China's Insurance Giant Expands Stocks

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Last updated at: (Beijing Time) Friday, January 03, 2003

China's Insurance Giant Expands Stocks

The China Pacific Insurance group (CPIC) has just completed the expansion of its stocks from 2.00639 billion to 4.3 billion shares as authorized by the China Insurance Regulatory Commission.

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The China Pacific Insurance group (CPIC) has just completed the expansion of its stocks from 2.00639 billion to 4.3 billion shares as authorized by the China Insurance Regulatory Commission.

The expansion, combined with an increased investment of 5.734 billion yuan (691 million US dollars), brings the total capital ofChina's first joint stock commercial insurance company to 9 billion yuan (1.08 billion US dollars).

Dalian Shide and state-owned Baosteel, the country's leading steel company, are two of the new share holders of CPIC.

Last September, during the CPIC general meeting of stockholders,it was decided to issue stocks at premium price to current stockholders and to new strategic investors in order to further expand its growing business.

Wang Guoliang, CPIC board chairman, said that the group's solvency was greatly improved following the successful private fund raising.

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