China Insurance International stock market first

BEIJING - China Insurance International Holdings Co Ltd enjoyed asuccessful debut in Hong Kong yesterday when its shares hit a high ofHK$2.025. The insurance and reinsurance firm was said to be the firstmainland Chinese backed company to trade on a major internationalexchange. Long term interest in the company reflects the possibility thatthe Chinese parent will inject quality insurance and reinsurance businessinto the Hong Kong listed company some time in the future. ChineseInsurance offered 297m shares, about 35% of the company's enlarged issuedshare capital in an initial public offering earlier this month. Accordingto reports some 87% of the issue was placed with institutions includingCheung Kong (Holding) Ltd, Sun Hung Kai Properties and Swiss ReinsuranceCo.