| New China Life to delay HK IPO |
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issue time:2007-03-10 08:12
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Mar. 9, 2007 (China Knowledge) – New China Life Insurance, the Mainland’s fourth-largest insurer, will delay its IPO of up to US$1 billion until at least 2009 due to the current corporate cleanup, said one of its key shareholders.
Zhang Hongwei, chairman of Orient Group, which holds 13% of New China Life through two subsidiaries, cited a protracted investigation into the firm and the deposing of its chairman as reasons for the delay.
Zhang also raised the possibility of following the trend of other Mainland companies in launching dual-listing in Shanghai and Hong Kong.
The Beijing-based insurer has been talking about the listing for years. In 2005, the company called off a planned listing on the Mainland exchanges because of the ban on the new domestic share offerings and looked to go public in Hong Kong. The following year, however, an investigation into its chairman pushed off those plans.
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