CPIC starts trading on HKEx

BEIJING, Dec 22, 2009 (Xinhua via COMTEX) -- China Pacific Insurance (Group) Co. (CPIC) opened for trading on the Hong Kong Exchange on Wednesday.

The insurer fixed its issuing price at 28 Hong Kong dollars per share.

Private equity operating company Carlyle Group, one of CPIC's foreign investors, is expected to cash in its CPIC A-shares after the insurer's Hong Kong listing.

The Allianz Group, a German insurance company, and Japan's Sumitomo Mitsui Banking Corporation (SMBC), are expected to step in for Carlyle as CPIC's strategic investors, as both have signed strategic cooperation agreements with CPIC.

Both Allianz and SMBC were cornerstone investors in CPIC's Hong Kong listing, separately spending 150 million US dollars and 65 million dollars. Enditem