China Pacific Receives HK IPO Approval

HONG KONG (Reuters) – China Pacific Insurance (Group) Ltd (601601.SS) received approval from the listing committee of Hong Kong’s stock exchange for its $3.4 billion Hong Kong IPO, said a source close to the deal on Friday.

The development clears the way for China’s third-largest life insurer to launch its long-delayed Hong Kong listing.

China Pacific, part-owned by U.S. private equity firm Carlyle Group [CYL.UL], received Chinese government approval for the listing on Wednesday.

The company is taking advantage of a stock market revival this year to raise money and compete more aggressively with bigger rivals Ping An Insurance (Group) Co (2318.HK) (601318.SS) and China Life Insurance Co. (2628.HK) (601628.SS)

(Reporting by Kennix Chim; Editing by Chris Lewis)