China Pacific Insurance said it plans to sell as many as one billion shares in revived plans for a Hong Kong listing, the Wall Street Journal reported. The company is expected to raise at least US$3.5 billion in the listing, rumored last week. China Pacific, 17.3% owned by a consortium led by private equity firm Carlyle Group, said the timing of the share sale would depend on market conditions, as well as the approval of shareholders and regulators in Hong Kong and on the mainland. The Carlyle-led consortium is expected to use the listing to reduce its holdings in China Pacific; after converting its stake into H-shares, the consortium’s shares would no longer be subject to a lockup period.
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