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China Life confirms SEC enquiry

Date Class
28th Apr 2004 Other Issue
 
Details
China Life Insurance has confirmed it has received an informal inquiry from the main US securities regulator.

China Life did not say what the US
regulator was looking into, but there has been market concern over levels of disclosure at the firm.

Earlier this month China Life revealed that its state-owned predecessor had breached insurance laws in China when it hid results of a state audit.

The audit uncovered irregularities worth about $652m up to 2002.

Shares in the insurance underwriter fell by 1.1% on Wednesday to HK$4.525 continuing a rough ride since the shares were floated in December.

It was the biggest stock market listing anywhere in the world during 2003, raising $3.4bn (1.8bn) in a double debut in New York and Hong Kong.

China Life was formed in June 2003 by taking the healthiest assets of the state-owned parent, which still owns 72% of the company.

 

 

 


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