New China Life Insurance, the country’s third-largest life assurer by premium income, has raised $1.9bn from an initial public offering in Shanghai and Hong Kong.
The move is the first of a wave of likely listings intended to revive the flagging growth of the Chinese insurance sector.
The shares were priced near the bottom of the state-backed group’s target range but its success in pushing through the listing despite rough market conditions will instil confidence for several other Chinese insurers waiting to go public.
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