PING AN ON COURSE FOR MID-JUNE $2BN FLOAT, SAY REPORTS

Chinese insurer Ping An still expects to raise $2bn from its delayed listing on the Hong Kong stock exchange, according to press reports. Ping An’s initial public offering was until recently on course for listing by mid-May, but the float was thrown into doubt last month by China Life’s problems, which were seen by some analysts as evidence that there was more work for Ping An to do ahead of listing. The IPO is now seen as likely to go ahead in mid-June, with a price tag on Ping An of about $6bn, with 30% of shares due to be sold to investors. Goldman Sachs, Morgan Stanley, HSBC and BOC International are handling the planned offering.