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China Pacific Insurance To Launch IPO In Hong Kong

The plan is subject to approval from shareholders and the China Securities Regulatory Commission (CSRC)

China Pacific Insurance (China Pacific), a life insurer of premiums, has planned to launch an initial public offering (IPO) in Hong Kong, reported China Knowledge.

The insurer would hold a board of directors meeting in August, to discuss the listing plan. The plan is subject to approval from shareholders and from the China Securities Regulatory Commission (CSRC).

China Pacific has already started the preliminary work for the IPO on the Hong Kong Stock Exchange, and is expected to start floating its H-shares as early as 2010.

The Shanghai-listed insurer has planned to sell up to 900 million H-shares last year, but delayed the plan due to the slump in stock market last year.

China Pacific is a global private equity investment firm based in Washington.