China’s largest reinsurer drew a strong response from investors for its jumbo deal, which should raise investor expectations for upcoming Hong Kong IPOs.
With the global roadshow kicking off this week, the offering is already fully covered thanks to strong Chinese SOE cornerstone support and a range of anchor investors.
Price guidance for the share sale expected later this month would make China's biggest reinsurer one of the cheapest listed insurance companies in Hong Kong.
The Hong Kong exchange looks set to close the year with over half of its IPO volume coming from financial institutions, with several sizable listings due by year-end.