China Re readies $2 billion IPO

China Reinsurance looks set to become one of the cheapest insurance companies listed in Hong Kong if, as expected, it floats later this month in a $2 billion deal.

Initial price guidance for its share sale, the first large initial public offering out of the gate in Hong Kong following a summer rout in Chinese shares, is set at HK$2.25 to HK$2.70 per share, sources familiar with the matter told FinanceAsia.

China’s biggest reinsurance group by written premiums hopes to formally begin bookbuilding next week and its performance will be an important indictor of just how well other jumbo IPOs...