China Pacific drops dual listing plan, listing in Shanghai first - report |
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Thu, 13 Sep 2007 02:09
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BEIJING (XFN-ASIA) - Shanghai-based China Pacific Insurance (Group) Co Ltd, the country's fourth-largest insurer, will list on the Shanghai Stock Exchange first, dropping an earlier plan to carry out a simultaneous listing in Shanghai and Hong Kong, the official Shanghai Securities News reported.The change was due to inadequate preparations for the Hong Kong listing, the report said, citing an unidentified source. The company will still consider listing in Hong Kong after the Shanghai share offering is concluded.The report said that the company plans to issue 1-1.5 bln A-shares in Shanghai IPO, raising about 15-20 bln yuan.The China Securities Regulatory Commission (CSRC) is expected to review the company's listing application in November, and if the listing plan is approved, the company will complete the IPO in December, the report said.The report said the company has appointed China International Capital Corp (CICC) and UBS Securities, the Swiss bank's joint venture with Beijing Securities, as advisors for the float.The company may delay its Hong Kong IPO plans to next year, also raising about 15-20 bln yuan, the report added.(1 usd = 7.53 yuan)zachary.wei@xfn.com-xfnzw/xfntmCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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