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China Pacific Preps IPO

China Pacific Insurance (Group) Co., an underwriter of life insurance policies, is preparing for an initial public offering in Shanghai and Hong Kong. Reuters also reported that the company seeks to raise $4 billion to $6 billion, according to sources familiar with the deal. The Shanghai-listing is expected by year-end and in Hong Kong in early 2008. U.S. private equity firm Carlyle Group and U.S. insurer Prudential Financial have a combined 19.9 percent stake in China Pacific Insurance. The remaining 80.1 percent is held by a number of Chinese state-owned firms, including steelmaker Baosteel.