Aug 11 State-owned China Reinsurance Corp, the
country's biggest reinsurer, plans an initial public offering of
up to $2 billion in Hong Kong, the Wall Street Journal reported,
citing people with direct knowledge of the deal.
The company is working with UBS AG and HSBC
Holdings Plc on preparations for the IPO, which it
plans to launch in the first half of next year, the Journal
A representative of the company could not be immediately
reached for comment.
Beijing is trying to give private capital a bigger role in
China's massive and debt-laden state sector.
In July, a Chinese government agency overseeing state-owned
firms identified six companies that will be part of the reform
process. China Reinsurance Corp was not among those listed.
(Reporting by Ankush Sharma in Bangalore; Editing by Gopakumar
Warrier and Ted Kerr)