New China Life pre-markets IPO, banks wait for roles
New China Life Insurance started pre-marketing a $1.5bn–$2.5bn listing on Monday, after getting approval from the Hong Kong stock exchange at the end of last week. The insurance company wants to launch the transaction next Tuesday, and will offer shares to both Shanghai and Hong Kong investors.
The issuer will not release a valuation range until next week but bankers said that as a private company it will have more flexibility to offer investors a good price than those who are already listed in the mainland.
There have been a few Chinese issuers this year that
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