Investors commit US$1.2bn for China Re IPO

Cornerstone investors have committed about US$1.12 billion to China Re as it seeks to launch its IPO in Hong Kong, according to a report.

China Re, the largest reinsurance company in China and the eighth-largest reinsurance group in the world, is aiming to raise US$2 billion from its IPO.

Among the 15 investors that issued commitments, Great Wall Pan Asia International Investment and State Grid Corp of China have pledged US$150 million each, while China Development Bank committed US$110 million.

Also named as cornerstone investors are PICC, Prudential Financial and China Life Insurance.

China Re is offering 5.77 billion new shares at HK$2.25 (US$1.64) to HK$2.70 each.

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