New China Life Insurance, China’s fourth largest life assurer, is planning to raise up to $4bn by selling shares in Hong Kong and Shanghai in what is expected to be the first in a wave of initial public offerings by Chinese insurance companies.
New China Life, in which Zurich Financial Services holds a 15 per cent stake, is planning to sell 20 per cent of its total equity through a dual IPO in the two markets, according to people involved in the deal.
The company originally planned to finish the IPO before the end of October but, with global markets plummeting in reaction to escalating debt crises in Europe and the US, the listing may have to be delayed until things have settled down, these people said.
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