Pacific Insurance sets Shanghai IPO price

China Pacific Insurance confirmed that it will set share prices for its Shanghai listing next week at RMB30 (US$4.10), the top of its RMB27-30 projected price range, Reuters reported. China Pacific, the country's third-biggest life insurer, also said it has already raised more than US$4 billion after selling 1 billion A-shares in subscriptions. Analysts have said shares could rise to RMB50 (US$6.80) on their first day of trading. Pacific Insurance has also said it has plans to offer as many as 900 million H-shares in Hong Kong soon after its A-share IPO.