HONG KONG--(BUSINESS WIRE)--A.M. Best has commented that the financial strength rating of A (Excellent) and the issuer credit ratings of “a” of China Reinsurance (Group) Corporation (China Re) and its subsidiaries, China Property & Casualty Reinsurance Company Ltd. (China Re P&C), China Life Reinsurance Company Ltd. (China Re Life) and China Continent Property & Casualty Insurance Company Ltd. (CCIC), remain unchanged following China Re’s initial public offering (IPO) and listing on the Hong Kong Stock Exchange (HKEx) on October 26, 2015. All the above companies are domiciled in China.
China Re raised approximately HK$15.6 billion (US$2.45 billion) from its IPO of 5.77 billion H shares on the HKEx at HK$2.70 per H share. The net proceeds after deducting the underwriting fees, commissions and expenses are estimated to be approximately HK$15.1 billion (US$2.38 billion) according to China Re’s announcement published on the HKEx’s website.
Following the listing on the HKEx, the listed H shares of China Re represent 15.05% of the total number of ordinary shares issued by China Re. As a publicly listed company, China Re will gain added financial flexibility and access to capital markets.
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