CHINA RE APPLIES FOR SHANGHAI LISTING, BUT NOT IN HONG KONG

China Re has submitted an application to list in Shanghai, but has made no corresponding application for a listing in Hong Kong, according to China Insurance Regulatory Commission spokesman Yuan Li, speaking yesterday in Beijing. Mr Yuan said that the listing process was progressing “smoothly”, following what was effectively a $4bn capital injection from the state via its own investment agency SAFE. The reinsurer put $2bn into China Property & Casualty Re and $1bn into China Continent P/C, with the remaining $1bn being used for other subsidiaries. Meanwhile, Mr Yuan said that the planned Hong Kong listing of China Pacific Insurance (Group), the parent of China Pacific Life and China Pacific Property Insurance, was “going well”.