LINE

Text:AAAPrint
Business

China Re gets $1.12b in commitments for IPO

1
2015-10-13 09:17Global Times/Agencies Editor: Li Yan

China Reinsurance (Group), China's major reinsurer, received commitments worth $1.12 billion from cornerstone investors as the country's biggest reinsurer launched its initial public offering in Hong Kong on Monday, according to a term sheet of the deal seen by Reuters.

The 15 investors, which will not be able to sell shares in China Re until six months after the IPO, included Great Wall Pan Asia International Investment and State Grid Crop of China, each with $150 million, and China Development Bank with $110 million, the terms showed.

The People's Insurance Company (Group) of China, Prudential Insurance Company of America and China Life Insurance Company were also cornerstone investors.

China Re is offering about 5.77 billion new shares at an indicative range of HK$2.25 ($0.29) to HK$2.70 each, the terms showed, confirming information from a source with direct knowledge of the deal.

The IPO is slated to be priced on Friday.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.