Bonds News
- China Pacific Insurance plans issue of 1.9 bln shares in Shanghai, HK
Date: 3-Dec-2007 Sources: (Xinhua Online)
BEIJING, Nov. 30 (Xinhua) -- China Pacific Insurance (Group) Co., Ltd (CIPC) plans to issue one billion A shares in Shanghai and no more than 900 million H shares in Hong Kong.
The China Securities Regulatory Commission (CSRC) is to consider the application to issue A shares on Monday.
After the sale, the Shanghai-based company would become the third insurer listed on mainland bourses after its larger rivals China Life and Ping An Insurance.
With total assets of 238.92 billion yuan by the first half of 2007, the company was the country's second largest property insurance broker and the third largest life insurance firm.
The one billion A shares would account for 12.99 percent of the company's expanded capital and the funds raised in the A share sale would be used to replenish capital, the prospectus said.
The diluted earnings per A share were estimated at 0.84 yuan, as the company anticipated a net profit of 6.45 billion yuan this year.
Analysts estimated shares would be sold at 20 yuan and start trading on the Shanghai Stock Exchange before year end.
China International Capital Corporation and UBS Securities are underwriting the issue.
The company would also issue no more than 900 million H shares after the domestic listing, but the exact schedule was up to the regulator and international capital market conditions, the prospectus said.
The H share price would be the same or higher than its mainland counterpart. (One U.S. dollar equals 7.40 yuan.)
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