China Re's $2b HK IPO fully covered

With the global roadshow kicking off this week, the offering is already fully covered thanks to strong Chinese SOE cornerstone support and a range of anchor investors.

China Reinsurance's looming $2 billion initial public offering in Hong Kong is already fully covered thanks to strong demand from cornerstone and anchor investors, two sources with knowledge of the matter have told FinanceAsia.

As the global roadshow for the IPO formally kicked off on Monday, a term sheet seen by FinanceAsia showed China Re with 15 cornerstone commitments totaling $1.12 billion already in the bag. Each cornerstone investor has agreed to a lock-up period of six months.

A further 70-90 anchor investors have been lured since last Thursday to take up the remainder, with...

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