China Reinsurance and China International Capital Corp (CICC), the country's top domestic investment bank, have won approval for IPOs in Hong Kong expected to be worth up to $3 billion in total, IFR reported on Friday, citing people familiar with matter.
Companies typically start marketing IPOs right away but China RE, the country's biggest reinsurer, and CICC have decided to pitch their offerings in early October after Hong Kong's National Day holiday due to recent turmoil in financial markets, said IFR, a Thomson Reuters publication.
China RE is expected to raise some $2 billion in its offering while CICC is likely raise $1 billion, IFR previously reported.
A Beijing-based spokeswoman for CICC declined to comment. China RE didn't immediately respond to a request for comment before business hours.
Other companies planning Hong Kong IPOs but which have delayed their plans due to a steep sell-off in equities and concerns about a slowdown in China's economy include state-owned bad debt manager China Huarong Asset Management and snack maker Dali Foods Group.
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CICC said in its preliminary IPO prospectus it plans to use funds from the listing to expand its equity sales and trading and investment management businesses, while China RE plans to bolster its capital base to support business growth.
Government-controlled CICC made its name taking some of China's largest state-owned enterprises onto the Shanghai and Hong Kong stock exchanges, helped by the connections of former CEO Levin Zhu, the 'princeling' son of former premier Zhu Rongji, who resigned from the firm last year.
The firm also counts private equity firms KKR & Co, TPG Capital Management and Singapore sovereign wealth fund GIC among its shareholders.