China Reinsurance (Group) received commitments worth $1.12 billion from cornerstone investors as the country's biggest reinsurer launched its initial public offering in Hong Kong on Monday, according to a term sheet of the deal seen by Reuters.
The 15 investors, which will not be able to sell shares in China Re until six months after the IPO, included Great Wall Pan Asia International Investment and State Grid Crop of China, each with $150 million, and China Development Bank with $110 million, the terms showed.
