China Life Insurance Co announced that it intends to sell up to US$2.5 billion of its shares in its initial public offering (IPO) in Hong Kong. It will be the largest IPO so far this year in Asia. China Life controls roughly 75 percent of the mainland life insurance market. China Life also added that it may file for a US-based sale.
Trading of China Life's shares in Hong Kong may start as soon as December, state media reported.