China Reinsurance, the country's biggest reinsurer, has hired two investment banks including a partner of Morgan Stanley for a possible multi-billion-yuan Shanghai IPO in 2007.
The Beijing-based reinsurer, which has about 90% of the domestic market, has hired CITIC Securities and China International Capital Corp (CICC), 34.3%-owned by Morgan Stanley, as its financial advisers.
Earlier, Beijing decided to inject up to 10bil yuan (US$1.26bil) into China Reinsurance to help it compete with foreign rivals.
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