China Re picks sponsors for USD2 bn IPO

China Reinsurance Group Corp.picked three banks as sponsors for a USD2 billion Hong Kong initial public offering, according to sources.

The Beijing-based company chose China International Capital Corp., HSBC Holdings Plc and UBS Group AG to work on the share sale. China Re plans to file a listing application with the Hong Kong bourse as early as the third quarter.

China Re will add to the USD16.7 billion raised through first-time share sales in Hong Kong this year, up 50 percent from the same period in 2014, data compiled by Bloomberg show. Central Huijin Investment Ltd., a unit of China’s sovereign fund, owns 84.9 percent of China Re, while the finance ministry holds the remainder, according to the reinsurer’s website.