CHINA Securities Regulatory Commission yesterday approved the A share initial public offering plan of China Pacific Insurance (Group) Co Ltd. The company will issue one billion A shares on the Shanghai Stock Exchange, making it the third insurer listed on the Chinese mainland after its larger rivals China Life and Ping An Insurance.
The A shares will account for 12.99 percent of China Pacific's expanded share capital and the money raised through the domestic listing will be used to replenish capital to help expand business, its prospectus said. Analysts estimated the shares would be sold at 20 yuan apiece and start trading on the Shanghai Stock Exchange before the year-end. The diluted earnings per A share are estimated at 0.84 yuan, as the company anticipates a net profit of 6.45 billion yuan this year.