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HONG KONG: New China Life Insurance Co.., Chineseinsurance companies are backed by Zurich Financial ServicesAG, began to measure the demand for prime stock sales up to U.S. $ 3 billion in two weeks.
New China Life will seek approval from the Hong Kong stock market for an IPO (initial public offering / IPO) after getting thegreen light from regulators in China.
According to a source who declined to be named, the company plans to start trading in Hong Kong and Shanghai in December.
IPO in Hong Kong rebounds through four transactions with a combined value of U.S. $ 1.7 billion so far in November. Based on data from Bloomberg, the figure was the highest on a monthly basis since June.
"Despite market uncertainty due to problems in Europe, China is expected to loosen monetary policy. This allows IPO activity tocome back, "said Michiya Tomita, a fund manager at MitsubishiUFJ Asset Management Co.. based in Hong Kong, as quoted byBloomberg, today.
New China Life, Chow Tai Fook Group, Ltd. and PCCW HKT'sTrust trying to complete an IPO worth at least U.S. $ 7 billionbefore the end of the year, taking advantage of the stock market recovery that began in early October.
New China Life posted a profit of 1.8 billion yuan or about U.S. $ 284 million in the first half of this year. Corporate earnings in the period reached 57.8 billion. In the past year, this insurance company posted a profit of 2.3 billion yuan with an income of102.5 yuan.
New China Life plans to sell shares to the public up to 158.5million shares in Shanghai and 358.4 million shares in HongKong. Until the end of June, the New China Life has 25 millionindividual customers. (Anggi Oktarinda / FAA)
New China Life will seek approval from the Hong Kong stock market for an IPO (initial public offering / IPO) after getting thegreen light from regulators in China.
According to a source who declined to be named, the company plans to start trading in Hong Kong and Shanghai in December.
IPO in Hong Kong rebounds through four transactions with a combined value of U.S. $ 1.7 billion so far in November. Based on data from Bloomberg, the figure was the highest on a monthly basis since June.
"Despite market uncertainty due to problems in Europe, China is expected to loosen monetary policy. This allows IPO activity tocome back, "said Michiya Tomita, a fund manager at MitsubishiUFJ Asset Management Co.. based in Hong Kong, as quoted byBloomberg, today.
New China Life, Chow Tai Fook Group, Ltd. and PCCW HKT'sTrust trying to complete an IPO worth at least U.S. $ 7 billionbefore the end of the year, taking advantage of the stock market recovery that began in early October.
New China Life posted a profit of 1.8 billion yuan or about U.S. $ 284 million in the first half of this year. Corporate earnings in the period reached 57.8 billion. In the past year, this insurance company posted a profit of 2.3 billion yuan with an income of102.5 yuan.
New China Life plans to sell shares to the public up to 158.5million shares in Shanghai and 358.4 million shares in HongKong. Until the end of June, the New China Life has 25 millionindividual customers. (Anggi Oktarinda / FAA)
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