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.

November 30, 2011

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.

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