China Pacific Insurance To Raise $3.6 Billion IPO

HONG KONG (Reuters) – China Pacific Insurance (Group) Co Ltd, the country’s third-largest life insurer, plans to raise up to HK$28.3 billion (US$3.6 billion) from a Hong Kong initial public offering, a source close to the deal said on Sunday.

Shanghai-listed China Pacific (601601.SS), part-owned by U.S. private equity firm Carlyle Group, is selling 939.6 million shares, of which 861.3 million are new shares and the rest are existing shares, at a price range indicated between HK$26.8 and HK$30.1 per share, the source said.

China International Capital Corp (CICC), Credit Suisse (CSGN.VX), Goldman Sachs (GS.N) and UBS (UBSN.VX) are handling the deal.

(Reporting by Kennix Chim; editing by Don Durfee)