise almost US$6 billion in Hong Kong in December, more than any month since October 2010, figures compiled by Bloomberg News disclose. The listing plans come with the Hang Seng Index down 17 percent so far this year.
"What we hear in the news day in and day out is the European debt crisis and how the world is going into recession," said Pauline Dan, Hong Kong-based chief investment officer at Samsung Asset Management, which oversees about US$72 billion. "Under such circumstances, I don't think investors will be too keen to take on risks."
Baoxin Auto, a Chinese luxury car dealer, yesterday priced its US$415 million offering in Hong Kong at the bottom of the range marketed to investors.
Chow Tai Fook, seeking as much as US$2.8 billion in what may be Hong Kong's biggest IPO this year, is scheduled to price its offering today.
The state-backed company sold 358.4 million shares at HK$28.50 each in Hong Kong, to raise about HK$10.2 billion (US$1.3 billion), said two people, who asked not to be identified because the information is private. New China Life sold another 158.5 million shares in Shanghai at 23.25 yuan apiece, to raise 3.7 billion yuan (US$580 million), they said.
Investors have cooled on new equity offerings even as New China Life and Chow Tai Fook Jewellery Group Ltd are among companies hoping to raise almost US$6 billion in Hong Kong in December, more than any month since October 2010, figures compiled by Bloomberg News disclose. The listing plans come with the Hang Seng Index down 17 percent so far this year.
"What we hear in the news day in and day out is the European debt crisis and how the world is going into recession," said Pauline Dan, Hong Kong-based chief investment officer at Samsung Asset Management, which oversees about US$72 billion. "Under such circumstances, I don't think investors will be too keen to take on risks."
Baoxin Auto, a Chinese luxury car dealer, yesterday priced its US$415 million offering in Hong Kong at the bottom of the range marketed to investors.
Chow Tai Fook, seeking as much as US$2.8 billion in what may be Hong Kong's biggest IPO this year, is scheduled to price its offering today.
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