State-owned China Reinsurance Corp, the country's biggest reinsurer, plans an initial public offering of up to $2 billion in Hong Kong, the Wall Street Journal reported, citing people with direct knowledge of the deal. The company is working with UBS AG and HSBC Holdings Plc on preparations for the IPO, which it plans to launch in the first half of next year, the Journal reported.A representative of the company could not be immediately reached for comment.Beijing is trying to give private capital a bigger role in China's massive and debt-laden state sector.In July, a Chinese government agency overseeing state-owned firms identified six companies that will be part of the reform process. China Reinsurance Corp was not among those listed.
HSBC Holdings plc (HSBC) is a global banking and financial services organizations. Shares of HSBC traded higher by 0.36% or $0.19/share to $52.99. In the past year, the shares have traded as low as $48.86 and as high as $56.96. On average, 1355530 shares of HSBC exchange hands on a given day and today's volume is recorded at 1331523.
UBS AG is a client-focused financial services company that offers a combination of wealth management, asset management and investment banking services on a global and regional basis. Shares of UBS traded higher by 3.51% or $0.59/share to $17.42. In the past year, the shares have traded as low as $16.77 and as high as $21.61. On average, 2131830 shares of UBS exchange hands on a given day and today's volume is recorded at 4683589.
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