In order to facilitate its planned listing, China Pacific Insurance Group may pull out from its 50:50 joint venture with ING Group in Shanghai-based Pacific Antai Life Insurance, reported XFN-Asia, citing Shanghai Securities News as its source.
Abandoning its original plans to list simultaneously in Shanghai and Hong Kong, China Pacific plans to first list on the Shanghai Stock Exchange and then on the Hong Kong Exchange, the publication revealed.
For the Shanghai IPO, through which the company plans to raise approximately CNY15 billion to CNY20 billion, the publication revealed that China Pacific had appointed China International Capital Corporation and UBS Securities as advisors.
The publication added that the company had appointed China International Capital Corporation, UBS and Credit Suisse as underwriters for the Hong Kong IPO.