China Reinsurance Group Corp., the nation’s biggest reinsurer, picked three banks as sponsors for a $2 billion Hong Kong initial public offering, people with knowledge of the matter said.
The Beijing-based company chose China International Capital Corp., HSBC Holdings Plc and UBS Group AG to work on the share sale, the people said. China Re plans to file a listing application with the Hong Kong bourse as early as the third quarter, said the people, who asked not to be identified because the information is private.
China Re will add to the $16.7 billion raised through first-time share sales in Hong Kong this year, up 50 percent from the same period in 2014, data compiled by Bloomberg show. Central Huijin Investment Ltd., a unit of China’s sovereign fund, owns 84.9 percent of China Re, while the finance ministry holds the remainder, according to the reinsurer’s website.
A Beijing-based press official for China Re declined to comment. IFR reported the appointments earlier Thursday in Hong Kong, citing people it didn’t identify.