New China Life launches Hong Kong/Shanghai IPO

The Chinese insurer aims to raise up to $2.3 billion from the dual-listing. Four cornerstone investors, including Malaysia’s Khazanah, have committed to invest $780 million in the H-share tranche.

New China Life launches Hong Kong/Shanghai IPO

New China Life Insurance yesterday launched the international roadshow for an initial public offering of between $1.87 billion and $2.28 billion, according to a term sheet seen by FinanceAsia. The deal size is well below the $3 billion to $4 billion that the company was initially hoping to raise, but at the top end of the range it is in line with the size sources indicated last week.

The Chinese insurer is seeking...

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