Stocks News
- China insurer Ping An takes bids on Shanghai IPO
Date: 5-Feb-2007 Sources: (Xinhua Online)
Ping An Insurance (Group) Co. of China Ltd., the country's second largest life insurer, began taking bids on Friday in preparation for its initial public offering in Shanghai Stock Exchange.
The insurer, in which the London-based HSBC Holdings PLC holds 19.9 percent stake, won approval on Tuesday from the China Securities Regulatory Commission to issue 1.15 billion yuan-denominated A shares in Shanghai.
The company said in a statement that it started to take bids in cities of Beijing, Shanghai, Guangzhou, and Shenzhen through Feb. 7.
Ping An earmarked 345 million shares, or 30 percent of total shares on offer, to strategic investors. It initially set aside 287.5 million shares for fund managers and 517.5 million shares for individual investors.
The statement said fund managers would be able to subscribe for shares between Feb. 9 and 13, while individuals can place orders on Feb. 12.
It said the company would publish the price of its shares on Feb. 14.
Its share is estimated to be priced around 38 yuan (4.9 U.S. dollars),China Business News said earlier.
The company said the money raised through the IPO will be used to raise its capital fund and for businesses approved by regulators, while providing no specifics.
Ping An has a 16.1 percent of the country's life insurance market in 2005 and posted 5.32 billion yuan (684 million U.S. dollars) in net profits in the first three quarters of last year, up 25.77 percent from the same period a year earlier.
China Life, the first Chinese insurer which began trading in Shanghai on Jan. 9, has raised 28.32 billion yuan (3.65 billion U.S. dollars) from its initial public offering of 1.5 billion A-shares.
Sponsor Results:
