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CPIIC Raises HK$ 0.425 Billion in Hong Kong
The China People's Insurance International Co. (CPIIC) will be listed on main board of the Stock Exchange of Hong Kong on June 29 as the first mainland insurance company listed overseas.
The issuing price is fixed at HK$1.43, approaching the upper price limit, expecting to raise a total of HK$ 0.425 billion. It is learned that CPIIC has gained an international subscription exceeding over three times of issuing quota. The public call for capital ended yesterday, and the subscription was 15 times over the quota at the least.
A total of 0.972 billion new shares are to be issued by CPIIC, covering 35% of capital stock after listing. The price limit is set at HK$1.2 to HK$1.44 per share.
After listing, the biggest shareholder of CPIIC is CPIIC (HK), holding 55.25% of the shares. In addition, the strategic investors include Changshi and Xindi, each holding 3% of its shares and Swiss Reinsurance holding 9.9%. Another news source says BNP is actively preparing for Pingan Insurance Company from China's mainland to be listed overseas. If the listing is successful, Pingan will become the second enterprise from China's mainland that is listed overseas.
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