China Life began approaching investors regarding its December 17 initial public offering (IPO) in New York and in Hong Kong the next day. The US$2.5 billion IPO is expected to be the world's largest flotation in 2003.
China Life controls 45 percent of the mainland's life assurance market. In the prospectus that it filed with the US Securities and Exchange Commission, the Chinese insurer said that it planned to use a portion of the IPO proceeds to augment its capital base.
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