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China's Ping an life seeks Hong Kong listing.

China's second-largest life insurer moved to become the country's third significant insurer to go public outside mainland China by applying for a listing on the Hong Kong Stock Exchange, government news sources said.

People's Daily and Xinhua News Agency, both official news outlets for the Chinese government, said Ping An Life Insurance Co. applied to the Hong Kong Stock Exchange for an initial public offering that could raise about $2.2 billion. The insurer is aiming for an IPO some time in May, the news organizations said.

Ping An appointed Goldman Sachs, Morgan Stanley, HSBC and BOC International--the latter an affiliate of the Bank of China--to handle the proposed offering, said People's Daily. U.K.-based banking group HSBC Holdings plc has a 10% stake in Ping An, which it bought for $600 million in October 2002. Goldman Sachs and Morgan Stanley have a combined stake of 13.7%, the news organization said.
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Title Annotation:Companies; Ping An Life Insurance Co.
Publication:Best's Review
Article Type:Brief Article
Geographic Code:9CHIN
Date:Apr 1, 2004
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