China Life Insurance commented on an informal probe by US regulators of its overseas initial public offering (IPO), saying it was confident that it had done nothing wrong. The statement by a China Life spokesperson came after a report in the Financial Times that the US Securities and Exchange Commission (SEC) had begun an informal investigation of China Life's US$3.4 billion IPO. Neither China Life nor the SEC confirmed any such probe. The probe report follows the filing of a class-action lawsuit against China Life by investors regarding the company's failure to disclose accounting irregularities found by Chinese regulators in China Life Group. China Life Group is the parent company of China Life Insurance.
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