best insurance companies - China Life Insurance Buying PICC Hong Kong IPO : China Life Insurance Co. (LFC) will invest US$50 million in People's Insurance Co. (Group) of China Ltd.'s up to US$3.6 billion initial public offering in Hong Kong as a cornerstone investor, PICC said in a statement Wednesday.
With China Life's investment, PICC has secured a total of US$1.82 billion of cornerstone investment, or half of the offering, the company said.
China Life's parent company, China Life Insurance (Group) Co., earlier agreed to invest US$100 million in the deal, according to the prospectus.
Cornerstone investors, an Asian phenomenon, are guaranteed allotments of shares in an IPO and in return agree to hold the shares for a set period.
PICC is selling 6.898 billion new shares, or 16.7% of the company's enlarged share capital, at a price range of HK$3.42-HK$4.03 each.
Bankers said there was already enough demand to cover the entire offering on the first day of order-taking last week. Order-taking ends Thursday, while the listing is set for Dec. 7.
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