New China Life to raise $4 bln in HK, Shanghai

New China Life Insurance may raise as much as $4 billion in a dual Hong Kong-Shanghai listing, despite turmoil on global stock markets that has seen some firms shelve their flotation plans. China's third-largest insurer has filed a formal application with Hong Kong's bourse to launch the share sale with plans to list in both cities in October, Dow Jones Newswires reported, citing unnamed sources. The company could not be reached Thursday to comment on the report. The insurer's proposed flotation comes as stock markets around the world take a pounding with Asian markets mostly lower Thursday amid renewed fears over US and eurozone debt. Europe's fiscal woes reignited Wednesday when rumours circulated that France was in danger of seeing its top-notch credit downgraded, following last week's historic cut to the United States' rating. The market meltdown has sparked fears that Hong Kong's IPO market, the world's biggest last year, may see delays in some $19 billion worth of share sales from a dozen companies planning to list on the city's exchange. Some firms have already decided to delay or cancel their listings citing turmoil in global markets, or seen their share sales fall flat. Beijing Jingneng Clean Energy, a unit of the Beijing municipal government, has postponed its $630 million Hong Kong share sale, while Italian luxury goods maker Prada made a lacklustre debut in the financial hub in June after raising a lower-than-expected $2.14 billion. Australian miner Resourcehouse also shelved an IPO originally slated to raise as much as $3.6 billion, citing weak market conditions. Still, China's top hypermarket operator Sun Art Retail group soared 47 percent on its Hong Kong trading debut last month, after raising $1.06 billion from its initial public offering. Beijing-based New China Life had 93 billion yuan ($14.5 billion) in premium income last year. The firm has over 1,400 outlets China and 24 million customers, according to its website.