Chinese insurance firm New China Life Insurance Co. is preparing to raise about $2.26 billion in IPOs on the Hong Kong and Shanghai stock exchanges. The Hong Kong offering will raise about $1.5 billion and the Shanghai offering is expected to raise about $700 million
About half of the Hong Kong total will be taken by “cornerstone” investors, who have agreed not to sell their shares for some unspecified period of time. The time period is typically one year, but could be shorter.
According to Bloomberg, IPOs in Hong Kong so far this year have raised $15.9 billion, less than a third of last year’s total in the same period. Between now and the end of the year, another $7 billion in new offerings might be made in Hong Kong.
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