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Ping An gets green light for Shanghai IPO

By Hu Yuanyuan (China Daily)
Updated: 2007-01-31 08:45

Ping An Insurance(Group) Co, China's second-largest life insurer, is set to launch the country's second-biggest domesticinitial public offering(IPO) in March after it received approval from the regulator yesterday.

Related readings:  Ping An doubles its capital  Ping an to issue 1.15 billion A shares Ping'an Insurance joins Swiss Life Network

"We expect Ping An's issue price to fall into the range of 35 to 40 yuan," said Luo Yi, an analyst with China Merchants Securities. "And its debut price will be higher than 50 yuan."

Ping An, 19.9 percent-owned by HSBC, applied to theChina Securities Regulatory Commissionto issue up to 1.15 billionA sharesin aShanghailisting to raise over 40 billion yuan, beating China Life's 28 billion yuan Shanghai IPO.

Yu Bin, an analyst with Shanghai-based Shenyin & Wanguo Securities Co, said Ping An's shares would be priced lower than China Life's.

"Ping An's A-share price will be around 95 to 90 percent of that of itsH shares," Yu said.

Ping An'sHong Kong-listed shares closed at HK$38.35 yesterday, up 0.92 percent.