China Pacific raises IPO expectations

Insurance firm China Pacific has raised its expected earnings for its upcoming listings on the Hong Kong and Shanghai exchanges, the Wall Street Journal reported. The company now plans to raise US$4-6 billion, up from the previous goal of US$4 billion, due to the recent boom in the Chinese markets. The listing will allow Carlyle Group, which bought a nearly 20% stake in the Chinese company in 2005, to sell its shares, constituting one of Carlyle's most profitable investments ever. China Pacific will list domestic A-shares on the Shanghai exchange before the end of the year and will list in Hong Kong during the first quarter of 2008.