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China Life Insurance Co, the country's largest life insurer, may raise as much as 28.3 billion yuan (US$3.6 billion) in a domestic stock offering after it set a lower than expected price range.

 

The range for the stock sale, the second-largest domestic offering in China, was priced at 18.16 yuan (US$2.33) to 18.88 yuan (US$2.42) a share, China Life said in a statement to the Shanghai Stock Exchange yesterday.

 

As China Life plans to sell 1.5 billion A shares or 5.3 percent of its expanded share capital, it could raise as much as 28.32 billion yuan (US$3.6 billion) with the high-end pricing.

 

Around 62.5 percent will go to institutional investors, with the remaining 37.5 percent going to retailers.

 

"The price range, which is well below the forecasts of many brokers and analysts, will ensure smooth trading begins on or before January 11," said an analyst at CITIC Securities. "And such a small gap between the top and bottom line leaves investors little room when bidding, thus ensuring a higher success rate."

 

China Life's H shares have soared around 20 percent since the China Securities Regulatory Commission (CSRC) approved the company's issuing of A shares on Friday. Its H shares rose 3.84 percent in Hong Kong yesterday, closing at HK$24.35 (US$3.12).

 

As the price of A shares is usually around 90 percent that of H shares, expectations had ranged from roughly 18 yuan (US$2.28) to 23 yuan (US$2.9), with many analysts predicting a price of 20 yuan (US$2.5) or higher.

 

The insurer's stock has more than tripled this year, making it the best performer in the 37-member Hang Seng China Enterprises Index, which tracks State-owned mainland companies traded in Hong Kong.

 

Besides China Life, China's other major insurance companies are also planning to float shares.

 

Ping An Insurance, China's second-largest life insurer, has filed an application to launch an estimated US$4.5 billion A-share offer in the first quarter of 2007, the Shanghai Securities News said, quoting unnamed sources.

 

But according to Ping An Insurance Group spokesman Sheng Ruisheng, there is still no timetable.

 

China Pacific Insurance (Group) Co (CPIC), China Insurance International Holdings Co (CIIH) and China Reinsurance are also trying to catch up.

 

Sources said CPIC, the country's third-largest insurer, is likely to finish its IPO in Hong Kong before the end of next year. It has chosen three underwriters for the Hong Kong listing: JP Morgan, CICC and UBS. A CPIC spokesman declined to comment.

 

China Reinsurance, the country's only re-insurer, is also planning to list on both the Hong Kong and Shanghai bourses next year after a capital injection from Central Huijin Investment Co Ltd, the firm's top management said.

 

(China Daily December 26, 2006)