New China Life presses ahead with dual listings

Updated: 2011-10-18 11:44


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New China Life presses ahead with dual listings

New China Life Insurance, the country's third-largest life insurer, is pressing ahead with its potential $4 billion Shanghai and Hong Kong initial public offering, Thomson Reuters publication IFR reported on Thursday, citing unidentified sources.

New China Life Insurance, in which Zurich Financial Services AG has a stake, had lined up a number of cornerstone investors for the transaction and planned to start premarketing the deal once regulatory approvals were granted, IFR said.

The insurer is targeting to seek approval from Hong Kong's stock exchange at the end of this month, it said.

Listing hearings for the Shanghai portion of the deal are expected to happen a few days before the Hong Kong hearings, it added.

New China Life hired BNP Paribas , Bank of America Merrill Lynch , Deutsche Bank, Goldman Sachs , HSBC , JPMorgan , UBS AG and China International Capital Corp (CICC) to handle the dual listings.....

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