According to a report on Reuters, which in turn quotes a trade paper, the Shanghai Securities News, the listings are likely to happen in the third quarter of this year.
The newspaper, which quoted unidentified sources, said New China Life was initially planning to submit its IPO application to the Hong Kong Stock Exchange in March and may be able to complete the dual listing in July. Shanghai Securities News added that the Chinese insurer had appointed UBS and China International Capital Corporation as joint co-ordinator for its listing plans.
Apart from Zurich, Central Huijin Investment, the domestic investment arm of China’s sovereign wealth fund as well as top steel company Baosteel also own a stake in New China Life.
