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China Pacific receives HKEx nod for $3.4 bln IPO -source

Thu Nov 26, 2009 9:22pm EST

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HONG KONG, Nov 27 (Reuters) - China Pacific Insurance (Group) Ltd (601601.SS) received approval from the listing committee of Hong Kong's stock exchange for its $3.4 billion Hong Kong IPO, said a source close to the deal on Friday.

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The development clears the way for China's third-largest life insurer to launch its long-delayed Hong Kong listing.

China Pacific, part-owned by U.S. private equity firm Carlyle Group [CYL.UL], received Chinese government approval for the listing on Wednesday.

The company is taking advantage of a stock market revival this year to raise money and compete more aggressively with bigger rivals Ping An Insurance (Group) Co (2318.HK) (601318.SS) and China Life Insurance Co. (2628.HK) (601628.SS) (Reporting by Kennix Chim; Editing by Chris Lewis) ((donald.durfee@thomsonreuters.com; +852 2843-1649; Reuters Messaging: donald.durfee.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))

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