China Reinsurance, the country’s biggest reinsurer by number of written premiums, raised $2 billion from its Hong Kong initial public offering after pricing 5.77 billion shares at the top of the HK$2.25HK$2.70 indicative price range on Friday, a source close to the transaction told FinanceAsia.
The largest deal following China’s stock market plunge over the summer will raise investor expectations for upcoming IPOs in Hong Kong because the reinsurer was sounding out a price around the mid-point before subscription ended on Friday, according to investors.
China Re was able to price at HK$2.70 with the institutional tranche multiple-times oversubscribed...
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