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Bank of China (BOC) said it plans to list its 20 billion yuan (US$2.5 billion) worth of A shares on the Shanghai stock bourse by July 5.

 

The prospectus for the country's second largest lender shows insurance firms have taken the bull by the horns and put their money where their mouths are.

 

Twenty percent or some 3.96 billion yuan (US$495 million) of the shares have been placed with 14 domestic strategic investors, of which five are insurance companies.

 

China Life Insurance (Group) Co, China Life Insurance Co Ltd, PICC Property and Casualty Co Ltd, China Reinsurance (Group) Co, Ping An Life Insurance Company of China Ltd have enthusiastically subscribed for a total of 1.52 billion yuan (US$190 million) worth of shares.

 

China Life Insurance Co Ltd, the country's largest life insurer, wants 380 million yuan (US$47.5 million) worth of shares.

 

The insurer signed up for 394.21 million H shares when the bank went public in Hong Kong earlier this month. Ping An Life Insurance Company of China Ltd's got a subscription of 473.052 million H shares.

 

Chinese insurers' investment in stock markets both at home and abroad have now reached 4 percent up from 1 percent of their total assets.

 

The rise has been caused by the domestic stock market going bullish at the beginning of the year.

 

According to BOC's prospectus, besides the 20 percent of shares offered to the 14 strategic investors, another 32 percent of A shares will be open to other institutional investors.

 

(China Daily June 13, 2006)