CPIC in vogue as latest private block raises $1.3bn

13 Sep 2012

China Pacific Insurance Co raised HK$10.395bn ($1.34bn) over last weekend in a private placement to Norway’s central bank and two sovereign wealth funds, Government of Singapore Investment Corp (GIC) and Abu Dhabi Investment Authority.

China’s state-owned companies are increasingly turning to private placements to raise capital, avoiding a rule that forces them to give 10% of the equity issued to China’s state social security fund, an amount that needs to be donated in all public deals, said a banker not on the ...

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