china-pacific-insurance-calls-off-hshare-ipo

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.
March 10, 2008
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 date had been set when the bookrunners started to sound out the market last Monday. Sources said that the final call on whether to proceed would be taken following investor feedback.

In the end though,...
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