China Pacific Insurance Group Co CPIC has set a price range for its Hong Kong initial public offering at a level that based on current market prices promises a significant discount to its closest peers. The Shanghai-based company, which provides life as well as property and casualty insurance, kicked off its institutional roadshow yesterday and is scheduled to list on Hong Kong's main board on December 23.
According to sources, the deal will comprise 861.3 million H-shares at a price between HK$26.80 and HK$30.10, which will result in a total deal size between HK$23.08 billion and HK$25.93 billion $2.98 billion to $3.35 billion.
The price range values the Chinese insurer...
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