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Insurance funds earn 300 mln book profit from Daqin’s IPO |
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Written by Administrator
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Wednesday, 02 August 2006 |
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BEIJING, Aug 2 (InfoChina) – Insurance funds would earn approximately 300 million yuan book profits from the IPO Daqin Railway (SH: 601006) if calculated at the closing share price of the company on the debut day on August 1.
Excluding subscription via the trading system of the stock exchanges, insurance funds poured nearly 3 billion yuan in subscribing some 600 million shares of Daqin Railway at a price of 4.95 yuan per share. Daqin’s share price closed at 5.52 yuan on August 1.
Four insurers have been on the list of Daqin’s Top 10 shareholders. Ping An Life Insurance took 141.55 million shares, or 1.09% of the total; China Life Insurance Co., Ltd. (NYSE: LFC, HK: 2628) took 124.39 million shares, or 0.96% of the total; China Pacific Life Insurance took 84.08 million shares, or 0.65% of the total; and New China Life got 71.76 million shares, or 0.55% of the total.
According to Daqin’s prospectus, seven insurance companies including China Life, Ping An of China, Taikang Life Insurance, Huatai Life, PICC Life Insurance, Taiping Life Insurance and China Reinsurance acquired a total of 898 million yuan worth shares of Daqin through displacement outside the trading system of the stock exchanges.
Earlier, Ping An Life Insurance, Taikang Life, China Pacific Life Insurance, China Life and New China Life already became strategic investors of Daqin with a total holding of 419.574 million shares at a total cost of some 2.077 billion yuan.
The insurers’ combined investment in Daqin via the two channels totaled 3 billion yuan.
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China Stock News