New China Life raises $1.9 billion ahead of dual-listing

The Chinese insurer priced its IPO in Hong Kong and Shanghai near the bottom of the range. China Polymetallic Mining and Baoxin Auto also get their deals across the line in a busy week for Hong Kong IPOs.

New China Life Insurance has raised $1.9 billion after becoming the first of three companies to successfully price a billion dollar plus IPO this week. It is expected to be followed today by Chow Tai Fook Jewellery and Haitong Securities, which are seeking up to $2.8 billion and $1.7 billion respectively from their Hong Kong listings.

New China Life’s IPO is split between Hong Kong and Shanghai, with close to 70% of the total proceeds raised in Hong Kong. The company overcame a poor 2011 performance by its peers and the fact that investors already have several Hong Kong-listed Chinese life insurers to choose from if they want exposure to...

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