New China life IPO pain fighting for by September A+H stock listing

Xinhua life insurance hopes IPO will bring a change. But stability, construction of internal control, the background support sth The problem you want solved, you might want to 3-5 reporter Song Yiqing after years of waiting, Xinhua life insurance company limited (hereinafter referred to as "Xinhua life insurance") listed way of entering the final stage. On May 31, a Director of the Xinhua life insurance in an interview with the financial state weekly reporter said that the company has basically developed the listing process table, selected the Syndicate, by September this year, fighting for "A+H" stock listing plans. Recommended reading insurance weekly: protection listed 3.8 billion sold "China smell Department" assets town residents endowment insurance pilot a quarter Bank agent premium income decline 15% cast even insurance fell out of May average income-2.67% insurance professional intermediary high growth gradually into main channel Qian April foreign insurance enterprises share fell below 3% deciphered fuck disk password master main trends this established Yu 1996 of life insurance company, early in 2000 on clear made has listed target, after several ups and downs is not fruit. After experiencing turbulent times, Xinhua life insurance and finally until the China insurance regulatory Commission official reply of the testimonial, solvency standards. Has been suspended in the first spell on the disarmament, the company's listing also has been promoting. However, while listing in Sprint, the battered by storms of body, still continue to endure the inter-face itself brings pain. "Problems or those that, stable staff, strengthen internal control, upgrading sth in the background" the directors to count fingers, one journalist lists. He said that at present these issues eased to a certain extent, but to provide a complete solution, absolutely can not happen overnight. Public road-block removal truck on March 30, 2011, away from the end only one day left in the first quarter. New China life insurance from top to bottom will heave a sigh of relief. $ 14 billion years ago to the account shareholders increase capital, finally passed the China insurance regulatory Commission of the testimonial. Supervision of solvency of the company has finally crossed the red line from the end of 2010 34.99% per cent or so. Standards of solvency, making new China life insurance, together the largest obstacles to clear before listed. A person close to the regulators in an interview with the financial state weekly reporter said, new China life insurance has always hoped to use financial data listed in the first quarter issue. "The end of March through the capital, is also has got. Otherwise, the Xinhua life insurance can only be used six months reported financial data, this listing has been the fastest end of the year. "In fact, capital increase before the Xinhua life insurance shareholders experienced a reshuffle. North industry, Shanghai Asia create and Primus capital three old shareholders for their own reasons, has relinquished ownership in the hands of. After the capital increase, new China life insurance's foreign shareholder Zurich insurance also sell a stake in 5%. "This is listed before the end of the pecking unsuitable shareholder exit, let the powerful quality shareholder in. "Preceding close to regulators said these transfers is to optimize the equity structure, listed for Disarmament to worry about. At present, the top three of the old shareholders equity transfer transaction has received regulatory approval, Zurich sold Xinhua life insurance ownership is also in the China insurance regulatory Commission approval. Although the ownership structure has been optimized, but new problems caused by change of ownership, Xinhua life insurance is also required before the listed address. SFC published the first public offering of shares and listing management approach clearly requires, business, management of the issuer within the last three years is not a major change, he is under de facto control to change. But from the beginning of the second half of 2009, Xinhua life insurance after the inauguration of the new Board of Directors, new executives took control, the new change of the old shareholders and a series of changes. One Xinhua life insurance agent's words, "company earthshaking changes have taken place." New China life insurance directors said in the national weekly financial reporters, the series of major change requires companies to explain to regulators, "as long as the explanations make sense not listed". In his view, the list has such a provision was to avoid financial data fraud issue. But after new management took office, more standardized the Xinhua life insurance management development, should not affect the listing process. As the acceleration of the process of listing, left by the former Chairman of Guan Guoliang debt once again become the focus of market hot. The Director said, the company has already made full provision will not be any effect on listed. "These are reflected in the company's balance sheet, debt left by the investors knew the Guan Shi was not worse. "After paving the way for the listing, Xinhua life insurance Board also passed the $ 4 billion of subordinated debt issuance programme. But subordinated debt does not? What time? Are currently open. Earlier Xinhua life insurance Director explained that the company decided to issue subordinated debt is to supplement previously listed financial issues during the queue. But as the shareholders increase capital in place, new China life insurance has been "not bad money". IPO programme "we submit their listing application is expected in June, fighting for September. "One Executive to reporters of the Xinhua life insurance, the company has developed the listing process table. Gold and UBS will act as Xinhua life insurance a-share and h share issue of coordinating, as well as a share