China Pacific Insurance to relaunch IPO

China Pacific Insurance plans to relaunch its US$3 billion initial public offering in Hong Kong this month and will begin pre-marketing on Monday, the South China Morning Post reported. The company withdrew its previous listing plan – in which it also sought to raise US$3 billion – in February after US subprime losses led to large sell-offs in global markets. The new IPO will be arranged by UBS, Credit Suisse and China International Capital Corp. In December 2007, China Pacific raised US$4.2 billion when it listed on the Shanghai Stock Exchange. Pre-marketing for the new H-share listing, which received approval from Hong Kong regulators last week, will continue until March 21.