CLI FLOAT TO RAISE UP TO $3BN, SAYS PAPER

State-owned Chinese assurer China Life Insurance (CLI) is set to raise up to $3bn when it launches an initial public offering in New York on December 17 and in Hong Kong the next day, the Financial Times reports. According to the paper, China Life has set a price range of between HK$2.98 and HK$3.65 a share, to raise between HK$17.5bn and HK$23.6bn. The price range values the assurer at between 1.4 times and 1.6 times book value, compared with an average book value for European insurers of 1.7 and an average US value of 1.5. The issue will see China Life sell more than 6bn shares, equivalent to about 25% of its entire share capital.