Beijing-headquartered Sunshine Insurance Group plans to price its shares at HK$5.83 ($0.75) each in its Hong Kong initial public offering to raise HK$6.7bn ($863m), reported Reuters quoting two sources with direct knowledge of the matter.
The government yesterday issued a development roadmap for the insurance sector in Hong Kong, outlining its vision and mission as well as targeted policy measures to consolidate the city's status as a global risk management centre and sophisticated insurance hub.
The CBIRC has announced that it is launching a pilot programme in which standalone pension insurers undertake new commercial pension operations. The trial begins on 1 January 2023 and tentatively scheduled to last for one year.
The insurance industry chalked up total premium income of CNY4.1tn ($578.7bn) in the first 10 months of this year, according to data released last week by the CBIRC.
The CBIRC has revised and issued the "Measures for the Supervision and Evaluation of Corporate Governance of Banking and Insurance Institutions" to improve supervision of corporate governance in financial institutions and to prevent and defuse corporate governance risks.
In developing green insurance business, insurance companies should break away from the existing practice of delivering statistics along rigid insurance product lines, according to Mr Liang Tao, a vice chairman of the CBIRC.
Beijing-headquartered Sunshine Insurance Group Company has given an indicative price range of HK$5.83 ($0.75) and HK$6.45 per share for 1.15bn new shares being offered in its IPO in Hong Kong.
Sunshine Insurance Group, which has launched an IPO in Hong Kong, says in its prospectus that measures imposed by the Chinese government to curb the COVID-19 pandemic may cause general uncertainties and short-term impacts on the group's offline business activities, financial condition and operational management.
New life business premiums derived from mainland China visitors to Hong Kong were HK$1bn [$128.5m] (increased by 110.9%) for the first nine months of this year, according to statistics released by the Hong Kong Insurance Authority.
The number of the elderly with the highest degree of dependency coping with daily activities -- ranging from dressing, bathing, and feeding to cooking and shopping -- will increase by 31% or 14.02m in a decade to 59.3m in 2030, according to a study by Chinese academics on the trends in functional dependency and project future care needs for older people in China.