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China Life says parent has no plan for IPO

(Reuters)
Updated: 2007-04-24 10:28

China Life InsuranceCo., the country's biggest life insurer, said on Tuesday that its state parent had no plan to list on a stock market.

Related readings: China Life gives a push to industry informationizing process China Life reports strong growth New China Life postpones IPO Insurance demand lifts premiums

In a brief statement to theShanghai Stock Exchange, the company dismissed a weekend report in China's Economic Observer newspaper which said the parent was preparing for a listing of its whole operation and planned to seek strategic investors.

"China Life Insurance (Group) Co. has no plan to list its whole operation currently, nor does it have any timetable," the company said.

China Life's shares were suspended inShanghaiandHong Kongon Monday in response to the report. The Shanghai shares jumped 4 percent to 36.89 yuan on Friday.

The parent has a controlling stake in China Life, holds 32.2 percent of China Southern Power Grid and owns 40 percent of an asset management joint venture, China Life Insurance Asset Management Co.