Nov 17 (Reuters) – New China Life Insurance Co Ltd, 15 percent owned by Swiss insurer Zurich Financial , has received regulatory approval for the Shanghai leg of its planned $2.6 billion Shanghai-Hong Kong dual listing.
In a widely expected move, the China Securities Regulatory Commission (CSRC) said it had given the nod to China’s third-biggest life insurer’s plans to sell up to 158.54 million shares in Shanghai. The CSRC made the announcement on its website late on Wednesday, without elaborating.
The company, controlled by Central Huijin, a unit of China’s sovereign wealth fund, did not give a fundraising target but a source with direct knowledge of the matter has said the firm is aiming to raise about 6 billion yuan ($945.4 million) in Shanghai and 10 billion yuan in Hong Kong.
The insurer plans to sell as many as 358.4 million shares in Hong Kong, with an option to expand it by another 15 percent, according to a draft prospectus.