China's Ping An Insurance (Group), one of the mainland's largest insurers, plans to raise two billion US dollars through a listing in Hong Kong in the second quarter of 2004, according to a press report.

The company has appointed a new chief executive from the territory to head its life insurance operations in a bid to boost local interest in the offer, the South China Morning Post reported.

Dominic Leung Ka-kui, formerly with Prudential Corp Asia, will take over as chairman and chief executive of Ping An Life Insurance.

Half of Ping An Insurance (Group)'s top managers come from Hong Kong, the report added.

Ping An, based in the southern Chinese boom town of Shenzhen, is a financial holding firm comprising insurance, banking, securities and trust operations.

HSBC, Morgan Stanley, Goldman Sachs and Dai-ichi Mutual Life Insurance hold a combined stake of slightly less than 25 percent in Ping An.

The limit on foreign ownership of Chinese insurers is 25 percent.

Ping An will be China's third insurer to list in Hong Kong following PICC Property and Casualty and China Life Insurance last year.

China Life Insurance's global listing in December was the world's biggest float for 2003, raising 3.0 billion US dollars.

Both insurers have seen their share price almost double since their issue.

Ping An insurance is the latest mainland Chinese company to list in Hong Kong as firms rush to take advantage of a recent surge in investor confidence as the local economy recovers strongly after the SARS outbreak in early 2003.

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