China Pacific Insurance calls off H-share IPO
The Chinese life insurer abandons its $3.2 billion offering due to limited pricing flexibility and a tough market, but two smaller listing candidates decide to go ahead.
China Pacific Insurance has decided not to pursue its Hong Kong listing plans after five days of pre-marketing that coincided with the worst weekly performance for the Hang Seng Index in seven years. ChinaÆs third largest life insurer, which went public in Shanghai in December through a $4.1 billion IPO, was looking to raise at least $3.2 billion from an H-share offering.
Given the poor market backdrop, the decision to postpone the H-share sale wasnÆt entirely unexpected. No launch...
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