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China Life aiming to raise $3bn
(CNN) -- China's biggest life insurer China Life Insurance Co may seek to raise up to $3 billion from overseas investors when it unveils details of its initial share offer in Hong Kong on Tuesday. Its original target was $2 billion, but the state-run Xinhua newsagency reported earlier this month that China Life is now aiming for $3 billion. Other media reports on Monday said China Life's advisers CSFB, Deutsche and Citigroup were encouraging it to aim higher than the original figure because of its recent good profit results. State-owned China Life has 90 percent of China's $25 billion life market and is one of several Chinese insurance companies planning initial public offerings (IPOs) this year. The others include a potential $1 billion-plus raising by the leading commercial insurer Ping An Insurance Co, which is held 25 percent by global bank HSBC and investment banks Goldman Sachs and Morgan Stanley. PICC Property & Casualty Co, a unit of China's biggest property insurer PICC, says it plans to raise up to $725 million in Hong Kong later this year. State-owned PICC reorganized its operations last month to prepare for the listing. China's insurance industry is growing rapidly, prompting overseas companies to seek licenses and tieups with Chinese companies. Among the many joint ventures are Canada's Manulife with Sinochem and Standard Life with a Tianjin state investment company. U.S. giant AIG is the only insurer operating in China that is 100 percent overseas owned. Its business includes life and non life insurance operations in eight city zones,
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