The China Securities Regulatory Commission (CSRC) approved a plan by China Pacific Insurance for an initial public offering (IPO) in Hong Kong that will raise at least US$3.4 billion, Reuters reported. The CSRC has permitted the company to issue up to 990 million shares overseas, China Pacific said in a statement. The company, China’s third-largest life insurer, still requires approval from the Hong Kong Stock Exchange. China Pacific said it will price its IPO at no less than RMB23.52 (US$3.44) per share. The company, which listed in Shanghai in December 2007, had originally planned to offer shares in Hong Kong last year, but was forced to shelve these plans due to the global financial crisis. It hopes that the revived IPO will help it to compete with larger competitors such as Ping An Insurance and China Life Insurance.
