China Pacific planning relaunch of Hong Kong IPO

China Pacific Insurance is planning to relaunch its Hong Kong IPO, after its first attempt failed last year when markets nosedived, Reuters reported, citing unnamed sources. China’s third-largest life insurer, which is partly owned by the Carlyle Group, had attempted to raise nearly US$4 billion from an IPO on the Hong Kong bourse last year. The company has reportedly been in early discussions with several investment banks for a new Hong Kong IPO aimed at excluding a minimum listing price condition that had previously been required. China Pacific has also pledged not to list shares in Hong Kong at a value below its December 2007 Shanghai IPO of RMB30 (US$4.39) per share.