New China Life raises $1.9 billion ahead of dual-listing

New China Life Insurance has raised $1.9 billion after becoming the first of three companies to successfully price a billion dollar plus IPO this week. It is expected to be followed today by Chow Tai Fook Jewellery and Haitong Securities, which are seeking up to $2.8 billion and $1.7 billion respectively from their Hong Kong listings.

New China Life’s IPO is split between Hong Kong and Shanghai, with close to 70% of the total proceeds raised in Hong Kong. The company overcame a poor 2011 performance by its peers and the fact that investors already have several Hong Kong-listed Chinese life insurers to choose from if they want exposure to...