cpic-raises-31-billion-ahead-of-hong-kong-listing

CPIC raises $3.1 billion ahead of Hong Kong listing

With days to spare before the end of the year, the Chinese insurer pulls off the second largest IPO in Hong Kong for 2009.

After a wait of two years, China Pacific Insurance Group Co CPIC will finally be able to start trading in Hong Kong next week after raising HK$24.1 billion $3.1 billion in its H-share initial public offering -- the second largest Hong Kong listing this year.

Some observers initially questioned the rationale of bringing a deal this size so close to year end, and indeed demand does appear to have been somewhat impacted by the weakening of equity markets and the decline in liquidity as more and more funds are now closing their books for the year. But, it was definitely sufficient for the Shanghai-based insurer to comfortably complete the transaction, suggesting that it made...

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