China Pacific Insurance relaunches HK offer plan-paper

SHANGHAI, June 25 (Reuters) - China Pacific Insurance Group Co (601601.SS), the country's third-biggest life insurer, has decided to restart its proposal to float shares in Hong Kong, the Shanghai Securities News reported on Thursday, citing a source close to the company.

The proposal had been approved by a recent company top management meeting and would be reviewed by a board meeting in August, while preliminary work has started, the newspaper said, quoting the unnamed source.

However, the insurer did not schedule to sell the shares this year and expects to list in Hong Kong's H-share market as early as next year, the newspaper quoted the source as saying.

China Pacific Insurance Group said in October that its Hong Kong listing plan had expired, becoming the latest in a series of delays or cancellations of share offer plans due to a weak market hurt by the global financial crisis. (Reporting by Alfred Cang and Jacqueline Wong)