Deals
AIA Said to Get Preliminary Approval for Hong Kong IPO
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AIA Group Ltd., the main Asia unit of bailed-out insurer American International Group Inc., got preliminary approval from the Hong Kong bourse for its initial public offering, said two people with knowledge of the matter.
The in-principle approval from the listing committee paves the way for Hong Kong-based AIA to start gauging investor demand on Sept. 27 for a sale of about $15 billion in shares, said the people, who declined to be identified because the information is confidential. AIG may sell more than half its stake in the IPO, one of the people said.