Nov. 28 (Bloomberg) -- New China Life Insurance Co., the Chinese insurer backed by Zurich Financial Services AG, may seek as much as $1.6 billion in the Hong Kong portion of its initial public offering, two people with knowledge of the transaction said.
The Beijing-based insurer will offer about 358 million shares at HK$28.20 to HK$34.33 ($4.41) apiece, according to the people, who declined to be identified because the process is not public. More shares could be sold in a so-called overallotment option if there is enough demand, the people said. A Hong Kong listing is scheduled for around Dec. 15.
In addition to the Hong Kong offer, New China Life plans to issue up to 158.5 million shares in Shanghai, the company said in a Nov. 11 filing.
Central Huijin Investment Ltd., a unit of China’s sovereign wealth fund, is New China Life’s biggest shareholder with a 38.8 percent stake. Zurich Insurance Co., a unit of Zurich Financial, is the third-biggest shareholder with a 15 percent stake, according to the filing.
A call made to New China Life’s Beijing office outside of regular business hours wasn’t answered.
--Editors: Chris V. Nicholson, Jacqueline Simmons
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