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The China Pacific Insurance group (CPIC) has just completed the expansion of its stocks from 2.00639 billion to 4.3 billion shares as authorized by the China Insurance Regulatory Commission.
The expansion, combined with an increased investment of 5.734 billion yuan (US$691 million), brings the total capital of China's first joint stock commercial insurance company to 9 billion yuan (US$1.08 billion).
Dalian Shide and state-owned Baosteel, the country's leading steel company, are two of the new shareholders of CPIC.
Last September, during the CPIC general meeting of stockholders, it was decided to issue stocks at premium price to current stockholders and to new strategic investors in order to further expand its growing business.
CPIC board chairman said that the group's solvency was greatly improved following the successful private fund raising.
(Xinhua News Agency January 4, 2003)
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