| China Life shares up 96% on Shanghai debut |
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issue time:2007-03-10 08:12
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Jan. 9, 2007 (China Knowledge) – China Life Insurance, the biggest insurer in the nation, saw its shares soar 96% from its initial public offering price on its trading debut today in Shanghai. China Life, which raised about RMB 28 billion after setting its offer price at RMB 18.88, opened at RMB 37, exceeding broker estimates of between RMB 25 and RMB 35. The insurer issued 1.5 billion A-shares, which represent 5.3% of its enlarged share capital. The prices translates to a price-to-earnings ratio of 97.8 times the company's diluted earnings in 2005. China Life said it attracted about RMB 832.5 billion in applications for the Shanghai IPO, a new record, exceeding the RMB 781 billion for Industrial and Commercial Bank of China's Shanghai issue in October. With a market value of US$132 billion, China Life has become the second-biggest insurer in the world after American International Group Inc., which has a market value of US$186 billion. Its H-shares in Hong Kong on Monday closed 2.87 per cent higher at HK$26.85.
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