China Re seeks acquisitions to boost IPO

by David Masters

Story link: China Re seeks acquisitions to boost IPO

Liu Feng, chairman of Asia’s largest reinsurance company, China Re, has announced that the company is set to make further acquisitions to facilitate its plans for public listing (IPO).

Liu said that China Re will go ahead with its planned IPO, but refused to disclose when this will take place.

He added that the company plans to diversify its portfolio of financial services through acquisitions and mergers.

China Re is the fifth largest reinsurer in the world in terms of net assets, and controls 90% of the reinsurance market in mainland China. The company is owned by Central Huijin Investment Corp (85%) and the Chinese Ministry of Finance (15%).

Central Huijin injected $4 billion into the company last year.

China Re was restructured as a joint stock company last October, and in January the company declared that it would be actively seeking foreign investors before its public listing.