Goldman-Backed Taikang Said to Plan $2 Billion Hong Kong IPO

Taikang Life Insurance Co., the Chinese insurer backed by Goldman Sachs Group Inc. (GS), plans to seek more than $2 billion from a Hong Kong initial public offering, people with knowledge of the matter said. The Beijing-based company plans to start the offering as early as in the fourth quarter, said the people, who asked not to be identified because the information is private. Taikang has yet to seek regulatory approval in mainland China and Hong Kong for the share sale, they said. The nation’s fifth-biggest life insurer follows People’s Insurance Co. (Group) of China Ltd. in selling shares in Hong Kong as a domestic stock market rally boosts profits for the industry. Chinese stocks have added $1.7 trillion in value in the past six months as trading volumes hit a record, data compiled by Bloomberg show. Read more story..contact the reporters on this story: Vinicy Chan in Hong Kong at vchan91@bloomberg.net; Fox Hu in Hong Kong at fhu7@bloomberg.net

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