Biz Scene: MARKET

IPO planned

Chinese chemical maker Dongyue Group Ltd plans to raise as much as HK$1.4 billion in a Hong Kong initial public offering (IPO) to finance expansion, Bloomberg reported, citing an e-mail sent to investors.

The Shandong-based company aims to sell 520 million new shares at between HK$2.05 and HK$2.63 each, the report said. The IPO represents 25 percent of the company's enlarged share capital. Citigroup Inc is arranging the sale.

Premiums booked

China Life Insurance Co, the world's biggest insurer by market value, booked 170.1 billion yuan of premiums in the first 10 months of this year, the Beijing-based insurer said in its statement posted on the Shanghai Stock Exchange. Its nine-month premiums totaled 158.6 billion yuan, the firm reported last month.

(China Daily 11/20/2007 page15)