China Pacific appoints underwriters for HK IPO

China Pacific Insurance has appointed China International Capital Corp (CICC) as the lead underwriter for its Hong Kong initial public offering, Reuters reported, citing two people familiar with the situation. Credit Suisse and Goldman Sachs are said to be two of the three investment banks tasked with assisting in the share sale. China Pacific, which is part-owned by US private equity firm the Carlyle Group, plans to sell as many as 1 billion shares, which could net it around US$3.5 billion, based on the company’s Shanghai share price. China Pacific’s initial attempt to list in Hong Kong last year was aborted due to the global financial crisis. Other Chinese companies looking to revive IPO plans are said to include China Minsheng Banking Corp and Sany Heavy Equipment, which are targeting US$2.93 billion and US$200 million respectively.