of sponsors and underwriters. In addition, underwriting team there are Bank of America Merrill Lynch, BNP Paribas, Deutsche Bank, Goldman Sachs, HSBC and JP Morgan. Listing of trade law firm as his legal counsel. Independent Board Member, told reporters of the Xinhua life insurance, company selection of underwriters and referred to the Agency's performance in the past. Also take into account a number of dealers was involved in the formulation of the new strategy of new China life insurance, more understanding of the situation on the company itself. Because it was listed, so I've selected 8 underwriters. According to media reports, Xinhua life insurance issue scale of which will be less than the total share capital of 20%. Procyon Studio, Chairman of new China life insurance has previously said that the size of the IPO at about 20 billion yuan RMB ~300 billion. According to the news reporter has learned that the financing amount is according to the Xinhua life insurance business in the future development of the capital gap and appropriate per cent rate of return from investment bank after a series of actuarial assumptions. However, specific financing lines open so far. Earlier Xinhua life insurance Director said that many factors affect the financing amount, valuation, pricing, release time, the market situation, these are difficult to predict. In addition to lines of financing, market is most concerned about is the new China life insurance pricing. As Huijin shares, shares in Xinhua life insurance rising all the way. November 2010 empark, WahZe Group respectively to price of $ 42.75 per share, $ 43.09 Xinhua life insurance purchased from the hands of the northern industrial shares. Due to the subsequent private placement participated in new China life insurance, both purchase cost will be diluted to around $ 25. In March this year, CICC and Nomura Securities at $ 28 per share price hands Xinhua life insurance from Zurich 2.5% per cent, respectively. One person investment banking analysis, Xinhua life insurance valuation should be at about 35 million per share. Although new China life insurance last year in the secondary market auction price reached 19 times earnings. But given the current earnings of the insurance unit generally underestimated, so Xinhua life insurance valuation should also have elevated space. New China life insurance said another Director in an interview with Sinorama reporters, because of high growth and profitability of the company on the stock price has played a very good support. In 2010, Xinhua life insurance to $ 2.25 billion net profit become the most profitable companies in the non-listed insurance companies. Pain continues on May 25, the China insurance regulatory Commission displayed two of the prior notice of administrative punishment: during Wang Ping, Du Shukai men serving in new China life insurance, direct responsibility for some of its violations, China insurance regulatory Commission to be given two corresponding administrative punishments. Internal problems once again become the focus of the new China life insurance. However, An Vinh Xinhua life insurance create internal control mechanism has been completed. Based on its recommendations, new China life insurance last year adjustments have been made to the company's internal control system, formation of the new Audit Division. In addition to the internal control problems, experienced by new China life insurance last year "headhunting earthquake" also remain vivid. New China life insurance last year are also creating new human resources management system, mainly by supply chain company responsible for the duo. According to insiders, formulated by the Yu Taorui is still a big gap between the planning and implementation, human resources planning has not been released, still in the building is modified. The sources also said domestic life insurance company's human resources with its own characteristics. For a 34 branches, more than 300,000 employees the company cannot put all their hopes in the supply chain duo who solve the problem. Now is the most important "to implement incentives, fell to the grass-roots level, stable morale". New China life insurance has now initiated some reforms, established sales of special awards, the staff in the long-term incentive plan is also in operation. But due to the volatility of long-term, in the reform of primary Head Office also is in a wait-and-see. Foregoing directors said the morale of stability at least 3-5 years. Procyon Studio Chairman in an interview with the financial state weekly reporter said when, faced with such a big institution, cannot be wound up again, only how you want to moisten things silently, make the new system, in the old body which take root. In accordance with the established idea, listed Xinhua life insurance financing problem will be solved later. Procyon Studio had been in Office commitment to the China insurance regulatory Commission, to gain more than 150% of solvency to the end of 2011. Public financing is the best way to solve the Xinhua life insurance funds. In addition, the brand effect of listing brings to Xinhua life insurance or smaller view. Former executives told reporters, listing can enhance the company's brand, convenience for the exhibition industry, is conducive to business development. As financing path solutions, solvency standards, Xinhua life insurance investment of "wheels" will also be speeded up. Xinhua assets currently holds about 200 billion yuan of funds, but only access to stocks, funds, bonds and other investment channels. If the listing process smoothly, Xinhua asset investment channels to widen the scope to become new profit growth point. One unwilling to disclose the names of the scholars were of the view that Xinhua life insurance in the case of their problem not solved, promote the listing, is likely to take risks to the capital markets, lead to new problems. (Trainee journalist Shen Weijing also contributed to this article)