The Pacific Insurance (Group) Co., Ltd. (CPIC), after postponing its plan to go public for eight years, is now approaching the A-share market. On December 7, the CPIC published their prospectus and started the going public process from the A-share market to the H-share market. If everything works smoothly, it will kick off its initial public offering (IPO) at the A-share market on December 25. The CPIC will be the first insurance company going public in the A-share market. It plans to go public in Hong Kong during the first quarter of next year. Experts estimate that the CPIC will raise about 45 billion yuan in its IPO in Shanghai and Hong Kong.
Analysts claimed that the IPO of the CPIC in the A-share market would greatly improve the insurance companies' status inside the Chinese capital market. The other two insurance giants will soon meet the CPIC inside the A-share market. The CPIC is the only large insurance corporation with headquarter located in Shanghai. Its IPO signifies a great deal for the Chinese insurance industry as well as the domestic financial sector.
For more details, please read the full story in Chinese. (http://news.stockstar.com/info/darticle.aspx?id=JL,20071210,00244865&columnid=2)
(China.org.cn December 10, 2007)
