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China Life Guessed to Invest in AIA
Source: http://www.sinocast.com/readbeatarticle.do?id=29860
SHANGHAI, August 4, SinoCast -- The sponsors for the listing of American International Assurance (AIA) is likely to select one Chinese financial institution as a cornerstone investor of AIA.
China Life Insurance Company Limited (2628.HK, 601628.SH), PICC Property and Casualty Company Limited (2328.HK) and Ping An Insurance (Group) Company of China, Ltd. (601318.SH, 2318.HK) are three potential buyers, according to market watchers.
China Life as the biggest life insurer as well as the biggest institutional investor in China's Mainland, is likely to be selected by Morgan Stanley and Deutsche Bank, two sponsors for the listing of AIA. However, China Life declined to confirm when asked of the story.
Based in Beijing, the assets of China Life are over CNY 1 trillion up to now. The Hong Kong dollar-denominated shares of China Life closed up 2.33% at HKD 35.15 per share on Monday. The Chinese life insurer ever bid for the assets of AIA.
American International Group (AIG), the parent of AIA, has made commitment to pay back the debts to the U.S. government no later than June 2010. Therefore, AIA as the subsidiary is scheduled to go public no later than the first half of 2010, with the fundraising expected to be not less than USD 5 billion.
Still, it remains unclear on which stock bourse the foreign insurer is to make debut. As the listing procedures in the stock markets of both Hong Kong and Singapore are simple, either is the possible choice. Comparatively speaking, AIA is more likely to debut on the Stock Exchange of Hong Kong, as Hong Kong accommodates most of its major assets and businesses.
After the restructuring this February, the assets of AIA reached USD 60 billion by far. The parent company now considers applying for injecting the Philippine branch into AIA, the business focus of which is the Asia Pacific region.
Earlier, Chen Rongsheng, former president of AIA China, left his position and Cai Qiang took the place of Chen to steer AIA China. Chen became the president of AIA China in the middle of last year. Under his leadership, Chen has strengthened the guarantee for insurance salespersons; enrolled more talented people; and enhanced the corporate image. But, AIA China until now cannot integrate the domestic branches, thus it cannot become a legal-person company, especially after the parent company AIG was strongly stung by the global financial crisis.
(USD 1 = CNY 6.83)
Related company:
AIA, AIG, China Life, Morgan Stanley
Keywords:
SinoCast China Business Daily news, SinoCast China Financial Watch, investor, insurer, listing, business, branch
|
SHANGHAI, August 4, SinoCast -- The sponsors for the listing of American International Assurance (AIA) is likely to select one Chinese financial institution as a cornerstone investor of AIA.
China Life Insurance Company Limited (2628.HK, 601628.SH), PICC Property and Casualty Company Limited (2328.HK) and Ping An Insurance (Group) Company of China, Ltd. (601318.SH, 2318.HK) are three potential buyers, according to market watchers.
China Life as the biggest life insurer as well as the biggest institutional investor in China's Mainland, is likely to be selected by Morgan Stanley and Deutsche Bank, two sponsors for the listing of AIA. However, China Life declined to confirm when asked of the story.
Based in Beijing, the assets of China Life are over CNY 1 trillion up to now. The Hong Kong dollar-denominated shares of China Life closed up 2.33% at HKD 35.15 per share on Monday. The Chinese life insurer ever bid for the assets of AIA.
American International Group (AIG), the parent of AIA, has made commitment to pay back the debts to the U.S. government no later than June 2010. Therefore, AIA as the subsidiary is scheduled to go public no later than the first half of 2010, with the fundraising expected to be not less than USD 5 billion.
Still, it remains unclear on which stock bourse the foreign insurer is to make debut. As the listing procedures in the stock markets of both Hong Kong and Singapore are simple, either is the possible choice. Comparatively speaking, AIA is more likely to debut on the Stock Exchange of Hong Kong, as Hong Kong accommodates most of its major assets and businesses.
After the restructuring this February, the assets of AIA reached USD 60 billion by far. The parent company now considers applying for injecting the Philippine branch into AIA, the business focus of which is the Asia Pacific region.
Earlier, Chen Rongsheng, former president of AIA China, left his position and Cai Qiang took the place of Chen to steer AIA China. Chen became the president of AIA China in the middle of last year. Under his leadership, Chen has strengthened the guarantee for insurance salespersons; enrolled more talented people; and enhanced the corporate image. But, AIA China until now cannot integrate the domestic branches, thus it cannot become a legal-person company, especially after the parent company AIG was strongly stung by the global financial crisis.
(USD 1 = CNY 6.83)
Related company:
AIA, AIG, China Life, Morgan Stanley
Keywords:
SinoCast China Business Daily news, SinoCast China Financial Watch, investor, insurer, listing, business, branch
|
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